<a href="https://www.apartments.com.au/developments/caulfield-north-vic-3161">Caulfield North</a> isn’t short on prestige, but it is short on boutique new apartment developments with spacious floorplans.

Cue LUMA, the newest development by&nbsp;<a href="https://www.apartments.com.au/developers/skylife-group-pty-ltd">Skylife Group</a>, which offers just nine apartments on Hawthorn Road.

<a href="https://www.apartments.com.au/new-apartments/luma-caulfield-north-226-hawthorn-road-caulfield-north-vic-3161">LUMA</a> occupies a coveted position near Caulfield Park, encircled by Melbourne's finest schools, parks, and culinary destinations. Its low-rise form by Metaxas Architects channels timeless design principles, wrapped in a restrained yet luxurious material palette.

Every residence embraces natural light and outlooks, thanks to expansive glazing and thoughtfully arranged floorplans.

Ranging from 80 sqm to nearly 160 sqm internally, with terraces or balconies extending up to 30 sqm, the homes offer a diversity of configurations, from two-bedroom residences to three-bedroom layouts with up to three bathrooms.&nbsp;

[smartcode_project:default project_id=148933 project_image_fid=335511]

The interiors are unified by a calm, light-infused aesthetic. Organic white walls, soft walnut timber joinery, and Aurora Range European Oak flooring are paired with plush carpeted bedrooms, creating a harmonious tactile experience.

The kitchens at LUMA serve both as culinary workspaces and statement design features. Buyers can choose between a lightGlacier Honed or dark Turko Argento natural stone benchtop, with timber-look Polytec Ravine joinery and fluted glass cabinetry providing contrast.&nbsp;

Miele appliances complete the package, tailored to residence size, with premium upgrades for three-bedroom homes including an 80cm induction cooktop and Gen 7000 speed oven.

Bathrooms echo the same sensibility, with natural stone, black EXON fixtures, and frameless glass showers. Select residences offer freestanding baths.&nbsp;

[smartcode_project:default project_id=148933 project_image_fid=335513]

Private outdoor spaces, secure parking, and options for EV charging reflect a practical yet elevated lifestyle focus.

As the development progresses toward its late 2026 completion, construction is in the hands of <a href="https://www.apartments.com.au/builders/rf-construction-management-pty-ltd">RF Construction Management</a>, bringing over 30 years of local high-end building expertise.

LUMA also offers a five per cent deposit structure, allowing buyers time to plan while securing their place in this tightly held precinct.&nbsp;

[smartcode_project_cta:default project_id=148933]

Joel Robinson

Inside Caulfield North's most boutique address, LUMA

Sekisui House Australia's first apartment development in Sydney's Lower North Shore has been a hit with prospective new home buyers.

They recently released <a href="https://www.apartments.com.au/new-apartments/waterstone-st-leonards-24-berry-road-st-leonards-nsw-2065">Waterstone</a>, on the fringe of Newlands Park in the emerging St Leonards South precinct, a short walk from the Crows Nest Metro and the heart of St Leonards.

The new development will home&nbsp;207 apartments across five mid-rise buildings, rising between four to nine storeys.

We recently visited the display suite at&nbsp;60 Pacific Highway, St Leonards, to find out more about the development that has been one of the most enquired on developments on Apartments.com.au in the last few months.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/rO1K7t6GOgY?si=pwmYyqjNBBzjMNeb" title="YouTube video player" width="560"></iframe>

Watersone sales agent Paul Marrum says the orientation of the building was key to Sekisui's wider design philosophy.

“Waterstone has been orientated to face south, capturing views over Newland’s Park and back to the Sydney CBD," Marrum says.

"This deliberate positioning, alongside 30 per cent of the site dedicated to open space designed by <a href="https://www.apartments.com.au/landscape-architect/aspect-studios">Aspect Studios</a>, roots the project in the developer’s Satoyama philosophy - prioritising balance between the built environment and its surrounding ecosystem."

On offer are a mix of one-, two-, three-, and four-bedroom apartments, with many including&nbsp;multi-purpose rooms to accommodate shifting lifestyle needs, from work-from-home professionals to growing families and downsizers.&nbsp;

[smartcode_project:default project_id=134191 project_image_fid=234]

“Every apartment is open plan, with interiors flowing to balconies or courtyards," Marrum adds.

"The material palette reinforces this flow: soft-toned tactile stone, fluted glass cabinetry, and warm timber joinery work together to create what he describes as a “refined but relaxed atmosphere.”

There’s a distinct human scale to Waterstone’s design. The community is shaped as a network of boutique buildings threaded by a ‘green spine’, a landscape feature that invites movement, reflection, and connection.

Marrum highlights the presence of sensory gardens and native planting throughout, signalling an approach that enhances both wellness and biodiversity.&nbsp;Yet Waterstone doesn’t forgo amenity for serenity however. Residents will have access to a heated outdoor pool and spa, infrared sauna, co-working lounge, fully equipped gym, and even dedicated resident workspaces.&nbsp;

[smartcode_project:default project_id=134191 project_image_fid=231]

Waterstone will rise from a prime Berry Road site ideally located near the green Newlands Park but also a short walk to the hear of both St Leonards and Crows Nest, two transport nodes with bus, train, and Sydney Metro lines connecting to the rest of Sydney.

Construction is slated to begin in mid-2025, with completion targeted for late 2027.&nbsp;

[smartcode_project_cta:default project_id=134191]

Inside Waterstone St Leonards: Apartments.com.au Video Spotlight

Off the plan buyers at Altona's newest apartment development Voyage, are soon to take their keys, with&nbsp;<a href="https://www.apartments.com.au/developers/spacious-property-development-group-pty-ltd">Spacious Property Development Group</a>&nbsp;approaching completion of the contemporary, coastal building.

Farey &amp; Co can now take prospective buyers through a fully-furnished display apartment on appointment as construction approaches its final stages.

[smartcode_project:default project_id=112195 project_image_fid=3286]

Situated just 13 kilometres from Melbourne’s CBD, Voyage Altona beachside apartment development offers a rare opportunity to live moments from the sand, pier, and thriving village life of Pier Street.

<a href="https://www.apartments.com.au/new-apartments/voyage-altona-102-106-pier-street-altona-vic-3018">Voyage</a> is the only new apartment offering currently on the market in <a>Altona</a>. Comprising one, two, and three-bedroom residences, it has been thoughtfully designed to appeal to a broad spectrum of buyers, from first home purchasers to downsizers and lifestyle-focused owner-occupiers.&nbsp;

Prices start from just over $500,000 for one-bedroom apartments, with three-bedroom configurations topping out just over the $1 million mark.

[smartcode_project:default project_id=112195 project_image_fid=2145]

Voyage's architecture, by <a href="https://www.apartments.com.au/architects/cheah-saw-architecture">Cheah Saw Architecture</a>, is defined by an asymmetrical façade and a refined palette that echoes the surrounding coastal tones.&nbsp;

Inside, a minimalist design language prevails, with full-height glazing inviting expansive views over Port Phillip Bay and hybrid timber flooring grounding the open-plan layouts.&nbsp;

Kitchens are appointed with premium Miele appliances and stone finishes, while the bathrooms feature porcelain tiles and walk-in glass showers.

[smartcode_project:default project_id=112195 project_image_fid=3287]

Voyage's location on Pier Street places residents at the heart of the suburb’s major activity centre. <a href="https://www.apartments.com.au/developments/altona-vic-3018">Altona</a> Station, Altona Beach, and a diverse mix of cafes and shops are all within walking distance.&nbsp;

With the final release now selling, Spacious is offering buyers the chance to secure their future home with just a five per cent deposit, a move that lowers the barrier to entry and positions Voyage as one of the most accessible premium new builds on Melbourne’s bayside fringe.

Spacious Property Development Group collaborated with <a href="https://www.apartments.com.au/builders/valeo-construction">Valeo Construction</a> to bring this vision to life. The development has advanced significantly, with interior fit-outs and communal landscaping well underway.&nbsp;

Completion is targeted for Q3 2025, with some buyers expected to move in by September.

[smartcode_project_cta:default project_id=112195]

Completion is targeted for Q3 2025, with some buyers expected to move in by September

Buyers to move into Voyage Altona this Spring

<a href="https://www.apartments.com.au/developers/beulah">Beulah</a>&nbsp;has unveiled its latest release of exclusive homes in its sustainable Brunswick townhouse development, Brunswick Established.

The collection, known as ‘The Courtyard House’, has been created in collaboration with Six Degrees Architects to meet the evolving needs of modern families.&nbsp;

With a central courtyard at its heart, the design reimagines the possibilities of multi-generational living, blending flexibility, sustainability and personalisation within a heritage setting. Distinct from a traditional garden, the courtyard delivers natural light, fresh air and a generous sense of space, without the upkeep of a backyard.

Comprised of 23 two-storey townhouses, <a href="https://www.apartments.com.au/new-townhouses/brunswick-established-23-hodgson-st-brunswick-vic-3056">Brunswick Established</a> offers multiple typologies of townhomes to suit different living requirements, allowing residents to grow in place - majority include ground-floor bedrooms for accessibility, while others, known as the ‘The Courtyard House’, provide a unique, flexible detached space separated by a courtyard.

Responsible for both the architecture and interior design, <a href="https://www.apartments.com.au/architects/six-degrees-architects">Six Degrees</a>’ holistic approach enabled the team to ensure an intrinsic link between the design outcomes; a seamless, harmonious flow from the outside to within.

[smartcode_project:default project_id=136451 project_image_fid=275571]

“The modern home should flow from inside to outside - the courtyard provides a space which joins the different parts of the home together as the central outside space of the home,” explains Six Degrees Director, Peter Malatt.

“The courtyard is a model used since ancient times, transforming the home from an object within a space to an object enclosing space. It acts as both the visual and social heart of the home, a space to gather, reflect, or simply pause, offering a moment of calm within a busy urban context."

“Courtyards also offer a deeply cultural and emotional resonance, with their timeless presence across human history. They connect us to the past, while shaping how we live today

Malatt says the courtyard also operates as a micro-climate, which can retain heat in winter and be a shaded haven in summer.

"The ability to take warmed or cooled air into the home from the courtyard space is a great way to improve internal health and minimise energy use through heating and cooling. In a compact urban environment like Brunswick, courtyards are also a clever solution - bringing light, greenery and nature into denser living formats while maintaining a strong sense of privacy and connection."

[smartcode_project:default project_id=136451 project_image_fid=270371]

This concept resonated strongly with early downsizers who recently purchased one of the Courtyard homes at Brunswick Established for themselves and their two adult sons, aged 21 and 24.

“We’re excited to have a home that gives us flexibility as our lives evolve, whether it’s our sons living with us as they finish university, or us being able to lock up and travel. Having separate spaces connected by the courtyard is perfect for our family dynamic, especially as we value our independence but also want to stay close,” they shared.

The couple, who also share their home with two dogs and two cats, highlighted the benefits of multi-generational living in a courtyard home.

“Our sons help care for the pets, we enjoy cooking and spending time together, and the courtyard means we have light, greenery, and privacy all in one. We love that Brunswick Established has thought about sustainability and customisation in such a detailed way, it’s rare to find that in a project.”

Beulah’s approach to design customisation at Brunswick Established, allowing residents to adapt layouts to their lifestyle, has been a major drawcard for buyers seeking homes that evolve alongside them. The detached living space offers flexibility to suit changing needs, whether as a studio, guest retreat, or home office, while maintaining a close link to the main residence, allowing family members to come together or enjoy privacy when needed.

[smartcode_project:default project_id=136451 project_image_fid=275570]

Malatt added that the&nbsp;homes have been designed for residents’ well-being, allowing couples and families to ‘grow’ in their own homes while ensuring they meet their needs for generations to come.

"Purchasers usually experience multiple lifestyle stages within one home, and we’re looking forward to seeing these unique homes come to life."

As part of this forward-thinking approach, Beulah will also host an exclusive event, The Property Market Decanted, on Wednesday 27 August at The Commons Café &amp; Cocktail Bar, Melbourne. The evening will feature insights from leading property and finance experts on Melbourne’s market outlook and long-term wealth creation strategies, particularly for multi-generational households.&nbsp;

[smartcode_project_cta:default project_id=136451]

Beulah release sustainable courtyard townhouse collection at Brunswick Established

Hampton's High Street offers the best of both worlds; halfway between Hampton Beach and Hampton Station, with a myriad of cafes and shops on its doorstep.

It was this unbeatable combination of convenience and connectivity that attracted Nash Project Management to secure a prime site on the corner of Hampton and Holyrood Streets several years ago.

The result is <a href="https://www.apartments.com.au/buildings/holyrood-hampton-451-461-hampton-street-hampton-vic-3188">Holyrood &amp; Hampton</a>, a newly completed residential development comprising 59 premium apartments set above a full-line Coles supermarket, enhancing the day-to-day ease for residents.

[smartcode_project:default project_id=4629 project_image_fid=1530]

Those who have already moved into Holyrood &amp; Hampton have highlighted several standout features of their new home, with the location topping the list.

Hampton Station on the Sandringham line (Zone 2), is just down Hampton Street, offering regular services to Flinders Street Station. Multiple bus routes connect to Southland, St Kilda, and Berwick, while scenic cycling paths along the bay provide a relaxing alternative for commuters and weekend riders.

A short walk west leads to Picnic Point and Hampton Beach, beloved for its clean sand and family- and dog-friendly spaces. Ferdinando Gardens, near the pier, is perfect for picnics, while coastal walking trails offer peaceful views and breezes.

The surrounding green spaces—Castlefield Reserve, Triangle Gardens, and Hampton High Reserve—offer playgrounds, sports fields, and a sense of calm. Golfers have several options nearby, including Brighton Public Golf Course just a short drive away.

[smartcode_project:default project_id=4629 project_image_fid=1528]

Hampton Street remains the heart of the community, with more than 50 fashion boutiques, cafés, and eateries. A Woolworths anchors the retail strip, while independent shops help maintain its village charm.

Health and community services are easily accessible, with local GPs, dental clinics, and the nearby Sandringham Community Hospital, supported by larger hospitals in Brighton and Cheltenham.

Families are well catered to, with top private and public schools within a 1–2 km radius. These include Haileybury College, St Leonards College, Firbank Grammar, Brighton Grammar, Hampton Primary, and Brighton Secondary College.

[smartcode_project:default project_id=4629 project_image_fid=1532]

The apartments have been designed for longevity, with spacious, home-like layouts. Many include butler’s pantries, oversized kitchen islands, and quality finishes.

Additional features such as a rooftop terrace, EV charging, secure storage, and direct supermarket access support a highly functional and low-maintenance lifestyle.

Designed by Telha Clarke, Holyrood &amp; Hampton reflects how people want to live today—connected, walkable, and move-in ready.

[smartcode_project_cta:default project_id=4629]

Those who have already moved into Holyrood & Hampton have highlighted several standout features of their new home, with the location topping the list.

Holyrood & Hampton presents a walkable, Bayside lifestyle in the heart of Hampton

Sentiment

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EXPERT OBSERVER
The fall in sentiment this month is troubling as it comes against what should have been a supportive backdrop for confidence. The last month has seen a further 25bp interest rate cut from the RBA, the Federal government’s tax package pass through Parliament, more signs that the Sydney and Melbourne housing markets are stabilising and even some more improvement in the US-China trade dispute. Despite these positives, Australian consumer confidence has fallen to a two year low.
The main driver continues to be deepening concerns about the outlook for the Australian economy and prospects for family finances. The index components show the biggest decline in the sub-index tracking expectations for the ‘economy, next 12 months’ which slumped 12.3% to be down 16.4% since May to its lowest level in four years. Longer term expectations for the economy were also pared back sharply, the ‘economy, next 5 years’ sub-index falling 6.7%.
Deteriorating expectations for the economy outweighed any near term support from the prospect of lower interest rates and tax relief. The sub-index tracking consumers’ expectations for ‘finances, next 12 months’ also recorded a sharp 8% fall, moving back into net pessimistic territory for the first time since late 2017.
Consumer views around current conditions were better supported. The ‘finances vs a year ago’ sub-index lifted 3% to a five month high, although at 85.7, the sub-index remains at weak levels overall. Consumer attitudes towards spending also improved, the ‘time to buy a major household item’ sub-index rising 3.6% to the highest level since late last year. This will be of some relief given that consumer views around current conditions tend to be a better guide to current spending activity. However, that support could fade quickly if weaker expectations for near term prospects are realised.
Responses over the survey week show the Reserve Bank’s rate cut on July 2 had little or no impact on sentiment. Note that the bulk of the survey was completed prior to the government’s tax package passing into legislation on July 4, although this had been widely foreshadowed by media coverage earlier in the week. Indeed, the muted sentiment response to both interest rate cuts and tax relief may stem from the fact that both developments were widely anticipated. Notably, the sub-group detail showed no boost to sentiment amongst groups that stand to benefit most from policy easing: sentiment amongst mortgage holders declined 3.3% in the month and sentiment amongst middle income earners was down 5.5%.
<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/2019/7/Westpac%20Consumer%20Sentiment%20Survey.jpg" alt="">
Other aspects of the sub-group detail point to some notable ‘sub-plots’. The initial impact of the surprise Federal election result in May looks to be fading with sentiment amongst “Coalition voters retracing over three quarters of the 7.5% jump in June. Sentiment also recorded a big 14% drop in regional NSW where drought conditions have intensified markedly in recent months. Sentiment amongst those with a trade qualification was also down a sharper 7.6% suggesting the residential construction downturn may be starting to weigh more heavily on some households.
Increasing concern about the economy is undermining consumers’ sense of job security. Confidence in the labour market continued to deteriorate sharply in July. The Westpac-Melbourne Institute Unemployment Expectations Index recorded a 5.8% rise, following on from a similar rise last month and taking the index materially above its long run average for the first time since mid-2017 (recall that higher readings indicate that more consumers expect unemployment to rise in the year ahead). Expectations have shown a more marked deterioration in NSW, Vic and WA.
Housing-related sentiment continues to show a clearer positive response to lower interest rates with assessments of both ‘time to buy’ and house price expectations recording strong increases in July.
The ‘time to buy a dwelling’ index rose 5.4% 123.2, the first above trend reading in four and a half years. The index is up 19.5% on the same time last year. The biggest turnaround continues to come in Sydney and Melbourne where substantial price corrections have also improved affordability over the last two years.
The Westpac-Melbourne Institute Index of House Price Expectations Index posted another robust 8.9% increase following last month’s spectacular 22.7% gain. At 119.4, the Index is now at its highest level since May last year but still below the long run average read of 125. All states have recorded sharp rises over the last two months and net positive reads comfortably over the 100 mark. Just over 40% of consumers expect prices to be higher in a year’s time – that compares to less than 20% back in March.
The Reserve Bank Board next meets on August 6. We expect the Bank to leave the cash rate on hold at this particular meeting but see further easing coming later in the year. Having delivered back to back 25bp cuts in June and July, the Reserve Bank has signalled that it is prepared to ease further “if needed”. Updated forecasts released in the August Statement on Monetary Policy, due August 8, will give the best guide to how the RBA sees the case for further policy action. At this stage it seems likely that the Bank will make only minor changes to its growth and inflation forecasts, suggesting policy will be unchanged at the August meeting.
However, policy is set to be in play at every Board meeting between now and the end of the year. Westpac continues to expect a further 25bp rate cut, most likely coinciding with a downgrade to the Bank’s growth and inflation forecasts in November. The specific timing of this next move remains highly uncertain – labour market developments could easily shift it around and there are other factors at play, both overseas and domestically. The Bank will also be monitoring policy sensitive sectors such as housing and the consumer closely to gauge the impact of its easing to date. On that count, updates on consumer sentiment clearly show interest rate moves have shored up confidence in the housing market but have not prevented a wider deterioration in sentiment.
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Sentiment falls 4.1% despite interest rate cuts and tax relief: Westpac

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NAB Economics have forecasted Sydney and Melbourne house prices to both decline over eight percent over 2019.
Melbourne is forecasted to see falls greater than Sydney.
Houses in the Victoria capital are expected to fall 8.8%, compared to Sydney's 8.4%.
The forecasts mean NAB expect Sydney house prices to fall 20% peak to trough, with Melbourne 15%.
NAB expect house prices in the two biggest property markets to continue to decline in 2020, just at a much slower rate.
<a href="https://www.propertyobserver.com.au/images/2019/4/11/nab%20economics%201%20.jpg" target="_blank">Click here </a>to enlarge:
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Hobart and Adelaide are the only capital cities forecasted to see house prices growth in 2019.
"Overall, we see the adjustment in house prices continuing in an orderly manner, with prices remaining well up on 5 years ago," NAB said.
NAB expect Sydney's unit prices to be the worst performing over 2019, with 7.2% declines forecasted.
Melbourne's declines are set to be softer at 4.3%, below Perth (-4.7%) and just above Brisbane (-4.2%).
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Market sentiment among 300 surveyed property professionals ticked a little in higher Q1 2019 as the monthly rate of house price decline eased in the first three months of the year.
The NAB Residential Property Index rose five points to a still very weak -15 as house prices in much of the country continued falling.
Sentiment was negative in all states bar South Australia and the Northern Territory (where annual dwelling prices in SA remain positive) and remained weakest in NSW and VIC where price falls were biggest.
Confidence was unchanged for the next 12 months, suggesting that market momentum will remain weak into 2020, however longer-term confidence improved with suggestions housing market conditions may start improving moving into 2021.
<a href="https://www.propertyobserver.com.au/images/2019/4/11/expert%201%20.jpg" target="_blank">Click here</a> to enlarge:
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Sydney property prices to decline by 20% from peak, with Melbourne down 15%: NAB

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EXPERT OBSERVER
In the latest March quarter survey only 8.8 per cent of respondents thought the ‘wisest’ place to put new savings was in ‘real estate’ – a record 46-year low.
The ‘wisest’ place for savings remains bank deposits (28.8 per cent of respondents) from ‘pay debt’ (26.3 per cent).
 Consumer confidence: The Westpac/Melbourne Institute survey of consumer sentiment index fell by 4.8 per cent to 98.8 in March after rising by 4.3 per cent to 103.8 points in February.
The sentiment index is back below its long-term average of 101.3.The consumer confidence figures have implications for retailers, and other consumer-focused businesses.
<div>
What does it all mean?
Aussie consumers remain super-conservative. When asked what was the wisest place to put new savings, ‘bank deposits’ and ‘paying-off debt’ were ranked number one and two. Understandably with home prices falling, real estate didn’t feature in the top places for new savings. In fact the result for ‘real estate’ was the lowest since the survey began in 1973.
Aussie consumers aren’t confronted with a lot of financial news in the mainstream media nowadays. But when it is published it tends to be bad news. Last week consumers would have heard that the Australian economy slowed in the December quarter, that the Australian dollar had fallen to US70 cents, and that retail sales rose modestly in January. 
There was speculation about rate cuts. Understandably this was picked up in the ANZ-Roy Morgan confidence index yesterday and today’s Westpac-Melbourne Institute survey. Confidence does bounce from week-to-week and month-to-month. Before the latest drop, Aussie confidence levels were actually above longer-term averages.
Westpac noted: “Responses over the survey week show a marked drop-off after the national accounts update. Those collected before the March 6 release had a combined index read of 100.7. Those collected after the release had a combined read of 92.7, an 8 per cent fall.”
If consumers are pessimistic, they may reduce spending. But much depends on the strength of the job market (at present, it is quite strong) and consumer prices (inflation rate is low). So it is a case of being alert and not alarmed.
The good news is that more homebuyers believe that now is a good time to buy a home. The index is at 5-year highs, up 30 per cent from the mid 2017 low.
What do the figures show?
The Westpac/Melbourne Institute survey of consumer sentiment index fell by 4.8 per cent to 98.8 in March after rising by 4.3 per cent to 103.8 points in February. The sentiment index is back below its long-term average of 101.3. A reading above 100 denotes optimism. The survey of 1,200 people was conducted from March 4-8.
The current conditions index fell by 2.8 per cent and the expectations index fell by 6.2 per cent.
All five of the components of the index fell in March after all rose in February:
<ul>
<li>The estimate of family finances compared with a year ago fell by 5.6 per cent to 84.4;</li>
<li>The estimate of family finances over the next year fell by 5.9 per cent to 107.8;</li>
<li>Economic conditions over the next 12 months fell by 7.0 per cent to 101.4;</li>
<li>Economic conditions over the next 5 years fell by 5.5 per cent to 94.6;</li>
<li>The measure on whether it was a good time to buy a major household item fell by 0.6 per cent to 117.9.</li>
</ul>
Housing outlook: A good time to buy a dwelling? The index rose 3.5 per cent to 112.7, and was up 11.5 per cent on the year. House price expectations fell by 2.7 per cent to 85.4 and were down by 34.1 per cent on a year ago.
Unemployment expectations: Unemployment expectations rose by 8.9 per cent to 130.6 in March to be up by 7.2 per cent over the year.
Wisest place for savings: On the question of the ‘wisest place for savings’, banks (28.8 per cent) led the way from paying down debt (26.3 per cent). Only 8.8 per cent of respondents selected real estate while 7.5 per cent nominated shares. Overall a record 51.7 per cent suggested choices for putting savings other than traditional real estate, bank deposits, building society deposits, bonds or shares.
What is the importance of the economic data?
Westpac and the Melbourne Institute release the Index of Consumer Sentiment each month. According to Melbourne Institute: “The survey of consumer sentiment was first undertaken in 1973 and was conducted on a quarterly basis until 1976, a six-weekly basis from 1976 to 1986, and has been conducted monthly ever since.” Confident consumers may be more inclined to spend, especially on major items.
What are the implications for interest rates and investors?
Consumer confidence ebbs and flows over time, but the job market remains in strong shape. Provided unemployment remains low, job opportunities abound and wages tilt higher then consumers will continue to embrace ‘retail therapy’.
Consumers may currently prefer to put savings in other places than real estate but that could be about to change. The reading on whether it was a good time to buy a home has lifted to 4-year highs. Low interest rates, softer home prices and a strong job market are a heady mix of positive influences, balanced against a raft of new housing supply in the process of hitting markets.
CommSec doesn’t expect a change in official interest rates for the foreseeable future.
CRAIG JAMES is the Chief Economist at CommSec
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Real estate sentiment hits 46-year low: CommSec's Craig James

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Commercial property sentiment moderated for the second consecutive quarter, according to NAB’s latest index, though overall confidence improved in the September and the index is expected to rise to +38 in the next 12 months.
NAB’s Commercial Property Index was down 5 to +18, but remains above long-term average levels. 
“Although sentiment was above long- term averages in all markets (except CBD hotels), it continues to vary widely by property type,” said an accompanying release. 
The uptrend in office that started in mid- 2016 reversed in Q3 (down 11 to +28), with weaker outcomes reported in all states except WA (but still negative). 
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NSW leads in office markets (with sentiment at very high levels), followed by Victoria. 
CBD hotels re-emerged as the most positive sector (up 9 to +30). Retail market sentiment was also higher (up 6 to +12) and lifted in all states (bar WA &amp; NSW) with QLD leading the way. Industrial sentiment softened (down 15 to +2) - with sentiment lower in all states except WA (but negative). 
Overall confidence levels in commercial property markets improved in the September quarter - the index is now expected to rise to +38 in the next 12 months (from +30 previously) and +43 in 2 years’ time (+35 previously). 
“Confidence levels among surveyed property experts lifted in all sectors - most noticeably in the CBD hotels sector - which is likely reflecting strong fundamentals in key CBD markets, especially Sydney,” it said. 
Overall confidence levels in office were also slightly higher in Q3 as weaker (but still vey strong) outcomes in NSW and Victoria were offset by improvements all other states (particularly WA). 
In retail markets, confidence increased, with gains in all states. 
In the industrial property sector, gains were largely in WA and Queensland, with experts in the industrial property sector in Queensland also still the most confident of all states, and confidence levels in WA improving the most (but from very low levels). 
By state, lower overall sentiment was dragged down by NSW and Victoria. 
Sentiment lifted in SA/NT and WA (but negative) and was steady in Queensland. The state index for NSW fell (13 to 34), and was lower in all sectors. 
In Victoria (down 13 to +29) the index fell in Office and Industrial, offsetting an improvement in Retail. Sentiment continued to recover in WA (up 11 to -29), recording its strongest read since late-2014 (but still negative). Property experts in NSW and VIC were also less confident in the Q3 survey - but remain the most upbeat of all states in the next 1-2 years. 
Queensland is however bridging the gap, with confidence levels rising in all market sectors. Confidence in SA/NT also lifted solidly (from a small sample size) led by better outcomes in Office and Retail. In WA, confidence levels also improved - and in all sectors with a particularly big uplift in the Office segment. 
On average, property experts have lifted their expectations for capital growth in the next 1-2 years in all sectors. Expectations are strongest for CBD Hotels (2.3% &amp; 2.4%), followed by Office (1.9% &amp; 2.3%), Industrial (0.9% &amp; 1.9%) and Retail (1.3% &amp; 1.1%). 
Capital growth expectations for Office property were pared back but are still highest in NSW (3.4% &amp; 3.2%) and Victoria (1.8% &amp; 2.8%). They were revised up in Queensland (0.8% &amp; 1.5%) and in WA (-0.1%&amp; 1.9%). QLD is expected to provided the best capital returns in Industrial markets (2.0% &amp; 3.5%), followed by NSW (2.1% &amp; 2.8%). 
Industrial capital values in WA are tipped to fall heavily next year (-1.9%) and grow in 2 years’ time (0.4%), with weaker growth also predicted for Victoria (0.9% &amp; 1.2%). Overall capital growth expectations in Retail improved again in Q3 (1.3% &amp; 1.1%), with Queensland and Victoria the stand out states. 
The national Office vacancy rate was unchanged at 9.7% in Q3. Vacancy rates were reportedly lowest in VIC (4.3%) and NSW (6.3%) where strong tenant demand and take-up is continuing. Vacancy rates in SA/NT (12.3%), Queensland (13.0%) and WA (15.0%) were however still elevated. In Retail, overall vacancy climbed to 5.7% in Q3 to its highest level since late-2014. 
Vacancy increased most in WA (8.0%) and was lowest in Queensland (4.7%). In Industrial markets, vacancy also climbed to a survey high 7.0%, mainly reflecting a significant increase in available space in WA (10.0%). Looking forward, Office vacancy is expected to drift down in the next 1-2 years, with market tightness most apparent in VIC &amp; NSW. Vacancy is also expected to improve in Queensland, SA/NT and WA, but remain high amid large supply over-hangs in WA. 
 
 
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