Urban Development Institute of Australia (Victorian Division)
UDIA URBAN IQMarch 2018 Quarterly Report
Information provided by UDIA’s Partner,RPM Real Estate Group
PROPERTY MARKETUPDATE
URBAN IQ is series of research, news, analysis and market
intelligence for the Victorian urban development industry.
www.udiavic.com.au
THANK YOU TO UDIA PARTNER RPM REAL ESTATE GROUP FORPROVIDING THE INFORMATION CONTAINED WITHIN THIS REPORT.
DISCLAIMER: ALTHOUGH ALL REASONABLE CARE HAS BEEN TAKEN IN THE PREPARATION OF THIS REPORT, THE RPM REAL ESTATE GROUP PTY LTD TAKE NO RESPONSIBILITY FOR THE ACCURACY OF THE INFORMATION CONTAINED HEREIN. IT IS RECOMMENDED THAT ALL THE INFORMATION BE VERIFIED IF IT IS TO BE USED FOR COMMERCIAL PURPOSES.
URBAN IQ
UDIA KNOWLEDGE PORTAL
PROPERTY MARKET UPDATEMARCH QUARTER 2018
UDIA URBAN IQ
ECONOMIC MARKET UPDATE 04
RESIDENTIAL MELBOURNE MARKET PRICES 07
FINANCE ACTIVITY 08
BUILDING ACTIVITY 10
AFFORDABILITY 11
PROPERTY MARKET NEWS 13
ABOUT RPM REAL ESTATE GROUP 14
UDIA PRINCIPLES FOR THE WAY AHEAD 16
UDIA PARTNER
/ Page 4 /
• Australia’s Gross Domestic Product (GDP) in December quarter 2017 (the latest available data) increased by 0.36% from the corresponding figure in the previous quarter. This led to an annual GDP gain stabilising at 2.27%. Public investment, underpinned by major state infrastructure projects, was a key driver of economic growth. A recovery in new private investment in non–residential dwellings, machinery and equipment came through the quarter, which also supported economic growth.
• However, GDP growth remains below the long term trend. Private consumption growth is moderate in the face of low wage growth, while new dwelling investment has declined by 2.53% over the quarter and 1.99% over the year.
• Growth in the Victorian economy has outperformed the national average, with annual State Final Demand (SFD) at December 2017 being 4.68% higher than the same figure at December 2016. Significantly, this was also the highest growth rate amongst all states and territories.
URBAN IQECONOMIC MARKET UPDATE
ECONOMIC MARKET UPDATE
INTEREST RATE• After reducing the cash rate by 25 basis points in
both May and August of 2016, the RBA has made no further changes in the following eighteen monthly meetings, leaving the cash rate at a historical low of 1.50%. This persistent low interest rate environment has been attributed to below trend economic growth and low wage growth resulting in weak inflationary pressures.
• Moreover, with CoreLogic data showing Sydney and Melbourne experiencing a correction in 2018 and residential investment lending contained, it has removed the requirement for the cash rate to rise in the short term. Nevertheless, additional cuts to the cash rate are unlikely, with the next RBA move in the cash rate still likely to be up, although not until 2019.
• APRA’s directive for banks to limit the flow of new interest only lending to 30% for new residential mortgage lending, and subsequent strict criteria for allowing interest only loans to have a LVR of above 80%, resulted in higher borrowing rates for interest only loans for both owner occupiers and investors.
• The official standard variable interest rate for owner occupiers sits at 5.20% (while investor loans sits at 5.80%). However, with some bargaining, owner occupiers can obtain a discounted interest rate of 4.50% (investors can obtain 5.10%) from the major lenders. Furthermore, some banks outside of the ‘big four’ currently have introductory rates of 3.65% for owner occupiers who pay principal and interest.
EmploymentVictorian StateEconomy
Public Investment
Source: Australian Bureau of Statistics
1.50%
Cash Rate(Mar-18)
4.50%5.20% 4.15%
Standard Variable Rate (Owner Occupiers - Mar-18)
3 Year Fixed Rate(Mar-18)
Discounted Variable Rate(Mar-18)
%-
3yr
Source: Reserve Bank Australia
/ Page 5 /
• The Consumer Price Index (CPI) increased by 1.90% across Australia in March quarter 2018, compared to the same quarter in 2017. This continued the trend of CPI remaining below the RBA targeted range of 2% to 3% since late 2014. Sub–groups that experienced significant annual increases in their respective CPI index were alcohol and tobacco (6.96%), followed by health (4.18%) and housing (3.25%).
• The Consumer Price Index (CPI) escalated by a higher 2.16% in Melbourne in March quarter 2018, compared to the same quarter in 2017. In Melbourne, the CPI housing index (+4.57%) rose at a faster pace than overall CPI in March quarter 2018, highlighting the strength of the Victorian housing market.
• The number of employed persons in Victoria increased by a modest 2.77% over the twelve months to March 2018. This was slightly below the national annual employment growth rate at March 2018 of 3.03%.
• However, Victoria’s unemployment rate has improved through 2018, lowering to 5.2% at March 2018, which was below the national unemployment rate of 5.5%.
• Average weekly earnings for full time adults in Victoria of $1,572.50 at November 2017, representing annual growth of 1.35%.
$
CONSUMER SENTIMENT
The Westpac-Melbourne Institute Consumer Sentiment Index is the most widely quoted barometer of consumer sentiment in Australia. A score of greater than 100 means that optimists outnumber pessimists, with readings of below 100 indicating that pessimistic consumers are in the majority.
Source: Westpac-Melbourne Institute Consumer Sentiment Index
• The Westpac-Melbourne Institute Consumer Sentiment Index continues to hold in slightly optimistic territory with a reading of 103.0 in March 2018. During the month, near term expectations for the economy and assessments of family finances both improved.
• However, the Index is still well below levels typically associated with strong consumer sentiment. Expectations on the long term view of the economy, house prices and job security all deteriorated.
103.0
80.0
85.0
90.0
95.0
100.0
105.0
110.0
115.0
Sep-
2013
Dec-
2013
Mar
-201
4
Jun-
2014
Sep-
2014
Dec-
2014
Mar
-201
5
Jun-
2015
Sep-
2015
Dec-
2015
Mar
-201
6
Jun-
2016
Sep-
2016
Dec-
2016
Mar
-201
7
Jun-
2017
Sep-
2017
Dec-
2017
Mar
-201
8
Inde
x = 1
00
Consumer sentiment
CONSUMER PRICE INDEX EMPLOYMENT AND WAGES
/ Page 6 /
• Growth in business conditions has largely remained solid from the middle of 2015, with the March 2018 result of a 12.4 percentage point increase continuing the double digit monthly rises since March 2017.
BUSINESS CONFIDENCE
NAB’s Business Survey has been tracking Australian business confidence levels for more than two decades. Businesses are approached quarterly, with two smaller monthly surveys conducted in the intervening months to capture changes on a more regular basis. The panel now exceeds 2,700 businesses.
Source: National Australia Bank Business Survey
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
Sep-
2013
Dec-
2013
Mar
-201
4
Jun-
2014
Sep-
2014
Dec-
2014
Mar
-201
5
Jun-
2015
Sep-
2015
Dec-
2015
Mar
-201
6
Jun-
2016
Sep-
2016
Dec-
2016
Mar
-201
7
Jun-
2017
Sep-
2017
Dec-
2017
Mar
-201
8
NAB
Inde
x
Business Conditions
+12.4
Victoria gained 35,342 people during September quarter 2017 (latest available data), lifting its estimated resident population to 6,358,948 people. This equated to a population increase of 147,424 people or 2.37% growth in Victoria over the twelve months to September 2017, which were both the strongest in absolute terms and percentage terms amongst all states and territories.
Source: Australian Bureau of Statistics
-5,000
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Mar
-201
2
Jun-
2012
Sep-
2012
Dec-
2012
Mar
-201
3
Jun-
2013
Sep-
2013
Dec-
2013
Mar
-201
4
Jun-
2014
Sep-
2014
Dec-
2014
Mar
-201
5
Jun-
2015
Sep-
2015
Dec-
2015
Mar
-201
6
Jun-
2016
Sep-
2016
Dec-
2016
Mar
-201
7
Jun-
2017
Sep-
2017
Peop
le
Natural Increase Net overseas migration Net interstate migration
VICTORIAN POPULATION
POPULATION COMPONENTS
A breakdown of the three components of population growth shows that in September quarter 2017 Victoria recorded;
Natural Increase
Net
In
terstate Migration Net
O
verseas Migration++23.6%* -8.5%* +7.3%*
+41,977 persons over the 12 months to September 2017 (+10.1%). Reflects 29% of the
national natural increase
+16,926 persons over the 12 months to September 2017
(-1.5%).
+88,521 persons over the 12 months to September 2017
(+15.3%). Reflects 35% of the national intake
+
* Increase on same quarter of the previous year
• However, this result was somewhat weaker than the previous two months, as all components of business conditions (trading conditions, profitability, and employment) saw their gains made through this period eliminated.
• Most major industry groups are still experiencing
solid business conditions, with the construction industry being particularly buoyant, attributed to a large pipeline of residential construction work.
• Business conditions are also robust across all states, with the Victorian index recording a 20 percentage point increase.
/ Page 7 /
MELBOURNE RESIDENTIAL MARKET PRICES
Property prices in Melbourne have trended upwards since the middle of 2013, with detached houses achieving stronger growth than units.
• The established housing market to date remains robust when compared to other states with approximately 44,964 auctions held in Victoria during the twelve months to March 2018, with a clearance rate of 72.6% (REIV).
• The number of auction sales during the twelve months to March 2018 was 9.6% higher than the corresponding period a year earlier, where the clearance rate was 75.6% (REIV).
Over March quarter 2018, sales recorded a preliminary median;
• House price of $855,000 (+4.4% from the previous quarter, and +7.0% from the corresponding quarter a year earlier)
• Unit price of $607,000 (+2.4% from the previous quarter, and +4.4% from the corresponding quarter a year earlier)
• Land price of $323,000 (+6.8% from the previous quarter, and +28.9% from the corresponding quarter a year earlier)
MELBOURNE PRICES
7%22%
57%
92%
4%15%
34%
61%
29%
49% 54%
118%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
140.0%
12 months 2 years 5 years 10 years
% ch
ange
Price Change
Melbourne House Price Melbourne Unit Price Melbourne Land Price
PRICE CHANGE PER PERIOD
Source: REIV, RPM Research Division
Source: REIV, RPM Research Division
URBAN IQRESIDENTIAL MELBOURNE MARKET PRICES
$855,000
$607,000
$323,000
$175,000
$200,000
$225,000
$250,000
$275,000
$300,000
$325,000
$400,000$450,000$500,000$550,000$600,000$650,000$700,000$750,000$800,000$850,000$900,000
Mar
-10
Jun-
10Se
p-10
Dec-
10M
ar-1
1Ju
n-11
Sep-
11De
c-11
Mar
-12
Jun-
12Se
p-12
Dec-
12M
ar-1
3Ju
n-13
Sep-
13De
c-13
Mar
-14
Jun-
14Se
p-14
Dec-
14M
ar-1
5Ju
n-15
Sep-
15De
c-15
Mar
-16
Jun-
16Se
p-16
Dec-
16M
ar-1
7Ju
n-17
Sep-
17De
c-17
Mar
-18
Med
ian
Land
Pric
e
Med
ian
Hous
e &
Apa
rtm
ent P
rice
Melbourne Prices
Melb House Price (LHS) Melb Unit Price (LHS) Melb Land Price (RHS)
/ Page 8 /
VALUE OF LOANS BY PURCHASER TYPE
VALUE OF LOANS BY DWELLING TYPE
URBAN IQFINANCE ACTIVITY: VICTORIA
• The total value of new owner occupier loans in March quarter 2018 escalated by 11.4% compared to the previous corresponding period. This was primarily attributed to the substantial 28.9% annual growth in the median lot price at March 2018, with owner occupier loans for new dwellings increasing at a greater rate compared to that for established dwellings. This reflects a shift in demand to the relatively more affordable outer metropolitan areas, and also to new housing in developments in the greenfields.
• The total value of loans to investors during the three months to February 2018 was 1.7% lower compared to the same period in 2017. With investor lending now contained, the Australian Prudent Regulation Authority (APRA) has decided to remove its 10 per cent investor loan growth benchmark for authorised deposit-taking institutions that have displayed responsible lending practices, although the limit of new interest only lending to 30% of total new residential mortgage lending remains.
$0$1,000$2,000$3,000$4,000$5,000$6,000$7,000$8,000
Jun-
14
Sep-
14
Dec-
14
Mar
-15
Jun-
15
Sep-
15
Dec-
15
Mar
-16
Jun-
16
Sep-
16
Dec-
16
Mar
-17
Jun-
17
Sep-
17
Dec-
17
Mar
-18to
tal v
alue
of l
oan
by ty
pe ($
m)
Owner Occupier Investor
Source: Australian Bureau of Statistics
• Victoria is experiencing high levels of owner occupier lending, with 43,667 new loans approved during March quarter 2018. Buoyant owner occupier demand has been underpinned by strong population growth and historical low borrowing costs. As a result, the number of new owner occupier loans escalated by 2.9% from the same period in 2017.
• In March quarter 2018, compared to the previous corresponding period, new owner occupier loans for newly constructed dwellings and recently constructed dwellings (but have not been lived in) increased by a solid 6.7%, and by 2.1% for established dwellings. Established dwellings accounted for a relatively high 83% of total new owner occupier loans in the three month period.
• Overall, the number of new owner occupier loans during the twelve months to March 2018 in Victoria was a record at 190,882 loans. This was 4.8% above the number of similarly financed dwellings over the twelve months to March 2017.
Source: Australian Bureau of Statistics
- 5,000
10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000
Mar
-12
Jun-
12Se
p-12
Dec-
12M
ar-1
3Ju
n-13
Sep-
13De
c-13
Mar
-14
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14Se
p-14
Dec-
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ar-1
5Ju
n-15
Sep-
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c-15
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-16
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p-16
Dec-
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ar-1
7Ju
n-17
Sep-
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c-17
Mar
-18
No. o
f dw
ellin
gs fi
nanc
ed
Construction of Dwellings Purchase of New Dwellings Purchase of Established Dwellings
/ Page 9 /
NUMBER OF LOANS TO FIRST HOME BUYERS AND NON-FIRST HOME BUYERS
• The number of loans attributed to first home buyers reached 8,169 loans over March quarter 2018, which was a substantial 35.3% higher than first home buyer loans in the same period in 2017. This was the highest March quarter total of first home buyer loans since March quarter 2009 when the Federal Government’s first home owner boost scheme was in place.
• This surge in first home buyer demand was attributed to the two Victorian Government initiatives commenced in July 2017 of abolishing stamp duty for first home buyers when purchasing a dwelling of up to $600,000 in value when owner occupying, and the doubling of the first home buyer grant to $20,000 when purchasing a new dwelling outside of Greater Melbourne. However, with the median Melbourne house price now well above the stamp duty concessions thresholds, industry expects the stamp duty cuts to have a less significant effect.
• Dwellings financed to non-first home buyers recorded 35,498 loans during March quarter 2018, reflecting a 2.5% decline on the same quarter in the previous year.
• With the percentage decrease in the number of loans from December quarter 2017 to March quarter 2018 being similar for both first home buyers and non–first home buyers, the proportion of total loans accounted for by first home buyers remained at a relatively high 19%.
AVERAGE LOAN SIZE – FIRST HOME BUYERS AND NON-FIRST HOME BUYERS
• The average loan size to first home buyers in March quarter 2018 increased by 7.6% from the previous corresponding period, while the average loan size to non-first home buyers escalated by 9.2%.
• After narrowing during the first half of calendar 2016, the divergence between the average loan amount to first home buyers and non-first home buyers has widened again through financial year 2017, with this difference being relatively large.
• At March 2018, the average loan size attributed to a non-first home buyer ($414,000) was $66,300 above the average loan size to a first home buyer ($347,700).
0%
3%
5%
8%
10%
13%
15%
18%
20%
23%
0
10,000
20,000
30,000
40,000
50,000
60,000
Jun-
11Se
p-11
Dec-
11M
ar-1
2Ju
n-12
Sep-
12De
c-12
Mar
-13
Jun-
13Se
p-13
Dec-
13M
ar-1
4Ju
n-14
Sep-
14De
c-14
Mar
-15
Jun-
15Se
p-15
Dec-
15M
ar-1
6Ju
n-16
Sep-
16De
c-16
Mar
-17
Jun-
17Se
p-17
Dec-
17M
ar-1
8
% sh
are
of FH
Bs
No. o
f loa
ns
First Home Buyers Non-First Home Buyers Share of FHBs
$250,000
$275,000
$300,000
$325,000
$350,000
$375,000
$400,000
$425,000
Jun-
11Se
p-11
Dec-
11M
ar-1
2Ju
n-12
Sep-
12De
c-12
Mar
-13
Jun-
13Se
p-13
Dec-
13M
ar-1
4Ju
n-14
Sep-
14De
c-14
Mar
-15
Jun-
15Se
p-15
Dec-
15M
ar-1
6Ju
n-16
Sep-
16De
c-16
Mar
-17
Jun-
17Se
p-17
Dec-
17M
ar-1
8
Aver
age
loan
size
($)
FHBs - Average loan size Non-FHBs - Average loan size
Source: Australian Bureau of Statistics
Source: Australian Bureau of Statistics
/ Page 10 /
URBAN IQBUILDING ACTIVITY: VICTORIAAPPROVALS• Victoria recorded a robust 18,443 dwelling approvals in March quarter 2018, representing a sizeable
escalation of 18.8% on dwelling approvals in the same quarter in 2017. The strength of dwelling approvals during the last two quarterly periods has boosted total approvals over the twelve months to March 2018 to 72,593 dwellings, which was 7.6% higher than approvals in the previous corresponding period.
• New detached houses recorded a solid 9,643 approvals in March quarter 2018, which reflected growth of 16.1% on new detached house approvals in the same quarter in 2017. Record lot sales activity from 2016 has resulted in new house approvals strengthening from mid-2017, as these sales start moving into settlement. Subsequently, over the twelve months to March 2018, there were 38,425 new detached houses approved, reflecting a 6.2% annual increase.
• Recent strong house and lot price growth has benefited demand for semi-detached/row/terrace houses and townhouses, as purchasers are increasingly priced out of the detached house market. Approvals of semi-detached/row/terrace houses and townhouses were up by 3.6% in March quarter 2018 to 2,869 dwellings, compared to the same quarter in 2017. Annual growth was much stronger at 19.6%, with a long term high of 13,168 semi-detached/row/terrace house and townhouse approvals during the twelve months to March 2018.
• Another 5,931 flats/units/apartments in buildings of 4 storeys and higher were approved in March quarter 2018, after a record 9,204 approvals in the previous quarterly period. Strong population growth is underpinning tenant demand and encouraging investor demand for high density dwellings. This has propelled approvals of flats/units/apartments in buildings of 4 storeys and higher to 21,000 dwellings over the twelve months to March 2018, which was 3.6% above approvals in the previous corresponding period.
- 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000
10,000 11,000
Jun-
11
Sep-
11
Dec-
11
Mar
-12
Jun-
12
Sep-
12
Dec-
12
Mar
-13
Jun-
13
Sep-
13
Dec-
13
Mar
-14
Jun-
14
Sep-
14
Dec-
14
Mar
-15
Jun-
15
Sep-
15
Dec-
15
Mar
-16
Jun-
16
Sep-
16
Dec-
16
Mar
-17
Jun-
17
Sep-
17
Dec-
17
Mar
-18
No. o
f app
rova
ls
Approvals by dwelling type
Detached Houses Total Townhouses Total Apartments
Source: Australian Bureau of Statistics
/ Page 11 /
Over the past decade housing affordability has received an increasing share of media attention. Generally, first home buyers are noted as the age cohort that bears the brunt of consistently increasing house prices. However, in more recent times the dialogue has shifted to include all age cohorts who particularly have a desire to reside in the middle ring of Melbourne but find it increasing unaffordable to do so.
The common benchmark for identifying housing stress in Australia has historically been identified as those households that allocate at least 30% of disposable household income to finance their mortgage. This ratio has been in place for decades and in recent times there is a growing view that the ratio should be closer to 40% to reflect the market of today.
The chart below reflects 45 suburbs throughout the growth corridors of Melbourne and Greater Geelong. The proportion of household income required to finance a mortgage was 45% or higher in Burnside, Point Cook, Deanside, Greenvale, and Berwick. These five suburbs also contained the most expensive median lot prices in March quarter 2018, all above $420,000, which was also considerably more expensive than that for Greater Melbourne of $323,000.
A further 9 suburbs recorded a mortgage to household income ratio of between 40% and 42%, which included the established suburbs of Williams Landing, Mernda and Craigieburn, along with the highly desirable and competitive markets of Frasers Rise, Aintree and Botanic Ridge.
Another 23 suburbs covered recorded a mortgage to household income ratio of above 35% and below 40%, with this level being synonymous with the emergence of constrained affordability. However, the ratio could be far worse if it wasn’t for the increased level of land supply that has come on line in recent years. Nevertheless, if the roll out of PSPs slowed, price pressures will augment and further adversely affect affordability levels.
The proportion of household income needed to service a mortgage at 35% or below were in suburbs within the Geelong region due to high household incomes, and in suburbs around the Melton Township due to relatively less expensive lot prices.
URBAN IQAFFORDABILITY
/ Page 12 /
CALCULATION ASSUMPTIONS The chart depicts the median land price in March quarter 2018 by suburb, along with a median anticipated construction cost and net income by corridor. The median construction costs and incomes are taken from RPM’s Internal Buyer Surveys. The construction cost ranges from $232,600 (Moorabool) to $253,100 (Wyndham) while income levels reflect net levels to provide a more accurate level of disposable income. In addition, the chart also assumes a 20% deposit has been paid and mortgage repayments are based on a 30 year loan at the discounted standard variable rate at March 2018 of 4.50%.
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
$550,000
$600,000
Burn
side
Poin
t Coo
k
Dean
side
Gre
enva
le
Berw
ick
Will
iam
s Lan
ding
Mer
nda
Crai
gieb
urn
Fras
er R
ise
Aint
ree
Bota
nic
Ridg
e
Wol
lert
Trug
anin
a
Kalk
allo
Trug
anin
a (M
elto
n)
Sunb
ury
Bonn
ie B
rook
Donn
ybro
ok
Clyd
e N
orth
Hark
ness
Cran
bour
ne
Cran
bour
ne E
ast
Cran
bour
ne W
est
Wyn
dham
Val
e
Tarn
eit
Cran
bour
ne S
outh
Offi
cer
Mic
kleh
am
Wer
ribee
Eyne
sbur
y
Digg
ers R
est
Thor
nhill
Par
k
Clyd
e
Oce
an G
rove
Poin
t Lon
sdal
e
Stra
thtu
lloh
Offi
cer S
outh
Rock
bank
High
ton
Wei
r Vie
ws
Arm
stro
ng C
reek
Leop
old
Bacc
hus M
arsh
Lara
Curle
wis
Mor
tgag
e Re
paym
ents
as a
% o
f Inc
ome
tnuomA naoL lapicnirP
Principal Amount (80% loan)
% share of income used for repayments
Historical 30% of income used to finance a mortgage
Source: RBA, ATO & RPM Research Division
/ Page 13 /
VICTORIAN PLANNING AUTHORITY UPDATES
In an effort to boost housing supply, the VPA has been set a target to complete 17 Precinct Structure Plans over 2017 and 2018, which will include the rezoning of more than 100,000 lots. The table below contains projections for the number dwellings, people and jobs each of these 17 Precinct Structure Plans are anticipated to support.
URBAN IQPROPERTY MARKET NEWS
Source: Victorian Planning Authority
Furthermore, background studies and draft structure preparation for the Precinct Structure Plans of Werribee Junction in City of Wyndham and Craigieburn West in City of Hume have commenced during 2018.
Precinct Structure Plan LGA Status Estimated Dwellings
Estimated Population
Estimated Jobs
Pakenham East Cardinia Review of Submissions 7,150 21,000 1,313McPherson Casey Submitted for Approval 10,100 28,300 1,619Minta Farm Casey Planning Panel 3,000 - 10,000Lancefield Road Hume Structure Plan Finalisation 8,000 22,000 -Lindum Vale Hume Structure Plan Finalisation 1,500 - -Sunbury South Hume Structure Plan Finalisation 11,800 33,000 -Kororoit Melton Completed - February 2018 9,200 25,875 2,100Mt Atkinson & Tarneit Plains Melton Completed -September 2017 6,700 19,000 18,000Plumpton Melton Completed - February 2018 10,680 29,900 12,000Beveridge Central Mitchell Submitted for Approval 3,640 10,193 -Beveridge North West Mitchell Council & State Agency Consultation 11,290 31,611 6,165Donnybrook & Woodstock Whittlesea Completed - November 2017 16,400 46,000 3,316Shenstone Park Whittlesea Council Led - - -Wollert Whittlesea Completed - February 2017 15,060 42,168 8,040Quandong Wyndham Council Led - - -
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Transactions & Advisory: specialising in development site transactions across greenfield and infill residential, commercial and medium density sites. The team’s philosophy is based on not just selling, but adding value to the selling process and unlocking the value of sites.
RPM International: helps clients including property owners, developers and investors diversify and maximise their property portfolio by connecting an expansive network of offshore buyers keen to invest in high quality residential estates and medium density projects throughout Melbourne.
Property Management: providing full service property management services for both Australian and international clients to ensure their property assets are protected and maximised.
ABOUT
RPM REAL ESTATE GROUP
• Victoria’s leading residential development sales and marketing agency
• Full-service sales and marketing, research and advisory capability
• Unsurpassed track record of delivering outstanding returns for clients
• Unparalleled breadth and depth of research to optimise client decision making
• $1.4 billion englobo land transactions
• 5,500 property sales over calendar 2017
• 38 active projects
• 36,000+ total yield of current projects
• Year to date group sales totals $3.7 billion
P +613 9862 9555
F +613 9862 9512
W www.rpmrealestate.com.au
RPM REAL ESTATE GROUP
CONTACT RPM
THANK YOU TO UDIA PARTNER RPM REAL ESTATE GROUP FORPROVIDING THE INFORMATION CONTAINED WITHIN THIS REPORT.
UDIA PRINCIPLES FOR THE
WAY AHEADTHESE PRINCIPLES WILL GUIDE UDIA AS WE EMBARK ON A JOURNEY OF GROWTH AND AS WE SOLIDIFY OUR LONG TERM, SUSTAINABLE POSITION AS THE URBAN DEVELOPMENT INDUSTRY’S ASSOCIATION OF CHOICE.
LEADERSHIP
KNOWLEDGE
INFLUENCE
LOYALTY
EXPERTISE AND INNOVATION
DEEPLY CONNECTED
INDUSTRY SUCCESS
Drive the thought leadership agenda and exercise tangible influence with government and other stakeholders
Be the go-to organisation for industry knowledge and business building insights
Be known as the pre-eminent expert organisation on housing and urban development
Possess a deeply loyal membership base as a result of consistently providing solid member services
Offer innovative membership services that respond to the changing needs of our industry
Facilitate a fruitful business environment by connecting industry and government stakeholders
Advance and support the industry in the public arena and facilitate industry recognition and promotion
URBAN DEVELOPMENT INSTITUTE OF AUSTRALIA (VIC) udiavic.com.au +61 3 9832 9600 [email protected]