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<img src="https://counter.theconversation.edu.au/content/76159/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The federal government is split on whether first home buyers in Australia should be allowed to use part of their superannuation for home deposits.
But what the more strident critics miss is that Australia’s superannuation system already channels a significant proportion of retirement savings into housing.
It does this not via the traditional route of people buying a house outright, but rather through an indirect channel, by transforming the household’s compulsorily acquired superannuation equity into mortgages from commercial banks and other financial intermediaries.
Statistics from the ABS (December 2016) show that for every A$1 of assets managed by the superannuation sector, approximately 27 cents is directly financing Australia’s banking sector. This is via superannuation holdings of bank deposits (14c in the dollar), bank equity (7c in the dollar), and other bank liabilities (6c in the dollar).
What do banks do with this 27c? The ABS reports that 38 percent of bank financial assets are long-term loans to households. We have cross-inspected this data with figures from the Australian Prudential and Regulation Authority (APRA) and found that nearly all of these loans are mortgages.
This suggests that at least 10c of every A$1 of superannuation assets is indirectly financing house purchases via commercial bank debt.
But this also excludes other indirect financing of banks by superannuation. For example, the portfolios of non-money market mutual funds and other private non-financial corporations are also heavily weighted towards funding banks (24 percent and 36 percent of their assets, respectively), and superannuation funds allocate 6 percent and 24 percent of their funds to these agents respectively. This potentially adds a further 4c in every A$1 of superannuation assets that ultimately results in debt financing of housing.
Why using super for housing might be good idea
One of the merits of allowing households to use their superannuation to supplement their housing deposits would be to reduce unnecessary and expensive financial middlemen. Under the present system, the money from superannuation that finds its way into housing finance does so by passing through chains of two or more intermediaries. This means that it incurs management expenses at each step.
The first link in the chain is the superannuation sector (with an average expense ratio of 0.7 percent). Next is one or more financial intermediaries, like banks. A plausible estimate of the banking sector’s expense ratio, by our calculations, is 1 percent to 2.3 percent of bank assets.
Total expenses through the intermediation chain could therefore be as high as 1.7 percent to 3 percent. These expenses might be lower under a housing equity super access scheme.
Another potential benefit relates to the accumulation of debt and its consequences for financial stability.
Most of the money people put away into superannuation, because its compulsory, would have otherwise been used for other types of saving. If you look at the assets in a household’s balance sheet, it is clear that housing equity (representing 65 percent of non-superannuation assets) is the household’s preferred savings vehicle.
It is possible that growth in compulsory superannuation has contributed to growth in household debt in two ways. First, by frustrating people’s ability to finance home ownership through their deposit. Second, by increasing the supply of mortgage finance, as superannuation savings are recycled through the financial system, and converted to mortgages by the banks.
The risks with the plan
One concern about letting people divert money into buying a house is that their income in retirement could suffer as a result. To mitigate the risk of this happening, any policy on this would need to record and track the values of super funds’ home equity stakes (just as super funds presently track values for the traditional assets they hold).
But retirement income is determined by total net assets, not superannuation assets alone. In this context, home ownership provides retirees an important stream of stable tax-free, inflation-protected, income. This is recognised by the Association of Superannuation Funds of Australia benchmarks for “modest” and “comfortable” retirement income.
These assume that retirees own their home outright. So the decline in home ownership is a significant threat to the adequacy of Australia’s retirement income system.
A second risk is that the policy could further raise house prices, reducing affordability and exposing retirement savings to a house price collapse. In the present house price environment, this is a real risk, which would need to be monitored. But the policy’s two main merits (reducing intermediation costs and improving financial stability by reducing gross debt) are long-run benefits that will continue to hold beyond our current point in the house price cycle.
APRA also already monitors risks associated with housing credit growth, and has the tools, and the willingness to use them, should the policy promote undesired house price growth.
There are reasons to expect that a policy allowing first home buyers access to super will not lead to net growth in housing finance. Superannuation funds are already required by APRA to understand their underlying asset exposure risks. So super funds might try to maintain their total exposure to property risk under this policy, for example by reducing their exposure to the banks. 
James Giesecke<a href="https://theconversation.com/profiles/james-giesecke-9853"> </a>is professor, Centre of Policy Studies and the Impact Project, Victoria University and can be contacted <a href="https://theconversation.com/profiles/james-giesecke-9853" target="_blank">here</a>.
Jason Nassios is research fellow, Centre of Policy Studies, Victoria University and can be contacted <a href="https://theconversation.com/profiles/jason-nassios-318488" target="_blank">here</a>.
Both are authors for The Conversation.
 
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jchancellor-FAypfDUnLy

Here’s how superannuation is already financing homes

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SPONSORED POST
The relationship between people and their environment can affect how they feel, perform and interact with others, so it’s important to ensure that the workplace is designed with these aspects in mind.
A recent report by Human Spaces, ‘Global Impact of Biophilic Design in the Workplace,’ has found a significant link between natural elements available in the physical office environment and workers well-being, productivity and creativity levels. The report collected responses from 7,600 office workers from 16 countries around the world, including Australia, the US and the UK.
According to this report, workers with higher levels of sunlight and green spaces:
<ul>
<li>Display a 15 percent higher level of well-being</li>
<li>Are 6 percent more productive </li>
<li>Are 15 percent more creative overall </li>
</ul>
It puts in perspective the importance of incorporating simple natural elements in the workplace, which provides a significant benefit to the bottom line of any company through worker productivity and well-being.
In addition, office design is an important tool in recruiting and retaining staff, with the Human Spaces survey revealing 33 percent of respondents globally state that the design of an office would affect their decision to work for that organisation.
Putting thought into practice
At Savills, we have recently incorporated these learnings into the new Savills Sydney office fit-out. The new office space is on a higher level than the previous space, the windows are larger and there will be more access to daylight. Also, the majority of work positions have been designed to be less than 6m from a window, and no work positions further than 12m from a window. 
With regards to green elements, the new office design features a larger scope of greenery than the previous space, including more than a hundred pot plants and wall mounted plants over two floors.
Improvements such as these will ensure the best performance and well-being of our employees.  
Little steps to achieve success
Unfortunately, the Human Spaces survey also revealed that globally many workplaces still lack natural light and more than half have no live plants. In Australia, 28 percent of workers reported their workplaces having no windows.  
But even for offices that do not have windows, or are unable to make huge changes, employers can still improve their conditions through minor alterations to the workplace.
In fact, research suggests it is the variation in patterns, textures and colours of nature that brings us pleasure, so we should consider how best to recreate these within the indoor environment when access to a window is not feasible.
These alterations could include:
<ul>
<li>The addition of plants to the office</li>
<li>Large scale scenic images on the walls</li>
<li>Painting the walls with some brighter colours, (specifically, accents of green and blue have been shown to improve creativity and productivity)</li>
<li>The creation of social areas that provide employees with access to natural light and a place for respite</li>
<li>Wall-mounted video screens displaying images or real-time video of natural scenes</li>
</ul>
If you would like any advice on how natural elements can benefit your fit-out, contact the Savills Project Management team.
Savills is a leading global real estate service provider offering the full spectrum of services from strategic advice to managing assets and projects and transacting deals. To learn more about Savills, visit <a href="https://www.savills.com.au" target="_blank">savills.com.au</a>.
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Where there’s nature, there’s well-being and productivity in the workplace

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<img src="https://counter.theconversation.edu.au/content/76213/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
John Daley and Danielle Wood, The Grattan Institute
The latest data from the ATO is consistent with what we’ve seen in the past. It shows that people with high-income occupations – doctors, lawyers, and others – are more likely to use negative gearing than the nurses and teachers on whom Treasurer Scott Morrison focuses when he tries to justify retaining negative gearing. It also shows that negative gearing is typically worth four to five times more for doctors and lawyers than nurses and teachers.
The tax data shows that with falling interest rates, fewer landlords are negatively geared, and the average loss is also falling. Overall the investor property market seems to be concentrating a little, with slightly fewer landlords but more investment properties per landlord. Negative gearing has lots of problems. It costs the budget a lot of money, distorts investment decisions, increases house prices, and reduces home ownership, while doing little to increase supply.
<a href="https://www.propertyobserver.com.au/images/2017/04/image-20170413-25882-17d8qsm.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/04/image-20170413-25882-17d8qsm.png" alt="">
The government claims it should nevertheless be retained because it’s primarily an investment strategy for “mums and dads”. But the detailed tax data from previous years shows that about two-thirds of the benefit goes to the one-fifth of taxpayers with the highest income before the negative gearing deduction.
We will have to wait until later this month for the release of more detailed data to check that this is still true.
<a href="https://www.propertyobserver.com.au/images/2017/04/image-20170413-25888-a7fcjy.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/04/image-20170413-25888-a7fcjy.png" alt="">
Professor Fabrizio Carmignani, Griffith Business School
This data delivers a simple, probably not unexpected, but still concerning message: inequality in Australia is increasing.
We can see this in terms of the growing gap between the richest and the poorest suburbs, as well as an increase in dispersion across all suburbs.
For example, the data published yesterday indicates that average taxable income in the ten poorest postcodes was only 11% of the average taxable income in the ten richest postcodes. A decade ago, in 2004-05, income in the ten poorest postcodes was 21% of income in the richest postcodes.
In fact, while the average income at the top of the distribution has grown by 30% in a decade, average income at the bottom has actually declined by 33%. If we look at the overall dispersion of incomes by postcode, we can see that this has gone up by approximately 25% in ten years.
Whichever way we look at it, the conclusion is that there is more income inequality today than ten years ago.
The other interesting aspect to the data is that the richest postcodes today are more or less the same as ten years ago. Indeed, seven of the top ten postcodes in 2014-15 were already in the top ten in 2004-05. But this same trend is not observed at the bottom: none of the ten poorest postcodes today were in bottom ten in 2004-05.
And there is some bad news for Queensland in particular: the proportion of the state’s postcodes in the bottom ten has increased considerably, from three out of ten in 2004-05 to seven out of ten in the latest data. This data might be indicative of a growing poverty problem in this state.
Associate Professor Helen Hodgson, Curtin Law School
The ATO’s data clearly shows that the self-managed superannuation fund (SMSF) sector is not only continuing to grow, but is used primarily by people with the ability to make higher contributions; either high income earners or those late in their careers.
Members of self-managed superannuation funds made significantly higher contributions and have higher balances than members of Australian Prudential Regulatory Authority (APRA) regulated funds.
The data shows that on an individual basis, the median contribution to a SMSF was A$20,000. Meanwhile, members of APRA funds made median contributions of A$4,507.
Similarly, the super balances of members of SMSFs are significantly higher than APRA funds. SMSF members have median balances of A$289,483, compared to just A$32,734 for those in APRA regulated funds. The data also shows that a small proportion of people have very high balances, which is reflected in the difference between the median and mean balances in the statistics.
Two of the forthcoming changes to superannuation will limit contributions and impose a cap on balances, which should impact higher earners. Most people who made contributions in excess of A$25,000 are over 45 and earned more than A$180,000.
But the changes to the superannuation system will not take effect until July 2017, so it is too soon to know how that will impact superannuation funds. However the division between the self-managed and APRA regulated funds is clear.
This article was written by <a href="https://theconversation.com/au/team#jenni-henderson" target="_blank">Jenni Henderson</a>, The Conversation and and <a href="https://theconversation.com/au/team#josh-nicholas" target="_blank">Josh Nicholas</a>, The Conversation.
<div class="content" data-raw=""> </div>
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ATO data shows inequality is in everything from super to the property market

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<img src="https://counter.theconversation.edu.au/content/75691/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
There are many hidden costs and inefficiencies in housing markets. Blockchain is poised to transform that.
An emerging technology, blockchain, could transform the way we buy and sell real estate by doing away with the hidden costs and inefficiencies of our housing markets.
Blockchain is an online ledger that records transactions. It’s capable of recording the movement of any kind of asset from one owner to the next.
It’s public and isn’t owned by any one corporation, there are no charges to record transactions. Its openness ensures the integrity of transactions and ownership, as everyone involved has a stake in keeping it honest.
This means there are fewer intermediaries; less middle-men who increase the costs and time to complete a transaction.
There are risks associated with the system as it’s only as strong as the code that supports it, which has come under attack in the past. Despite this, examples from overseas show it is possible to apply this technology successfully to our housing market.
Problems in how the property market is run
For buyers able to find the right property, secure a mortgage and save a deposit, they must also pay for a range of so-called “hidden costs”. These are additional payments associated with the transaction over the cost of the home itself. Many legal and title-related costs would become near-obsolete in a blockchain system.
The combined costs of title registration, title insurance, and legal fees associated with register the property transfer approach A$1,000 on the average Australian house. Costs continue to rise as the prudent buyer undertakes further due diligence, through building inspection documentation, previous sales records and so forth.
On top of the financial cost, it then typically takes over a month to settle a real estate transaction in Australia. The blockchain system can speed things up, as currently tedious checks undertaken by hand, move to an automated system overseen and approved by the relevant stakeholders.
There is also the risk that land titles offices with a single database simply get things wrong too. In 2016 it was reported that 300 incorrect certificates had been issued in NSW, with 140 of those being recent property buyers affected by government plans for major motorways in Sydney’s west.
There are now concerns that the system’s quality could be compromised in several states, including NSW and South Australia, as land titles offices become privatised.
A blockchain real estate market
If blockchain were applied to the property market in Australia, every property would be encoded with a unique identifier. Property IDs already exist in most land registry systems, so these would need to be migrated to a blockchain.
Next, the blockchain ecosystem then needs to have defined who the people behind the transaction are, those stakeholders that include the owner, lender, and government.
Transactions of property are conducted via “smart contracts” – digital rules in the blockchain that process the agreement and any specified conditions. Buying and selling could still take place via agents, or the smart contract can be advanced to incorporate the sale rules and make this decision automatically. The blockchain for each property grows as transactions are added to the ledger.
A housing market without agents, conveyancers and a land-titles office may seem decades away, but a handful of countries have already piloted blockchain land registration system.
In Australia, our current land titles system is among the world’s best, but it is not infallible. A range of hidden taxes and transaction costs increase market inefficiencies.
And while the electronic system Property Exchange Australia or PEXA, has brought us to the point of a near paperless property market, it’s still an intermediary between the parties and the record of the transfer in the Torrens system - our current land title system.
The added advantage of a blockchain system is in eliminating risks, in particular the risk of records being accessed fraudulently and altered or deleted because it is a permanent and immutable record. This means that a huge amount of computing power would be required, probably along with some collusion, and the alteration is easily detected across the ledger. That’s not to say the blockchain system is perfect.
Blockchain’s advantage in restricting any changes to historical records becomes a disadvantage when incorrect or fraudulent entries are added. Digital currency managers, Ether and Bitfinex, learned this the hard way through cyber attacks.
Last year these attacks siphoned off over US$50 million in ether tokens from The DAO, the largest crowdfunded venture capital fund. This breach led to a controversial split of Ether into two separate active digital currencies.
Only months later, Hong Kong-based crytocurrency trading firm, Bitfinex, had the equivalent of US$68 million stolen by hackers in a security breach reminiscent of the hack that bought down Mt Gox in 2014. It is little comfort to cautious market regulators that the thieves behind these attacks can not spend it without revealing their identity on the blockchain.
These hacks demonstrate that blockchain systems are only as secure as the code which supports them. As a nascent technology, its cracks are detected only when they are exposed.
Where blockchain has worked before
Sweden became the first western country to explore the use of blockchain for real estate in July last year. At the time, the Swedish Land Registry partnered with blockchain startup ChromaWay to test how parties to a real estate transaction – the buyer, seller, lender, government – could track the deal’s progress on a blockchain.
Other countries at the forefront of blockchain for real estate include The Republic of Georgia, Honduras, and Brazil which announced a pilot program earlier this month. While this might seem like a disparate list, it’s in these countries where the long-term potential of a blockchain for real estate are most significant.
Systemic corruption and insecure database management in these countries, and many other emerging economies, is seen as a major constraint on growth and prosperity. Why would you invest in a house, or any other asset, if there is a distinct possibility that the record of your ownership could simply disappear?
With ever increasing demands for improvements to transaction efficiency and local real estate industry giants like CoreLogic appointing research teams dedicated to new technology applications, it might not be long before we see a real estate blockchain system in Australia.
Danika Wright is a Lecturer in Finance, University of Sydney and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/danika-wright-121868">here</a>.
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How the blockchain will transform housing markets: Danika Wright

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<img src="https://counter.theconversation.edu.au/content/75625/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The Fair Work Commission is considering whether to increase Australia’s minimum wage.
The Australian Council of Trade Unions is arguing for a A$45-a-week rise. Industry, arguing that currently business has limited ability to afford wages increases, wants the increase capped at 1.5 percent (closer to $10 a week).
While I suspect most people immediately focus on wages as a cost of production for business, it’s worth clarifying precisely what economic roles wages play. There is more than one.
Indeed, wages are certainly a cost. More precisely, their significance for business as a cost is as one component of something economists call “real unit labour cost”.
This is the cost of employing a person in terms of the value of the goods and services a business would produce. Crudely put, this means the proportion of the value of a day’s production that would be needed to pay for a day’s labour. This depends on two things.
Two key influences: productivity and real wages
The first is the real wage – the purchasing power of the worker’s pay packet, which brings into play prices of goods and services. The second is the productivity of the worker – how much the worker produces over a given time.
The real cost of employing a person over time depends on how these two things change. If productivity is growing, then the real wage can grow without an increase in the real cost of labour for business.
But a couple of other economic considerations are relevant when assessing the economic impact of changes in the worker’s wage. The first is that productivity also depends on investment. Changes in technology that allow for greater productivity are often embodied in the new plant and equipment that firms invest in.
Yet what governs investment? This is an age-old question in economics, and perhaps one of the least agreed areas within the profession. But any stab at this question would conceivably point to the expected rate of return on the investment relative to the so-called cost of capital. An economist would typically measure the cost of capital by reference to interest rates, among other things.
However, the rate of return is critically dependent on how much demand there is for the goods and services produced by the new plant and equipment the business invests in.
There is also a competitive imperative which links demand growth and investment. Maintaining market share requires a business to be able to respond to growing demand. Optimally, this requires increasing capacity and thus undertaking investment.
Wages growth and investment
But demand growth varies with spending power and the income that flows to the population, a significant portion of which comes from wages. In other words, wages have a flipside. They’re not just a cost of production; they’re also a source of spending and thus of revenue and profit for business.
This is an important point in economics, specifically about how what we see at the micro level does not automatically replicate itself for the economy as a whole. Looked at from the perspective of a single business, wages appear as a cost. But to only look at things this way is inadequate if you are interested in the impact of changes in wages on the overall economy. For that you also have to consider wages as income and a source of demand.
Expectations about future demand growth are presumably as critical to the investment decision for firms as are expectations about factors such as taxes on business income.
A reduction in business taxation may well increase prospective after-tax rates of return on investment. But, as already mentioned, this assumes people with income to spend are ready to buy the output produced with newly installed plant and equipment.
Looked at from this angle, one could argue that growth in demand and in turn wages growth will be required to warrant producers undertaking investment and in turn the kind of changes to production that underpin productivity growth.
One can go a little further. Assuming a government’s intention is to wind back its contribution to demand in the economy (via government spending) through what is euphemistically termed “fiscal consolidation”, and assuming our trade is not significantly changing, a certain real wage growth is required to generate sufficient growth in demand to warrant sustained investment and productivity growth.
It’s the flipside to this scenario that is worrying. To the extent that increasing profitability through increased productivity is not shared in the form of increased real wages, the economy faces the danger of its productive capacity growing faster than demand. This kind of danger was highlighted long ago by the noted Italian economist Luigi Pasinetti.
In this scenario the profit of each unit of output may increase initially as productivity grows, but demand does not keep pace, in which case the increase in profitability is likely to be short-lived. More worrying in this case is that employment growth suffers and consequently the unemployment rate is likely to rise.
Some economists would counter that real wages would fall in order to absorb any increased unemployment, though this claim has always been contentious.
It supposes that unfettered markets will always provide demand for whatever amounts of goods and services are produced – in itself a controversial position in economics.
Of course, none of this deals with the moral or ethical imperative of a minimum wage which ensures a liveable real wage. Rather, the point here is that, quite aside from the moral or ethical case, there are economic arguments to be had for ensuring an appropriate rate of growth of real wages.
Graham White, associate professor, School of Economics, University of Sydney and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/graham-white-8139" target="_blank">here</a>.
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How wage growth contributes to the economy

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GUEST OBSERVER
The February Labour Force Survey was a disappointing update on the Australian labour market reporting a fall in total employment along with unemployment rising to its highest level in 15 months.
So far in 2017 the labour market has been quite a bit softer than we had anticipated.
In February total employment declined 6.4k and the annual was flat at 0.9 percent/yr holding well under the pace that our Jobs Index suggests it should be – circa 1¾ percent/yr and accelerating to around 2¼ percent/yr by late 2017.
The ABS notes that in the February survey sample rotation may explain some of the weakness in the month. In March if the sample rolling in is more like the average  of the total sample then this would result a bit of a positive bump. But sample volatility does not explain the weakness seen over the last three months.
<a href="https://www.propertyobserver.com.au/images/2017/04/13/Screen%20Shot%202017-04-13%20at%208.33.47%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/04/13/Screen%20Shot%202017-04-13%20at%208.33.47%20AM.png" alt="">
Our 20k forecast for March holds the annual pace at 0.9 percent/yr but we note that changing seasonality increases the risk to this forecast.
In February, the rise in full-time employment was not a positive sign as it did not broken the recent trend for a greater focus on part-time employment. In addition the weakening in hours worked further emphasised that labour demand is somewhat weaker than what the business surveys suggest.
The –6.4k decline in employment in February was reported with a 19.5k jump in the labour force due to a flat participation rate of 64.6. This is why the unemployment rate jumped 0.2ppt to 5.9 percent (5.87 percent unrounded).
In March, if participation holds steady, a 20k gain in employment will be enough to hold unemployment rate steady at 5.9 percent.
Weak hours worked in late 2015 were something of an early warning of the soft patch in employment. In January we had found it very promising that hours worked per employee lifted 0.8 percent in the two months to Jan. Since then hours worked have pulled back so we are again closely watching to see if this is presaging a further slowdown in employment.
We also note a small lift in employees who expect to lose their job due to their employer closing. This series can lead changes in the unemployment rate. 
Justin Smirk is ‎senior economist, Westpac Group and can be contacted <a href="https://www.westpac.com.au/about-westpac/westpac-group/" target="_blank">here</a>.
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Looking for signs of stability in the labour market: Westpac's Justin Smirk

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Akuna, the Point Piper harbour front with historic Chinese boat shed, has been listed for sale.
It is offered for the first time offered in 20 years.
It has quietly slipped onto the market by Karen Daly, the successful author of the Fats &amp; Figures range of books, and wife of Warren Daly, the big band performer.
The couple paid $7.75 million in 1997.
The Wolseley Road house was designed by Richard Christian and Walter Barda for retailing businessman John David, with interiors by Michael Love and Thomas Hamel.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/6/PointP.jpg" alt="" width="469" height="262">
There is inclinator access from the street garaging.
It is being offered with a French Riviera style three bedroom garden apartment in the Danmark, which has failed to find a buyer in recent weeks.
Set on Seven Shillings Beach, it comes with a Pagoda boathouse, a rare Chinese-style timber boatshed, one of only two on Sydney Harbour influenced by the late Victorian fashion for the East and oriental design.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2013/04/chineseboatshed.jpg" alt="chineseboatshed" width="470" height="259">
The boatshed was part of the property once owned by W. G. "Knockout" Smith, a millionaire industrialist and horse owner-breeder whose mansion Danmark was at the top of the ridge, but Knockout preferred to spend most of his time in his one-room shed, allegedly because he couldn't stand his wife.
The founder of the glassmaking giant Australian Consolidated Industries was noted for having a glass of champagne for breakfast, on doctor's orders, and swimming daily, summer and winter, in the harbour. Smith made a reputation selling upper Hunter horses to Hollywood bigwigs including the movie mogul, Louis Mayer, of Metro-Goldwyn-Mayer.
The horse Shannon left Smith's stable after being bought in 1947 for $54,600, an then Australian record. Smith raced him briefly before selling him for $62,500 to US owners who when racing him as a  seven-year-old - won the San Francisco County Handicap, in a time of 1m:55.6s for the nine-and-a-half furlongs (1,900m) which was 0.2s faster than the record established by US legend Sea Biscuit in 1936.
Apparently Knockout Smith he was easy to spot swimming because of his bather's cap. It last sold when the spritely John David secured $7.75 million in 1997 when bought by Daly's wife, Karen Alice Peerless.
No price guidance is offered by Sotheby's on <a href="https://www.realestate.com.au/property-house-nsw-point+piper-125224890" target="_blank">realestate.com.au</a>, but around $50 million could be expected.
 
 
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Point Piper harbourfront with Chinese pagoda boathouse listed without any big bang

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There are now a record 2.05 million taxpayer individuals with an ownership interest in a rental property in Australia.
There has been a jump of 348,000 extra investors over six years, increasing at around 58,000 each tax year.
The latest release of ATO data for 2014-15 tax year show the number of individuals with the one investment property stands at a record 1.468 million.
Less than one percent of investors, or 19,198 own six or more property, despite the recent proliferation of articles about their feat everywhere but on Property Observer. 
<table class="tbl-lrg"><tbody>
<tr>
<th class="alignCentre">
Property interests
</th>
<th class="alignRight">
2012–13      
</th>
<th class="alignRight">
2013–14         
</th>
<th class="alignRight">
2014–15
</th>
</tr>
<tr>
<td>
1
</td>
<td>
1,434,211
</td>
<td>
1,445,011
</td>
<td>
1,468,949
</td>
</tr>
<tr>
<td>
2
</td>
<td>
363,705
</td>
<td>
371,038
</td>
<td>
383,505
</td>
</tr>
<tr>
<td>
3
</td>
<td>
110,379
</td>
<td>
113,897
</td>
<td>
118,412
</td>
</tr>
<tr>
<td>
4
</td>
<td>
40,283
</td>
<td>
41,360
</td>
<td>
43,239
</td>
</tr>
<tr>
<td>
5
</td>
<td>
16,600
</td>
<td>
16,982
</td>
<td>
18,231
</td>
</tr>
<tr>
<td>
6 or more
</td>
<td>
17,671
</td>
<td>
18,231
</td>
<td>
19,198
</td>
</tr>
<tr>
<td>
Total
</td>
<td>
1,982,849
</td>
<td>
2,006,519
</td>
<td>
2,051,534
</td>
</tr>
</tbody></table>
Source ATO 
An interest in a property means the property is solely owned, jointly owned or part-year owned.
Looking further back the taxation statistics for the 2009/10 financial year showed that there were 1.7 million individuals who owned a rental property.
 <img class="aligncenter size-full wp-image-2079" src="https://blog.corelogic.com.au/wp-content/uploads/2013/05/Individuals-interest-in-rental-property.jpg" alt="Individual's interest in rental property" width="500" height="283">
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The number of Australians with rental property investments rises to 2.05 million

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The Avalon Beach village restaurant space that cafe queen Jackie Milijash bought just before her death last year sold ahead of yesterday's scheduled auction.
The beloved business woman had secured the Old Barrenjoey Road commercial property with a view to opening a new coastal establishment.
She'd given the existing restaurant and bar premises a makeover with the intention of eventually redeveloping the site with plans by Iain Halliday from BKH. 
Lara Rowell at Fine &amp; Country Avalon Beach sold it to the neighbouring owner for around $1.85 million.
Milijash was credited with helping create Sydney's cool cafe culture with Jackies at Bondi then Paddington which is now operated by former staffer turned foodie Myles Davis, who's back from the London cafe scene.
She had owned a Paddington terrace home just around the corner on Gipps Street which she sold in 2015 for $1.95 million, having paid $1.22 million in 2011.   
This article first appeared in the Sunday Telegraph.
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Late cafe queen Jackie Milijash's Avalon Beach restaurant sold

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<img src="https://counter.theconversation.edu.au/content/75612/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
A recent survey of 400 multinational corporations found that two-thirds plan to implement shared-desk workplaces by 2020. But research shows these arrangements have a range of outcomes, many of which are negative. 
A recently published study of 1,000 Australian employees found that shared-desk environments had a number of problems. These included increased distrust, distractions, uncooperative behaviour and negative relationships. On top of this, there was a decreased perception of support from supervisors. 
Another study showed that shared-desk environments can lead to employee marginalisation, indifference and inattention to co-workers, loss of identity and decreased organisational commitment.
These studies and more should sound a cautionary note against the uptake of shared-desk arrangements.
<h2>Changing workspaces</h2>
Office spaces are changing rapidly thanks to remote work, technology and the need to innovate. But cost is also a big factor. 
Office space is typically the second-biggest cost for organisations. And some research suggests that up to 40% of office space is vacant at any one time. 
The cost of offices is one of the drivers of shared-desk work arrangements, which fall into two categories: hot-desking and activity-based working. By using these arrangements, an employer can fit more workers into an existing space and more efficiently use the available space.
Hot-desking is where employees either share a desk with others or are not assigned a permanent desk and must find one when needed. Hot-desking arose as a strategy to save on space and to cater to the needs of employees who largely worked outside the office.
Activity-based work, by contrast, assumes all employees work flexibly and will seek out a range of different spaces to undertake different tasks. As such, these workspaces provide a range of work settings for different types of activities such as meetings, collaboration, private work, creativity and concentration. Employees are expected to switch between these settings as necessary.
Proponents of activity-based work claim that cost is not a major driver of its uptake. Rather, companies have implemented it to attract and retain talent, and increase collaboration and innovation, employee well-being and sustainability.
But plenty of research shows negative effects of shared-desk workplaces. These negatives potentially outweigh the benefits.
<h2>Diving into the research</h2>
Some studies have suggested that having a permanent desk may not be as important as the overall layout of the office, or the freedom to personalise that space. 
But employees without an assigned desk complain of desk shortages, difficulty finding colleagues, wasted time and limited ability to personalise their space. And, as I noted earlier, hot-desking has been found to result in higher levels of distrust, fewer co-worker friendships and decreased perceptions of supervisory support.
Meanwhile, research on activity-based work has shown that it is likely to work best for employees who see themselves as mobile and independent, and who have largely self-contained work processes. For those who work well in these environments, the ability to select a workstation or area based on individual needs and preferences is seen as a positive. Another positive is the ability to avoid unwanted social interaction when necessary, by working in a quiet space, for example.
However, the flipside of activity-based work is workers who have troublefinding privacy or concentrating. Further research shows that employees rarely, if ever, switch between different work settings. While those who did switch workstations were found to be more satisfied, there were strong objections among those who didn’t.
Activity-based work can also have an impact on the social dynamic in the workplace, creating tensions between those who come into the office and use certain spaces regularly, and those who don’t. Lastly, it can create additional work, as workers must find and set up a workspace, move between locations, and then remove everything at the end of the day. 
So while hot-desking and activity-based work are touted as increasing communication, collaboration and efficiency, research shows there are other outcomes as well. While these environments can work well for some employees – those who are highly mobile and autonomous, for instance – the research shows that many employees do not work well in these environments. 
A one-size-fits-all solution is unlikely to succeed. Implementing one may have negative impacts on the organisation as well as workers. Employers need to accommodate differences in individual employees and in the type of work they undertake. Additionally, research has shown that management style, as well as social and cultural factors will have a significant impact on whether activity-based work is successful. 
Workplaces should be designed to support both well-being and productivity. This requires a more nuanced approach.
Libby Sander is lecturer, Bond Business School, Bond University and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/libby-sander-143232" target="_blank">here</a>.
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The research on hot-desking and activity-based work isn’t so positive

One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

&nbsp;

&nbsp;

fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

&nbsp;

FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
&nbsp;

&nbsp;

&nbsp;

&nbsp;

&nbsp;

First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

Jonathan Chancellor

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