Month in Review September 2019 The Month in Review identifies the latest movements and trends for property markets across Australia. Click on any state or page number Contents for immediate access

Feature –The Out of Towners 3

Commercial - Retail 4 New South Wales 6 Victoria 9 Queensland 10 South Australia 17 Western Australia 19 Australian Capital Territory 21

Residential 22 New South Wales 25 Victoria 38 Queensland 43 South Australia 51 Western Australia 53 Northern Territory 57 Australian Capital Territory 59 Tasmania 60

Rural 61

Market Indicators 66

Disclaimer This publication presents a generalised overview regarding the state of Australian property markets using property market risk-ranking scales. It is not a guide to individual property assessments and should not be relied upon. Herron Todd White accepts no responsibility for any reliance placed on the commentary and generalised information. Contact Herron Todd White to obtain formal, specific property advice on any matters of interest arising from this publication. All rights reserved. This report can not be reproduced or distributed without written permission of Herron Todd White. Month in Review The Out of Towners September 2019

How population movements are driving Australia’s property markets

You’ve probably seen those infamous Spaghetti blue-collar jobs. Affordability drivers are magnetic Western films. to lifestyle seekers such as the financially secure or retirees. Professional types chasing personal A small, rural settlement with folk living a modest network opportunities will choose the nation’s life. A saloon, sheriff and trading store lining the numbers in this September issue. Our team is centres of commerce, while modern day business main street and people simply getting on with dishing the info on the large transactions lighting nomads will operate wherever there’s a decent Wi- getting on… and then, a stranger rides into town. up their radars, both sales and leases - multi-million Fi connection. Suddenly, all hell breaks loose and the fabric dollar transactions that shift like monoliths through of their quiet existence is ripped apart by the This month, we’ve asked each and every Herron the office space and send waves of change in their newcomer seeking justice. Todd White office to take a look at how movements wake. Dig deep into the commentary and you’ll among the population are effecting their discover how these major deals affect the area. I like watching some old-school Clint Eastwood, but

communities and driving the demand for property. FEATURE in the modern world, the arrival of new residents to Finally, it’s rural time and we’re keeping up with the COMMERCIAL theme from the commercial section. This month, our team is discussing the really large sales that are Staying up to date about who is moving where can help you occurring across the nation. We’re not just talking keep ahead on likely price changes in your areas of interest. in terms of price – some of these properties are the size of a small nation. It’s a head-turning array of big country transactions for avid readers to digest. population centres is a cause for celebration, not It’s not just an analysis of where they’re going, but So, there you have it – another sterling issue of the mayhem. It should be particularly celebratory for where they’re coming from as well. Month in Review. property owners. One interesting element of the study is that the Just ensure that when new arrivals make their way Whether it’s a capital city or a regional township, dominant demographic coming into your town to your town, you don’t close the shutters and hide opening up to visitors and new residents breathes might influence prices for a particular property under the bed. Instead, contact your local Herron a bit more life into your area’s economy and often type, so staying up to date about who is moving Todd White office and see how markets will react, helps drive price growth and rental gains. where can help you keep ahead on likely price so you can not only welcome newcomers, but profit changes in your areas of interest. as well. But the factors that bring in people and help them settle can vary as widely as our Aussie landscape. For our commercial readers, this month’s topic is Major industries can see an increase in well-paid, the office sector and we’re dealing with the big

3 Office September 2019 Month in Review National Property Clock: Office September 2019 Entries coloured purple indicate positional change from last month.

Ballina/Byron Bay Melbourne Coffs Harbour South East NSW Dubbo Sunshine Coast Illawarra

PEAK OF MARKET Geelong Gold Coast Mid North Coast Newcastle Approaching Starting to Lismore Sydney Peak of Market Decline

Ballarat DECLINING Alice Springs COMMERCIAL RISING Echuca MARKET MARKET

Start of Approaching Recovery Bottom of Market Adelaide Emerald Gladstone Brisbane Ipswich BOTTOM OF South West WA C’berra/ Q’beyan Mildura MARKET Central Coast Toowoomba

Bundaberg Mackay Cairns Perth Darwin Rockhampton Liability limited by a scheme approved under Professional Standards Legislation. Hervey Bay Townsville This report is not intended to be comprehensive or render advice and neither Hobart Wide Bay Herron Todd White nor any persons involved in the preparation of this report accept any form of liability for its contents. Launceston

5 Month in Review New South Wales September 2019

Overview CBD. There is also no questioning its prime location, Vacancy rates remain The commercial sector has traditionally offered set on the southern side of Martin Place within the very low across the CBD, investors a way to boost yield in their portfolios, but primary city core precinct. reported at 3.7% as at as you’ll see in our report, there are some surprises. July 2019 (PCA), down On a much smaller scale, the strata office market from 4.1% in January. This month, we’re taking a look at major has seen a number of strong results, continuing to Low vacancy continues transactions, both sales and leases, in office push square metre rates to unprecedented levels. to be driven by low markets around the nation. Noonan Property’s sale of Level 10 (398 square supply which in turn metres) of Heritage listed Culwalla Chambers, at Quite a few of our major centres are seeing continues to see above 3.7% 67-69 Castlereagh Street, achieved $6.395 million strong buyer demand for office space and this average rental growth. at auction, reflecting $16,068 per square metre Vacancy rates has translated into tight yields. Other localities Supply was particularly of lettable area. A result such as this shows the across the CBD, are experiencing a struggle, which can spell hampered during the continued strength of the office strata market, reported as at opportunity for investors keen to purchase at the first half of 2019 by however the number of transactions does appear July 2019 (PCA). bottom of the cycle. withdrawals outweighing to have slowed. supply, reflecting Sydney On the leasing side, while there have been a -23,400 square metres of net supply (PCA). A total

The Sydney CBD office market has seen several number of large leases across the CBD, it is of 32,039 square metres of office accommodation COMMERCIAL big transactions so far in 2019 in both strata and particularly worth noting the continued and across eight sites was taken offline in the first half freehold spaces. growing presence of WeWork, who have recently of 2019. Five of these sites are situated in the city signed a 12-year lease agreement over 11,000 core precinct. The most significant transaction, at $800 million, square metres of office space across ten floors at was Dexus and its unlisted Dexus Wholesale New approvals for office accommodation are low 320 Pitt Street. This is WeWork’s largest Australian Property Fund’s purchase of GPT Group’s half- across the CBD, with approvals being generally lease to date and a reflection of the growing appeal share in the MLC Centre at 19-29 Martin Place. focused on residential and hotel redevelopment of co-working space. WeWork has also fully secured Dexus already owned fifty per cent of the property rather than traditional office space. As an example, 1 Sussex Street at Barangaroo, which will reach prior to this transaction and now with full control of there are currently more than 20 hotels either completion at the end of 2019 and is anticipated the property, the transaction cements them as the under construction or approved for redevelopment. to open in early 2020. It’s unclear what the impact largest office landlord in Australia. At 67 storeys, That said, there is new office supply on the horizon, of co-working space will have on the wider market, the MLC Centre was for many years the tallest however the majority of this will not come online however it does present new options for tenants office building in the country and the site remains until 2020 or 2021. looking for more flexible options. one of the largest freehold sites within the Sydney For the time being, CBD rents are anticipated to remain strong, although will likely moderate, There are currently more than 20 hotels either under until supply catches up to demand and values are construction or approved for redevelopment. likely to remain strong for good quality stock.

6 Newcastle Wollongong Local agents are reporting a healthy level of Month in Review enquiry for office space in quality, well placed September 2019 Office investment activity in Newcastle has been Sales transactions in the office sector have slowed buildings with MMJ securing several tenants for fairly subdued over the past 12 months. That was over the past 12 months mirroring the trend of the recently refurbished 6-8 Regent Street, while until the headline grabbing sale of 18 Honeysuckle the broader commercial real estate market across Knight Frank has secured Aon Corporation on a Drive, Newcastle to IOOF Investment Management regional New South Wales. new lease in the Corporate Square building on Ltd for a reported sum of $52.2 million of course. The slowdown is coming at the end of a very Burelli Street. Gross face rents in the Wollongong A record for office property in the city, Colliers buoyant three years where record sales prices were CBD generally sit in the order of $400 to $450 per International describes the property as: achieved resulting in yield compression across the square metre for A-grade and $350 to $395 per “an A Grade, seven-level commercial building board. This is exemplified by the sale of 90 Crown square metre for better quality B-grade stock in completed in 2017 that provides investors with a Street, Wollongong in late 2018 for $50.38 million the CBD. top tier asset featuring outstanding investment showing an initial passing yield of 7.75% on a WALE credentials. The 6,524 square metre building is of 3.5 years. Lismore 100% leased to a diverse list of corporate and The office market has traditionally returned one The slowdown in investment sales over the past Government tenants.” per cent to 1.5 per cent higher yield than retail on year is attributed to several factors including the New South Wales north coast. This is no longer And it is well-positioned in the prominent the Banking Royal the case given the superior strength in the office Honeysuckle harbour front precinct of the Commission, state rental market in comparison to the weaker retail Newcastle CBD. and federal elections, market (with the exception of Byron Bay). volatility in the global The property was designed to meet a 4.5-star markets, downturn in Notable sales in New South Wales north coast NABERS energy rating and was awarded a 5-Star the housing market and locations for leased investment product include: Green Star rating. It provides purchasers with a just the normal market COMMERCIAL passive asset featuring low forecast capex and ◗◗ River Street, Ballina, NSW for $780,000 cycle. There is optimism numerous high quality attributes. $400-$450 (6.37%, $3,959 per square metre); that recent interest rate per square metre A modern CBD office building of 6,524 square cuts will spur activity ◗◗ River Street, Ballina under contract for $1.425 metres, it was completed in 2017 and is 100% with most participants for A-Grade gross million (purchased on 7.5% yield, $4,095 per leased with WALE of 6.8 years, with a net keenly watching to see if face rents in square metre); passing income of $3,235,354 excluding GST this will result in further Wollongong CBD. ◗◗ Woodlark Street, Lismore (1 February 2019) for underpinned by seven top tier tenants including yield compression in $1.11 million (7.25%, $2,662 per square metre); the NSW Government and a variety of corporate the sector or if there will be a more permanent re- businesses. assessment of risk despite lower borrowing costs. ◗◗ Molesworth Street, Lismore (1 April 2019) for $190,000 (6.29%, $1,210 per square metre). The sale reflects an approximate yield of 6.2% During this period of low and reducing interest and reflects the continuance of low yields for rates, owner-occupiers have remained relatively We are also aware of a recent significant well positioned and occupied investment stock in active in the sub-$1.5 million price category, transaction in Byron Bay comprising a strata the current market. A-grade vacancy remains at however the limited availability of such properties office space. As is common, Byron Bay sets its historic lows and with major office developments particularly in the Wollongong CBD has seen owner- own market with this being purchased for $3.5 around the Wickham transport interchange being occupiers look further afield to the region’s other million for owner-occupation, indicating $7,322 built fully or majority pre-committed, this vacancy major centres including Corrimal, Fairy Meadow, per square metre. rate will remain low for some time. Dapto and Shellharbour.

7 Owner-occupiers are active in the office market Coffs Harbour to $3,864 per NLA and gross rent equates to $306 Month in Review with two mixed use developments near completion per square metre. September 2019 The office market has remained relatively stable in Lennox Head and Ballina selling strata office during 2019. The market for leasing appears to units off the plan reportedly all to owner-occupiers have remained stable with supply and demand across a broad price range as low as $313,000 issues broadly balanced which has resulted in rents and up to $979,000, with rates per square metre remaining stable. showing $5,300 to $6,800. Because there is limited supply of this type of product in the locality, Good quality office space is leased at $350 to agents reported strong demand with more potential $400 per square metre per annum. Specialist purchasers than product available. medical tends to command a premium above this with examples of $400 to $500 per square metre A notable increase in value has been observed occurring. Secondary office accommodation in the newly developed Habitat in Byron Bay, tends to be more difficult to lease with rentals in a mixed use live-work development which the vicinity of $200 to $300 per square metre 129 -131 Byng Street, Orange Source: realcommercial.com.au comprises units with 20 square metres of ground depending on size, quality and location. floor commercial space or home-office with the In Dubbo, a number of sites have been procured for balance being residential. The units sold in 2016 The direction of yields tends to be stable with redevelopment for intended office or mixed use. off the plan for $650,000 each with two recent ultimately the strength of the tenant and lease term These include the sale of 102-108 Macquarie for resales at $820,000 and $850,000. driving the yield. The traditional variation between $2.25 million, a 2,517 square metre site on Dubbo’s retail and office markets (one per cent to 1.5 per main shopping strip, for redevelopment into a six- cent in favour of retail) is no longer as evident as it storey business hub and the recently developed once was. 1,076 square metre Brisbane two-storey office COMMERCIAL The retail sector is currently experiencing higher complex now on the market at rents of circa $320 vacancy and the longer lease-up periods are per square metre. impacting value and saleability. The office market appears the more stable at this time and into the future the yield trend between office and retail maybe reversed.

Habitat, Byron Bay Source: realcommercial.com.au Orange/Dubbo A recent upper end market sale was a commercial property at 129 -131 Byng Street, Orange for The rental market across most areas of the north $6,062,500. The property was leased to a NGO coast has remained relatively steady with broadly agency on a ten plus five plus five year term a balanced market except for Lismore which is commencing November 2018. The analysed yield generally weaker with increasing supply although was 6.94%. The building is the former two-level rents are still holding. 1874 constructed Railway Hotel, now refurbished throughout for office use, extended to 1,569 square metres and fitted with a lift. The sale price equates

8 Month in Review Victoria September 2019

Melbourne International in June 2019. 37 Little Collins Street, According to the Property Council of Australia’s a double storey fully refurbished period building Office Market Report, Melbourne CBD’s office which is leased to Bar Lourinha, was sold for $5.85 overall vacancy rate has increased slightly by 0.1% million, reflecting a passing net yield of 2.2% while as of July 2019. Melbourne CBD continued to record 39-41 Little Collins Street, which has three street the lowest vacancy rate amongst all of Australia’s frontages and is improved with a circa 1919 three CBDs at 3.3%, in front of Sydney CBD at 3.7%. storey hospitality and office building, was sold for $16.5 million, representing a passing net yield of Tenant demand is continuing to rise in the city 1.1%. Both properties were sold significantly above fringe. According to online research reports, the reserve prices to businessman Rob Phillpot, the the office leasing market within the city fringe co-founder of Aconex. and inner east was strong over the past 12 37 and 39-41 Little Collins Street Source: realcommercial.com.au months. Tenants, especially from the creative, In the suburban office market, a local private technology and business service sectors, investor purchased 19-23 Prospect Street, Box Hill sites above 1,000 square metres are in high actively compete for well-located high-quality in March for $21.6 million, reflecting an analysed demand in the current market as they allow office accommodation. Vacancy rates in the city market yield of approximately 6.3%. The property greater development scale as opposed to smaller fringe, inner east and outer east are well below comprises a circa 1988 five-storey office building sites. Record high land rates have resulted in COMMERCIAL long term average vacancy levels. The vacancy including two levels of basement parking and a Cremorne and Richmond this year with a number rate in the inner east fell to 3.58%, making it the total net lettable area of 4,275 square metres. of development sites selling for land rates in excess lowest vacancy rate of all of Melbourne’s metro Investment yields within the inner city are being of $13,000 per square metre. However, we highlight precincts. The CBD’s increasing rent level is influenced by the underlying land values of the that the development market in these areas is creating greater demand in city fringe locations properties. Land rich assets usually reflect lower considered to be at the peak. as tenants seek cheaper alternatives. yields compared to investment assets which have Buyer demand is still solid for CBD, city fringe and been fully developed. Incentives are currently broadly ranging from circa suburban well-located sub-$50 million investment 10% to 25% net depending on the tenancy size, commercial assets. Properties in this price range lease term and location. In the south-eastern and are keenly sought by higher net worth private outer-eastern markets where vacancy rates are investors, syndicates and overseas investors. For high, incentives are at their highest whilst in the instance, two adjoining properties at 37 and 39- city fringe and inner eastern markets, incentives 41 Little Collins Street in the CBD were sold at a are at their lowest. strongly contested auction conducted by Colliers There has been strong capital growth for commercial development sites in Cremorne and The office leasing market within the city fringe and inner east Richmond over the past two years, particularly within the past 18 months. Larger development was strong over the past 12 months.

9 Month in Review Queensland September 2019

Brisbane Brisbane is however For a number of years, the performance of the currently undergoing a Brisbane office market has been underwhelming, to say the least, and has lagged behind the broader major transformation. Brisbane commercial markets. Given the improving leasing markets, it is likely we Stubbornly high vacancy rates due to constant will see gross face rents stabilise for prime and supply additions and patchy conditions across A-grade office accommodation in the CBD and key industries resulting in an ongoing competitive fringe CBD. Stronger performing precincts such as leasing market and limited rental growth have been King Street and Ann Street (Fortitude Valley), Gas key factors as to why the office market has been Works precinct (Newstead), South Brisbane and sluggish virtually since the GFC. 8 Gardner Cl, Milton Source: realcommercial.com.au the Golden Triangle (Brisbane CBD) are likely to Brisbane is however currently undergoing see rental growth over the remainder of the year The building was largely vacant (approximately a major transformation with a number of for modern quality developments. We may also 75%) in 2017 when it was acquired by significant infrastructure projects that have either (finally!) see incentives start to fall. Quintessential Equity Pty Ltd. The asset was re- recently been completed or are currently under The positive vibe coming out of Brisbane is now positioned by undertaking a number of building construction. These projects, coupled with the low COMMERCIAL starting to translate into a number of strong modifications and upgrades in order to revitalise interest rate environment, are having a positive investment transactions and the opportunity the property in line with market expectations and impact on the CBD and fringe CBD leasing markets and appetite for re-positioning underperforming undertake a new leasing campaign. and are seeing increasing appetite from investors, commercial office assets is on the rise. both on a private and an institutional level. At the commencement of 2019, the building was Notable recent re-positioning transactions in 100% leased, reflecting a steady cash flow and Recent vacancy statistics released by the Property Brisbane include: solid WALE. Council of Australia (PCA) have indicated that the overall Brisbane CBD vacancy rate compressed 8 Gardner Cl, Milton 164 Grey St, Southbank further in July 2019 to 11.9%, which is its lowest WALE/ Analysed WALE/ Analysed $/m2 $/m2 rate since January 2013. Furthermore, the overall Lettable Lease Market Lettable Lease Market Sale Sale Area Term Yield Lettable Sale Sale Area Term Yield Lettable Brisbane fringe CBD market also reduced to 13.8%, Date Price (m2) Certain (%) Area Date Price (m2) Certain (%) Area its lowest since January 2017. Vacancies for prime Jun Jul $25.23M 4,271 5.22 yrs 6.87% $5,907 $44.65M 3,115 7.1 yrs 5.30% $14,334 grade CBD accommodation are now below 9% 2019 2019 Aug Jan and more tellingly, there is no sub-lease space now $10.625M 4.271 1.18 yrs 10.95% $2,488 $30.30M 3,065 1.4 yrs 6.50% $9.886 available in these properties. A-grade vacancies 2017 2016 in fringe areas have also dropped markedly from The property is a modern style, four level, multi- This property is a modern style, four level, multi- 16.7% to 12.7% over the past six months. tenanted commercial office building situated in tenanted mixed use commercial building situated at Milton. Southbank.

10 Gold Coast Month in Review The near-term outlook for September 2019 Agents report that conditions within the Gold Coast the Brisbane office market office market have been slowing for a while now. appears positive . Exacerbating this sentiment in 2019 to date was the Royal Commission into misconduct in the banking, assets that are largely vacant with significant superannuation and financial services industry cash flow risk. We are seeing an increase in and the federal government election campaign. appetite for value-add commercial office assets However after a marketplace hiatus over this period that are well located. (February to May) the impact of these events seems to have well and truly passed and business appears The market generally has been active over the to have moved back into normal mode once again. 164 Grey St, Southbank Source: commercialrealestate.com.au past 12 months with notable transactions (see table below). Continuation of the low interest rate environment, The building was acquired by Marquette who fully with rates reducing yet again, is certainly a positive Selling agents are reporting that demand is also upgraded the building services, created a new for the market place in a general sense. increasing for underperforming, older style office office lobby and building entry and increased assets that can be re-positioned and re-let. To date in 2019, we have seen settlement of several the lettable area by adding an additional retail sizeable office building transactions. These include: tenancy. The building was fully re-leased, securing The near-term outlook for the Brisbane office long term tenants and strengthening its overall market appears positive and it is possible that ◗◗ In January: 130 Bundall Road, Bundall. 3,682 cash flow position. further yield compression may occur should square metre lettable area on a 2,226 square interest rates decline further. Furthermore, the metre site at $11 million (source: CoreLogic). 70% The property was recently sold reflecting a strong yield spread between Brisbane and its southern occupied and reflecting a WALE of 2.16 years (by yield which was underpinned by the strong cash COMMERCIAL counterparts (Sydney and Melbourne) is still income). Passing yield circa 5.43%. Analysed flow position of the asset and its prime location. significant and the coming infrastructure projects yield 7.34% (with 7.5% PVA). $2,988 per square These two sales are a stark contrast of how a are likely to increase Brisbane’s attraction as an metre on floor area. Owner-occupier buyer. fully leased commercial office asset with good investment destination. ◗◗ In March: Lakeside 1, Bermuda Point, Lot 1101/1 cash flow fundamentals will perform versus Lake Orr Drive, Varsity Lakes. 6,114 square metres lettable area on a 7,916 square metre site WALE/ Analysed $/m2 Lettable Lease Term Market Lettable at $25.1 million (source: CoreLogic). Reported as Other Notable Investment Sales Sale Date Sale Price Area (m2) Certain Yield (%) Area circa 96% occupied and returning a net passing CBD income in the order of $2.285 million. Based on

201 Charlotte St, Brisbane Apr 2019 $126.7M 13,291 5.1 yrs 5.90% $9,533 these metrics, passing yield would be in the order of 9% with a lettable floor area rate of circa 133 Mary St, Brisbane Mar 2019 $96.5M 12,976 2.7 yrs 6.02% $7,437 $4,105 per square metre, although we consider 61 Mary St, Brisbane Nov 2018 $275M 28,749 10.4 yrs 5.95% $9,566 the passing rental level full. CBD Fringe & Inner City ◗◗ In May: 169 Varsity Parade, Varsity Lakes. 381 Macarthur Ave, Hamilton Apr 2019 $19.73M 2,825 5.12 yrs 6.58% $6,984 3,364 square metres lettable area on a 13,000 19 Corporate Dr, Cannon Hill May 2019 $35.05M 6,028 2.91 yrs 7.32% $5,814 square metre site at $14 million (source: Building 2, 747 Lytton Rd, Murarrie Jun 2019 $17.26M 3,346 3.12 yrs 6.98% $5,158 CoreLogic). Fully leased and reflecting an

11 estimated WALE of 1.38 years (by income). between 480 and 1,014 square metres. Asking The Property Council Month in Review Passing yield circa 8.73%. Analysed yield rental is in the order of $350 per square metre of Australia July 2019 September 2019 6.85% (with 5% PVA). $4,172 per square metre per annum net plus outgoings of $75 per square Office Market Report on floor area. Considered a future residential metre. Car parking is extra. indicates a total vacancy redevelopment site. factor for the Gold Coast of 12.9%. This is ◗◗ In August: Confidential. Circa 2,500 square up from 11.6% in their metres lettable area U/C exceeding $8 million. 12.9% January 2019 report. 95% occupied and reflecting a WALE of 1.5 Leasing agents had years (by income). Will reflect a passing yield of total vacancy factor noted a tougher first circa 7.6%. for the Gold Coast half for 2019, but expect July 2019 Several other larger office buildings have also the second half to be been put to the market place. All have drawn better. Further, the interest from prospective buyers. Based on bone negative net absorption fide offers received, interest in the Gold Coast of -6,850 square metres is attributed to businesses office sector would appear to be holding firm, consolidating into smaller premises, etc. Ivy Pearce Building Source: realcommercial.com.au although our observation is that yields may be Overall, we consider the increased level in the Gold softening slightly, to analysed yields ranging from The lack of new buildings has attracted Coast vacancy factor may dampen some investors’ 7.25% to 8%. entrepreneurial investors to older buildings in the views of the Gold Coast office sector, with the result Supply of larger office floor space (1,000 square Gold Coast’s older established office precincts being solidification of slightly higher yields, but on metres plus) has been hampered on the Gold Coast such as Southport, Bundall and Surfers Paradise. the positive side of the ledger, rental rates appear for some time now due in the main to no new office Buildings such as 7-11 Short Street, Southport to be achieving moderate gains. So all in all, the COMMERCIAL buildings being developed. and 130 and 132 Bundall Road, Bundall are good bottom line is likely to be retention of asset value examples of refurbishment drawing tenants looking levels over the remainder of 2019. Acuity Business Park at Robina is under to move from C-grade floor space into B- or A-grade construction with anticipated completion in mid buildings. They are attracted by the affordable 2020. The development will comprise two buildings rentals that would typically range from $325 to of three storeys above basement car parking. $400 per square metre per annum gross plus extra Stage 1 (5,937 square metres LFA) reportedly has a for car parking. substantial pre lease commitment. Stage 2 (3,627 square metres) is available. Rental rates are in 50 Cavill Avenue, Surfers Paradise, which the order of $460 to $470 per square metre per underwent a major refurbishment several years annum gross plus car parking at $150 per bay per ago, has had the top floor recently lease at $450 calendar month. per square metre per annum net plus outgoings of $120 per square metre. Car parking is extra at $150 Acuity Business Park, Robina Source: Acuity Business Park The Ivy Pearce Building at Bilinga adjoining the to $175 per bay per calendar month. This level of Gold Coast Airport is a three year old, A-grade rental is reflective of the upper range for Gold Coast Sunshine Coast office building at the southern end of the Gold office space, being surpassed only by the likes of the The office market on the Sunshine Coast has Coast. The dominant tenant is the Australian Oracle at Broadbeach where rates up to $600 per continued to remain relatively stable during 2019. Federal Police. There is available office space square metre per annum gross are achieved.

12 One of the big questions has been, “What will be square metre strata within a refurbished, lifted There have been a number of major investment Month in Review the effects be of the large supply of which entered office complex with good views over Mooloolaba sales in 2019 following many years of limited September 2019 the market during 2018?” Beach. This property was purchased by the activity. The sales of note include the following: sitting tenant in March 2019 for $1 million The answer to this has generally been a reduction ◗◗ Easternwell Building – 10 Russell Street, indicating a value of $4405 square metre. in rentals for tenants, though in prime locations Toowoomba City – This is a nine level office and A-grade stock, that reduction has been lower These sales indicate that the market is still liquid for building with a net lettable area of 7,126 square than the remainder of the market. We have seen a range of holdings. The owner-occupier market is metres and 101 on-site car parks. Major tenants significant incentives for vacant space, though still dominating sales up to $1.5 million with owners include Easternwell Group, Southern Cross overall reductions in market reviews for existing looking to secure high quality space generally Austereo, Neato Employment and two state tenants are not as significant. One of the reasons above $4000 per square metre with lower quality government tenants. There were a number of for this is likely the high costs associated with space typically in the $3000 to $4000 per square vacant tenancies and leases with short remaining moving work spaces for the majority of tenants metre range. lease terms. The WALE is 2.4 years and sale with over 150 square metres of space. As a result, price was $10.5 million with a passing net yield of Investors are looking for multi-tenanted holdings to we have continued to see sales of existing offices in circa 12%. spread overall cash flow risk in this market, which the market. has high vacancy, with sales typically being seen Sales of note include: in the seven to eight per cent range depending ◗◗ 1-5 Plaza Parade, Maroochydore comprises a on WALE, quality of complex, location and mix use, two level, lifted complex comprising six redevelopment potential. tenancy areas and a NLA of 1003 square metres. We have not seen a higher end sale over $5 million The property sold in April 2019 for $3.65 million in the office space to date in 2019, though there has indicating a yield of circa 7.2% on the reported not been stock available to the market in this range. COMMERCIAL net income with a reported WALE of 1.65 years and $3639 per square metre. The next influx of supply is due to enter the market Easternwell Building Source: realcommercial.com.au during the early months of 2020 with the first ◗◗ 72 Simpson Street, Beerwah comprising a building within SunCentral due to be completed at ◗◗ 146 Herries Street, Toowoomba City – This is strata-titled mainly medical style centre across a that time with construction recently commenced. a two level building with a net lettable area of single level. The complex has nine separate lots 1,615 square metres and 60 on-site car parks. though is split into four tenancy areas only. It Toowoomba The building was fully leased to two government sold in March 2019 for $3.6 million indicating a Leasing demand for commercial office tenants. Sale price was circa $7.4 million with a yield of circa 7.5% with a reported WALE of 2.58 accommodation in Toowoomba continues to be passing net yield of circa 8%. years and $5128 per square metre. subdued. As a result there has not been significant ◗◗ 17 Wyreema Terrace, Caloundra comprises growth in rentals with evidence that some lease a semi modern, two-level walk up stand-alone incentives may be required to secure tenants. complex of 253 square metres. The property Owner-occupier demand continues to be strong, sold in vacant possession to an intending particularly for premises with floor areas of up to owner occupier in March 2019 for $1.25 million 300 square. There has been a reduced supply in indicating a value of $4941 square metre. this market segment, which has resulted in some ◗◗ 4/77 The Esplanade, Mooloolaba is a 227 sales achieving premium prices. 146 Herries Street, Toowoomba City Source: realcommercial.com.au

13 ◗◗ 70 Neil Street, Toowoomba City - This is a Commercial Property Sales in Cairns months was for a nine-level CBD office building Month in Review single level building with a net lettable area of constructed in 2013 and leased to blue chip September 2019 Number of Sales Median Price Per Square Metre 948 square metres and 26 on-site car parks. 250 $4,000 tenant Ergon Energy with National Australia Standalone Strata Median Price The building was fully leased to a legal firm and Sales Sales per SQM* Bank occupying the ground floor. The property Darling Downs Radiology . Sale price was $4.65 200 $3,200 sold in December 2018 for $63.5 million with million with a passing yield of circa 7%. a passing yield of 7.3% and weighted average 150 $2,400 lease expiry of 9.6 years. This is the biggest office transaction to have occurred in the 100 $1,600 Townsville market. 50 $800 We are currently seeing a CBD office building that was acquired fully vacant undergoing a 0 $0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 major redevelopment including external façade * For strata sales only Source: HTW Analysis of RP Data upgrades and internal upgrades, with the building being rebranded Precinct 21. The refurbishment is Most new office space leasing demand is for smaller reportedly at a cost of $10 million and will offer five areas and for modern, good quality green star rated levels of commercial office space. premises, however there is only a handful of such We are also seeing construction well underway 70 Neil Street, Toowoomba City Source: realcommercial.com.au buildings in Cairns. These buildings achieve high of a new 4,000 square metre, four-level office levels of occupancy and are experiencing stable building in the fringe City Centre Central Cairns rent levels typically of $350 to $450 per square development. This is a purpose-built building to The Cairns office market is relatively shallow and metre per annum. Demand for lesser quality space be wholly occupied by the Australian Taxation experiences limited sales activity. The market has remains limited and there is a large oversupply COMMERCIAL Office from 2020 on a ten-year lease plus options. also experienced limited new development, with the of good quality non-inner CBD and well exposed The property is currently being marketed for sale last very large office building constructed in Cairns secondary space in the $200 to $300 per square via expressions of interest. The completion of this being the state government office tower completed metre per annum rental range. These conditions building and the relocation of the ATO from its in 2010. have placed downward pressure on secondary rents current tenancy will likely see a large amount of and have seen the emergence of incentives. The level of general commercial property sales in quality office space come onto the leasing market. Cairns, inclusive of retail and commercial office The most recent sale of a large office building The current depth of the local private sector is premises, highlights that activity in the Cairns was the design and construct of the new Ergon unlikely to be able to absorb this space based on commercial market remains well below the levels premises in Bunda Street, Cairns City. The property the current environment. achieved in the 2003 to 2007 period. Sales sold for $14.7 million in May 2019 providing an volumes have been gradually rebuilding over analysed yield of 6.4%. The building comprised Rockhampton the past nine years, but are still only averaging two levels of high quality office with a total area of The office market in Rockhampton has around 90 to 100 sales per annum. Median prices 2,400 square meters, 68 car parks and an initial stabilised, however remains relatively flat. paid specifically for strata titled premises have ten year lease term. There have been no major office developments increased mildly over the past seven years, but our in the CBD since the completion of the NAB general impression is that prices per square metre Townsville building in 2012, however there is still a of floor area are mostly stable within the $2,500 to The biggest office transaction to have occurred significant vacancy rate and until existing $4,500 range. in the Townsville market over the past 12 vacancies are absorbed across the CBD, it is

14 unlikely we will see Gladstone Office sales within the Wide Bay are typically Month in Review any other major office reflecting yields of 7.5% for good quality September 2019 Office conditions in Gladstone have seen some developments in the buildings in prominent locations with good quality $225-$300 not so positive years, however conditions are now immediate term. tenants on long-term leases to 9% for lesser office rentals considered to have stabilised. Whilst there are quality buildings in secondary locations with We note that the per square metre still vacancies to be filled, we have seen some new lesser quality tenants on shorter leases. Council has recently within the rentals in the CBD negotiated in the past six to 12 let the contract for the Rockhampton CBD months that fall within the low to mid-$300 per Gross rental growth prospects in the short term construction of a new square metre gross, which is a positive sign for appear to be limited, with the market expected to art gallery in the CBD on this sector. Notwithstanding this, we consider the remain well balanced over the short term. a 2,800 square metre $300+ market remains volatile and rentals at this level site. It will require the office rentals are difficult for landlords to achieve. Mackay demolition of existing per square metre There is very little leasing activity within the The market is still recovering from years of office buildings which for prime office sector in Mackay. The market remains fairly increasing vacancies and downward pressure provide about 3,000 to subdued. Some office users around the city have office tenancies on rentals. Due to the existing vacancies, there 4,000 square metres of reduced their tenancy areas. are no known major office developments in the office space. pipeline to report on, and until such time as Sales activity has been limited to the more Rentals have been relatively stable over the past 12 vacancies are absorbed, we are unlikely to see affordable end of the market at less than to 24 months, however leases that were negotiated any new major office developments. There have $550,000 and comprise: some five to ten years ago that are coming to been no known major transactions of office ◗◗ An older office property at 92 Wood Street, an end are seeing some re-negotiations as the properties in recent years, however more recently Mackay City was recently sold by receivers at previous rentals are now considered above market. we have seen some investment activity at lower $505,000 with land area of 365 square metres COMMERCIAL Generally speaking, office rentals within the price brackets. and net lettable area of 323 square metres. This Rockhampton CBD have been ranging from about Most recently, a strata office unit at 174 property was sold after an extended marketing $225 to $300 per square metre gross. Rentals Goondoon Street sold for $1 million, reflecting a period in vacant possession. above $300 per square metre gross are for prime yield of about 9%. The property had a WALE of office tenancies only. 2.88 years. Other activity for office properties There have been no recent major transactions has predominantly been in the sub-$1 million of office buildings. The most recent was the sale price bracket. of the NAB building which transacted in 2016 for $9.35 million. Owner-occupiers remain fairly Wide Bay active in the market, with most activity in the sub- The Wide Bay commercial office market has $1 million price bracket. Vacant office buildings remained stable with a balance of supply and have been very thinly traded above the $1 million demand for an extended period. price bracket in recent years. Notable office developments include The Avenue With multiple infrastructure projects commencing at Hervey Bay. This development will comprise and in the pipeline, things are looking positive for a community titled walk up office complex in a 92 Wood Street, Mackay City Source: realcommercial.com.au the office market in Rockhampton in the short to prominent business location of Hervey Bay. medium term.

15 Month in Review September 2019

17 Shakespeare Street, East Mackay Source: realcommercial.com.au

◗◗ An office property at 17 Shakespeare Street, East Mackay sold with vacant possession at $545,000. It comprises a 1,642 square metre aggregation of two adjoining lots in a residential area and is improved with an older style, single level, brick building with reported area of approximately 400 square metres. It had been used by a community organisation and has been acquired by a medical services provider. The sale price is well below

replacement cost. COMMERCIAL We are also aware of a sale contract over another vacant possession property at 14 Grendon Street, North Mackay. This is an older style house which has been converted for use as a medical practice. We have noticed an increased level of demand for office space over the past couple of years from community, disability and medical service providers. Unfortunately, the relatively high combined cost of local authority rates and building insurance premiums is eroding investment returns and investor demand for office property in Mackay.

16 Month in Review South Australia September 2019

Adelaide Adelaide’s office market continues its solid performance with Adelaide’s office market continues its solid performance with vacancy rates dropping to vacancy rates dropping to their lowest level in over four years. their lowest level in over four years. Interest Owners are continuing to reposition B and encompasses a multi-level office building with rates remained unchanged in the RBA’s August C-grade space to increase the quality and fuel lettable area of 545 square metres and quality meeting with the cash rate now just 1%, as the flight to quality within the Adelaide CBD, main road exposure. Governor Philip Lowe noted that economic further closing the gap between premium and growth has been lower than expected over the secondary space. first half of 2019. Recent major transactions within the Adelaide In our previous office market update, Adelaide market include the Real Estate Institute of South CBD total vacancies were recorded at 14.2%, Australia (REISA) building at 249 Greenhill whereas now, according to statistics published by Road, Dulwich. The 801 square metre building the Property Council of Australia, CBD vacancies sold for $3.215 million in July. In addition to measure just 12.8%. Adelaide’s fringe office this, the city frame site of 104 South Terrace market, which encompasses the arterial roads sold for $3.435 million in March, encompassing of Greenhill Road to the south of the city and 772 square metres of lettable area. Activity has COMMERCIAL Fullarton Road and Dequetteville Terrace to the been high in the city frame market recently, as east, has recorded vacancies of 13.1%, a slight a multi- level office building with underground 104 South Terrace, Adelaide Source: realcommercial.com.au increase since our last update in June. This car park at 67 South Terrace sold for $2.244 reflects the desire of tenants to base themselves million in June. Outside of the city, there has On the leasing front, the most significant within the CBD, as Adelaide continues to present been activity in the eastern suburbs, with offices transaction to occur in recent months is the itself as an attractive base for both international selling in Norwood and Stepney over the past renewal of the lease to South Australian Health and local businesses. Furthermore, within the few months. 57 Beulah at 11 Hindmarsh Square in the city core area. CBD office market, A-grade vacancies decreased Road, Norwood sold SA Health renewed its lease in April this year by 0.5% and B-grade vacancies also reduced by late in June for $1.37 to extend its stay in Hindmarsh Square for a 0.2%, while C-grade office vacancies increased by million for 606 square further five years, encompassing 13,750 square 0.5%, reflecting tenant demand for high quality metres of lettable metres of lettable area. Smaller profile leases and sustainable office space. office space on a site have been much more common in recent months, Nationwide vacancies are forecast to reduce measuring 826 square with tenants picking up space on the first floor to 7.7% over the next two years, with modest metres. 65 Magill Road, 14.2% of Adelaide Arcade, the ground floor at 120 Hutt improvements in South Australia, Queensland Stepney also sold in Adelaide CBD Street, also home to Connekt Urban Projects, while and Western Australia offsetting slight vacancy June for $2.5 million total vacancies various office suites at Aurora on Pirie, 147 Pirie increases in New South Wales and Victoria. for a property that Street, have also been leased to new tenants.

17 Overall, sentiment in the office market is Month in Review encouraging, with net absorption remaining September 2019 positive. As businesses grow and expand, office space continues to be sold and leased and pressure is put on B and C-grade space to adapt and improve to remain attractive to prospective tenants. COMMERCIAL

18 Month in Review Western Australia September 2019

Perth The total vacancy rate for office space in the Perth CBD dropped To date in 2019, the Perth office leasing market has seen both rental incentives and rental rates marginally from 18.5% to 18.4% in the six months to July 2019. stabilise. The most recent Property Council of Australia (PCA) Office Market Report indicates Some of the more notable leasing deals are minding facilities within their buildings, in addition the total vacancy rate for office space in the Perth highlighted below: to the obligatory end of trip facilities, bike storage CBD dropped marginally from 18.5% to 18.4% rooms and, in some cases, bike repair shops. ◗◗ 240 St Georges Terrace, Perth: The former in the six months to July 2019. The reduction is Woodside Plaza building owned by Dexus (circa In terms of capital transactions, demand for attributed to positive demand for premium and 47,000 square metres) has managed to secure office property in the Perth CBD has been felt B-grade buildings. multiple tenants including Macquarie, CBH Group predominantly from institutions and foreign Whilst an encouraging sign, Perth’s CBD has the and Iluka Resources during the past 12 months (south-east Asian) buyers seeking counter-cyclical highest vacancy rate of all capital cities in Australia. or so and reportedly sits at around 92.5% acquisitions of secondary assets with good occupancy. prospects for re-positioning. There are no significant building projects in the pipeline until 2020 and the revitalisation of the ◗◗ 556 Wellington Street, Perth – Some We highlight the following recent transactions: CBD landscape, with major infrastructure projects 8,500 square metres of office space within ◗◗ Exchange Tower, 2 The Esplanade, Perth: such as Elizabeth Quay continuing to move ahead. Kings Square 1 has reportedly been let to the COMMERCIAL $326 million, December 2018; Incentives for quality buildings in Perth’s core CBD Department of Human Services. have even experienced some downward pressure ◗◗ 34 Stirling Street, Perth: $24 million, December ◗◗ 150-152 St Georges Terrace, Perth: Co-working with early signs of growth in the space needs of 2018; and work place design company WeWork has particular tenants. reportedly taken just under 8,000 square metres ◗◗ 179 St Georges Terrace, Perth: $18.25 million, in Central Park. February 2019. Property owners continue to be proactive in trying These and other recent sales in the CBD have to entice existing tenants to recommit and in order shown (analysed market) yields in the order of 7% to attract new tenants. Accordingly, incentives are to 8.75%. still being offered in the market place (typically The West Perth office market has not fared as between 25 and 50%). well as the CBD for the six months to July 2019 as Furthermore, landlords are providing their existing the total vacancy rate rose from 14.8% to 16.9%. and prospective tenants with bespoke floor plates, Similar to the Perth CBD however, vacancy rates flexible work spaces, meeting hubs, refurbished for A-grade space actually tightened during this foyers, some featuring concierge services, period however this was off-set by a substantial gymnasiums or wellness centres with some more increase in vacancies for lower grade premises.

240 St Georges Terrace, Perth Source: realcommercial.com.au innovative landlords looking at child care or child

19 There have been very few sales in West Perth Month in Review during the past 12 months but we make mention of September 2019 the following asset acquired by RG Property: ◗◗ 76 Kings Park Road, West Perth: circa $20 million, December 2018. The lack of quality office stock with medium to long term WALEs combined with subdued economic conditions has affected transaction activity. We expect these trends to continue in the short term.

76 Kings Park Road, West Perth Source: realcommercial.com.au COMMERCIAL

20 Month in Review Australian Capital Territory September 2019

Canberra square metres of NLA at $390 per square metre 2019 has seen vacancy rates continue to tighten gross. for A-grade office stock in the nation’s capital, An example of a significant sale transaction is 16-18 having fallen to 5% from 5.4% in the six months Mort Street, Canberra City in June 2019 for $108.5 to July 2019 and having already decreased from million. The property was constructed in 1992 and 8.6% for the six months prior to that (July 2018). features a total of 14,506 square metre B-Grade Absorption of A-grade stock has continued to office space. improve, primarily for property in close proximity to the CBD and predominantly by Commonwealth The continued popularity and growth of co-working government departments. While the supply level spaces and buildings with shared facilities to satiate for premium office stock is currently tight, new an ever growing mobile office population that 40 Macquarie Street, Barton Source: commercialrealestate.com.au stock coming on-line in 2020 and 2021 will relieve demands more flexible spaces coupled with a move this pressure and potentially offset any significant towards smarter more energy efficient buildings December 2017 and is expected to be completed rental growth experienced currently, especially in will see an increased proportion of current B-grade by mid 2020. While there has been very strong the premium sector. stock undergoing substantial refurbishment and interest in the above mentioned projects by both modernization in order to stay competitive and Notable office development currently taking government and corporate tenants alike, demand garner local and offshore investment interest. COMMERCIAL place within the CBD includes Amalgamated for office space certainly exists outside of the CBD. Property Group’s Civic Quarter, situated alongside Some recent notable or large leasing transactions the Northbourne Avenue development corridor in 2019 include: with direct exposure to the light rail system. The development is set to be twelve levels with a ◗◗ 23 Furzer Street, Phillip. Leased/ renewed total office space area of 16,000 square metres. for a ten year term to the Department of Health Completion is expected by late 2019. & Ageing in February 2019. Comprises 44,896 square metres of NLA at $510 per square metre Construction is also well underway on a new $300 gross. million development by Capital Property Group. The property, located on the corner of Constitution ◗◗ 16 Marcus Clarke Street, Canberra. Leased

Avenue and London Circuit in Canberra’s CBD, is for a ten year term to the National Health and to feature 20,000 square metres of office space Medical Research Council in February 2019. spread across 12 levels. The space is already set Comprises 4,020 square metres of NLA at $501 to be leased by the government for 20 years, with per square metre gross. an option of another five years, and will house a ◗◗ 40 Macquarie Street, Barton. Leased for a total of 1,700 public servants upon completion. seven year term to the Australian Strategic Policy Construction for this development began in Institute in February 2019. Comprises 2,047

21 Residential September 2019 Month in Review National Property Clock: Houses September 2019 Entries coloured orange indicate positional change from last month.

Albury Dubbo Bathurst Sunshine Coast Canberra Wodonga

PEAK OF Hobart MARKET Ballina/Byron Bay Geelong Tamworth Central Coast Lismore Approaching Starting to Coffs Harbour Peak of Market Decline

Adelaide Karratha Adelaide Hills Launceston Barossa Valley Mildura DECLINING Gold Coast South West WA RESIDENTIAL Emerald Shepparton RISING Kalgoorlie Southern Tablenads Hervey Bay MARKET MARKET Newcastle

Start of Approaching Recovery Bottom of Market Broome Illawarra Geraldton Cairns Port Headland BOTTOM OF Gladstone Townsville MARKET Mackay Whitsunday

Alice Springs Perth Brisbane Rockhampton

Liability limited by a scheme approved under Professional Standards Legislation. Bundaberg Southern Highlands This report is not intended to be comprehensive or render advice and neither Darwin Sydney Herron Todd White nor any persons involved in the preparation of this report Ipswich Toowoomba accept any form of liability for its contents. Melbourne

23 Month in Review National Property Clock: Units September 2019 Entries coloured blue indicate positional change from last month.

Albury Sunshine Coast Bathurst Wodonga

PEAK OF MARKET Hobart Ballina/Byron Bay Geelong Tamworth Approaching Starting to Peak of Market Decline Central Coast Lismore Coffs Harbour

Dubbo Launceston Canberra Perth RESIDENTIAL Hervey Bay Mildura DECLINING Gold Coast South West WA Karratha RISING MARKET MARKET Kalgoorlie Southern Tableands Newcastle

Adelaide Gladstone Start of Approaching Broome Illawarra Cairns Port Headland Recovery Bottom of Market Geraldton Emerald Townsville BOTTOM OF MARKET

Adelaide Hills Darwin Shepparton Alice Springs Ipswich Southern Highlands Barossa Valley Mackay Sydney Liability limited by a scheme approved under Professional Standards Legislation. Brisbane Melbourne Toowoomba This report is not intended to be comprehensive or render advice and neither Herron Todd White nor any persons involved in the preparation of this report Bundaberg Rockhampton Whitsunday accept any form of liability for its contents.

24 Month in Review New South Wales September 2019

Overview loss has seen Sydney city, which have experienced massive new housing Population movements are one of the best ways slip behind Melbourne growth over recent years through land releases. to track the rise and fall of residential markets, but in terms of overall TOP SYDNEY SUBURBS FOR NET INTERNAL MIGRATION generalised numbers don’t always paint the fullest population growth. Overall of pictures. Sydney’s population Net Internal Population Statistical Area Migration Change This month, our residential teams are looking at growth has therefore Cobbitty - Leppington 3663 4069 what’s bringing new residents to their centres or, predominantly been conversely, driving them away. They’ve also studied driven by overseas 262,489 Riverstone - Marsden Park 3288 3790 Rouse Hill - Beaumont Hills 1230 1696 the effect of these human movements on the migration. In fact total net overseas demand for real estate in their service areas. the overall total net Kellyville 877 1295 migration for overseas migration It’s a fascinating mixture of quantitative and Australia between Elderslie - Harrington Park 866 1222 for Australia between qualitative analysis sure to pique the interest of Source: ABS 2016 and 2017 was 2016 and 2017. every property player. 262,489 (source: ABS), Source: ABS Within greater western Sydney there has been Sydney meaning that 38.7% of a ripple effect of buyers pushing further west in that growth can be attributed to Sydney. Sydney order to secure more property bang for their buck According to the last census, between 2016 RESIDENTIAL is a desirable location for overseas immigrants as urban sprawl continues. and 2017, Sydney’s population grew by 101,600 due to employment opportunities, education people, an increase of approximately 2%. Of that, This is evident within the new land release areas facilities and other services and the opportunity an increase of 84,700 came from net overseas on the outer fringes of western Sydney such as to move into an area with a population of similar migration, 35,000 from natural increase, while net Box Hill and Austral, with a number of local young nationality or culture. internal migration provided a loss of 18,100 people families and upgraders buying affordable house (source: ABS). Interestingly, that internal migration The majority of people who leave Sydney for other and land packages or building their dream home parts of Australia go to other parts of New South for a lot less than the equivalent (and also older) Components of Population Change, Greater Capital Cities, Australia, 2016-17 Wales and Melbourne (source: ABS). Newcastle, products a few kilometres east. 140000 Wollongong and regional New South Wales offer +125,400 +101,600 As has been the case over the past few years, 120000 plenty of opportunities for those looking for a sea 100000 infrastructure has been a massive drawcard for or tree change, either in retirement or for those 80000 many people in north-west Sydney resulting in 60000 looking for a more affordable lifestyle, particularly +48,000 people moving to the area who may not have 40000 Persons +21,100 lower cost housing, or to escape Sydney’s bulging 20000 +9,600 considered it before. Suburbs such as Cherrybrook, +6,800 +2,400 +700 transport and road systems. 0 which was often in the shadows of its more sought Sydney Melbourne Brisbane Adelaide Perth Hobart Darwin ACT -20000 Those areas of Sydney that have seen the largest after neighbour West Pennant Hills, is now bucking -40000 Natural Increase Internal Migration Overseas Migration increase in net internal migration are the growth the more stable market trend as seen with a recent

Components of Population Change, 2016-17 Source: ABS centres in the south-west and north-west of the result of $2.336 million for a quality built, 25-year-

25 located on the outskirts of metropolitan Sydney. of metropolitan outskirts the on located village semi-rural held tightly asmall Werombi, in is movement of population example Another home. from time full work to occupations certain even allowing or remotely more to work people allowing is technology as popular more becoming is This Bathurst. as towns such to regional moving and up selling families for valuations completed We’ve also beyond. and to Hartley hill over the moving mountains area the mountains and residents upper to upper the moving area mountains lower the and area mountains to lower the moving residents of Penrith anumber we’ve seen west, outer the In for houses. prices shore to north pay having without schools shore to north children their to send families for allows to Chatswood north-west the linking infrastructure This station. metro to new walk the ashort Place, Rothbury in dwelling original old, Cherrybrook Place, Rothbury in sale A recent luxury two and three bedroom apartments in suburbs such as Mosman. and Turramurra have been selling up and moving to the lower north shore to settle in smaller Baby boomers occupying larger homes on the upper north shore suburbs such as Wahroonga Source: realestate.com.au net internal migration, Parramatta-Rosehill, was was Parramatta-Rosehill, migration, internal net negative largest the with suburb the Interestingly alive. tradition the keeping downsize, to shore north to lower the east migrate will too owners these comes time the when doubt no and demands current to renovated suit are homes these years the Over neighborhoods. quiet and schools quality shore’s north of the to advantage take wanting families younger with expats returning or upgraders by local purchased generally are behind leave downgraders the dwellings existing The Mosman. as such suburbs in apartments three-bedroom and two luxury smaller in to settle shore north lower the to moving and up selling Turramurra have been and Wahroonga as such suburbs shore north upper the on homes larger occupying boomers Baby shore. Sydney’s on north than apparent more no is boomers of baby migration great The later. decades wave again development the catch hopefully and of development chaos the escape to Maraylya and to Oakville out further moving then and by developers out bought being holdings lifestyle rural on residents Sydney Schofields with of north-west the in 2017, until popular was Up this period. year three to two last of the part better the for values rising and interest in aspike seen has This Plan. Centres Growth Sydney of the Regional part are Rossmore, as such areas, fringe rural eastern more the given holdings lifestyle rural for west further shifting of buyers atrend reporting have been agents Local suburb in which they currently reside. currently they which in suburb the in that to afford do necessarily can’t but houses to units from to upgrade looking are people that indicate would and stock of unit percentage a high have also Kingsford and Lakemba Campsie, Auburn, overseas filling the void. from residents new with to ahouse, aunit from to upgrade potentially areas, to other moving are residents existing suggest would This migration. overseas net positive largest the with area the these areas. into students overseas for factor pull a major also are which facilities to educational close located also are suburbs of these Many services. and links transport to major close suburbs, positioned well in housing affordable more to get opportunity the immigrants overseas construction in recent years. This has provided unit significant experienced havethat also those are migration internal net highest the with suburbs those that to see surprise no is It Source: ABS MIGRATION BOTTOM SYDNEY SUBURBS FOR NET INTERNAL Lakemba Campsie - (South) Canterbury Parramatta - Rosehill Kingsford Auburn - Central Area Statistical Net Internal Net Internal Migration -1460 -640 -882 -636 -742

Population Population Change Overall 2926 1286 1316 659 857 Month in Review in Month September 2019 26

RESIDENTIAL House. Sekisui and by Frasers Property development Park Central of the opening the since particularly years, recent in transformed been has area however the location, down run style older an being for known long was suburb The to south. the Redfern adjoins and CBD of the end southern the at located suburb city inner asmall is Chippendale Source: ABS MIGRATION OVERSEAS NET FOR SUBURBS SYDNEY TOP Kensington (NSW) Kingsford Rocks -The -Haymarket Sydney Redfern - Chippendale Waterloo - Beaconsfield Arncliffe - Bardwell Valley Campsie - (South) Canterbury Hurstville Pyrmont - Ultimo Area Statistical Parramatta - Rosehill Sydney Park Central Net Internal Net Internal Migration Source: centralparksydney.com.au centralparksydney.com.au Source: 2926 1905 1260 1286 1289 1653 1303 1183 1316 1671 Population Population Change Overall 2007 2036 2764 1006 1328 1418 494 934 625 936 services and amenities. and services other and CBD the facilities, by, educational are as close being stops bus multiple and station train Central with here around established are routes transport and Infrastructure services. concierge communal gyms, areas as swimming pools, and such facilities common include usually Park Central as such developments Modern demographic. younger by this required typically is which living developed to provide high density style apartment been has suburb of the majority however the dwellings, style terrace have original still that suburb of the sections remaining some are There centres. medical and cleaning dry as such services everyday and restaurants cafés, of influx the with seen be can This migrants. overseas and demands of the increasing population of students the to supply changing is area of the essence The TAFE campuses. and Australia Dame Sydney, of Notre University Sydney, of of Technology University University educational establishments such as the by surrounding to area the drawn students also are Chippendale in of residents portion A large toappears continuing. be trend this and people) of 6% (1,418 migration overseas net afurther saw area Redfern and Chippendale the to 2017 2016 During Australia. in were born of which 38% approximately residents, were 4,057 there census, 2011 the at contrast, In Australia. in born of people 21% and China in born of people 27% approximately with Chippendale in residents were 8,617 there census, ABS At 2016 the with access to public transport. demands of these residents who desire central high density living Chatswood is aprime example of asuburb developed to meet the station. In meeting the the meeting In station. train Chatswood around and in development high density residential previously non-existent, with conjunction in station train Chatswood of overhaul major recent arelatively have seen we demands, these meet To transport. public to access with living density high central desire who residents of these demands the developed to meet of asuburb example aprime is Chatswood residents. by Chinese predominantly occupied developments rise high- developed newly and restaurants Chinese businesses, of Chinese amount avast with CBD its around evident especially is This community. cultural Chinese aprominent creating residents, of Chinese percentage ahigh has Chatswood of land. blocks detached residential housing on relatively large density residential development and surrounding high development, commercial of major a mix comprises and Sydney of the CBD north kilometres ten approximately is Chatswood decade. past the north shore, has undergone major changes over Sydney’s on lower of Chatswood, suburb The population growth (West)-Lane Cove (West)-Lane population growth over 2016 toover 2017. 2016 Chatswood the Chatswood in Chatswood the Chatswood in (East)-Artarmon The estimated The estimated 3.6% 3.6% 2016 to 2017.2016 3.1% 3.1% North area over over area area area

Month in Review in Month September 2019 27

RESIDENTIAL growth in the area. the in growth compounding the already evident population future, near the in development major experience area this to see we expect and of Chatswood long-awaited project opens up the southern section of this completion The Epping. and Hill Castle via to Chatswood Hill Rouse connecting project, Sydney of the Northwest Metro part station, metro new abrand has Chatswood above, mentioned as station train of Chatswood overhaul major the to addition In growth. population the to meet development, infrastructure continues to improve residential less seeing currently we are Although to 2017. over 2016 3.6% by rose area Cove North (West)-Lane Chatswood the in growth population 2017. estimated The to over 2016 by 3.1% rose area (East)-Artarmon Chatswood the in growth population estimated the 2018, August 31 at as to ABS, the According abundance. an has Chatswood of which culture, Chinese of the familiarities of the proximity within to be demographic Chinese by the desire the also but infrastructure, improved by the only not driven been has housing for demand to develop, continued has Chatswood As units. of residential supply of agreater consequence the primarily population, in increase an have seen we Chatswood, in demographic of the demands Chatswood Skyline

Source: Wikipedia The following table indicates that the Lismore Lismore the that indicates table following The ,2016 (Usual Residence Data). Housing and Population of Census Statistics, of Bureau Australian Source: LISMORE CITY territories and states other and Lismore between Migration to 2016. 2011 from Lismore for patterns migration the outlines table following The period. showing43,135 a slight increase the during elapsed was population the 2016 By 42,763was people. 2011 in of Lismore population resident usual The Lismore new infrastructure. require will areas newer while areas established in services and transport roads, on stress further put immigrating from overseas. This will continue to those for of choice location the to be continue they consolidation through more unit development, as urban to experience continue suburbs inner Sydney but will also see some more established population growth will predominantly be in western This growth. this in driver major the to be continue will migration overseas net that likely is it ABS), (source: by 2036 million 6.5 to around With Sydney’s population expected to increase Northern Territory Tasmania State /Territory State From Overseas Territory Australian Capital Western Australia South Australia Queensland Victoria New South Wales migration 4,620 1,281 275 574 104 140 55 77 41 In In migration 4,177 2,179 444 Out Out 84 112 63 36 77

migration -898 -169 443 Net Net -36 20 28 -8 41

years prior to 2015. prior years relative to the years three past the in approvals building in increase asubstantial indicate chart and table following The investment. business and spending government funds, of mortgage availability rates, interest including economy of the state the with vary that factors many on investment. Residential building activity depends development, economic activity, employment and of level residential general of the indicator leading a as used are approvals building City’s Lismore to 2016. 2011 from period the in decreased rate has unemployment Goonellabah, a suburb of Lismore, compared with in purchase can $500,000 of what comparison point price asimple is this Demonstrating people. of many reach the beyond are that points price reach Evans and Head Head Lennox Ballina, of areas coastal the as alternative affordable more a as viewed being increasingly is area Lismore The employment prospects. localised reasonable and growth solid relatively migration regions patterns, adjoining enjoying stable with area Lismore the in economy local stable of arelatively indication an are statistics The APPROVALSRESIDENTIAL BUILDING 2016-17 2017-18 2014-15 2015-16 2018-19 Jun FYTD 30) June Year (ending City Lismore 2012-13 2013-14 Houses 103 114 64 69 112 62 78 Number Other 241 122 47 0 8 4 4 Total 355 184 150 116 69 82 72 Month in Review in Month September 2019 28

RESIDENTIAL only people. 3,100 of town apopulation with abeachside Evans Head, dwelling that sold very recently for $500,000. for recently very sold that dwelling four- bedroom, three-bathroom, two level modern 2002, built, awell is Goonellabah Road, James 30 EMPLOYMENT STATUS Employed part-time Unemployed (Unemployment rate) Total labour force Total labour work part-time for Looking work full-time for Looking full-time Employed Employed status Employment residence) (Usual -Persons City Lismore Source: Australian Bureau of Statistics, Census of Population and Housing 2011 and 2016. and 2011 Housing and Population of Census Statistics, of Bureau Australian Source: Hours worked not stated not worked Hours Goonellabah Rd, James 30 to $2 million. limited particularly in the broad price bracket of $850,000 This has seen an increase in prices as stocks have remained Source: RP Data Corelogic Corelogic Data RP Source: Number 19,699 18,170 9,902 7,929 1,529 697 832 339 2016 100.0 40.3 50.3 92.2 4.2 3.5 7.8 1.7 % gone under contract for $530,000. recently has It kitchen. and dining lounge, plan open an with together outs, sleep or veranda enclosed residence consisting of one bedroom plus two set high older an is Avenue, Evans3 Anson Head Head Evans Avenue, 3 Anson Regional Regional NSW % NSW 100.0 93.4 55.2 36.3 6.6 3.9 2.7 1.9 Number 20,156 18,496 10,381 7,754 1,660 907 753 361 100.0 38.5 91.8 51.5 2011 4.5 8.2 3.7 1.8 % Regional Regional NSW % NSW 100.0 35.0 56.7 93.9 3.8 2.4 6.1 2.1 Source: RP Data Corelogic Corelogic Data RP Source:

Change 2011 to to 2011 2016 -457 -479 +175 -326 -56 -131 -22 -75 from interstate migration has put pressure on the the on pressure put has migration interstate from growth population this that doubt no There’s 2020. in completion for due is and commenced town centre has actual the from kilometres two approximately located precinct commercial a new of construction where Head Lennox in Estate Epiq the be would example One population. increasing of the needs the meeting in to aid development commercial future for earmarked have been localities some developments, land new with Along extremely stong. been has Head) Skennars and Head of Lennox new the townships developments (particularly Take growth. these rates in rapid up the combat to land of vacant out roll asignificant seen we therefore have and opportunities building for availability more to provide pressure under have been councils growth, population rapid of pressure under have been areas these As Sydney. and Melbourne from buyers interstate for areas targeted Mullumbimby Federal and Bangalow, of townships quaint outer the and Head Lennox Bay, Park, towns of Byron Suffolk resort coastal the seen has This life balance. awork for location idealic an providing whilst commuters these for route transport easy an have made Coolangatta and of Ballina airports The above. of the all for services good provides location Shire Byron The location. aCBD in building aglass within employees all holding than rather to headquarters, back flight ashort within be still and platforms working online using presence their justify to roam, able to be employees allowed and focus their shifted have time over this businesses national as years, five seven to past over the population in increase asignificant under been has Shire Byron The Bay Byron Month in Review in Month September 2019 29

RESIDENTIAL the profile of Casino as a rural service town and and town service rural as a Casino of profile the boost helps facility into amodernized Saleyards Casino to the improve spend infrastructure recent the and employment for a mainstay been always has Casino in abattoir The area. the in of interest cause some provides always opportunities of employment prospect The is relatively small. areas into these migrating from resulting changes any and static Kyogle remain (2,751) and (10,914) The respective population figures forCasino lifestyle semi-retirement. or in achange or employment for generally is area the into any) (if of out towners of influx the for reason primary the localities, rural surrounding their Kyogle and and towns of Casino For country the Casino/Kyogle remained relatively low. low. relatively remained have levels stock as occurred has levels price in change no significant while observation, first the be would market on spent Time bracket. price this in change aslight seen has market into our on effect flow the that of 2019) commencement (since the months recent in only is it downturns, recent have seen markets interstate these As to million. $2 of $850,000 bracket price broad the in particularly limited have remained stocks as This locations. resort has seen an increase in prices coastal the all in environment built the in stock available limited up havedownturns) snapped their before (particularly few years past over the areas those in have sold who Sydney buyers and Melbourne localities. these in estate of real price some cause of interest in the area. The prospect of employment opportunities always provides of your take home pay! home take of your 99% not are payments mortgage or rent the least at sea…but the overlooking Manly in unit bedroom aone- not it’s No, nearby. town services usual the all and schools generally with of reach, out not is $300,000 under for house Areasonable job. a new to thanks area into the moving couple or individual young the crave. Or, consider adults mid-life and of busy alot life that back laid the It’s card. a draw be or can Casino Kyogle from kilometres 15 five to only and $550,000 under for home bedroom four or three adecent and frontage creek with acres five private and Aquiet towns. Rivers Northern to other Kyogle compared and Casino in offered relative affordability the is it change, lifestyle a for area into the coming of people terms In way. alegal in generation… income and opportunity business for arm the in shot adecent but smoke, of apuff simply much so Not region. into the jobs indirect and direct 300 approximately to bring touted is which Valley region Richmond and Casino the in developed and created to be facility cannabis of amedicinal prospect promising the is there Now cliff. the off tumble proverbial a took business this in of growth promises such and sour turned soon mood the practices, mining of such effects the about disquiet community growing and However, research more following towns. surrounding the and Casino in employment and investment for aboon as ago years over 12 area the in welcomed and lauded somewhat ofThe prospect coal seam gas mining was sector. agricultural the within it from may flow that jobs associated the

that sounds pretty cool. pretty sounds that And hassle. race rat the minus and price reasonable a at achieved be can that quiet the and land and trees the about Kyogle more it’s and Casino in Here lifestyle vibe. coastal the want who and to burn money with generally frequented by high net worth individuals of say, Bay, is areas Byron which coastal popular more the in experienced be can that activity selling and buying manic the to witness unlikely Kyogle are and of Casino areas rural and regional into the of out towners of influx the summary, In commenced for a footpath between Skennars Head Head Skennars between afootpath for commenced have works and intersection Drive Headlands the at roundabout aproposed intersection, Road Head Skennars the at roundabout completed a recently includes which Ballina and Head Lennox between Road Coast the along works upgrade include increase Infrastructure projects catering for this population Bay. Byron in value in increases of strong back the on south to relocate looking residents Bay Byron in increase astrong have reported Shire Ballina of the areas coastal the within active agents local times, recent more In change. tree or change asea for looking Melbourne Sydneyfrom and buyers attracted have Wales traditionally South of New Coast North of the areas after sought The population growth. to this catering are Head Skennars at Beach Sharpes opposite Estate Aureus the recently most and Head Lennox in Estate Epiq Cumbalum, in Hill Banyan and Heights Ballina Ballina, in Riveroaks of Ferngrove estates and The Head. Lennox and Head Skennars of Ballina, areas coastal the within in population growth, particularly concentrated The Ballina Shire continues to see an increase Ballina Month in Review in Month September 2019 30

RESIDENTIAL down as follows: follows: as down broken be can 2016 and 2011 between movements population website, Council City Harbour Coffs moving. Based on the statistics provided by the are of people amount and type what determine to statistics to census the look we must region To understand population movements within any Coffs Harbour and continued beach appeal. workforce Valley, the for shifting its with change of atime to be predicted is term to medium short the and remain likely will issues these term, Long endure. areas rural most acurse to be continues it although locally, economy the to build groups to these entice done being much However, is there region. the in demographic adult) young and age leaver (school young to its keep travel endeavors broader and universities cities, larger against to compete struggled Valley long has Clarence the demographic, another at Looking appeal. overall and system river beaches, prime its and area love of the found to anew due relocating permanently at looking are region the in worked have temporarily who reach their completion. In saying that, some people works these as momentum lose least at or cease, However, likely to is influx lines. this state across workers many brought and locally and nationally aworkforce have drawn works infrastructure These Centre. Correctional Clarence new and upgrade Highway to Pacific the due workforce in increase acontinued seeing is Grafton, and The Clarence Valley, in particular Yamba, Maclean Valley Clarence the west is to be upgraded to four lanes. to lanes. four upgraded to is be west the from into Ballina point entry main the is Street which River that proposed also is It Head. Lennox and benefits and lower cost of housing. housing. of lower cost and benefits lifestyle the for coming are old year to 35 44 the higher education or work opportunities, whilst reflection of the youngerpopulation leaving for a is This group. to age 24 18 years the is leaving percentage highest the surprisingly, not and olds year to 35 44 the are Harbour Coffs within migration net highest the with group age The place. one to in stay tend owner-occupiers whilst often, to move more likely more are renters and Younger adults needs. property have different of which all rented) or (owner-occupied tenure housing and structure family demographic, age the are migration discussing when to consider points Other ◗ ◗ ◗ ◗ further: migration Australian this down break We can immigration. of overseas percentage asmall only with Australia within from is movement population greatest the see we can From statistics basic these city. Harbour Coffs within moved Australia, within moved who of those 54.6% or people, 14,142 of Atotal overseas. from 3%moved and Australia 37.6% in while elsewhere from moved period, this during address change not did of people 51.3% ◗ ◗ ◗ ◗ other states and territories. territories. and states other all from came migration net of 3,017 balance the -849; was migration net Queensland’s 182; was Victoria from migration net 1,865); (net Wales migration South New within from was of movement percentage highest the a small percentage of overseas immigration. population movement is from within Australia, with only From these basic statistics, we can see that the greatest Further expansion of large land tracts will be be will tracts land of large expansion Further sale. for available becomes stage each as cent per five to ten rising values with investors, or owner-occupiers builders, spec to either plan the off to occur of sales proportion ahigh for Beach Sandy and Woolgoolga Beach, Sapphire North as such estates developing in uncommon been not has It significantly. rise values seen has years to two three past over the demand increased however of supply, the constraints natural the given time any one at market the in oversupply an never is There period. boom recent over the market land vacant the in activity and growth capital strong very experienced has Harbour Coffs surprisingly, Not facilities. these to all located well is which developed to be land require we trends population To increasing with cope facilities. medical and transport of education, availability good with coupled benefits lifestyle the for coming retirees or families generally are ages These needs. property diverse has which group age to 35 plus 65 the in mainly although growth Coast region is experiencing a steady population Coffs the that is above the from derive we can What property. one in living generations multiple with home at staying are grandma and kids the both expenses, education and living prices, property however increasing to downsize, looking nesters empty were the sector year to 60 50 the Traditionally market. adiverse is this as stereotyped be cannot sector this for requirements (55 to plus). 65 Housing retirees are to migrate group largest next The

Month in Review in Month September 2019 31

RESIDENTIAL area will be key issues in years to come. years in key be issues will area regions surrounding and Harbour Coffs the within population ageing an and requirements Housing market. local the in lacking much very are which dwellings self-contained 183 and facility care residential a120-bed provide will which facility upmarket an being Harbour) (Coffs Beach Park at facility care aged dollar construction start recently on million a $100 We have seen to demand. comparison in available product limited with forever is growing region the within facilities available the for list waiting The facility. care to move to aged an looking are and home at independently live longer no can who those for bracket 70 the plus in is year choice of property lack areal seeing we are Where transport. public and to services close property centralised for looking typically are buyers money. These living extra travel for to or use home family the from equity some realising whilst property toward maintenance lower look and downsize to was stage next this ofTraditionally life. stage next the benefit will that property for looking we are 55, age at homes retirement for looking of instead So requirements. of property terms in years ageing our in needed is face of what the changed also has healthier and longer living are we that fact the older, plus and 55 tois years 65 moving group age percentage ahigh statistics population the in noted As facilities. care aged is development requires which sector other The developedbeing in coming years. land major some see also will of Urunga township coastal the whilst to south the Bonville and north to the Beach Sandy for earmarked parcels globo en large several with forward moving required a)  to: attracted are buyers order, seems it particular no in and answers, the of towner. out of hearing an or years After local is buyer the whether agent selling the we ask contract, under to we aproperty go when property, of valuing lives daily our in and from, coming are people the where is month this topic The of Sydney’s north. extension an as by many viewed is Today, region Coast Central the of property. affordability the secondly and Motorway) Tollway Freeway F3 M1 the the now (later and the TwoSydney/Newcastle to –firstly this led factors to many. for live place apermanent become it seen have region in the available benefits the years so or 20 except past over the case, the to be used That weekend or holiday. the for in down to bunk asleepout with here somewhere uncle or auntie agrandparent, had everyone almost Seems to relax. place easier even an and drive easy an place, the know you – break aweekend or holidays for went people where place the to be used it For generations, area. Sydneythe metropolitan of to north the just region that is Coast Central The Central Coast investment properties. for looking Sydney are based of purchasers for investment purposes, but the majority buying afew are locals there seeing, we are From contracts sale the precinct. hospital and CBD Gosford the in case the particularly is This developments. unit residential New extension of Sydney’s north. Today, the Central Coast region is viewed by many as an c)  committing to a purchase. before out carried be of level research a good recommend we do so prices, sale in variances inexplicable some we have seen size, although land and dwelling on depending $600,000 and $450,000 between cases many in product, this in value good pretty we see and areas these in popular are packages land and House many. for challenge a real become has affordability Sydney where the market leaving after to occupy looking those are majority the afew are purchasers, investor there Although b)  seen. being are losses instances, some in and market current the in valued when part most the for seen gain to capital no little with 2017 and 2016 in plan the off were purchased units new Most mark. million to $1 over the well rising and $400,000s mid the in seen be can units new for Prices arising. situation oversupply an is there as units new for watch recommended is aclose At moment, the towners is the weekender property. Again, we we Again, property. weekender the is towners of by out targeted type property other The by the region. offered lifestyle to agreeable the entry providing and Motorway M1 of the access easy within functional and affordable are that dwellings development. The attraction here is new further for available of land have alot still but now, years many for expanding have been and region of the end to northern the suburbs are These Wadalba. and Terrace, Woongarrah Hamlyn in communities to new the given is attention Particular estates. residential New

Month in Review in Month September 2019 32

RESIDENTIAL alternatively, they are upgrading to superior to superior upgrading alternatively, are they -or choices popular the to be seem Wales South of New coast north far the or -Queensland north further moving are They them. with happening things two we see Well, going? sellers local the are of where question the raises region into the buying of Sydneysiders fact surprising so not The now. ceased almost has that but back, afew years region the in buying nationals of Chinese anumber quite we saw regions, other many like Similarly, numbers. great in not but overseas, from here moving family odd the and regions other from buyers we see Occasionally, it. leaving are they that such are levels affordability Sydney where the from market originate residents and buyers of new majority the mentioned, As those mentioned above. than so less but of towners, out from interest some seeing types property and locations other are to. There drawn being of towners out we see properties main the are These purposes. investment for use or in live to either attractive finding are Sydney Terrigalin buyers which developments unit new several are there although properties, older, established be usually will They of $700,000. upwards usually view, but or location on dependent being paid prices with units or beachfronts) for higher (much range million $2 plus the in houses are types Property Avoca Beach, Terrigal, Toowoon Bay to Blue Bay. Toowoon Terrigal, to Bay Blue Avoca Beach, from MacMasters Patonga, Beach, Pearl Beach, anywhere be can this and areas waterfront other the coast. Most purchasers target the beach or on to have aweekender ability the Sydney and in aproperty of holding position fortunate the in Sydney. from people are coming These properties of these of purchasers amajority see developers commenting on a 50/50 mix of locals of locals mix a50/50 on commenting developers seen extensive residential development with many have Macquarie of Port suburbs fringe outer The market. the on placed being properties original older in rise a have we seen and effect flow on an produced has turn in This Macquarie. Port of south village retirement anew and expansions home nursing retirement new two with group age retirement the in occurring development building we have seen years, two past the Over Wales. South New in place populous most ninth the being of 46,447, apopulation had 2018, at as and growth population for area an been always has Macquarie Port Coast/PortMid North Macquarie very vocal) groups. decision makers, backed by the many interest (and by the proposals of their to realisation journey easy an enjoyed have rarely of expansion proposers that appreciate will region the with familiar new or expanded business districts and anyone for proposals of many We hear even more. them to test bound are generations future and now the new, nothing are makers decision by our choices contentious while and region of the future the dictate will ideas and wants needs, New interesting. very and inevitable be will owners of property The region’s progression for the next generation price. abargain such at property a securing joy at their to contain struggle prices, to Sydney used being Sydneysiders, the time same the at while by Sydneysiders, paid prices of the some at disbelief in heads their shaking locals the We see growth. region’s the in period afunny It’s are. they where from corner the around just or suburb next to the cases many in region, the within properties residential dwellings. of new construction and sales land in increase aslow to see we have started then Since prices. and consequently a reduction in some land sales in slowdown by a be affected to first the were subdivisions fringes outer the and market property the in aslowing caused of 2019 half first the in elections state and federal The politics. local and by national affected been also has Macquarie Port in market property The (2.9%) and electricity distribution (2.7%). education (2.9%), secondary restaurants and cafes (3.6%), services residential care aged include of employment industries major Other 5.2%. at (exceptwork in is hospitals psychiatric hospitals) The main industry people from Port Macquarie (11.4%). workers sales and (13.1%) workers services personal and community (13.8%), workers administrative and clerical (13.9%), workers trades and technicians (21.9%),, professionals are Macquarie Port in living people of occupations main the to census, According market. property astable producing areas, other felt across been has that downturn the neutralising with assisted has and area town population to the of out class- a middle attracted has turn in infrastructure. This educational and medical of development in has seen an increase rate unemployment high a having Macquarie Port purchasing new homes. of towners out and New South Wales. with apopulation populous place in in place populous is the ninth of 46,447 (2018) (2018) of 46,447 Port Macquarie Macquarie Port most

Month in Review in Month September 2019 33

RESIDENTIAL interestingly, the article spoke of Newcastle being being of Newcastle spoke article the interestingly, but patterns”, settlement population “future and buzzwords such as “dispersed regional growth” best the and to have stats the going it’s know you so University Cross Southern and Australia South of University by the completed was report This Are we Ready? Growth: Population Regional the by determined as by 2056 of Newcastle growth desk speculating on the expected population particular this across came article anews regions, population movements in our respective valuation Whilst pondering this month’s topic about Newcastle drop in market values seen in these areas. areas. these in seen values market in drop a with fortunate. as been have not Kempsey and Taree as such areas local other areas, metropolitan feltin downturn the from sheltered somewhat been has market Macquarie Port the Whilst value. market atrue at sold be to ability of their question the raises project the for amount of properties to be compulsorily acquired unknown of an possibility The Greenmeadows. and Innes Lake Fernhill Road, Clifton, around and in sales local affected has routes designated unknown the and issue local This project. Road Orbital the as such decisions council by local affected have been of areas pockets where market property the affected have also politics Local Source: Australian Bureau of Statistics, Building Approvals, Australia (8731.0). Compiled and presented in profile.id by .id , the population experts population the , .id by profile.id in presented and Compiled (8731.0). Australia Approvals, Building Statistics, of Bureau Australian Source: 2015-16 2017-18 Year (ending June 30) June Year (ending Port Macquarie-Hastings Council area APPROVALS BUILDING RESIDENTIAL 2016-17 FYTD Jun 2018-19 Houses 496 453 476 551 out and moving north to enjoy the years to come. to come. years the to enjoy north moving and out were selling They couple. retired delightful most the across we came inspection valuation arecent On cons nearby for convenience. mod- the all with area the in villages retirement new into the even are buying some and to family closer moving are others suburbs, same the in properties smaller buying are Some to adventures. new on moving and up selling residents older many with seen much movement around Lake Macquarie to? moving We’ve residents current the are where – to area the of residents increase new this with So region. our ever leaving aren’t they by saying them quote we can Sydney and from have moved who residents Novocastrian new numerous are There traffic. in sitting time less much and housing affordable more lifestyle, easier of the search in region to our moving residents new many seeing been have already -we 2056 year to the for wait need no There’s cities. populated highly away these from options other at looking start generally people aresult As conditions. housing and living unaffordable even with more future, the such as Sydney will become more congested in cities capital large that to explain on goes article from Sydney. overflow The growth regional the to catch proximity close within located conveniently Number Other 232 156 216 116 Total 685 667 632 712 Houses +60 +55 +20 - Annual change Other -100 +60 +6 - Total +80 +66 -45 - locations nearby. fishing of great there’s plenty centre plus shopping local of the distance after, aclose look within is to easy modern, is property This 2019. June in $555,000 for Tea sold in house Gardens garage A four-bedroom, two-bathroom and two-car $560,000. is price house median current the and to 69 years 60 at group age predominant the with rowdy crowd, more younger, slightly the enticed has Nest of Hawks suburb neighbouring by close The $620,000. is price house median current the 70 is and to group 79 years age predominant the of Tea area this In Gardens, of Newcastle). north minutes to move to ready Tea (only 50 and packed Gardens were they and quickly fairly sold had property Their Airport to include direct flights to New Zealand as as New Zealand to flights direct to include Airport to Newcastle upgrades Street, Hunter up cruising trams new shiny the Interchange, Transport new the including Newcastle in seen recently developments infrastructure new the with Overall, weekenders. as properties these utilising are Sydney who investors to selling are properties Macquarie Lake these of many that is we’ve recently uncovered factor interesting One by Sydneysiders. after sought much are Macquarie Lake surrounding suburbs The 2019 June in $555,000 for sold house Tea Gardens Source: RP Data Data RP Source: Month in Review in Month September 2019 34

RESIDENTIAL a land area of just under 560,000 hectares) was was hectares) 560,000 under of just area a land (with area Albury of the population the 2018, In technical (4.2%). services and scientific (4.7%) professional, services and warehousing and postal transport, then and (7.8%) services food and (7.1%), accommodation and construction (9%), then public administration (8.9%) (9.5%), (10.9%), manufacturing trade retail training and education employment, followed by the largest industry of represented (14.4%) and social assistance care health census, 2016 In the 6.9%. of figure a against national 6.5% rate was unemployment area Albury the show 2016 from available Figures have ajob. don’t you if window the out go lifestyle affordability and always employment; be will breaker deal The lifestyle. and housing affordability national news daily: on feature and topical and compelling are areas to regional of migration drivers The countries. or states cities, other from residents new attract to cities metropolitan than harder to work need and population growth specifically. Regional cities heavilydepends movement on people generally area or city of any regional prosperity The Albury positioned for the future. is well Newcastle say that confidently we can developments, apartment of new plenty as well unemployment rate unemployment from 2016), against a national figure of of figure a national area (from figures figures (from area 6.5% for the Albury available 6.9%.

that stands alone. The entire area benefits from from benefits area entire The alone. stands that locality or type property one really not is There the sustained growth seen in Wodonga. of the burgeoning Victorian population along with benefits the to enjoy placed well is Albury and area regional acomprehensive is it ABS), (source: 41,429 Wodonga’s and 64,188 being 2018 in population Albury’s With people. 105,000 of approximately city aregional is Albury-Wodonga promising. is area the across activity market types, property of different stock alarge and affordability to housing due and sources growth population potential as Canberra and Sydney, to canvass able to Melbourne be fortunate is area Albury The regard. this in different no is area Albury the towns and and cities regional to to moving keep people we need of towners, out of impact the and market property of the terms In 10901). SA3 Albury (ABS 2016 in of 2.6 average national the than lower was which of 2.4 size 2016 in house average area Albury the below well persons, 1.5 be size would household average the units, or dwellings new the occupying were only residents new the that calculating we were If period. time same the in units new 328 and 2018 June to five years the in approvals house new 2,273 with required been has which force, work of the 9% represents employer an as industry construction the surprisingly, Not migration. overseas from 60% and migration internal from 40% approximately with annum, per of an average to equates 763 figure This years. over five people 3,817 or of 6.3% increase an been has there so 60,371, was it 2013 in 64,188; to the country. the to stands alone; the entire area benefits from people moving There is not really one property type or locality that for Tamworth is the 20 to 35 year olds. Many Many Tamworthfor olds. to 20 year 35 the is demographic transient noticeably most The of abeach. lack the being downfall only the with cities, larger by many offered niceties the all and to them for pay jobs options, housing of arange with cities major of the out priced feel who those for option Tamworth attractive an is cities. to major the alternative acheaper for looking by those replaced quickly are do who those and year, away each moving few with residents driven locally predominantly is growth This 62,000. around sitting population current the with annum, per 1% of roughly growth population average an seen has five years, Tamworth past the Over Tamworth experience. property their continuing or starting residents existing for affordability the diminish completely not does newcomers for affordability so abalance striking is challenge The markets. lifestyle rural end high the in also and Albury central in active very been have they and higher market property local the to afford push can cities capital from moving People land. some to owning aspire or downsize to so upgrade, do area an within internally moving People choices. these offering area an in invest and to work want live, people means which to act people motivate drivers These market. a property in lifestyle and affordability than stronger factors few are There experience. regional avibrant enjoy can economy local the and market property the of parts all so fostered to be needs approach holistic this and to country the moving people

Month in Review in Month September 2019 35

RESIDENTIAL get for similar money elsewhere. two-bathroom home, compared to what they can afour-bedroom, for $400,000 as little as for home new abrand build and land to buy option attractive avery becomes it cities, priced higher much the move from For who those directions. all in growing city Tamworth the with the CBD, around located developments housing of new number the in seen be can growth constant but steady of this effect The cities. larger the in goals away Tamworth from to bigger drift to chase start say, they as them we see ladder corporate the climbed or qualifications achieved training, completed town, the in afew years have spent or professional sectors. However once they health industrial, agricultural, the either in to Tamworth come work for residents of these motivating the shift from the ACT. the from shift the motivating are place in already infrastructure established detached homes starting from $450,000 and fully new Brand to area. the moving families more young and investors buyers, home first comprising cohort purchaser abroadening we see as to transform continued has region Goulburn the families, young for of reach out further becoming housing Canberra and city Canberra of north-east hour an only located Being Highways. Hume Federal and the to to proximity excellent due alternative lifestyle affordable an as region the seeing commuters market has increasingly become for popular and theCanberra Southern the Highlands, both between Situated to area. the moving of out towners of various influx an have seen we few years, last over the area the in online With the new residential developments coming Goulburn infrastructure coming on line for Sydney’s for ever line on coming infrastructure scale large more sees state the to grow and remains positive as the population continues region the for outlook term longer the Overall term. short the in estates new these within prices sale declining some in resulted has This market. of the peak very towards the online coming developments scale to large several due region the in land of vacant oversupply of an evidence some seen recently also has population in influx This census. previous the from increase population a7.8% with Macquarie, Port and Maitland behind Wales South New in area regional growing fastest third the was Highlands Southern the that showed data census recent most remotely.to work The people for ability the providing arrangements five years withcoupled increasinglyflexible work past over the completed been having of Renwick suburb the in developments to large several due evident in the northern suburbs of Mittagong particularly is of families influx recent more The increasingly congested Sydney. to an alternative lifestyle areal for looking buyers home first and families young for location popular of increasingly Sydney, an suburb being dormitory to a location retiree arural, from transition its continues area the as to continue likely is that demonstrates the diversity of the local economy The thriving population of the Southern Highlands Southern Highlands town’s first supermarket, IGA. supermarket, town’s first of the opening the as such infrastructure new away and hours two under being Sydneythe CBD Highway, to Hume the to proximity excellent due workers logistics and buyers home first commuters, to appealing again to area, the moving residents Highland Southern of inflow an seen has Marulan Wollongong market. properties and get more bang for their buck in the Sydney their in gains equity large their on in cash to able are downsizers and buyers home third Similarly, second or appeal. hold prices property affordable CBD, Wollongong’s more to the commutes long hour experience suburbs of Sydney’s alot that minute journey. Given a90 is it Wollongong from and to Central ride train minute a50 is shortest, Helensburgh At its commute. the for up signed and taken to Wollongong Sydney have the market of out priced buyers home First state. the rates in highest of the one is which to work, kilometers Wollongong workers commute at least 50 of 20% approximately that advises ABS The the wider region. to links transport improved and living apartment towards shift a with five to years ten past the in city in the place taken has transformation Significant university. well-regarded its and opportunities employment transforming its lifestyle, coastal its markets, to Sydney’s property compared relative affordability to its Sydney and proximity its given to Wollongong drawn are of towners Out Wollongong borders of the Southern Highlands. western corridor spreading down toward the expanding population, particularly in the south- workers commute at 20% of20% Wollongong least 50 kilometres kilometres 50 least that approximately that approximately 50km The ABS advises advises ABS The to work. work. to

Month in Review in Month September 2019 36

RESIDENTIAL skilled employees was mandatory. was employees skilled to Sydney acommute for when atime during of unheard were previously that Wollongong in available now are Positions manufacturing. advanced and services knowledge services, social and health in arise with heritage mining coal away its from shifting have been Wollongong’s employment opportunities to commute, the avoid To looking are who those purchasers. based Sydney from of interest amount have alarge will million over $2 tag aprice with properties of Wollongong majority the that advise will agents local Sydney from down and moving to those appeal most hold of Wollongong north Suburbs Month in Review in Month September 2019 37

RESIDENTIAL Month in Review Victoria September 2019

Melbourne the modest working-class family (typically with a While it is hard to measure with absolute accuracy Inner and Outer North low household income) to a high-demand lifestyle as many countries measure internal migration Population movement in the outer suburbs has migrant area attracting young professionals and slightly differently, Australia has shown to the rest changed drastically over the past five years. In students. This change is driven by factors such of the world how mobile its population is. This is suburbs such as Craigieburn, the population has as development growth, migration patterns and a testament to the opportunities and freedoms increased by 53.4% with the total population housing supply. Whilst the above factors also affect granted to all who choose to seek a better life increasing from 32,634 people to 50,091. Compare the outer suburbs, estate development has caused for themselves or their families, whether it is for this with suburbs in the inner-city such as Fitzroy, greater shockwaves to the city’s outer ring. lifestyle, job prospects or a combination of the two. where the population has grown by 11.1%, with the Australia regularly has a changing population and Looking at these suburbs, the continual growth will total population increasing from 10,101 to 11,255. the demographics of certain cities and towns are inevitably result in more estate development with This massive growth can be attributed to the redistributed as individuals cater for their wants the main source of these additional dwellings and continual development and en globo land releases and needs. This is especially prevalent for young households coming from greenfield opportunities in in outer suburbs which is helping accommodate adults between the ages of 20-35 (source: www. areas such as Epping North, Doreen and Mernda. A young families looking for a cheaper alternative abs.gov.au (2018). significant amount of development is also expected for housing. Looking to the future, experts are to take place near strategic sites such as University Migration intensity (one year) (a) by age & sex, 2016 expecting the Craigieburn population to grow by Hill in Bundoora and the Plenty Valley Town 40 RESIDENTIAL another 36.88% from 2019 to 2041, resulting in a 35

Centre in South Morang, with more apartment (%) (a) intensities Migration total population of 83,913. This expected growth 30 construction expected to take place. This growth raises the question of where will everyone live? 25 will result in an overall increase in the median house 20

The predicted forecasts raise more concern within price in areas such as Craigieburn ($536,000) as 15 the city of Yarra, which takes in the inner-city well as the median rental price per week ($400.00). 10 suburbs of Princes Hill, Abbotsford, Clifton Hill and Not only will this raise development competition in 5 0 Richmond with population in the area expected the area, but surrounding suburbs further out such 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85+ Age (years) to rise over 57.13% between 2019 and 2041. as Kalkallo and Donnybrook will see an increase in Males Females Accommodation for the expected 57,302 people is population size. Source: www.abs.gov.au (2018) also a concern. East and Outer East Breaking down the area, the primary resident The number of individuals who choose to migrate In 2016, the internal migration intensity of women group in the City of Yarra has recently moved from within Australia ranks in the top 20% in the world. aged 25 years old was recorded at 35%, while men aged 25 years old was recorded at 32%. Population movement in the outer suburbs has changed This translates to one in three men and women aged 25 moving location domestically in 2016. drastically over the past five years. In suburbs such as Whilst this statistic would give hope to parents Craigieburn, population growth has increased by 53.4%. waiting eagerly for their children to leave home,

38 culture we represent. This encourages domestic domestic encourages This we represent. culture accepting the and is city our borderless how shows area the in interest International lifestyle. awell-rounded live and transport options, schooling to to have good family access established an as east to the in live of adesire representative is This respectively. 4,903 and 8,428 15,045, with overseas from 2016 and 2011 between migration in growth largest their had Maroondah and Manningham of Boroondara, municipalities The roads. toll Eastlink the via Peninsula to Mornington the south and to city the (Eastland) and direct freeway access leading back district shopping to amajor access suburbs, leafy property, affordable is area this within purchase to migrants international for driver main The residents. international was to area the migration of portion largest The of Melbourne. CBD of the east kilometres 23 located is Ringwood Melbourne. of region east outer covers the Maroondah of Maroondah. City the within moved Australia within moved who of those 32.2% or people, of 10,318 Atotal overseas. from moved 4.8% and Australia in elsewhere from moved (31.1%) alower (59.2%), while address change not did of people proportion ahigher North, Bayswater and Heathmont Croydon, Ringwood, as such suburbs in takes which of Maroondah City the In interstate. or city the of side other the suburb, next the be it whether to locations fresh homes of their out by moving employment to seek looking generation next the for promise and opportunity highlights it from overseas, with 8428 15,045, and 4903 respectively. had their largest growth in migration between 2011 and 2016 The municipalities Maroondah Manningham of and Boroondara, from India, the Philippines, Iraq and Sri-Lanka. Sri-Lanka. and Iraq Philippines, the India, from emerging cultural communities those including of share alarge show Wyndham and Brimbank of cities the as such areas developing New for under $400,000. door the in afoot get can buyers where west the in suburbs several still are there $785,000, recording metropolitan Melbourne’s median house price With of Melbourne. suburbs to developing the buyers home attracting akey is factor Affordability Melbourne. of metropolitan hubs demographic of traditional out further centroids population and centres new community emerging influx, population alarge stimulated Melton and of Wyndham cities in the offerings greenfield New years. recent in of growth astory been has west Melbourne’s Suburbs Western anation. furthermore, and we have acity as multi-culture rich the enhancing to Melbourne, in live interest international and

100,000 140,000 120,000 40,000 60,000 80,000 20,000 0 Point Cook Werribbee Tarneit Truganina Melton Truganina Tarneit Werribbee Cook Point Population influx suburb by influx Population 2011 2016 Source: ABS (2019) (2019) ABS Source:

Melbourne. across affordable most of the one remain offerings greenfield the as decision housing pragmatic and apractical is location of the choice The Rockbank. Tarneit, and Truganina Cook, of Point suburbs the in located projects housing for preference adefinite show Indians data, to census According employment. of to places access and growth for opportunities western road network gives local businesses of the upgrade much-anticipated The 2021. in completion for due and underway are cyclists, for construction of pedestrian overpasses and paths upgrade, roads and projects transport including Major western region infrastructure upgrades, locality. the for price house median the above paid prices moving prices, neighborhoods. The high demand has impacted functional for look who buyers attract centres leisure and educational to shopping, proximity and to freeways access easy to transport, proximity The Landing. Waters Williams in Wyndham and Crossing Hoppers in Estate Gardens Ashley being housing, for desirable considered suburbs western developing in the locations specific are There

Source: Live in Melbourne Melbourne in Live Source: Month in Review in Month September 2019 39

RESIDENTIAL ranging annually from 1% to 2%. to 1% from 2%. annually ranging strong, rate very was growth the to 2016, change back on the last eight years of Geelong’s population size. in Looking growing continually is population Geelong’s data, census to Australian According Geelong

Source: ABS (2019) (2019) ABS Source: Though the median house price for greater Geelong Geelong for greater price house median the Though opportunities for investors and owner-occupiers. strong representing buyers for affordable still is Geelong CBD. city’s of the out further of Geelong areas residential newer and precinct Waterfront revitalised recently by the characterised is Geelong result of overseas migration. a as Victoria and Melbourne across but Geelong in only not percentage and numbers in significantly have increased Asia Central and Southern Asia, of Geelong. Those born in South-East, North-East population total of the 1% almost up making and chart the in place fourth taking India with changed had birth of five top countries of the structure the 2016, In Croatia. and Zealand Italy, New England, were Australia from apart Geelong in people for birth of five top countries the 2011, In diversify. Geelong’s demographic profile continues to or four-bedroom house for close to $400,000. close for house four-bedroom or three anear-new, get still could buyers $600,000, and $400,000 between was 2019 June at as the area representing approximately 20% of the of the 20% approximately representing area the in prices of land affordability of the advantage taking families migrant settling newly with now, years several for growth population rapid of Victoria’s region diverse aculturally been The outer south-eastern suburbs (OSES) have South-Eastern Suburbs participants. market property potential stimulate and economy local of the growth the influence undoubtedly University Deakin based community operations of Geelong’s activity centres together with Geelong improvement continuous of railways, extension an including projects infrastructure local recent The $456,000, 6 Chucklecreek Lane, Armstrong Creek Lara Rd, Celesta 17 $406,000,

Source: Real Estate (2019) (2019) Estate Real Source: (2019) Estate Real Source: Month in Review in Month September 2019 40

RESIDENTIAL as of 2017, whilst only 14.5% of residents living in in living of residents 14.5% only of 2017,as whilst CBD Melbourne’s within population of the 25% with Chinese occupants purchasers, and comprising case the especially is This markets. respective their of out priced have been who buyers international and interstate have attracted always ring inner (CBD) and District Business Central Melbourne’s migration. strong Melbourne’s and affordability by housing underpinned grow, being south-east corridor is expected to continue to outer of the population The suburbs. south-eastern inner the within faced issues to affordability the due centre of Melbourne of the out further forced are and families starting are couples where period the generally is This olds. year to 34 25 is area this dominates which group age The internationally. Victoria’s robust migration both domestically and for the preceding three years, underpinned by year-on-year 6.5% approximately at OSES the in growing steadily been has population The Cardinia. and of Casey cities of the population living and less congestion. The idea of spending of spending idea The congestion. less and living of cost cheaper by the drawn cities, capital from here moving people some to see expect We also in Mildura. offer on facilities health and lifestyle employment, to better the drawn people older and younger both with radius, kilometre a300 within communities rural towns and of smaller expense the at be will growth of this some Unfortunately, retirement. or coming from people moving here for either work growth this with annum, per 1% around at growing Mildura’s population is expected to continue Mildura to continue to rise. to continue expect the population within Melbourne’s inner ring We to 12 24 months. past the in demand restricted have which taxes and controls capital Chinese as well as Australia in changes to legislative due 2018 throughout subsided somewhat and 2017 in peak a reached Interest Australia. in were born CBD the local businesses. They also cross-checked their at transactions financial of regular number to the match records eftpos on primarily relied by Geografia, review,This undertaken town. the in services other and health for funding appropriate for lobby to help order in Council by Swan Hill commissioned review population independent of an release the lately, news the in following been has Robinvale grown. are grapes table of Australia’s percentage alarge where of Mildura, south-east kilometres 85 approximately located town of Robinvale, nearby the in over adecade well for evident been This shortage of affordable accommodation has present. at rent for available now housing cheap no virtually is There town. in affordable accommodation, either on farms or to build need agrowing is there and workers these for achallenge is accommodation suitable Finding year. of the most for work obtain can they knowing Afghanistan, and Iraq India, islands, Pacific from people of influx an we have recently seen More 1950s. the in here arriving countries Mediterranean from people many with migrants, of settling history aproud has Mildura migrants. arrived recently and workers overseas from met largely to be we expect labour, which seasonal additional for aneed created has grapes, table particular in crops, horticultural to planted area the in growth recent The attracted by the regional lifestyle. or to family closer to be order in families, percentage eventually return, often with young a reasonableemployment opportunities, alternative seek or university to attend city to a head folk young of our many while and proposition, attractive an is $500,000 than less for home standard agood to buy able being and to work commuting ten minutes than less Month in Review in Month September 2019 41

RESIDENTIAL in some locations. locations. some in population the measuring accurately in difficulty the highlights This 3,316. of figure census ABS 2016 the double 7,725, than more is and which 7,205 between is of Robinvale population real the suggests data Geografia’s figures. consumption population estimate by comparing domestic water in a building boom and building companies will will companies building and boom abuilding in to grow, to however continue already we are city our for developers from offer on subdivisions land new enough are There hospital. the for advertised are jobs the before is that and is it as supply short relatively in are Shepparton in Houses 1%. to rates close vacancy quoting agencies estate real of large number a with tight very is market rental the stands, currently it As country. the possibly and state the across from families and people draw will this that doubt no is There require. families their and people that these properties the will as scales, pay and sets skill in arange require jobs The estates. surrounding the amongst of buzz amount afair is there and future near the in jobs 600 additional an to require said is upgrade hospital The region. the for upgrade infrastructure major the as underway well is redevelopment Valley Health Goulburn The Shepparton agencies quoting vacancy rates close to 1%. The rental market is very tight with anumber of large real estate hospital upgrade. hospital jobs in the near the near in jobs future with the 600

than a fortnight on the market. the on afortnight than place. Typically, these properties don’t last more 7.5% in around to up tenants with 8% yields with sold being are that properties commission housing of former anumber still are There stock. rental of influx an than rather hands, changing merely properties investment to be appear most which of market, sub-$300,000 by the exhibited yields the Shepparton region because of the strong rental to drawn being still are of town investors out Many demand. with to up keep trades additional require likely most Month in Review in Month September 2019 42

RESIDENTIAL Month in Review Queensland September 2019

Brisbane This tide of new residents heading coastward is turning somewhat First, a bit of a history lesson with help from the ABS’s Net Interstate Migration (NIM) statistics. as more choose to stay in Brisbane and enjoy it’s growing cosmopolitan lifestyle attractions. Brisbane and its surrounds have traditionally seen property price movements sync to the number of tighter. Yes, property prices rose, but in a less This long-winded lesson on the past is all to say, interstate residents looking to make our little piece convincing fashion and NIM was tracking at around things are now on the up. of Australia their new home. 22,000 persons per year. The NIM has been steadily rising from 15,000 in A great example was in the early 2000s. During Post the financial horrors of the 2008 GFC, along 2016 to just under 24,000 in 2018. The next lot of hot price growth runs throughout 2002 and with the natural disaster that was the 2011 flood results in 2019 are expected to be even higher. 2003, we became a very cool destination for a event, Brisbane took a hit. Many of the financial number of impressive industries. Driven by a rise What we hope this time around is that those out and support service industry jobs were now in mining activity, our city was the go-to capital of towners attracted to the region by affordability Sydney or Melbourne centric. Our NIM figures from for major operators who could set up head and lifestyle benefits, will be supported by jobs 2009 to 2015 ranged between 5,000 and 10,000 offices within an easy FIFO-style commute of growth and infrastructure projects. While there persons each year… and property prices were their new operations. are certainly a number of exciting projects on floundering a bit. the books in terms of infrastructure, a pick up RESIDENTIAL This period also saw other big-time businesses set in employment would go a long way to building up in Queensland. For example, Virgin Australia’s economic confidence. operations were a major boon for the political forces in south-east Queensland around this What was noticed throughout 2017 and 2018 was period. the number of new residents coming from New South Wales and Victoria to Brisbane and then All this meant there were jobs for new choosing to shift away to the Sunshine Coast Queenslanders willing to don the maroon jersey and Gold Coast. Many of these across-the-border come State Of Origin or pledge allegiance to migrants were cashed up after selling their support the Lions in winning a fourth straight properties during the southern price boom and premiership. could now choose to buy a home near the beach for During this period, we were enjoying NIM figures of an excellent price. around 37,000 people per year. A rise in the ability of professionals to work Come price growth around 2007 and things were remotely has also played its part. Those white- a little less convincing. Certainly, the mining boom collar workers and business owners who simply was still in full swing but underlying employment need access to a decent internet connection, opportunities for those who followed were a little and perhaps airport facilities for quick interstate

43 the Gold Coast and the Scenic Rim. For many Rim. Scenic the and Coast Gold the of hinterland the is beaches and estates canal units, rise of high strip To glitter of the west the Hinterland West and Coast Gold Coast Gold ten years and thank their stars they acted. they stars their thank and ten years in back look will 2019 in purchase who those that to fair say be it’d economy, and state strengthening overall a(hopefully) and opportunities work more with that Couple rising. to continue numbers NIM our expect we also owners, property for results long-term excellent provide will that growth steady city, our with for outlook confident to have aquietly we continue While Brisbane. for good looks it Well… upside? the what’s So, coming to Queensland. (or, rent) homes and on alternatively, saving modest their selling after equity extra alittle pocketing are they of all, Best north. the in us joining are spots hot population these in living with associated costs the stand can’t just who residents Melbourne and Sydney of those Many housing. Brisbane for appeal broad-based however, late, amore Of been has refuse. can’t many atemptation is housing best very of our price the Sydney, in those so way under along is Brisbane in homes ultra-prestige for point price The residents. new these from sector price upper the in strengthening some we’ve late, experienced Of lifestyle attractions. cosmopolitan growing its enjoy and Brisbane to in stay choose more as somewhat turning is coastward heading residents of new tide This opportunities. employment than rather lifestyle on based alocation choose could demographic This ahigh. were on clients their to service trips, now developing areas of Flagstone, Yarrabilba Yarrabilba of Flagstone, areas developing now the include Village, Logan and Jimboomba read you Where directions. two in split has area Village Logan and Jimboomba the in housing for market the to grow apace, continuing pressure price and population with Fast and to 2019 forward norm back then. were the estates Acreage services. or shops, way the of schools, to In offer little very had Village Logan and Jiimboomba 1990s, early the in Well, right? true to be good too Sounds $160,000. to $140,000 around for house anew on in all be could buyer home first desperate your and sized houses modest allowing covenant relaxed Toss a in to $300,000). close awfully getting now is land similar for price current (The land. of so or metres square 4,000 for to $60,000 $50,000 acool back buyers set then) which back locations remote such for water infrastructure and sewer in to build developers for expensive Village consisted of new acreage estates (too Logan and Jimboomba as such localities around of Brisbane extremities southern the in housing of offerings the 1990s, early the In context. some for required is lesson history A brief their first step on theproperty ladder. take to order in afield further options at to look had and ground home expensive away increasingly from were forced budget alimited on those upward, driving have been Brisbane in and Coast Gold economically displaced. As housing costs on the the for into housing subdivision for sites ripe years these areas have contained large greenfied living houses. living of extended families taking up residence in purpose-built dual Of note is the growing trend in these new acreage estates the future care of their loved ones. ones. loved of their care future the have over people some that concern the appreciate to Royal Commission care aged the from coming revelations the at to look has only One population. ageing our around by issues driven be may also but issues affordability mentioned previously by the driven may be market of the part growing for multi-generational This households. small but made ready plans floor style project offering are growing that popularity many mainstream builders their is Such houses. living dual purpose-built in residence up taking families of extended estates acreage new these in trend growing the is note Of home. display aformer for million over $1 was Jimboomba Drive, Peppertree on sale recent one whilst to $700,000, $600,000 cost wiil acreage on Typically house anew vans. and bikes boats, the for room life or quiet the wants who buyer home well heeled and established second, third or fourth morphed into an up market destination for the more has land acreage buyers, home first of desperate acreage market has evolved. Formerly the domain the how is though interesting is What Australia. in city of any large fringe outer the on estate new any other like less, or more look, which Yarrabilba as such estates planned new, in for master catered being are investors now and buyers home First directions? two in split market housing the has How opportunities. employment local good some and schools private including schooling P-12 supermarkets, large of form the in followed has infrastructure area, With Gleneagle. and increasing population in the

Month in Review in Month September 2019 44

RESIDENTIAL always been popular with families or couples where where couples or families with popular been always have Beenleigh and Pimpama Ormeau, as such city. of the Locations bustle and hustle the escape to trying are who those and work for moving are who those of towners, of out amix has region This Region Logan Coast/Lower West Gold North future residents. and present benefit will area the in businesses of more establishment the or roads upgrading term, longer In the load. traffic increasing the transport corridors that were never designed for along commute adaily with faced are residents age working many meaning area the in employment for demand the however,has, outstripped from Brisbane and west from the Gold Coast south Rim Scenic of the development rapid The care. future their around certainty afforded while giving the older generation more have otherwise might they than lifestyle and of housing standard abetter generation younger the gives home acreage living adual generations, two across resources financial combining By come. come. to years many for area agrowth to be continue will north-west the cities, of satellite development master of planning regional areas the including and infrastructure of land, to supply the Due car space. a include may not which unit two-bedroom or a one at looking be would you city city. the of the In hour one within $300,000 around from garage one-car bedroom, two-bathroom, detached house with a three- abrand-new, get can you For example need and have responded with cheaper offerings. this identifying are estates these in developers The needs. specific their to suit enough big a property afford can they where point the reach may not they cities, to the in live continue they if where, market property to the enter people some allow also markets These centres. regional or routes transport travel they major from further the prices land affordable more from affordability increased see will buyers home First localities. to these of buyers types different for benefits definite some are There facilities. neighbourhood and centres shopping larger transport, as such to amenities close living density higher offer that estates create cohesive to developers for ability the with combine and growth population the to spread of government plans broader of the have part to be would region this in estates of developing number large The to commute. required is other the the Gold Coast, or one partner works locally and other the and Brisbane in may work of them one hustle and bustle of the city. moving for work and those who are trying to escape the This region has amix of ‘Out of Towners’ those who are come. come. to years many for area agrowth being areas Wales South New northern and Coast Gold southern the at looking we are term Longer cafes. and precincts shopping including hubs commercial local new in resulting subdivisions, land and homes of new Casuarina Kingscliff and have seen large numbers 2019. half of first and 2018 of half final the throughout easing five years, past the in period increasing the population, area has seen a growth With international. as well as interstate and - local residents new attracting is area The Casuarina. and Coolangatta Beach, Palm Heads, Burleigh as such suburbs in uses), intensive particularly more for development (including the redevelopment of sites new and growth population seeing is area The lifestyle without forgoing employment opportunity. coastal relaxed amore for searching those for option attractive an become haveWales increasingly South New northern and Coast Gold southern of the suburbs coastal the in located property Residential Wales South New Northern and Coast Gold Southern Casuarina

Source: realestate.com.au

Month in Review in Month September 2019 45

RESIDENTIAL area in south-east Queensland. area in south-east Queensland. growth astrong be always will Coast Gold central the encompass which suburbs the available, choices lifestyle the and amenities and infrastructure to beach, the proximity the given but north, further to projects compared market of the sector this from interest of buyer levels good receiving still are projects residential new that reported been has It previously. noted as months twelve past the in Coast Gold of the end southern the for preference agreater have had of towners out that appears It when new jobs become scarce. necessary if opportunities employment greater find to to move away area the from willing are people that years over We recent have noticed industries. these in particularly available, opportunities job good still are there provided area this in increase steadily will growth population that assumed is it and industries construction and tourism the on reliant heavily is Coast Gold The subdued. somewhat been has economy local the appears it recently however more of years, couple past the construction activity across the central region in level of healthy a seen We have definitely towners. of out for options lifestyle of attractive array awide offers Coast Gold of the area central The Coast Central Gold or Sydney. weekenders from their busy lifestyles in Melbourne as properties their using of buyers a number with Coolangatta at Airport Coast Gold the from commuting, both interstate and internationally for located well are areas These seek. buyers home first affordability the than rather options established financially and are looking at lifestyle are well who so those more buyers, home first not typically are localities these within Buyers Population Growth on the Sunshine Coast Sunshine the on Growth Population Sunshine Coast in recent years. of the history growth population the shows below graph The Australia. in regions growing fastest of the one been traditionally has Coast Sunshine the as news good is This increases. population on reliant heavily is market property Coast As is common in most regional areas, the Sunshine Sunshine Coast Given the increased demand for housing, we we housing, for demand increased the Given list. of top the be would coastline the along to suburbs that fair say be would it though communities into their arrivals of new share fair their having to be seem Coast the on locations of our Most others. than of towners out more attracting is area to any one if say hard pretty It’s accordingly. followed volumes sale out, rate bottomed growth the when 2011 in then were highest, volumes sale spiked, population the when 2003 in that shows graph This seen. be can volumes sale and growth in recent years, the correlation between population property sales taking place on the Sunshine Coast of residential volume the at look we then When 0% 1% 2% 3% 4% 5% 6% % per annum per % Source: ABS Source: 1997 1998 1999 2000 2001 2002 2003 2004 2005 Caloundra Vicinity Year to 30 June 2006 2007 Maroochy 2008 Vicinity 2009 2010 Vicinity Noosa 2011 2012 2013 All Sunshine Coast Sunshine All 2014 2015 2016 2017 services will keep up with the growth. growth. the with up keep will services The question is whether those roads and other time. the all it’s like feels now but periods holiday in to be used It roads. the on people more and more are there that feel do you Coast, the around driving have town anew however centre, just we and yet finished is runway to be airport new the capacity, full at not is Hospital University the that good is It infrastructure. and jobs in lies then issue The values. property underpinning in assists The increase in population of the Sunshine Coast of industries. anumber in up opening have been businesses new some aresult, As town. in houses character of the have as some demand in residential ring around the township has increased rural inner The popular. very it made has area the in affordability the and lessened have been times Highway. Travel to Bruce the upgrade the mainly area, the in invested been has that infrastructure the given option aviable become has Gympie to Gympie. afield further also townships railway towards the looked only have not They different. a little have become things areas, northern the in however case, the been always has as townships to railway the been generally has movement Coast, of the areas central and southern the Down inland. further abit look will area of one out priced are who those as Coast the within movement seen has This issue. affordability an created then has that values on pressure upward have seen being one of the notable ones. notable of the one being (FIFO) fly-out fly-in with of factors, to anumber population growth has stagnated in this region due relocate. Unfortunately, during the past decade, to workforce skilled and labour the both for and agricultural industries, providing opportunity mining the for ahub been long has Rockhampton Rockhampton 10,000 15,000 20,000 Number of Residential Property Sales Property Residential of Number Source: HTW Analysis of RPData 5,000 0 2001 2002 2003 2004 2005 2006 2007 Houses 2008 2009 2010 Units 2011 2012 Land 2013 2014 2015 2016 2017 2018 Month in Review in Month September 2019 46

RESIDENTIAL regret it. regret not will -you consideration some Coast Capricorn should definitely give the Rockhampton and change asea for opting those mind, in this with So, sporting opportunities. and of recreational variety a huge providing playground outdoor expansive an and issues traffic minimal lifestyle, weather, paced slower warmer with offer on lifestyle Queensland Central the with combined cities major the in than appealing more generally is which factor affordability the include decisions these making people for into play come that factors Other moving for new work opportunities. tenantsmanaging agents reporting non-local many with significantly, reduce Coast Capricorn the and Rockhampton rate across vacancy the we have seen months, 12 past the in and buying considering before to aperiod for rent choose will migration of this majority the that appears It for some. alternative areal now is basis permanent amore on family the of relocating prospect the and workers orientated family for difficult becomes FIFO where some medium to longer term job opportunities to contributed has government federal and state by approved being projects infrastructure scale however, large in times recent increase more an In market. residential the in volatility in resulting demand, of lower by periods followed construction, during demand high in resulting surges, population in large projects within the Gladstone region resulted of commencement the where to history, attention We draw movements. to population susceptible particularly been always has market Gladstone The Gladstone 9.4%; residential values fell between 20% and 30% 30% and 20% fell between values 9.4%; residential of to 1% ahigh below from rates climb vacancy economy. This flow on effect saw residential Mackay whole to the on effects flow the and employment fly-out of fly-in, advent the losses, job to significant led downturn economy. This Mackay the on impact amajor had which sector resource the in adownturn we saw 2013, After demand. the meet to help packages land and house purchasing of investors out town of influx alarge we saw population, in increase the as well economy. As Mackay of the prosperity general and vacancies increases values, tightening in property of rental This increase in population resulted in large people. 119,000 under to just 90,000 around from increased of Mackay population the period, this In 2013. around ended which period of the height to the sector, 2003 from resource of the back on the growth of period asignificant had Mackay market. the role of population movements on the Mackay and of towners out at alook we take month, This Mackay lifestyle. coastal Queensland sunny the to enjoy able being of benefit added the with here home a substantial purchase and home Sydney Melbourne or their sell to ability have the Many months. 12 past over the purchasers interstate of influx an We have noticed 2000s. early in the seen last to figures dropped having values with market the driving currently is Affordability period. bust and boom last the after to recover starting slowly is market Gladstone The the last boom and bust period. The Gladstone market is slowly starting to recover after region. the across values market and rental on pressure upward greater putting future, medium-term and short into the continue will growth population that considered is it region, the in opportunities employment continued rates and interest low record however with period, over this seen values withspeaking, only increases minor in market relatively affordable, still is market Mackay The market. the on listed times buyer demand for almost 12 months, with shorter increase. have agents Most increased reported dwellings of residential purchase for demand seen has turn in This rent. than to buy cheaper as listed was that afew regions of only one as Mackay of this This increased increase demand. has seen back the on to increase started have also values Rental 2%. below just sit currently and 2017 since falling steadily rates have been Vacancy market. residential Mackay the felt in being already is and general optimism in the Mackay economy increase in employment population, opportunities This since. to increase started has and 2017 during stabilised population the that show Figures employment opportunities across the region. Peak Downs Highway has seen upgrade increased and Bypass Eton Range Road, Ring Mackay the as such projects infrastructure sector, large resource of the back Fast bounce the to and today forward over tenin years. time first the fell for of Mackay population the and

Month in Review in Month September 2019 47

RESIDENTIAL and areas near the Bruce Highway. Bruce the near areas and southern hinterland for rural residential estates modest growth is expected for the western and Maryborough, to Closer identified. been have also Beach Dundowran and Craignish Toogoom, Heads, Burrum fringes. the on located Area, Growth Future Nikenbah-Dundowran the and West South – Bay Hervey as such areas targeted with land residential of future supply to havearea alarge The Fraser Coast Regional Council considers the housing. for affordability improves that incomes combined with residing adults young or parents older for properties occupancy dual for demand also is There lifestyle. coastal the on focus particular with growth population for driver amajor as seen is Affordability areas. Burnett South and Gympie including municipalities, migrated from other south-east Queensland have largely residents new These parents. older and young of both families as well as retirees, by led have been trends migration Recent dwellings. 22,800 additional an and rise 35.52% to overall an equating to 147,099 2036, in 2019 in 108,543 from to increase forecast have been Growth projections for the Fraser Coast population 2.03%. and 1.16% between at fluctuating 2018 and 2015 between years the with pace aslow,at steady The Fraser Coast population continues to increase Bay Hervey Forecast Population: Fraser Coast Region Over the period 2015 to 2018, we saw population population we saw to 2018, 2015 period the Over underpinning this growth. security job and jobs with market property of the driver amajor is growth Population Townsville uptake. market rapid any on handbrake a put to continues work out fly in, fly as steady remains turnover Sales yet. norm the by not is far this but have purchased and mortgage favour of a in swung has renting rates versus Some who are renting have decided that mortgage yet. locally living and buying south the from migration work the seen not definitely We have work. for around towns moving nearby or from local are purchasers of majority The first. market rental the have entered proportion A large market. property the in purchasers of out town of influx alarge noticing not we are 2018, since again strengthened has market to 2017. the 2013 As from downturn mining the during population stable arelatively had Emerald Emerald Experts Population The .Id Source: the coming months. during creation employment net for well bodes advertised being of jobs number the in trend increasing This rate reducing. unemployment the with Townsville the for websites region employment on advertised being of jobs number the in pick-up astrong we have 2019, seen During rate. unemployment state the above well trending Townsville region the rates in unemployment we saw period, same the Over of 1.9%. average long-term the below arate at significantly occurring growth 1.9% Source: HTW Analysis of Employment Websites MonthlyAverage Jobs Advertised 1,000 1,200 Source: ABS Rate of Growth%pa Rate 200 400 600 800 0 1988 1.5% Jun-2015 1989 2.2% 1990 Sep-2015 2.1% 1991 1.5% 1992 Dec-2015 1.4% 1993 2.3% Mar-2016 1994 1.5% 1995 1.3% Jun-2016 1996 1.0% 1997 0.8% Sep-2016 1998 1.2% Actual 1999 1.9% Dec-2016 2000 2.2% 2001 1.9% Mar-2017 Long Term Long Average Actual 2002 YearJune to 2.2% 2003 2.0% Jun-2017 2004 2.2%

2005 Sep-2017 2.8% Trend 2006 2.7% Dec-2017 2007 2.5% 2008 3.1% Mar-2018 2009 2.7% 2010 2.0% Jun-2018 2011 2.0% 2012 1.9% Sep-2018 2013 1.6% 2014 1.2% Dec-2018 2015 0.7% 2016 0.7% Mar-2019 2017 0.8% 2018 Jun-2019 0.6% 1.9% Month in Review in Month September 2019 48

RESIDENTIAL in the larger universities is apparent. This has seen seen has This apparent. is universities larger the in study and of home to move out desire the Brisbane, from ahalf and hour an Toowoomba being With in the region. sector, is forecast to enjoy continued strong growth health sector which, along with the education the supports mix demographic This Australia. 19.6% for and Queensland for 18.8% versus Toowoomba 23.6% in was olds year of 60-plus proportion the census, At last the area. Queensland attracting retirees from the broader south-west location apopular to proven Toowoomba be has 1.5%. of rate growth however, Queensland the below well is trend This five years. past the in annum 0.9% per rate of a growth and 160,779 at Toowoomba region of the population the recording (2016) census latest the with then, since increasing steadily population of The 94,605. population has been a had Toowoomba region the census, 1981 the In Darling Downs/Toowoomba the property market. property the drive turn in rate and growth average long-term our with line in more growth population encourage and to retain needed security job and employment term long offer will that creation job recovery, real with and proposed projects will consolidate economic facility. battery lithium-ion proposed current These the and project widening of Townsville channel Port Duplication, Water Pipeline Haughton 2of the Stage projects proposed or under construction including of major pipeline alarge has TownsvilleThe region frominvestors. we are anecdotally seeing increased some interest coupled with affordable median house prices means market rental however atight dynamics, by local Currently our residential market is driven being income, seeking lifestyle and quality schooling. income, lifestyle seeking quality schooling. and steady and family established an with home return locals former many as population, in increase an (45 age to 59) we career see that professional peak their until not It’s careers. their to start studies continue residing outside of Toowoomba post their often they as region the olds) within to year 39 (20 adults of young population the in a decline residential property market. reflected in the composition and performance of the Toowoomba This exodus of young people and influx of established families is strongly, particularly in the eastern suburbs where where suburbs eastern the in particularly strongly, prestige market however, has performing been comparison to other major regional centres. The in estates owner home first oflevel affordable amoderate only and development townhouse and of level unit alow Toowoomba has market. property Toowoomba of residential the performance and established families is reflected in the composition of influx and people of young exodus This September 2019 Month in Review in Month 49

RESIDENTIAL residential market. property Toowoomba of the shape and performance the in arole playing certainly are demographics and aged care product being developed. Population and level of retirement high current in the reflected also is residents of older proportion higher The infrastructure. public and schools familiesmany close reside, to established being Month in Review in Month September 2019 50

RESIDENTIAL Month in Review South Australia September 2019

Adelaide From 2017 to 2018, Adelaide recorded a population growth rate of 0.8%. This rate is the second lowest of all major capitals and below the national average of 1.9%. The major driver of South Australia’s population increase is overseas migration which accounted for 60% of the population growth from 2017 to 2018. South Australia has historically had (https://quickstats.censusdata.abs.gov.au/census_services/getproduct/census/2016/quickstat/SSC40118) negative interstate migration, referred to locally as the brain drain. This phrase refers to higher Blair Athol. Historically a working-class suburb, past decade. Munno Para West provides higher educated millennials leaving the state to seek Blair Athol is now a multi-cultural hub with more density living with allotment sizes typically out increased opportunities. The brain drain has than 50% of the residents being born outside of ranging between 200 and 500 square metres. become a prominent talking point with both sides of Australia. A drive down the northern section of Angle Vale has been developed to a lower density, government actively pursuing ways to retain young Prospect Road provides a visual representation providing larger allotments ranging from 1,500 talent. of the changing demographic of the area. If you to 2,500 square metres. Recently a number of are looking for a bowl of Vietnamese pho or a rich new subdivisions have popped up surrounding POPULATION GROWTH GRAPHIC Afghani goat curry, this is the place to go. Blair Angle Vale with land offerings of sub-800 square RESIDENTIAL Athol has a median house price of $465,000. metres. Development within this region has been spurred on by the approaching completion of the On a local level, population movement has been North South Corridor, making the region far more most significant in those regions providing accessible. Affordability has historically been a affordability or a specific lifestyle. According to the driver of growth in Munno Para West whilst Angle Australian Bureau of Statistics, in 2016 to 2017, the Vale has been a mixture of both lifestyle and top five suburbs for population growth in South Source https://www.saplanningportal.sa.gov.au/data_and_research/ affordability. These suburbs have a median house population#collapseQ564077 Australia were the outer northern suburbs of Munno price of $257,500 and $465,000 respectively. Para West and Angle Vale, the north-eastern pocket of Northgate, Oakden and Gilles Plains, the outer Located approximately 11 kilometres north-east of For overseas migrants, Adelaide offers affordability, southern suburb of Seaford, the Adelaide CBD and the Adelaide CBD are the suburbs of Northgate, security and a unique lifestyle with beaches, the outer south-eastern suburb of Mount Barker. Oakden and Gilles Plains. These suburbs each bushland and wine regions at their doorsteps. provide differing property types being developed Specifically, the CBD has been popular with Chinese The area of Munno Para West and Angle Vale in 2000, 1993 and 1950 respectively. Gilles Plains is migrants with 17.5% of Adelaide’s population being is located approximately 35 kilometres north going through a period of urban renewal with many born in China at the 2016 census. The changing of the Adelaide CBD. Historically a rural living of the original homes being demolished making demographics of metropolitan Adelaide is best and agricultural region, this area has undergone way for newer infill development. The population represented in the inner northern suburb of significant residential development over the driver in Northgate has been the lifestyle offering

51 of the Adelaide CBD. Developed in the 1960s, this this 1960s, the in Developed CBD. Adelaide of the south kilometres 35 located is of Seaford suburb The (source https://www.dpti.sa.gov.au/nsc/northsouthcorridor) between $300,000 and $1 milllion. $1 and $300,000 between range Northgate and Lightsview whilst $600,000 and $300,000 between range Oakden and Plains Gilles within dwellings detached for levels Price 2020. in completion for due is and hectares 103 encompasses which development Lightsview of the Lightsview

Source: realestate.com.au apartments. With a multitude of offerings, the the of offerings, amultitude With apartments. plan the of off to settlements the attributed be can transactions Many of these period. five-year previous the from transactions of 557 increase an is which CBD the in transactions unit 2,305 From were to there 2019, May market. 2014 May attributed to the continually expanding apartment be can CBD Adelaide of the population in rise The of $373,500. price house median acurrent has Seaford area. of the popularity of the pressure the ease helped has 2014 in Heights Seaford and 1990s the in Meadows Seaford and Rise of Seaford establishment The Peninsula. Fleurieu and region Vale wine McLaren of the doorstep the on situated is suburb The Expressway. Southern the and Railway Line Seaford by the serviced is and coastline the with boundary western its shares suburb The location. suburban of atypical comforts the all with change asea for looking those with popular is suburb median unit price is $440,000. is price unit median the specifically, more and $552,000 is CBD the within price sale median The of motivation. types all with to purchasers appeals market apartment becoming a creative multicultural hub. hub. multicultural acreative becoming of hopes high has Australia South migration, international increase and drain brain the to halt aim an With appearance. and smell taste, suburb’s a alters visibly demographic population in change a whilst fluctuations level price cause size can broader property market. A change in population in the role asignificant play populations Changing of $370,000. price house median acurrent has Barker Mount properties. lifestyle to rural houses terrace from types property of differing arange offers suburb The families. young with popularity its indicating years, 0-9 being group age predominant the with to 2016 2011 from 17.2% rose population the land, of agricultural re zoning favourable by the on Spurred area. metro inner of the comforts creature the all has suburb Freeway, Eastern South the via this accessed and CBD Adelaide of the south-east kilometres 35 Located Australia. in suburbs growing fastest the of one become has Barker Mount hub, agricultural an as 1800s mid the in established Originally Adelaide CBD skyline

Source: realestate.com.au Month in Review in Month September 2019 52

RESIDENTIAL Month in Review Western Australia September 2019

Perth Figure 1 - Mineral Export Value (source: that required little prior experience. On top of Western Australia’s economy has had a tumultuous Department of Mines and Petroleum 2019) this, residents from the eastern states found good past 10 to 15 years and given the topic of this month’s opportunity to come and work in Western Australia review, we think it’s a good time to revisit history for on a temporary basis. This influx boosted the a second as a pre-cursor to the current discussion. population in a relatively short amount of time. Usually at the start of any significant population Some key economic indicators have seen large increase, the median rental will rise long before peaks and troughs, often over relatively short any movement in the median sale price because periods of time. Consumer sentiment, population new residents generally look for a home to rent growth, migration figures, business investment, first instead of buying from the get-go. This caused employment, wage growth, the cash rate, etc a sharp increase in demand for rental properties, are all interconnected and each plays its part in decreasing the number of days to lease as tenants influencing demand and supply. From a macro found that they had to act quickly to secure their standpoint, the end product of this fluctuating ideal property. demand and supply is a rising or falling median house price. The valuation figure stamped on Figure 2 - Perth Metro Median Weekly Rent each of our reports is influenced by many of (source: REIWA) RESIDENTIAL these macro-economic indicators as well as countless micro economic and property specific Source: xgxgxgx characteristics such as location, land size, dwelling size and quality. This led enabled businesses across Perth and regional Western Australia to find space for a The median house price for the greater Perth number of new job vacancies and in 2006 we region is expected to settle at $490,000 for the saw 31,000 migrants flock to the state, including June 2019 quarter, remaining unchanged from the both net interstate (3,100 persons) and overseas previous quarter but down 3% since the June 2018 migration (28,070 persons). quarter. Between 2001 and 2006, Perth’s median house price doubled from $180,000 to just under Many people from overseas were attracted by the $400,000 on the back of the resources boom large salary and incentives packages on offer for Source: xgxgxgx (source: REIWA, 2017). In 2006, increased resource both skilled trades workers and other positions investment influenced the mining sector across the whole state. Mineral exports were ramping up Between 2001 and 2006, Perth’s median house price doubled as the amount of iron ore Western Australia was capable of exporting quadrupled in value from from $180,000 to just under $400,000 on the back of the 2006 to the peak in 2012 (Figure 1). resources boom.

53 beginning of the mining boom when we we when boom mining of the beginning At the lag. this for afew are reasons There price. sale median and rental median increased between delay atwo-year then and prices rental and migration increased between delay year one a represents This 2015. in peaked price house median the then and 2013 in peaked price rental median the 2012, in peaked migration net statistic, of each peaks the Isolating price. house median the and figures migration net the between alag is becomes apparent once we understand that there it but graph, the at by looking obvious plainly isn’t relationship This figures. migration net Australia’s greater Perth’s median house price and Western Figure 3 demonstrates the relationship between WA Net Migration (source: ABS &REIWA, ABS 2019) (source: WA Migration Net & Price House Median Perth 3-Greater Figure boom. resources the from revenue of the share their to get travel Australia to Western people of 58,600 atotal we saw when 2012 in peaked eventually and Migration figures increased again, then had a lull though. there stop 2). didn’t It (Figure units for to $310 $260 and houses for to $340 $280 from 20% by about increased price rental median Perth’s to 2007 2006 from months twelve the In

Source: xgxgxgx xgxgxgx Source: resources met declining international demand. resources international met declining demand. of supply our as to ahead came soon this but capacity, productive to expand by continuing boom resource sector responded to the commodity price The to boom. the prior of 2% average its with GDP, Australian of the compared 8% under just at peak its reached had investment mining 2012 in and awhile for rise the on been had prices Commodity years. several for to completion come not would they but up, started and land developments apartments buildings, of office Anumber to market. the supply strong to maintain opportunity an as shortage housing this were seeing Developers vacancies. job more created which into infrastructure back of this some invest to able it was revenue, mining of the benefits the reaping was government state the Once more competition. to due further price house median the increased only this turn, In arrivals. new for accommodation of shortage the furthering income, rental a solid and gains capital of both hope the in market the flooded investors of top rents, on rising were now prices house median Since decisions. purchase to their make of mind peace the buyers home gave which sentiment consumer bolstered wages increasing and proposition attractive a more increase, purchasing slowly a property became to continued rents As environment. competitive to the due increased prices leasing stock, rental this up soaked tenants As available. was that of supply amount the on in closing started demand migration, net increasing experienced migration has improved slightly. states, however since then, both interstate and overseas In 2017, people 14,000 left Western Australia for other Australian over the June 2019 quarter to $225,000. Karratha Karratha to $225,000. quarter 2019 June over the price house median the in increase a3.4% seeing to 2019 have apositive continued Hedland Port at. is market the where tous gauge enable which indicators into lead insight an provide to assists localities different of several analysis An slightly. improved has migration overseas and interstate both then, since however states, Australian other for Australia Western left people 2017, In 14,000 2014. since negative the in been has migration interstate Net position. current their to down descent slow their started prices house owner-occupiers. Residential rents, office rentsand and investors from anyinterest stopped to finance access less and to slip began sentiment consumer demand, reversing the economic cycle. From here overshadowed severely supply now and over 20% to rateskyrocketed vacancy office CBD The spaces. these purchase or to lease buyers home or tenants were no however there to completion, coming now developments that were under construction were land and apartments buildings, office The people. less and less employed they as spaces work their businesses Suddenly werehome. consolidating the eastern states and overseas moved back from come had who migrants so were decreasing Wages of redundancies. alot to see we started and extended get not did contracts temporary ended, had phase construction The rates. unemployment in increase the started this and to completion came projects mining Some of jobs. availability the did so declined, investment mining As Month in Review in Month September 2019 54

RESIDENTIAL Within Western Australia, several new iron ore ore iron new several Australia, Western Within billion resources construction boom is underway. a$75 wide, Australia years. coming the in cycle experience a similar, albeit market smaller property may Perth that we expect prices, house median and increases rental between lag the Remembering in July. activity of greater suburbs Perth saw an increase in leasing 54% to REIWA, the quarter. According 2019 June the today in days 41 lease decreased by one to of days number The years. two past over the performer astrong be sphere has continued to rental The respectively. $330 and $360 now rent, unit median and house median the both to increase a in $10 equates This quarter. 2019 June the in week per to rose $350 rent median overall The improved the most. brackets price million $3 above and $350,000 sub the as market the of ends extreme the from activity in increases saw quarter 2019 June the itself, Perth Within industry cycles. mining with associated migration to net changes indicate to first the often are areas these that know supply. We restricting five years previous over the activity of investor alack and strong remaining demand with 2019, in plummeted has areas both rate in vacancy rental the Notably, of $345,000. price house amedian with months, 12 previous the in growth of 10.2% average an experienced having cycle, the in advanced more slightly to be appears The overall median overallThe median June quarter 2019. 2019. quarter June rent rose to $350 rent rose to $350 $350 $350 per week in the the in week per

◗ ◗ country and: the in hotspots growth key of the population one The south-west region of Western Australia is South-west Western Australia arguably the best it has been for a long time. time. along for been has it best the arguably is as affordability Collins Mr with align definitely predictions and thoughts rise.” Our inevitably prices to recover and starts market the before conditions of current advantage take and soon to act investing, or up trading home, first their purchasing about thinking are who those advise Iwould ago. months 12 than positive more far looking are Australia some time, the economic conditions in Western for declining been has market the “while that said recently Collins REIWA’s Damien President aresult. as increase may slowly growth wage we expect and again, to rise starting are vacancies Job line. Armadale the on Extension for the Morley-Ellenbrook line and the Byford rail expansions, level crossings inclusions and and to road allocated of funding billion $8 nearly with years coming over the project infrastructure apportioned a significant budget to theMetronet has Government Australian Western the of this top On of top mind. still is industry lithium the to commence construction and the activity in construction or have recently been announced of stages early the in currently either are mines ◗ ◗ of $456 million; of $456 avalue with 74%with approvals residential being building approvals 1,366 2018, In by 2026; 17% a further apopulationhas of 178,406 on the development of new residential subdivisions. The growth in population in the region is having apositive effect and is set to set grow is by and were issued were issued ◗ announcement of the first five-storey, town- first of the announcement the saw month last and ten years past the in seaside resort but the population has doubled summer arelaxed once was Dunsborough buyers in this sector. few with market asoftening facing stock housing of the overall state economy is seeing established position cautious the and term to medium short the in growth of any capital sign little with subdued residential subdivisions prices but property remain of new development the on effect a positive having is region the in population in growth The facilities. health and cafes shops, community associated with open supermarket Coles anew seen recently Vasse has population. developing to accommodate the expanding also are facilities shopping and schools and expanding rapidly are that subdivisions residential popular Yalyalup all are and Vasse, Kealey commence imminently on the five-star HiltonHotel. to set is and micro-brewery family foreshore new precinct. Work has recently commenced on the activity youth and club lifesaving surf a new facilities, leisure with redevelopment million $75 amajor undergoing is foreshore The Perth. from particularly Australians, Western relocating and population increase is a share of overseas migrants of the majority The metro. to Perth only second state the in factor agrowth with south-west, the population and commercial development node in a as status its to underline continues Busselton Statistics of Bureau &Australian SWDC Source: ◗ growth of 2.3% of growth annual an population experienced has Busselton since 2013. 2013. since

Month in Review in Month September 2019 55

RESIDENTIAL Augustaabalone. a few, and name to truffles, and strawberries apples, for Forests brand Southern the with especially opportunities, employment to expand continues industries aquacultural and agricultural The ongoing development of the local regional hospitality. local the enjoy to ashore ferried are patrons as economy local the for revenue significant generate will arrival Each 2020. for planned visitations 15 with ships cruise international for hub agrowing also is Busselton future. Sydney foreseeable the in and Melbourne from flights to direct receive poised is and years two past over the infrastructure associated of development on the expanded runway and million over $50 seen has airport Busselton months. 18 next the in planned being investment million-dollar with ports commercial growing fastest country’s of the one is Port Bunbury reviews. local mixed received has which development multi-use centred, Month in Review in Month September 2019 56

RESIDENTIAL Month in Review Northern Territory September 2019

Darwin No doubt many southerners and locals too are avid followers of the NT News and are familiar with the punchy one liner about some rogue croc eating a pig, another epic Cahills Crossing fail or the half- naked tourist on a balcony, but Darwin is attracting headlines for more concerning reasons of late – population decline. These days, a conversation with a local isn’t too far away from being about the state of the NT economy, politics and jobs, which leads to the inevitable question “are you going to stick around?”

It is reported by the ABS that Darwin was the only Gunlom Falls, Kakadu National Park Source: wildswimmingaustralia.com capital city that experienced a population decline in

2017/18 – apparently the first time in 15 years. Yes, the population and likely the economy too. Perhaps the northern suburbs through to outer rural areas. RESIDENTIAL it was a small drop of less than 1%, but in a critical around half of those workers were the fly in fly But the thing about Darwin is, because the market time for the Top End when we need the inverse, it’s outs, and the other half were locals (a term loosely is so small, any significant change in Government a bit of kick in the guts. thrown around for anyone with an NT address). But policy, industry development or a resources boom whichever way you look at it, 9,000 jobs accounts could see things turn quickly for the Territory. It’s a Rusted on locals will never leave this place, but for around 8% of the Darwin population at the peak fickle market. It’s just a matter of when and what will Darwin has always been transient and the same construction. Take away those jobs and it’s just drive the change. reasons that bring people here also take them away not possible for a place like Darwin to absorb that again – adventure. Unfortunately, this transient As I said, Darwin is a transient place and the number of workers back into the market. trend seems to be heading in only one direction – issues around why people leave seem to have south, both numerically and geographically. The effect this has had on the property market is been the same forever: displacement from family; no secret. It’s been widely reported on and we have the next adventure; it’s too hot; or the next I’m no demographer, but it seems to be that seen market contractions in the order of 40% in the opportunity knocks. What we need to be able to commentary around the wind down of the Inpex unit market and fairly consistently anything from do is attract people back the other way, with first gas project, which saw about 9,000 workers during 10% to 30% across other residential markets from and foremost – jobs (and a promise of a superior peak construction, has had the biggest impact on lifestyle). Without jobs, it’s very difficult to attract people, despite how good a time we have on the Without jobs, it’s very difficult to attract people, despite how weekends up here. good a time we have on the weekends up here.

57 term outlook. termoutlook. long- positive amore and values median in shift positive the see we will then Perhaps supply. and demand between of equilibrium return the and sale for advertised properties in areduction market, the on are properties that time in adecrease to month, month from activity market in increase consistent - changes market subtle those for looking abit, for bottom the For along to now, bump likely we are recover. to time take will it And of everything. abit –probably NT of the perceptions its about psyche Australian the in embedded something it is or boom resources of a nature bust and boom the following market of asmall reactions the on? just brakes this the Is putting here up business of doing cost the it Is politics? it is here…but up people to bring working that’s not or whether and campaign Possible Boundless of the details finer the into discussing to get going not I’m and me beyond is Politics Month in Review in Month September 2019 58

RESIDENTIAL Figure 3.4 Percent Change in the Projected Population by Age, 2017 to 2022

Total Growth (2017 – 2022) – 10%

Source: ABS Cat. No. 3101.0 and ACT Government, Chief Minister, Treasury and Economic Development Directorate.

The total population in the ACT is projected to grow by 10 per cent from 2017 – 2022. The Month in Review number of people aged 19 years and under is projected to increase by 11 per cent. The September 2019 Australian Capitalnumber of people agedTerritory 20 – 64 years is projected to increase by 8 per cent, the number of people aged 65 – 84 years is projected to increase by 18 per cent and the number of people aged 85 years and over is expected to increase by 16 per cent.

Canberra Figure 3.5 Population by key age group as a proportion of total population, 2017 and 2022 The ACT population has continued to grow from 2018 to 2019 with growth of 1.23% to 419,200 as at 31 March 2019. The ACT has one of the fastest growing populations in Australia and is expected to hit 500,000 by 2030. If we study the graph which shows current population (2017) and projected population (2022), we can see that the most prominent age bracket is those between 20 and 39 (2017). The high population in this age bracket could explain the high demand for entry level products in the ACT market, which are popular among this age bracket given the generally lower budgets. The population of those aged 20 to 35 is expected to drop from 2017 to 2022, which means we RESIDENTIAL may see a slight drop in demand for entry level products. We can also observe an expected large population growth from 2017 to 2022 for the population aged 70 plus. This growth in population will likely Source: ABS Cat. No. 3101.0 and ACT Government, Chief Minister, Treasury and Economic Development Directorate. increase demand for property types marketed at the ageing population, such as retirement units, Figure 3.5 illustrates the ACT’s population by key age groups. Figure 3.5 shows that the retirement villages and properties marketed at 15 downsizers.

59 Month in Review Tasmania September 2019

Hobart/Launceston So where are these people going? Hobart (including Tasmania is enjoying steady, albiet not outstanding, the cities of Glenorchy and Clarence) together with population growth of 1.24%. A far cry from 2012 Launceston in the north are attracting virtually all when the population actually shrank by 0.57% the newcomers. This has placed housing pressure on these markets, especially Hobart. The end result So, what are the pull factors driving this? is the double-digit growth the regions have enjoyed Firstly, a stronger economy. Tasmania is now over more recent years. ranked third in the Commsec State of the States. Housing affordability is becoming more of an issue. Good tourism numbers, building activity, real estate Inner city Hobart is priced out of many potential activity and general confidence have created purchasers means with its median house price now an environment in which businesses are having above Adelaide. The median and outer ring suburbs the confidence to invest and expand. A statistic however still provide affordable housing and are that might be surprising to some is that of all the still enjoying solid capital growth. employment classifications, professionals at 18.5% make up the largest employment group in the state, well in advance of technicians and trades workers, next best at 14.8%. RESIDENTIAL Secondly, the state is seeing population migration due to real or imagined climate change effects. People are simply relocating from Queensland and Western Australia because it is too hot! Net inflow for the December 2018 quarter was 568 persons. In this category are also placed former residents returning to the state now that there are employment opportunities available. Thirdly, overseas migration. The green, clean perception of Tasmania together with a stronger economy are attracting overseas residents. Net inflow was 686 persons in the December 2018 quarter. People are simply relocating from Queensland and Western Australia because it is “too hot”!

60 Rural September 2019 The properties are located approximately 125 125 approximately located are properties The hectares) and Romani part (9,497 hectares). (18,522 Myroolia with August 29 on Bourke at up coming is offering auction interesting An feed. stock or to crop no little with property purchase any potential and holdings existing their from flow cash limited with hesitation of signs showing are Buyers decisions. buying off holding purchasers has that amarket in outcomes increased with vendors some still wanting bullish has rate auction at pass-in The campaign. any sale in price reserve strong arelatively maintaining are properties offering are who Vendors presentation. sub-optimal and conditions seasonal to poor the committing to listing their properties due mostly not generally are Vendors offerings. of limited changed in recent months, albeit on the back notably not has market property the that are observations Our to fruition. coming crop winter of any to hope no little with Wales South of New half top the on hold its continues drought The Central Western and NSW Myroolia - Part Romani, Bourke Bourke Romani, -Part Myroolia still wanting outcomes. bullish The pass-in rate at auction has increased with some vendors Source: realestate.com.au this market sector as well. as sector market this of afeature is sales and listings of sales shortage A solid. remains market property cattle beef The purposes. mulch for residues cane sugar post-harvest togrowers bale negatively. conditions Dry have encouraged some to impact continues sugar Indian Subsidised pound. per cents to US11.47 down is price sugar world the as subdued is market farm cane sugar The hectare. orchard mature per $85,000 indicating broadly was range value analysed the of top the when 2019 early and late 2018 from increase an is This 2019. mid during hectare orchard mature per to $100,000 of $70,000 range the in values analysed indicate which have occurred farms transactionssale of reasonable size macadamia of recent Anumber farms. macadamia for continues and apparent is demand Strong Coast. North Wales South New the on market current of the a feature is sale for properties of rural of listings A shortage CoastNorth NSW on property values. pressure some see to start mayor we flow of cash substantial break in the season reinstatement and Once again with another month gone, we need a carbon. from income ten years’ first the post value property on view perceived the and income project future with value any, capital on if effect, the to analysing forward We look income. and projects carbon with properties Division sales evidence of New South Wales Western We any real yet are to see projects. have carbon properties both that is aspect interesting The area. Fords the in Bridge of Bourke north-west kilometres

evidence of major decreases in value. no with steady holding is market the that reflecting are occurring are that sales the and conditions in neighbour to neighbour sales despite the drought increase an to be continues there that noticing are We sales. of recent to lack the contributing is which low remain regions both throughout listings Rural North-West. and England New of the majority the affecting still drought the with rain widespread little to be continues however there moisture, some offered has England New of the Widespread snow throughout the southern reaches New England West &North NSW Sugar cane mulch bales bales mulch cane Sugar bales mulch cane Sugar Source: HTW HTW Source: HTW Source: Month in Review in Month September 2019 62

RURAL their retirement plans. The result was a higher than than ahigher was result The plans. retirement their of part as sold then and levels, confidence improve to prices commodity to good areturn for patiently waited had who vendors farming family standing long involved to 2018 2014 from period the in occurred which sales value higher of the Many entitlements. irrigation of low impact the around concerns and sale for listed being properties value fewer high including of factors, to anumber due to be likely is activity in reduction This million. regular sales negotiated for properties above $10 been had there when to of four five years period a following 2019, in market horticultural of the end higher the at activity reduced We have seen Mildura England New in Snow Source: HTW HTW Source: of the fruit coming out of Sunraysia. They will be be will They of Sunraysia. out coming fruit of the to over 20% equivalent annually, of fruit tonnes 60,000 produces estimate they which vineyards, of hectares 2,400 operates now and five years region through vineyard acquisitions over the past Mildura the in base production its expanded rapidly has Group Vineyard Duxton The requirements. to its surplus is of fruit, tonnes 80,000 to crush decided that the Stanley winery, which has capacity and facility Riverland its expanded has Australia, in companies wine largest of the one is which Accolade, Wines. Accolade from Mildura, outside just situated winery, Stanley of the purchase its announced just has Group Vineyard Duxton The industries. keyregion’s horticultural which demonstrates long term confidence in the investment in downstream processing capacity, significant been has there 2019, in far so properties of rural fewer sales we have seen While cost. in reduction asubsequent and allocations water irrigation of higher areturn we see until subdued remain will activity sales that we expect and decisions investment on weighing to be likely is entitlement, currently just over megalitre, per $600 water irrigation of leasing cost high The discerning. more have become buyers that suggesting to sell, longer taking now are these that is observation Our regions. Riverland and Sunraysia the both in market the on properties horticultural scale of larger number areasonable still are there this, said Having to 2014. prior period extended an for depressed been had values that remembering period, this during sales of such number normal key industries. horticultural capacity, which demonstrates long term confidence in the region’s There has been significant investment in downstream processing These are variable, as you would expect, however however expect, would you as variable, are These start. adry after regions agricultural many in events rain some had has Australia Western and year the way over through We half well are Western Australia varieties. peel easy and of navel oranges increase in resulting production from new plantings significant the to handle order in to years, two one next over the facilities packing citrus of local capacity the in expansion to see expect We also value chain. the move up to also company the allow will and annum per tonnes 25,000 to handle have capacity will facility The of Mildura. south-east kilometres 70 approximately property, Hattah their at plant have commenced construction of an almond hulling to Valley, Murray the understood is along orchards of anumber with business growing almond owned privately a large, Agribusiness, Light Bright years. over 15 in region this in built have been to newwinery first the is and annum per tonnes to up 80,000 process to eventually designed been has facility The step. logical next their as integration vertical saw and prices, depressed at mostly five years, past the in vineyards grape of wine area alarge acquired also Weilong 2019. in newwinery its from crush first the completed Holdings, company, Weilong wine private Another growers. outside for fruit some crush contract may also they that have indicated and wine and juice bulk into both grapes processing from tohoping gain increased profit margin resulting Month in Review in Month September 2019 63

RURAL positive side of the scale. of the side positive confidence needle continues to lean towards the the and period time over this transactions of other a number been have also There unit. cattle per $1,350 or million $8.5 was WIWO price sale advertised the and units cattle 6,300 to rated is run property The hectares. of 671,277 area land total a with Noondoonia and Woorlba Nanambinia, Balladonia, as known stations four includes offer. aggregation under This currently is region, we note that the Balladonia Aggregation pastoral to Goldfields–Esperance the north-east heading and state of the south the in Staying improved. hectare per $3,780 indicates price sales of the Analysis frontage. highway has and Coast South the on to Albany close reasonably is property This of sheds. anumber and house afour-bedroom including improvements structural with grazing and cropping for developed hectares 1,375 approximately is property This million. $5.2 for Valley sold Kangaroo locality Range Green the south, further and May in year the in Later hectare improved. per $1,178 reflects price sale That sheds. and houses including improvements of structural sets by two serviced is and of 7,556 area hectares land a total has property The into one. were aggregated that Rockwater and Downs Fretwells, as Mini known farms three formerly was property This million. $8.9 for Varley purchased was Road, Sheridan Mount Downs, Minni January, in year of the At start the purposes. agricultural for developed mass land Australian Western the across havethat happened transactions sale some at we have alook month This flowering. some month, I have seen some well-established crops and last the in regions cropping the around travelling northern halfnorthern of the Territory. Northern the in market land grazing the investigating actively been reportedly has buyer This acquisition. sound areasonably indicates levels, market at is lease sub- the assuming price, contract reported the of analysis Our property. of the portion a small over agreement agistment to existing an subject also was and confidential) remain of lease (terms to CPC to aleaseback subject was but equipment, and plant of livestock, bare sold property the that howeverunderstand we stage at this confidential Full remain details million. $23.4 was property the local investors. The recorded settlement price for and Americas) (the of foreign amix is understand we Ltdwho Pty Investments Pacific Cross with CPC property sell-down. The deal was negotiated of the part as July mid around settled Darwin) of south kilometres (300 Katherine at Highway Victoria and Highway Stuart of the junction the at located strategically Manbulloo, block, breeding kilometre square 3,797 of the sale The Northern TerritoryNorthern Wide open plains pastoral front in the Northern Territory. It has been an extremely active six or so months on the

Source: HTW HTW Source: at this stage, however the deal was reportedly reportedly was deal however the stage, this at confidential Full remain 2019. March details around since marketed been had It price. asking its around at sale for contract under currently is Katherine of south-west kilometres 65 Highway, around to Victoria the frontage with kilometres) square (1,018 Station Creek Scott that understand We also Alice. the in country grazing conditions have not dampened strong demand for dry very the Again, standard. to up industry it bring still requires significant pastoral development to pastoralists for this property, which reportedly region Springs Alice several from interest strong abuyer. We awaresecured of reasonably are already later, reportedly weeks has three it than less much however 9September, not on auction to to go listed recently was Springs, of Alice south drive kilometre 240 around kilometres) square (4,628 Idracowra station, Centralian Another least three years. at for now leases held tightly the for competition by strong sustained been has which land pastoral Centralian for levels value of strengthening theme continuing the with line in falls sale This region. Alice the in stations other by many experienced being conditions dry very same the with coping reportedly was property the of sale, time the Territory. At Northern into the operations their to expand looking family pastoral Australian South to a sale WIWO to million $9.5 $9 million acirca in (real estate) to $7.5(end of million close for July) settled also has Springs of Alice west north-north by road 270 kilometres around Skinner, situated Mount property, kilometre square 3,036 The

Month in Review in Month September 2019 64

RURAL productivity across these leases provides me with a a with me provides leases these across productivity years, a consistent approach to assessing stations more than once over the past twenty of these most inspected has who avaluer As financiers, landagents and valuers. ofcapacity the lease of purchasers, vendors, productive long-term the on of opinions range wide to equally an down put be can variation huge the From plant). into it, and of my stock reading (bare $3,000 to nearly through $1,500 around from levels value equivalent adult per dollar ranging widely indicates far so sales 2019 of the analysis our Territory and Northern the in front pastoral the on months so six or active extremely an been has It TerritoryNorthern with offers accepted. of the north the in market the on currently holdings pastoral other aware of two We also are weeds). and native timbers of by regrowth resumed was area of this proportion however alarge property, the on native pastures to supplement crops sorghum of hay and cultivation scale broad for 1970s the in cleared were originally property of the hectares thousand several that (we issues note erosion suffering and infestation weed heavy with overrun been having after rehabilitation to ongoing subject of land hectares 1,400 over approximately hay cropping with to continue settlement) at consummated is deal the (if purchasers the for desire astrong indicates price contract reported The of date contract. the at struck also was lease pastoral entire of the use for year one around for agreement agistment an that Territory and Northern the in country grazing other acquired recently also has purchaser the that We understand completion. sale for approval Ministerial and FIRB requires buyer potential the that we understand and equipment) and plant negotiated on a bare basis (excluding livestock, affected areas anxiously purchased downs country country downs purchased anxiously areas affected and SouthernQueensland drought Queensland Territory, Central Northern the from Graziers year. this into March and late February in sales priced of higher aspike had Downs Central Northern The results. index 2018 and 2017 centre of towards the the somewhere actually is NQ) average (Other Forest country current The good basalt sales. of the to lack the due low is year Conversely, this country selling. Croydon and Uplands of Desert to alack due high, is average index years last that is, reality The mix. the in sell forest Croydon and Uplands Desert lighter some seen has year This relief. drought for country grassed were seeking graziers stronger priced transactions whereby southern by some fuelled was this Also, market. the in increase of ageneral perception the created which sell country basalt quality good some saw year Last case. year. the last not is spike the This from softened Queensland (typically forest breeding country) has North Other the below, to graph the According West North and North Queensland should be intriguing to say the least. to the say intriguing be should process marketing the and turnaround quick very a That’s were acquired. they since years three or two only after be will it Territory. sell, they If Northern the in sale for market the hit just have that leases pastoral two or one are There overestimated. have clearly buyers of which picture accurate fairly now. is it than lower slightly be will index average year full the that expected is it negotiation, under currently are that settle transactions the Once pricing. February/March of the to extent the not general strengthening on last years certainly sales, a indicate does March since evidence sales The case. not the was This event. flood monsoonal the following of grass body substantial a be going was there that perception the amid Average Analysed Price per Hectare (Proper5es > 2,500 ha) $160 $240 $320 $400 $80 $0 2008-09 2009-10 Other North Queensland Northern Central Downs 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 Month in Review in Month September 2019 65

RURAL Property Market Indicators September 2019 Month in Review | September 2019 Capital City Property Market Indicators – Houses

Factor Sydney Melbourne Brisbane Adelaide Perth Hobart Darwin Canberra

Rental Vacancy Situation Balanced market Balanced market Balanced market Balanced market Balanced market Severe shortage of Over-supply of Shortage of available available property available property property relative to relative to demand relative to demand demand

Rental Vacancy Trend Increasing Tightening Steady Steady Tightening Steady Steady Steady

Demand for New Houses Fair Fair Fair Fair Fair Strong Fair Fair

Trend in New House Construction Steady Steady Increasing Steady Increasing Steady Steady Declining

Volume of House Sales Steady Steady Steady Steady Steady Steady Steady Steady

Stage of Property Cycle Bottom of market Bottom of market Bottom of market Rising market Bottom of market Approaching peak of Bottom of market Peak of market market

Are New Properties Sold at Prices Occasionally Almost never Frequently Occasionally Occasionally Occasionally Occasionally Occasionally Exceeding Their Potential Resale Value

Red entries indicate change from previous month to a higher risk-rating Blue entries indicate change from previous month to a lower risk-rating

Rental Vacancy Trend Demand for New Houses Stage of Property Cycle

6 6 9

Peak of Market 8 Increasing 5 Very Soft 5 Sharply Starting to 7 4 Soft 4 Decline 6

Increasing 5

3 Approaching 3 Fair Peak 4 Steady 2 3 2 Declining Market

Strong 2

1 Tightening 1 Approaching 1 Very Strong Bottom 0 0 0

Perth Perth Perth Sydney Hobart Darwin Sydney Hobart Darwin Sydney Hobart Darwin BrisbaneAdelaide Canberra BrisbaneAdelaide Canberra BrisbaneAdelaide Canberra Melbourne Melbourne Melbourne

Month in Review | September 2019 Capital City Property Market Indicators – Units

Factor Sydney Melbourne Brisbane Adelaide Perth Hobart Darwin Canberra

Rental Vacancy Situation Balanced market Over-supply of Balanced market Balanced market Balanced market Severe shortage of Over-supply of Balanced market available property available property available property relative to demand relative to demand relative to demand

Rental Vacancy Trend Increasing Steady Steady Steady Tightening Steady Steady Steady

Demand for New Units Soft Soft Fair Fair Soft Strong Soft Strong

Trend in New Unit Construction Increasing Increasing Steady Steady Increasing Steady Declining Declining

Volume of Unit Sales Steady Declining Steady Steady Declining Steady Declining Declining

Stage of Property Cycle Bottom of market Bottom of market Bottom of market Start of recovery Declining market Approaching peak of Bottom of market Declining market market

Are New Properties Sold at Prices Frequently Almost never Very frequently Occasionally Very frequently Occasionally Occasionally Frequently Exceeding Their Potential Resale Value

Red entries indicate change from previous month to a higher risk-rating Blue entries indicate change from previous month to a lower risk-rating

Rental Vacancy Trend Demand for New Units Stage of Property Cycle 6 6 9

Peak of Market8

5 Increasing harply Very Soft5

Starting to Decline7

4 4 Increasing Soft Approaching Peak6

5

3 Declining Market 3

Steady Fair 4 Approaching Bottom

2 2 3 Tightening Strong Rising Market 2

1 1

Bottom of Market1 Tightening Sharply Very Strong

0 0 Start of Recovery0

Perth Perth Perth Sydney Hobart Darwin Sydney Hobart Darwin Sydney Hobart Darwin BrisbaneAdelaide Canberra BrisbaneAdelaide Canberra Brisbane Adelaide Canberra Melbourne Melbourne Melbourne

Month in Review | September 2019 Capital City Property Market Indicators – Offices

Factor Sydney Melbourne Brisbane Adelaide Perth Hobart Darwin Canberra

Rental Vacancy Situation Shortage of available Shortage of available Over-supply of Over-supply of Over-supply of Over-supply of Over-supply of Balanced market property relative to property relative to available property available property available property available property available property demand demand relative to demand relative to demand relative to demand relative to demand relative to demand

Rental Vacancy Trend Tightening Tightening Tightening Steady Steady Steady Steady Steady

Rental Rate Trend Increasing Increasing Stable Stable Stable Declining Stable Stable

Volume of Property Sales Steady Steady Steady Declining Steady Steady Steady Steady

Stage of Property Cycle Approaching peak of Peak of market Start of recovery Start of recovery Bottom of market Bottom of market Bottom of market Start of recovery market

Local Economic Situation Steady growth Steady growth Steady growth Flat Flat Flat Severe contraction Steady growth

Value Difference between Quality Properties Small Small Significant Large Large Significant Large Significant with National Tenants, and Comparable Properties with Local Tenants

Red entries indicate change from 3 months ago to a higher risk-rating Blue entries indicate change from 3 months ago to a lower risk-rating

Rental Vacancy Trend Local Economic Situation Stage of Property Cycle

6 6 9

Peak of Market 8

Severe5 Increasing Sharply 5

Contraction Starting to Decline 7

4 Increasing 4 Approaching Peak 6 Contraction Declining Market 5

3 Steady 3 Flat Approaching Bottom 4

2 Tightening 2 Rising Market 3 Steady Growth

2

Tightening Sharply 1 1 Bottom of Market High Growth Start of Recovery 1

0 0 1 0

Perth Perth Perth Sydney Hobart Darwin Sydney Hobart Darwin Sydney Hobart Darwin BrisbaneAdelaide Canberra BrisbaneAdelaide Canberra Brisbane Adelaide Canberra Melbourne Melbourne 1 Melbourne

Month in Review | September 2019 East Coast New South Wales Property Market Indicators – Houses Byron Southern Southern Factor Canberra Central Coast Coffs Harbour Lismore Newcastle Sydney Bay/Ballina Highlands Tableands Rental Vacancy Situation Shortage of Balanced market Shortage of Balanced market Balanced market Balanced market Balanced market Balanced market Balanced market available property available property relative to demand relative to demand Rental Vacancy Trend Steady Steady Tightening Steady Steady Steady Steady Steady Increasing

Demand for New Houses Fair Fair Fair Fair Fair Fair Fair Soft Fair

Trend in New House Declining Steady Steady Steady Steady Steady Increasing Declining Steady Construction

Volume of House Sales Steady Declining Steady Steady Steady Declining Declining Steady Steady

Stage of Property Cycle Peak of market Starting to decline Starting to decline Starting to decline Starting to decline Declining market Bottom of market Declining market Bottom of market

Are New Properties Sold Occasionally Frequently Almost never Almost never Almost never Occasionally Occasionally Occasionally Occasionally at Prices Exceeding Their Potential Resale Value

Red entries indicate change from previous month to a higher risk-rating Blue entries indicate change from previous month to a lower risk-rating

Rental Vacancy Trend Demand for New Houses Stage of Property Cycle

6 6 9 Increasing Peak of Market Very Soft 8

Sharply 5 5 Starting to

7 Soft Decline 4 4 6 Increasing Approaching

5

3 Fair 3 Peak Steady 4 Declining Market 2 Strong 2 3 Approaching Tightening 2 1 Very Strong 1 Bottom 1 Rising Market 0 0 0

Lismore Sydney Canberra Lismore Sydney Lismore Sydney Newcastle Canberra Southern…Southern… Canberra Southern…Southern… Central CoastCoffs Harbour Newcastle Newcastle Central CoastCoffs Harbour Central CoastCoffs Harbour Ballina/Byron Bay Ballina/Byron… Ballina/Byron… Southern SouthernHighlands Tablenads

Month in Review | September 2019 Country New South Wales Property Market Indicators – Houses

Factor Albury Bathurst Wodonga Dubbo Tamworth Illawarra

Rental Vacancy Situation Balanced market Balanced market Balanced market Balanced market Balanced market Balanced market

Rental Vacancy Trend Steady Steady Steady Steady Steady Steady

Demand for New Houses Soft Fair Fair Fair Soft Fair

Trend in New House Construction Increasing Declining Steady Steady Increasing Steady

Volume of House Sales Steady Steady Declining Increasing Steady Steady

Stage of Property Cycle Peak of market Peak of market Peak of market Peak of market Approaching peak of Approaching bottom of market market

Are New Properties Sold at Prices Occasionally Occasionally Occasionally Very frequently Occasionally Very frequently Exceeding Their Potential Resale Value

Red entries indicate change from previous month to a higher risk-rating Blue entries indicate change from previous month to a lower risk-rating

Rental Vacancy Trend Stage of Property Cycle Demand for New Houses

6 9 6

Peak of Market 8 Increasing Very Soft 5 5

Sharply Starting to Decline 7

4 Approaching Peak 6 Soft4 Increasing Declining Market 5 3 Fair3 Steady Approaching Bottom 4

2 Rising Market 3 Strong2 Tightening 2

1 Bottom of Market 1 Very Strong Start of Recovery 1

0 0 0

Albury Dubbo Albury Dubbo Albury Dubbo Bathurst Wodonga Illawarra Tamworth Bathurst Bathurst Wodonga Tamworth Illawarra Wodonga Tamworth Illawarra

Month in Review | September 2019 East Coast New South Wales Property Market Indicators - Units Byron Southern Southern Factor Canberra Central Coast Coffs Harbour Lismore Newcastle Sydney Bay/Ballina Highlands Tableands Rental Vacancy Situation Balanced market Shortage of available Shortage of available Balanced market Shortage of Balanced market Balanced market Balanced market Balanced market property relative to property relative to available property demand demand relative to demand

Rental Vacancy Trend Steady Steady Tightening Steady Steady Steady Steady Steady Increasing

Demand for New Houses Strong Strong Fair Fair Strong Fair Fair Soft Soft

Trend in New House Declining Steady Increasing Steady Declining Steady Declining Increasing Increasing Construction

Volume of House Sales Declining Steady Steady Steady Increasing Declining Steady Steady Steady

Stage of Property Cycle Declining market Starting to decline Starting to decline Starting to decline Starting to decline Declining market Bottom of market Declining market Bottom of market

Are New Properties Sold Frequently Occasionally Occasionally Almost never Almost never Occasionally Occasionally Occasionally Frequently at Prices Exceeding Their Potential Resale Value Red entries indicate change from previous month to a higher risk-rating Blue entries indicate change from previous month to a lower risk-rating

Rental Vacancy Trend Demand for New Units Stage of Property Cycle 6 6 9 Peak of Market Very Soft 8 5 Increasing Sharply 5

Starting to 7 Soft 4 4 Increasing Decline 6

5 Steady 3 Fair 3 Approaching

4 Peak

2 2 Tightening Strong 3

Declining Market 2 1 Very Strong 1 Tightening Sharply 1 Approaching

0 0 0 Bottom

Lismore Sydney Canberra Lismore Sydney Lismore Sydney Newcastle Canberra Southern…Southern… Canberra Southern…Southern… Central CoastCoffs Harbour Newcastle Newcastle Central CoastCoffs Harbour Central Coast Ballina/Byron Bay Ballina/Byron… Coffs Harbour Ballina/Byron… Southern HighlandsSouthern Tableands

Month in Review | September 2019 Country New South Wales Property Market Indicators - Units Factor Albury Wodonga Bathurst Dubbo Tamworth Illawarra

Rental Vacancy Situation Balanced market Balanced market Balanced market Balanced market Balanced market Over-supply of available property relative to demand

Rental Vacancy Trend Steady Steady Steady Steady Steady Increasing

Demand for New Units Fair Soft Fair Fair Fair Fair

Trend in New Unit Steady Increasing Increasing Declining Increasing Steady Construction

Volume of Unit Sales Steady Declining Steady Steady Steady Steady

Stage of Property Cycle Peak of market Peak of market Peak of market Rising market Approaching peak of market Approaching bottom of market

Are New Properties Sold at Almost never Occasionally Occasionally Occasionally Occasionally Very frequently Prices Exceeding Their Potential Resale Value Red entries indicate change from previous month to a higher risk-rating Blue entries indicate change from previous month to a lower risk-rating

Rental Vacancy Trend Stage of Property Cycle Demand for New Units

6 9 6

Peak of Market 8 Increasing 5 Very Soft 5 Sharply 7

4 Starting to 6 4 Soft

Increasing 5 Decline 3 3

4 Fair Steady 2 Approaching Peak 3 2 Strong 2

Tightening 1 Declining Market 1

1

0 Approaching 0 0

Albury Dubbo Bathurst Illawara Albury Dubbo Albury Dubbo Wodonga Tamworth Bathurst Illawara Bathurst Illawara Wodonga Tamworth Wodonga Tamworth

Month in Review | September 2019 East Coast & Country New South Wales Property Market Indicators – Offices Byron South East Factor Canberra Central Coast Coffs Harbour Lismore Mid North Coast Newcastle Sydney Bay/Ballina NSW Rental Vacancy Situation Over-supply of Balanced market Balanced market Over-supply of Balanced market Balanced market Balanced market Balanced market Shortage of available property available property available relative to demand relative to demand property relative to demand Rental Vacancy Trend Tightening Tightening Steady Steady Steady Tightening Tightening Steady Tightening

Rental Rate Trend Increasing Stable Stable Stable Stable Stable Stable Stable Increasing

Volume of Property Sales Steady Increasing Steady Steady Steady Declining Declining Steady Steady

Stage of Property Cycle Start of recovery Start of recovery Peak of market Starting to decline Peak of market Starting to decline Approaching peak of Peak of market Approaching market peak of market

Local Economic Situation Steady growth Steady growth Steady growth Flat Steady growth 0 Steady growth Steady growth Steady growth

Value Difference between Significant Significant Significant Significant Significant Large Large Significant Small Quality Properties with National Tenants, and Comparable Properties with Local Tenants Red entries indicate change from 3 months ago to a higher risk-rating Blue entries indicate change from 3 months ago to a lower risk-rating

Rental Vacancy Trend Local Economic Situation Stage of Property Cycle

6 6 9

Severe Peak of Market 8 5 Contraction 5 7 Starting to 4 4 6

Contraction Decline 5

3 3

4 Approaching

2 2 3 Flat

Peak 2

1 1

1 Declining

0 0 0

Byron… Byron… Byron… Lismore Sydney Lismore Sydney Lismore Sydney Canberra Canberra Canberra Mid North…NewcastleSouth East… Mid North…NewcastleSouth East… Mid North…NewcastleSouth East… Central CoastCoffs Harbour Central CoastCoffs Harbour Central CoastCoffs Harbour

Month in Review | September 2019 Victorian and Tasmanian Property Market Indicators – Houses

Factor Geelong Melbourne Shepparton Hobart Launceston

Rental Vacancy Situation Balanced market Balanced market Shortage of available property Shortage of available Severe shortage of available relative to demand property relative to demand property relative to demand

Rental Vacancy Trend Steady Tightening Steady Tightening Steady

Demand for New Houses Fair Fair Strong Fair Strong

Trend in New House Construction Steady Steady Steady Steady Steady

Volume of House Sales Steady Steady Increasing Steady Steady

Stage of Property Cycle Starting to decline Bottom of market Rising market Rising market Approaching peak of market

Are New Properties Sold at Prices Exceeding Their Occasionally Almost never Almost never Almost never Occasionally Potential Resale Value

Red entries indicate change from previous month to a higher risk-rating Blue entries indicate change from previous month to a lower risk-rating

Rental Vacancy Trend Demand for New Houses Stage of Property Cycle

6 6 9 Peak of Market Very Soft 8 Increasing 5 5 Sharply Starting to Decline 7

4 Soft 4 Approaching Peak 6

Increasing 5 3 3 Declining Market Fair 4

2 Approaching Steady 2 3

Strong Bottom 2 Tightening 1 1 Rising Market 1

0 0 0 Bottom of Market

Hobart Hobart Hobart Geelong Geelong Geelong Melbourne Shepparton Launceston Melbourne Shepparton Launceston Melbourne Shepparton Launceston

Month in Review | September 2019 Victorian and Tasmanian Property Market Indicators – Units Victorian and Tasmanian Property Market Indicators – Houses Factor Geelong Melbourne Shepparton Hobart Launceston Factor Geelong Gippsland Melbourne Mildura Shepparton Burnie-Devonport Hobart Launceston Rental Vacancy Situation Balanced market Over-supply of available property Shortage of available property Shortage of available property Severe shortage of available Rental Vacancy Situation Severe shortage of Balanced market Shortage of available Balanced market Shortage of available Balancedrelative market to demand Severe shortagerelative of Balanced to demand market relative to demand property relative to demand available property property relative to property relative to available property relative to demand Rental Vacancydemand Trend Steadydemand Steady relative to demandSteady Tightening Steady

Rental Vacancy Trend Tightening sharply Steady Steady Steady Steady Tightening Steady Tightening

Demand for New Houses Fair Soft Strong Fair Strong

Demand for New Houses Strong Strong Fair Strong Strong Fair Strong Fair

Trend in New House Construction Steady Increasing Steady Steady Steady

Trend in New House Construction Steady Increasing Steady Steady Steady Declining Steady Declining Volume of House Sales Steady Declining Increasing Steady Steady

Volume of House Sales Steady Increasing Steady Steady Increasing Steady Steady Steady Stage of Property Cycle Starting to decline Bottom of market Bottom of market Rising market Approaching peak of market

Stage of Property Cycle Starting to decline Peak of market Declining market Rising market Rising market Rising market Approaching peak Rising market Are New Properties Sold at Prices Exceeding Their Occasionally Almost never of market Almost never Almost never Occasionally Potential Resale Value

Are New Properties Sold at Prices Almost never Frequently Occasionally Almost never Almost never Almost never Occasionally Almost never Exceeding Their Potential Resale Red entries indicate change from previous month to a higher risk-rating Blue entries indicate change from previous month to a lower risk-rating Value

Red entries indicate change from previous month to a higher risk-rating Blue entries indicate change from previous month to a lower risk-rating

Rental Vacancy Trend Demand for New Units Stage of Property Cycle

6 6 9

Rental Vacancy Trend Demand for New Houses Very Soft Stage of Property Cycle 8 Increasing Sharply 5 5 6 6 9 Peak of Market 7 Very Soft 8 Increasing 4 Soft 4 6 5 Increasing 5 Sharply Starting to Decline 7 5

Soft 3 Approaching Peak3 4 Fair 4 Steady 6 4 Increasing

2 3 2 Declining Market 5

3 TighteningFair 3 Strong

2 Steady Approaching 4 1 1

1 2 2 Strong Bottom 3

Tightening 0 0 0 Rising Market 2 1 Very Strong 1

1 Tightening Bottom of Market

0 Hobart Hobart 0 Hobart Geelong Start of RecoveryGeelong0 Geelong Melbourne Shepparton Launceston Melbourne Shepparton Launceston Melbourne Shepparton Launceston

Burnie-… Hobart Burnie-… Hobart Hobart Geelong Mildura Geelong Mildura Geelong Mildura Burnie-… Gippsland Gippsland Gippsland Melbourne Shepparton Launceston Melbourne Shepparton Launceston Melbourne Shepparton Launceston

Month in Review | September 2019 Victorian and Tasmanian Property Market Indicators – Offices

Factor Dubbo Ballarat Echuca Melbourne Geelong Mildura Hobart Launceston

Rental Vacancy Situation Shortage of available Balanced market Over-supply of Shortage of available Balanced market Over-supply of Over-supply of Over-supply of property relative to available property property relative to available property available property available property demand relative to demand demand relative to demand relative to demand relative to demand

Rental Vacancy Trend Steady Tightening Steady Tightening Steady Steady Steady Steady

Demand for New Houses Stable Increasing Declining Increasing Stable Stable Declining Declining

Trend in New House Construction Steady Increasing Steady Steady Steady Steady Steady Steady

Volume of House Sales Peak of market Rising market Declining market Peak of market Approaching peak of Start of recovery Bottom of market Bottom of market market

Stage of Property Cycle Steady growth Steady growth Flat Steady growth Steady growth Steady growth Flat Flat

Are New Properties Sold at Prices Large Small Small Small Significant Significant Significant Significant Exceeding Their Potential Resale Value

Red entries indicate change from 3 months ago to a higher risk-rating Blue entries indicate change from 3 months ago to a lower risk-rating

Rental Vacancy Trend Local Economic Situation Stage of Property Cycle

6 6 9

Peak of Market 8 Increasing Severe 5 5

Sharply Contraction Starting to Decline 7

4 4 Approaching Peak 6 Increasing Contraction Declining Market 5 3 3 Steady Flat Approaching 4

2 2 Bottom 3 Tightening Steady Growth 2

1 1 Rising Market

1 Tightening High Growth Bottom of Market

0 0 Start of Recovery 0

Dubbo Hobart Dubbo Hobart Dubbo Hobart Ballarat Echuca Geelong Mildura Ballarat Echuca Geelong Mildura Ballarat Echuca Geelong Mildura Melbourne Launceston Melbourne Launceston Melbourne Launceston

Month in Review | September 2019 Queensland Property Market Indicators – Houses Sunshine Gold Factor Cairns Townsville Whitsunday Mackay Rockhampton Emerald Gladstone Bundaberg Hervey Bay Brisbane Ipswich Toowoomba Coast Coast Rental Vacancy Shortage of Shortage of Shortage of Shortage of Balanced market Balanced Balanced Shortage of Shortage of Balanced Balanced Over-supply Balanced Shortage of Situation available available available available market market available available market market of available market available property property property property property property property property relative to relative to relative to relative to relative to relative to relative to relative to demand demand demand demand demand demand demand demand Rental Vacancy Steady Tightening Tightening Tightening Tightening Steady Steady Tightening Tightening Steady Steady Steady Steady Tightening Trend

Demand for New Fair Fair Fair Fair Fair Fair Fair Fair Fair Fair Fair Fair Soft Soft Houses

Trend in New Steady Steady Declining Steady Steady Steady Steady Increasing Steady Steady Increasing Increasing Increasing Increasing House Construction

Volume of House Steady Steady Steady Increasing Steady Steady Steady Steady Steady Declining Steady Steady Declining Declining Sales

Stage of Property Start of Start of Start of Start of Bottom of market Rising market Start of Bottom of Rising market Peak of Bottom of Bottom of Declining Bottom of Cycle recovery recovery recovery recovery recovery market market market market market market

Are New Properties Almost never Almost Almost never Occasionally Occasionally Occasionally Occasionally Almost never Occasionally Occasionally Frequently Occasionally Frequentl Frequently Sold at Prices never y Exceeding Their Potential Resale Value

Red entries indicate change from previous month to a higher risk-rating Blue entries indicate change from previous month to a lower risk-rating

Rental Vacancy Trend Demand for New Houses Stage of Property Cycle

6 6 9 Peak of Market Increasing Sharply Very Soft 8 5 5

Starting to Decline 7

Increasing 4 Soft 4 Approaching Peak 6

Declining Market 5 Steady 3 Fair 3 Approaching 4

Tightening 2 Strong 2 Bottom3

Rising Market 2 Tightening Sharply 1 Very Strong 1 1 Bottom of Market 0 0 Start of Recovery 0

Cairns Cairns Cairns Ipswich Ipswich Ipswich Mackay Emerald Brisbane Mackay Emerald Brisbane Mackay Emerald Brisbane Townsville Gladstone Gold Coast Townsville Gladstone Gold Coast Townsville Gladstone Gold Coast Whitsunday BundabergHervey Bay Toowoomba Whitsunday BundabergHervey Bay Toowoomba Whitsunday BundabergHervey Bay Toowoomba Rockhampton Rockhampton Rockhampton Sunshine Coast Sunshine Coast Sunshine Coast

Month in Review | September 2019 Queensland Property Market Indicators – Units

Rock- Sunshine Factor Cairns Townsville Whitsunday Mackay Emerald Gladstone Bundaberg Hervey Bay Brisbane Ipswich Gold Coast Toowoomba hampton Coast Rental Vacancy Shortage of Shortage of Over-supply Shortage of Balanced Balanced Balanced Balanced Shortage of Balanced Balanced Over-supply Balanced Shortage of Situation available available of available available market market market market available market market of available market available property property property property property property property relative to relative to relative to relative to relative to relative to relative to demand demand demand demand demand demand demand Rental Vacancy Trend Steady Tightening Steady Tightening Tightening Steady Steady Tightening Tightening Steady Steady Steady Steady Steady

Demand for New Fair Soft Very soft Soft Fair Very soft Fair Fair Fair Strong Fair Soft Soft Soft Units Trend in New Unit Steady Steady Declining Increasing Steady Increasing Steady Steady Steady Declining Steady Steady Steady Increasing Construction significantly strongly Volume of Unit Sales Steady Increasing Steady Steady Steady Steady Steady Steady Increasing Steady Steady Steady Declining Declining

Stage of Property Start of Start of Bottom of Bottom of Bottom of Start of Start of Bottom of Rising market Peak of Bottom of Bottom of Declining Bottom of Cycle recovery recovery market market market recovery recovery market market market market market market Are New Properties Almost never Almost never Occasionally Occasionally Almost Occasionally Occasionally Almost never Occasionally Almost never Very Very Frequently Very frequent- Sold at Prices never frequently frequently ly Exceeding Their Potential Resale Value Red entries indicate change from previous month to a higher risk-rating Blue entries indicate change from previous month to a lower risk-rating

Rental Vacancy Trend Demand for New Units Stage of Property Cycle

6 6 9 Peak of Market Increasing Sharply Very Soft 8 5 5 Starting to Decline 7 Increasing Soft 4 4 Approaching Peak 6

Declining Market 5

Steady 3 Fair 3

Approaching 4

Tightening 2 Strong 2 Bottom 3

Rising Market 2 Tightening Sharply 1 Very Strong 1 Bottom of Market 1 Start of Recovery 0 0 0

Cairns Cairns Cairns Ipswich Ipswich Ipswich Mackay Emerald Brisbane Mackay Emerald Brisbane Mackay Emerald Brisbane Townsville Gladstone Townsville Gladstone Townsville Gladstone Whitsunday BundabergHervey Bay Gold ToowoombaCoast Whitsunday BundabergHervey Bay Gold ToowoombaCoast Whitsunday BundabergHervey Bay Gold ToowoombaCoast Rockhampton Rockhampton Rockhampton Sunshine Coast Sunshine Coast Sunshine Coast

Month in Review | September 2019 Queensland Property Market Indicators – Offices

Rock- Sunshine Factor Cairns Townsville Mackay Gladstone Emerald Wide Bay Brisbane Ipswich Gold Coast Toowoomba hampton Coast Rental Vacancy Situation Over-supply of Over-supply of Over-supply of Balanced Over-supply of Balanced Balanced Balanced Over-supply Large over- Over-supply of Over-supply of available available property available market available market market market of available supply of available available property relative to demand property property property available property property relative relative to relative to relative to relative to property relative to to demand demand demand demand demand relative to demand demand Rental Vacancy Trend Steady Steady Steady Steady Steady Steady Steady Steady Steady Steady Tightening Steady

Demand for New Units Stable Stable Stable Stable Stable Stable Stable Stable Stable Declining Stable Stable

Trend in New Unit Steady Steady Steady Steady Steady Steady Steady Steady Steady Steady Steady Steady Construction

Volume of Unit Sales Bottom of Bottom of market Bottom of Bottom of Approaching Bottom of Bottom of Bottom of Start of Peak of market Start of Start of recovery market market market bottom of market market market recovery recovery market Stage of Property Cycle Flat Flat Steady growth Flat Flat Flat Flat Flat Steady Steady growth Steady growth Flat growth

Are New Properties Sold Small Significant Significant 0 0 Significant Significant Significant Small Small Significant Large at Prices Exceeding Their Potential Resale Value

Red entries indicate change from 3 months ago to a higher risk-rating Blue entries indicate change from 3 months ago to a lower risk-rating

Rental Vacancy Trend Local Economic Situation Stage of Property Cycle

6 6 9

Peak of Market 8 Increasing Sharply 5 Severe 5

7 Contraction Starting to Decline

Increasing 4 4 6 Approaching Peak

Contraction 5 Steady 3 3 Declining Market 4 Flat

2 2 Approaching 3 Tightening

Bottom 2 Steady Growth 1 1 Tightening Sharply Rising Market 1

0 0 Bottom of Market 0 Start of Recovery

Cairns Cairns Cairns Mackay Mackay Emerald Mackay Emerald Wide BayEmerald Brisbane Wide Bay Brisbane Wide Bay Brisbane Townsville Gladstone Townsville Gladstone Gold Coast Townsville Gladstone Gold Coast Gold CoastToowoomba Toowoomba Toowoomba Rockhampton Rockhampton Rockhampton Sunshine Coast Sunshine Coast Sunshine Coast Month in Review | September 2019 SA, NT and WA Property Market Indicators - Houses

Factor Adelaide Adelaide Hills Barossa Valley Alice Springs Darwin Perth Geraldton Kalgoorlie Karratha Port Headland Broome South West WA

Rental Vacancy Balanced market Balanced Balanced market Balanced market Over-supply of Balanced Over-supply Over-supply Shortage of Balanced Balanced market Balanced market Situation market available market of available of available available market property property property property relative to relative to relative to relative to demand demand demand demand Rental Vacancy Steady Steady Steady Steady Steady Tightening Tightening Increasing Tightening Tightening Steady Steady Trend

Demand for Fair Fair Fair Fair Fair Fair Fair Fair Fair Fair Fair Soft New Houses

Trend in New Steady Declining Steady Steady Steady Increasing Steady Steady Steady Steady Steady Increasing House significantly Construction Volume of Steady Steady Steady Steady Steady Steady Increasing Declining Declining Declining Declining Declining House Sales

Stage of Rising market Rising market Rising market Bottom of Bottom of Bottom of Approaching Declining Rising market Start of Approaching Declining market Property Cycle market market market bottom of market recovery bottom of market market Are New Occasionally Occasionally Occasionally Almost never Occasionally Occasionally Almost never Almost never Almost never Almost never Almost never Almost never Properties Sold at Prices Exceeding Their Potential Resale Value Red entries indicate change from 3 months ago to a higher risk-rating Blue entries indicate change from 3 months ago to a lower risk-rating

Rental Vacancy Trend Demand for New Houses Stage of Property Cycle

6 6 9 Peak of Market Increasing Sharply Very Soft 8 5 5

Starting to Decline 7

Increasing4 Soft4 Approaching Peak 6

Declining Market 5 Steady3 Fair3 Approaching 4 Tightening2 Strong2 Bottom 3

2

1 1 Rising Market

1 Bottom of Market 0 0 0

Perth Perth Perth Darwin Darwin Darwin Adelaide Karratha Broome Adelaide Karratha Broome Adelaide Karratha Broome GeraldtonKalgoorlie GeraldtonKalgoorlie GeraldtonKalgoorlie Alice Springs Alice Springs Alice Springs Adelaide Hills Port Headland Adelaide Hills Port Headland Adelaide Hills Port Headland Barossa Valley South West WA Barossa Valley South West WA Barossa Valley South West WA

Month in Review | September 2019 SA, NT and WA Property Market Indicators – Units

Factor Adelaide Adelaide Hills Barossa Valley Alice Springs Darwin Perth Geraldton Kalgoorlie Karratha Port Headland Broome South West WA

Rental Vacancy Balanced market Balanced Balanced market Balanced market Over-supply of Balanced Over-supply Over-supply Shortage of Balanced Balanced market Balanced market Situation market available market of available of available available market property property property property relative to relative to relative to relative to demand demand demand demand Rental Vacancy Steady Steady Steady Steady Steady Tightening Tightening Increasing Steady Tightening Steady Steady Trend

Demand for Fair Fair Fair Fair Soft Soft Fair Fair Fair Fair Fair Soft New Houses

Trend in New Steady Increasing Steady Steady Declining Increasing Steady Steady Increasing Steady Steady Increasing House Construction Volume of Steady Steady Steady Steady Declining Declining Increasing Declining Increasing Declining Declining Declining House Sales strongly

Stage of Start of recovery Bottom of Bottom of Bottom of Bottom of Declining Approaching Declining Rising market Start of Approaching Declining market Property Cycle market market market market market bottom of market recovery bottom of market market Are New Occasionally Occasionally Occasionally Almost never Occasionally Very frequently Almost never Almost never 7 Almost never Almost never Almost never Properties Sold at Prices Exceeding Their Potential Resale Value Red entries indicate change from 3 months ago to a higher risk-rating Blue entries indicate change from 3 months ago to a lower risk-rating

Rental Vacancy Trend Demand for New Units Stage of Property Cycle

6 6 9

Peak of Market 8 5 Very Soft 5 Starting to Decline 7

4 4 6 Soft Approaching Peak

5

3 3

Declining Market 4 Fair

2 2 Approaching 3

Strong Bottom 2 1 1

1 Rising Market

0 0 0

Perth Perth Perth Darwin Darwin Darwin Adelaide Karratha Broome Adelaide Karratha Broome Adelaide Karratha Broome GeraldtonKalgoorlie GeraldtonKalgoorlie GeraldtonKalgoorlie Alice Springs Alice Springs Alice Springs AdelaideBarossa Hills Valley Port Headland AdelaideBarossa Hills Valley Port Headland AdelaideBarossa Hills Valley Port Headland South West WA South West WA South West WA

Month in Review | September 2019

SA, NT and WA Property Market Indicators – Offices

Factor Adelaide Alice Springs Darwin Perth South West WA

Rental Vacancy Situation Over-supply of available Over-supply of available Over-supply of available Over-supply of available Over-supply of available property property relative to demand property relative to demand property relative to demand property relative to demand relative to demand

Rental Vacancy Trend Steady Steady Steady Steady Increasing

Demand for New Units Stable Declining Stable Stable Declining

Trend in New Unit Construction Declining Steady Steady Steady Declining

Volume of Unit Sales Start of recovery Declining market Bottom of market Bottom of market Approaching bottom of market

Stage of Property Cycle Flat Flat Severe contraction Flat Contraction

Are New Properties Sold at Prices Exceeding Their Potential Large Small Large Large Small Resale Value Red entries indicate change from 3 months ago to a higher risk-rating Blue entries indicate change from 3 months ago to a lower risk-rating

Rental Vacancy Trend Local Economic Situation Stage of Property Cycle

6 6 9

Peak of Market 8 Increasing Severe Sharply 5 Contraction 5 Starting to 7

4 4 Decline 6 Increasing Contraction Approaching Peak 5 3 3

Steady Flat 4 Declining Market

2 2 3 Tightening Steady Growth Approaching 2

1 1

Bottom 1

0 0 Rising Market 0

Perth Perth Perth Darwin Darwin Darwin Adelaide Adelaide Adelaide Alice Springs Alice Springs Alice Springs South West WA South West WA South West WA

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