Urban Development Institute of Australia (Victorian Division) PROPERTY MARKET UPDATE UDIA URBAN IQ June 2017 Quarterly Report Information provided by UDIA s Partner, RPM Real Estate Group
URBAN IQ UDIA KNOWLEDGE PORTAL URBAN IQ is an online portal 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 FOR PROVIDING 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.
UDIA URBAN IQ PROPERTY MARKET UPDATE JUNE QUARTER 2017 ECONOMIC MARKET UPDATE 04 RESIDENTIAL MELBOURNE MARKET PRICES 07 FINANCE ACTIVITY 08 BUILDING ACTIVITY 10 AFFORDABILITY CONSTRAINTS 11 BUYER INSIGHT 13 PROPERTY MARKET NEWS 14 ABOUT RPM REAL ESTATE GROUP 15 UDIA PRINCIPLES FOR THE WAY AHEAD 17 UDIA PARTNERS National Land Survey Program
URBAN IQ ECONOMIC MARKET UPDATE ECONOMIC MARKET UPDATE Economic activity stabilised in March quarter 2017, with Gross Domestic Product (GDP) increasing by 0.26% from the previous quarter. This was attributed to many sectors of the economy that performed strongly in 2016, experiencing weaker growth in March quarter 2017. Annual GDP at March 2017 increased by 2.25% from the corresponding fi gure at March 2016, which is below the long term trend of around 3.50%, and continued the trend of weaker annual GDP growth from the previous two quarters. Over the year to March 2017, private consumption expenditure, private dwelling investment, public investment spending, and exports were all key drivers of economic growth. Growth in the Victorian economy has outperformed the national average, with annual State Final Demand (SFD) at March 2017 being 3.46% higher than the same figure at March 2016. This places Victoria third, behind Australian Capital Territory (6.48%) and New South Wales (3.75%). $ Dwelling Investment Victorian State Economy Employment Source: Australian Bureau of Statistics 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 following monthly meetings, leaving the cash rate at a historical low of 1.50%. Below trend economic growth and low wage growth have both resulted in weak infl ationary pressures, which has led to the current low interest rate environment. Infl ation fell back below the RBA target band of 2% to 3% in June quarter 2017. However, additional cuts to the cash rate are unlikely, with the RBA seeking to avoid encouraging further strong dwelling price growth in Sydney and Melbourne and residential investment demand. APRA s directive for banks to limit the fl ow of new 'interest only' lending to 30% of 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 to entice borrowers to move to principal and interest loans. The official standard variable interest rate for owner occupiers sits at 5.25% (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 5.05%) from the major lenders. 1.50% 5.25% 4.50% 4.15% % - 3yr Cash Rate (Jun-17) Standard Variable Rate (Owner Occupiers - Jun-17) Discounted Variable Rate (Jun-17) 3 Year Fixed Rate (Jun-17) / Page 4 / Source: Reserve Bank Australia
CONSUMER PRICE INDEX EMPLOYMENT AND WAGES The Consumer Price Index (CPI) escalated by 1.9% across Australia and 2.2% in Melbourne in June quarter 2017, compared to the same quarter in 2016. Notably, corresponding CPI growth rates for both Australia and Melbourne in March quarter 2017 were higher, quickly halting the upward trend in CPI growth that only emerged during the first three months of 2017. In Melbourne, the CPI housing index (+3.7%) rose at a faster pace than overall CPI in the June quarter 2017, highlighting the strength of the housing market. Victoria experienced annual growth of 3.21% in the number of employed persons at June 2017. However, the unemployment rate at June 2017 of 5.9% was slightly above the national rate (5.6%). Average weekly earnings for full time adults in Victoria of $1,551 at November 2016, represented annual growth of 5.27%. $ 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. 115.0 Consumer sentiment 110.0 105.0 100.0 95.0 90.0 85.0 96.2 80.0 Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Index = 100 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Source: Westpac-Melbourne Institute Consumer Sentiment Index The Westpac-Melbourne Institute Consumer Sentiment Index has contracted through June quarter 2017, lowering to 96.2 in the fi nal month of the period. This is also the seventh consecutive month that pessimists outnumber optimists. Weaker economic growth in March quarter 2017, combined with increased pressure on family fi nances in response to limited growth in household incomes, banks increasing mortgages rates in June, and rising electricity costs, have all augmented consumer sentiment. / Page 5 /
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. Growth in business conditions has largely remained solid from the middle of 2015, with the June 2017 result of a 13.8 percentage point increase being the highest since the start of 2008. Business conditions are looking relatively solid across most industries and states, suggesting the recovery is becoming more entrenched. However, the authors of the index highlight their cautiousness given the apparent divergence between business conditions and household sentiment. NAB Index Business Conditions 15.0 +13.8 10.0 5.0 0.0-5.0-10.0 Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Source: National Australia Bank Business Survey The lift in overall business conditions in June 2017 was attributed to stronger trading conditions and profi tability. Within industry sectors, those that experienced the largest increase in business conditions included wholesale, construction, and manufacturing. VICTORIAN POPULATION Victoria gained 32,703 people during December 25,000 quarter 2016 (latest available data), lifting its 20,000 estimated resident population to 6,244,227 people. 15,000 This equated to a population increase of 135,477 people or 2.40% growth in Victoria over the twelve months to December 2016, which were both the strongest in absolute terms and percentage terms amongst all states and territories. People 10,000 5,000 - -5,000 Dec-2011 Mar-2012 Jun-2012 Sep-2012 Dec-2012 Mar-2013 Jun-2013 Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 POPULATION COMPONENTS Natural Increase Net overseas migration Net interstate migration Source: Australian Bureau of Statistics A breakdown of the three components of population growth shows that in December quarter 2016 Victoria recorded; Natural Increase + Net Interstate Migration Net Overseas Migration +23.1% * +16.5% * +29.2% * +43,439 persons over the 12 months to December 2016 (+31.0%). Reflects 28% of the national natural increase +17,987 persons over the 12 months to December 2016 (+37.8%). +74,051 persons over the 12 months to December 2016 (+18.1%). Reflects 35% of the national intake / Page 6 / * Increase on same quarter of the previous year
URBAN IQ RESIDENTIAL MELBOURNE MARKET PRICES MELBOURNE RESIDENTIAL MARKET PRICES Property prices in Melbourne have trended upwards since the middle of 2013, with detached houses achieving stronger growth than units. At June quarter 2017 preliminary data recorded; The established housing market to date remains robust when compared to other states with approximately 41,043 auctions held in Victoria during the twelve months to July 2017, with a clearance rate of 77.6% (REIV). Nevertheless, the number of auction sales during the twelve months to July 2017 is 4.4% lower than the corresponding period a year earlier, where the clearance rate was 71.3% (REIV). House prices rose to a median of $822,000 (+2.9% from the previous quarter, and +14.6% from the corresponding quarter a year earlier) Unit prices rose to a median of $606,500 (+4.3% from the previous quarter, +13.5% from the corresponding quarter a year earlier) Land prices rose to a median of $271,000 (+8.2% from the previous quarter, +23.2% from the corresponding quarter a year earlier) Melbourne Prices MELBOURNE PRICES Median house and apartment price $900,000 Melb House Price (LHS) Melb Unit Price (LHS) Melb Land Price (RHS) $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 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 $271,000 $822,000 $606,500 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 $275,000 $265,000 $255,000 $245,000 $235,000 $225,000 $215,000 $205,000 $195,000 $185,000 $175,000 Median land price Source: REIV, RPM Research Division PRICE CHANGE PER PERIOD % change 120.0% 100.0% 80.0% 60.0% 40.0% 20.0% 23% 15% 13% 18% 17% 57% 37% 30% 29% 105% 76% 94% 0.0% 12 months 2 years 5 years 10 years Melbourne House Price Melbourne Unit Price Melbourne Land Price Source: REIV, RPM Research Division / Page 7 /
URBAN IQ FINANCE ACTIVITY : VICTORIA VALUE OF LOANS BY DWELLING TYPE Victoria recorded a considerable 46,553 new loans for owner occupation during the three months to June 2017. Buoyant owner occupation demand has been underpinned by strong population growth and historical low borrowing costs. However, the number of new owner occupier loans still contracted by 4.0% from the same period in 2016, although it should be noted that the corresponding value in June quarter 2016 was a long term high. In the three months to June 2017, compared to the previous corresponding period, new owner occupation loans for newly constructed dwellings and recently constructed dwellings (but have not been lived in) increased by 2.4%, although declined by 5.3% for established dwellings. However, established dwellings still accounted for a relatively No. of dwellings financed 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 - Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Source: Australian Bureau of Statistics high 83% of total new owner occupation loans in the three month period. Overall, the number of new owner occupation loans during the twelve months to June 2017 in Victoria totalled 180,209 loans, which was marginally below the number of similarly financed dwellings in the twelve months to June 2016. Jun-14 Construction of Dwellings Purchase of new dwellings purchase of established dwellings Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 VALUE OF LOANS BY PURCHASER TYPE The total value of new owner occupier loans in the three months to June 2017 escalated by a 5.0% compared to the previous corresponding period, which was supported by sizeable growth in established house prices. However, growth in the value of owner occupier is significantly below house price growth, suggesting that owner occupier demand is increasingly shifting to relatively more affordable outer metropolitan areas, and also to new housing in broadhectare subdivisions. This is highlighted by the number of loans for new dwellings increasing, compared to a contraction in established dwelling loans. The total value of loans to investors in May quarter 2017 increased by a sizeable 13.5% compared to May quarter 2016. This significant improvement can be aligned to investors being able to obtain finance through second tier banks, and also the major banks total value of loan by type ($m) $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Owner Occupier Investor 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 Source: Australian Bureau of Statistics feeling more comfortable to lend to investors whilst ensuring residential investor lending growth remains below the 10% cap set by the Australian Prudent Regulation Authority (APRA). However, investor lending is likely to be impacted on going forward by APRA s directive to limit he flow of new interest only lending to 30% of new residential mortgage lending and subsequent strict criteria for allowing interest only loans to have a LVR of above 80%. / Page 8 /
NUMBER OF LOANS TO FIRST HOME BUYERS AND NON-FIRST HOME BUYERS The number of loans attributed to first home buyers reached 6,648 loans over June quarter 2017, which was a significant 10.1% lower than first home buyer loans in June quarter 2016. However, this decline is mostly attributed to first home buyers delaying their purchase decision in response to the Victorian Government initiative of abolishing stamp duty from July 2017 when a first home buyer purchases a dwelling of up to $600,000 in value, and for owner occupation. Dwellings financed to non-first home buyers recorded 39,905 loans during June quarter 2016, reflecting a 2.9% decrease on the same quarter in the previous year. With first home buyer demand remaining stagnate, their overall share remains at a historical low (14% of total loans) which highlights the affordability constraints that is present. No. of loans 60,000 50,000 40,000 30,000 20,000 10,000 0 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 23% 20% 18% 15% 13% 10% 8% 5% 3% 0% % share of FHBs First Home Buyers Non-First Home Buyers Share of FHBs Source: Australian Bureau of Statistics AVERAGE LOAN SIZE FIRST HOME BUYERS AND NON-FIRST HOME BUYERS The average loan size to first home buyers in June quarter 2017 increased by 3.4% from the previous corresponding quarter, while the average loans size to non-first home buyers escalated by a higher 6.6%. 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 June 2017, the average loan size attributed to a non-first home buyer was $64,133 above the average loan size to a first home buyer ($329,267). $400,000 $375,000 Average loan size ($) $350,000 $325,000 $300,000 $275,000 $250,000 FHBs - Average loan size Non-FHBs - Average loan size 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 Source: Australian Bureau of Statistics / Page 9 /
URBAN IQ BUILDING ACTIVITY: VICTORIA APPROVALS Victoria recorded 9,143 new detached house building approvals in June quarter 2017, which equated to a 3.4% decline on new detached house approvals in the previous corresponding quarter. Nevertheless, this volume of approval activity remains relatively strong for the specified three month period. Total approvals in June quarter 2017 of 14,853 dwellings represented a contraction of 14.2% on total dwelling approvals during the same period in the previous year. This decrease was primarily attributed to the sizeable 50.4% reduction in approvals of flats/units/apartments in buildings of 4 storeys and higher. During the twelve months to June 2017, there were 35,854 new detached houses approved, marginally (-0.3%) below house approvals during the twelve months to June 2016. Over the same period, approvals of semi-detached/row/terrace houses and townhouses increased by a solid 8.6%, although flat/unit/apartment approvals declined by 13.6%. Overall, a total of 65,185 dwellings were approved in Victoria during the twelve months to June 2017, resulting in an annual decline of 3.0%. No. of approvals 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - Detached Houses Townhouses Apartments 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 Source: Australian Bureau of Statistics COMMENCEMENTS Over the 2016/17 financial year in Victoria, it is estimated detached house commencements declined by 1.8% to 34,830 starts, while multi unit dwelling commencements fell by 11.6% to 29,210 starts. As a result, total commencements were approximately 6.6% below the cyclical peak in 2015/16, decreasing to an estimated 64,040 dwellings in 2016/17. Total dwelling starts in Victoria are expected to witness a more substantial contraction during the two years to 2018/19, falling to a projected 46,610 commencements. This will be the lowest level of annual dwelling starts since 2008/09. Over this two year period, house commencements are forecast to decline by 17.0% to 28,900 starts, with a more sizeable 39.4% reduction forecast for multi unit starts to 17,710 commencements. In 2019/20, dwelling starts are forecast to stabilise, before beginning to rebound in 2020/21. Nevertheless, average annual dwelling commencements in the four years to 2020/21 in Victoria will around 2011/12 to 2013/14 levels, which should still support solid residential construction activity. 80,000 70,000 Houses Multi-units Forecast 60,000 No. of dwellings 50,000 40,000 30,000 20,000 10,000 0 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 e 2017/18 2018/19 2019/20 2020/21 / Page 10 / Source: Housing Industry Association
URBAN IQ AFFORDABILITY CONSTRAINTS 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. However, the silver lining for potential homebuyers is the vast range of new land estates available throughout the growth areas of Melbourne and Greater Geelong. This high level of supply (curtesy of an active planning department) has resulted in intense developer competition which has kept prices in check and allowed for not only first home buyers, but also other age cohorts the ability to select from a range of suburbs and lot sizes. Along with developer competition, there is also a high level of competition amongst builders which has also allowed for potential savings for buyers. These positive variables, coupled with historical low interest rates has improved affordability levels. $550,000 $500,000 $450,000 Principal Amount (80% loan) % share of income used for repayments Historical 30% of income used to finance a mortgage 50% 45% 40% Principal Loan Amount $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 35% 30% 25% 20% 15% Mortgage Repayments as a % of Income $100,000 10% $50,000 5% $0 Williams Landing Lyndhurst Point Cook Greenvale Clyde North Craigieburn Cranbourne East Cranbourne West Botanic Ridge Plumpton Cranbourne North Wollert Officer Truganina Tarneit Mernda Kalkallo Mickleham Eynesbury Clyde Rockbank Doreen Donnybrook Werribee Pakenham Wyndham Vale Sunbury Diggers Rest Melton South Point Lonsdale Herne Hill Highton Fyansford Melton West Ocean Grove Bacchus Marsh Kurunjang Portarlington Lara Armstrong Creek Drysdale Curlewis Source: RBA, ATO & RPM Research Division 0% CALCULATION ASSUMPTIONS The chart depicts the median land price in the June quarter 2017 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 $217,479 (Melton) to $225,305 (Casey) 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 June 2017 of 4.50%. / Page 11 /
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 35% to reflect the market of today. The chart on the previous page reflects 42 suburbs throughout the growth corridors of Melbourne and Greater Geelong. The proportion of income required to finance a mortgage was 40% and above in Williams Landing, Lyndhurst, Point Cook, Greenvale, Clyde North, and Craigieburn. The median land price in all six of these suburbs in the June quarter 2017 was above $300,000, which is also significantly more expensive than the corresponding value for the combined Melbourne growth corridors of $271,000. The proportion of household income needed to service a mortgage was lowest, between 25% and 30%, in suburbs within the Geelong region due to high household incomes, and in suburbs around the Melton Township due to relatively less expensive land prices. Another 19 suburbs covered recorded a ratio of between 35 and 40%, which indicates a level that is starting to press households. However, the ratio could be far worse if it wasn t for the large level of land supply that has come on line in recent years. Nevertheless, if the roll out of PSPs slow, price pressures will result which will adversely affect affordability levels. / Page 12 /
URBAN IQ BUYER INSIGHT BASED ON RPM ESTATES IN THE MELBOURNE GROWTH CORRIDORS PURCHASER PROFILE Two countries accounted for a significant proportion of purchasers, with 21% born in India and 17% born in Australia. The next most common birthplace of purchasers was Sri Lanka, which accounted for 2% of buyers. People aged from 25 to 34 years old constituted 47% of all purchasers, with a further 38% of purchasers aged from 35 to 49 years old. This suggests a high incidence of young couples without children and couples with children households amongst purchasers. 59% of purchasers earned a household income of above $80,000, largely representing upgrader buyers. A further 37% of purchasers earned a household income of between $40,000 and $80,000, which likely reflects first home buyers. Two car households constituted 62% of purchasers, with 29% having one car. This was the dominate mode of transport to a person s place of employment, with 86% of purchasers travelling by car to work. The Herald Sun was the most regular read newspaper among 46% of purchasers, with a further 17% of purchasers regularly reading The Age newspaper. CONSUMER PREFERENCES PROXIMITY PREFERENCES The proportion of purchasers who considered the factors below as being important to very important in their purchase decision was: The proportion of purchasers who considered it important or very important to be in close proximity to: 92% for price 90% for parklands and open space 90% for block size 87% for estate amenity 84% for fibre optic network 83% for estate building design controls 82% for reputation of developer 76% for being familiar with the municipality/area 66% for estate facilities 65% for recycled water 46% for heritage and history Major roads/freeways was 92% Shops was 92% Community and recreational facilities was 87% Public transport was 85% Education/child care was 78% Friends and relatives was 71% Workplace was 67% Current residence was 47% Note: results are based on over 1,300 surveys recorded through the growth corridors of Melbourne and Geelong during June quarter 2017 / Page 13 /
URBAN IQ PROPERTY MARKET NEWS VICTORIAN PLANNING AUTHORITY UPDATES Stuart Moseley was appointed to role as the VPA s Chief Executive Officer in May. 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 outlines the number dwellings, people and jobs each of the 17 Precinct Structure Plans, to be completed during 2017 and 2018, are anticipated to support. ESTIMATED Estimated ESTIMATED Estimated ESTIMATED Estimated PRECINCT STRUCTURE PLAN LGA STATUS Precinct Structure Plan LGA Status DWELLINGS Dwellings POPULATION Population JOBS Jobs Pakenham East Cardinia Council Led - - - McPherson Casey Review of Submissions 10,100 28,300 1,619 Minta Farm Casey Council & State Agency Consultation 3,000-10,000 Lancefield Road Hume Review of Submissions 8,000 22,000 - Lindum Vale Hume Community Engagement & Exhibition 1,500 - - Sunbury South Hume Review of Submissions 11,800 33,000 - Kororoit Melton Structure Plan Finalisation 9,200 25,875 2,100 Mt Atkinson & Tarneit Plains Melton Submitted for Approval 6,700 19,000 18,000 Plumpton Melton Structure Plan Finalisation 10,680 29,900 12,000 Beveridge Central Mitchell Review of Submissions 3,640 10,193 - Beveridge North West Mitchell Council & State Agency Consultation 11,290 31,611 6,165 Donnybrook & Woodstock Whittlesea Submitted for Approval 16,400 46,000 3,316 Shenstone Park Whittlesea Council Led - - - Wollert Whittlesea Completed - February 2017 15,060 42,168 8,040 Quandong Wyndham Council Led - - - Source: Victorian Planning Authority Furthermore, background studies for the following Precinct Structure Plans have commenced during June quarter 2017: Aviators Field (Point Cook South) and Werribee Junction in City of Wyndham; Craigieburn West and Merrifield North in City of Hume; Croskell (Casey Central) and Clyde South in City of Casey; and Officer Employment in Cardinia Shire. / Page 14 /
ABOUT RPM REAL ESTATE GROUP RPM is a dynamic, results-driven residential sales agency with a strong commitment to creating research backed strategies that deliver higher revenues, faster sales rates and better returns for our clients. Founded over two decades ago as a residential land sales specialist, today RPM Real Estate Group has grown to encompass over 100 employees across six specialist divisions. We manage a portfolio of 34 developments across Melbourne and Greater Geelong including land estates, apartments and townhouses. Through our dedication to creating a culture of enthusiastic and committed property experts, we are proud to have built a team with expertise spanning all facets of property sales, research and advisory services. Our continued expansion and reinvestment into our research services mean we offer unsurpassed market intelligence and data-driven insights to our clients, to help drive the continued growth of their projects and asset portfolio. At RPM, our difference lies not only in our experience and in-house capabilities, but our passion for the people within our business as well as our valued clients. A full-service agency, we pride ourselves on advising our clients through every step of the process; from the initial site diligence, acquisitions and master-planning, through to the launch and sales strategies and ongoing marketing.
THANK YOU TO UDIA PARTNER RPM REAL ESTATE GROUP FOR PROVIDING THE INFORMATION CONTAINED WITHIN THIS REPORT. RPM REAL ESTATE GROUP ONE OF VICTORIA S LARGEST RESIDENTIAL SALES AGENCIES SELLING APPROXIMATELY 25% OF ALL RESIDENTIAL LOTS IN FINANCIAL YEAR 2016/17 OVER 5,200 LOT SALES IN THE PAST FINANCIAL YEAR OVER $1.3 BILLION IN LAND SALES IN THE PAST YEAR 100 PLUS STRONG TEAM 34 ACTIVE PROJECTS OVER 42,000 TOTAL YIELD OF CURRENT PROJECTS FIVE UDIA AWARDS FOR EXCELLENCE CONTACT RPM P +613 9862 9555 F +613 9862 9512 E W enquiries@rpmrealestate.com.au www.rpmrealestate.com.au
UDIA PRINCIPLES FOR THE WAY AHEAD THESE 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 Drive the thought leadership agenda and exercise tangible influence with government and other stakeholders EXPERTISE AND INNOVATION Offer innovative membership services that respond to the changing needs of our industry INFLUENCE Be known as the pre-eminent expert organisation on housing and urban development INDUSTRY SUCCESS Advance and support the industry in the public arena and facilitate industry recognition and promotion KNOWLEDGE Be the go-to organisation for industry knowledge and business building insights DEEPLY CONNECTED Facilitate a fruitful business environment by connecting industry and government stakeholders LOYALTY Possess a deeply loyal membership base as a result of consistently providing solid member services
URBAN DEVELOPMENT INSTITUTE OF AUSTRALIA VIC udiavic.com.au +61 3 9832 9600 info@udiavic.com.au