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Celebrity chef Jamie Oliver has purchased six Jamie’s Italian Australian restaurants from Keystone Hospitality Group and will travel to Sydney in May to meet suppliers and launch a new menu.
According to a report in the Daily Telegraph, Jamie Oliver said its a happy ending for the restaurant portfolio.
“This is a process that I’ve never been through so it’s all very new, but it’s a really happy ending," he said.
"I wish I could have done it sooner but we got there and it’s safe to say that every cloud has a silver lining."
"I am glad the buyout of the six restaurants, which were sold for an undisclosed sum, had gone smoothly and am looking forward to arriving in Sydney on May 8.
“I believe in Australia and I’m invested in it in so many ways. I can’t wait to get over there,” he said.
The six restaurants were put on the market in July 2016 when owner <a href="/expert-insights/investing/keystone-selling-all-jamies-italian-in-one-line">Keystone Hospitality Group was placed into receivership</a>.
 
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Celebrity chef Jamie Oliver buys back restaurants from Keystone Hospitality Group

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GUEST OBSERVER
Our model suggests that private sector wages growth is a little lower than it should be given the degree of labour market slack.
Nonetheless the current level of labour market underutilisation is consistent with wages growth of just above 2 percent.
Our model suggests that a steady decline in the underemployment rate to around 7 percent, would see wages growth return to normal in early 2019.
For Q1 2017, the model points to an outcome of 0.5 percent, which would see the annual rate tick up to 1.9 percent.
Private sector wages growth has been on a downward trend for the past four years. Wages growth was just 1.8 percent over the year to QIV, which was the lowest result in the history of the series. It is lower than would be expected given the level of the unemployment rate and the strong gains in commodity prices over the past year.
There are many explanations for low wages growth, including rising spare capacity in the labour market, heightened job security concerns, low inflation rates and declining commodity prices from the peak in 2011.
<a href="https://www.propertyobserver.com.au/images/2017/03/29/11.jpg" target="_blank">Click to enlarge </a>
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Spare capacity in the jobs market has been rising since early 2011. While the unemployment rate has come down a little over the past year, there has been a steady increase in the underemployment rate. Underemployment measures people that have a job but would like to work more hours. The underemployment rate is now at a record high of 8.7%. Job security concerns also remain elevated. The combination of underemployment and job security concerns means that people are unwilling to push their employers for a pay increase.
<a href="https://www.propertyobserver.com.au/images/2017/03/29/12.jpg" target="_blank">Click to enlarge </a>
<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/2017/03/29/12.jpg" width="600" height="598">
Slowing inflation rates have also contributed to low wages outcomes. While we typically think of low wages contributing to low inflation outcomes the reverse is also true. That is because low inflation outcomes can result in a drop in expectations about future inflation. And inflation expectations impact on actual inflation outcomes. Also, many wages are set with the CPI outcome in mind. Awards and minimum wage outcomes set by the Fair Work Commission are heavily influenced by the CPI. And the RBA has said that two-thirds of the firm’s in their liaison program have indicated that the CPI was a primary determinant in wage-setting.
Wages growth is also correlated with movements in commodity prices. The decline in commodity prices from the peak in 2011 until QII 2016 reduced company profits and constrained wages growth. The sharp lift in commodity prices since mid 2016 would suggest that wages growth should be picking up by now. However previous commodity price booms have typically occurred alongside rising mining investment. And this time mining investment is still falling, not rising.
<a href="https://www.propertyobserver.com.au/images/2017/03/29/13.jpg" target="_blank">Click to enlarge </a>
<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/2017/03/29/13.jpg" width="600" height="598"> 
We estimate a Phillips curve (PC) model to explain wages growth. This relates wages inflation to labour market utilisation. Higher labour market utilisation should lead to higher wage inflation and vice versa. We use the underemployment rate to measure labour market utilisation as the unemployment rate has not fully captured the degree of spare capacity in recent years.
We include the quarterly change in the underemployment rate. And also the inverse of the underemployment rate. This allows the underemployment rate to have a larger effect on wages as it gets lower. We also include the lagged value of wages growth, as wages growth is related to it past values. We also estimate the model including lagged values of the CPI or inflation expectations but find that these variables don’t improve the fit of the model.
The model captures the trends in wages growth well. However it suggests that over the past few years wages growth has been a little lower than would be expected given the amount of spare capacity in the economy. Nonetheless the model points to annual rate of wages growth of just above 2% in the December quarter, which is well below the long run average.
RBA research says that recent low wages growth in Australia appears to be only partly explained by spare capacity in the labour market, the decline in inflation outcomes and the fall in the terms of trade from the 2011 peak. Using micro-level data on wages they also find that since 2012 wage increases have been less frequent than in the past. They have also found that wage growth outcomes have become more similar across jobs. This explains why wages growth is also weak in NSW and VIC, the States where the jobs markets are the strongest (see here for our note on labour market slack by State).
Wages growth in Q1 2017
We already have the underemployment rate for Q1 so we can use our model to forecast wages growth for the March quarter. The model is pointing to a 0.5% rise in private sector wages. This would see the annual rate of growth tick up to 1.9%.
When will wages growth return to normal?
We can also use our model to forecast the future path of wages growth. Our forecasts are for the unemployment and underemployment rates to fall gradually from here. A steady decline in the underemployment rate to around 7% in early 2019 would see wages growth returning to its 10 year average of 3%. It would take a sharp drop in the underemployment rate to around 5%, from its current value of 8.7%, to see wages return to a 3% growth rate this year.
These projections line up with the RBA’s forecasts, which show inflation only slowly returning to target. The Bank’s central forecast is for underlying inflation to remain below the bottom of its 2-3% until 2019. And the RBA is not expecting wages growth to begin to recover until late 2017.
Despite these forecasts, the RBA is unlikely to lower interest rates any further in this cycle. And that is because of financial stability concerns stemming from the rising level of household debt and strongly rising house prices in Sydney and Melbourne. The RBA would prefer to see a slow return of inflation to its target rather than cut rates and see inflation rates increase but household debt rise even further. The RBA have expressed some concern around these issue since late last year. And the rhetoric is getting stronger, with an acknowledgement in the latest Meeting Minutes that “there had been a build-up of risks associated with the housing market.” 
Kristina Clifton is economist, Commonwealth Bank, and can be contacted <a href="https://www.commbank.com.au/">here</a>.
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Where to for wages growth? CBA's Kristina Clifton

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The Victorian Planning Minister Richard Wynne has blocked a 16-storey $350 million apartment development in Fitzroy North proposed by BRW Rich Lister Tim Gurner.
It came ahead of Gurner reportedly thinking of lodging an amended 12-storey proposal for the 8500-square-metre former Gasworks site on Queens Parade.  
Gurner, who had previously threatened to pull out of Melbourne’s inner-city development market, now says he's preparing to fight this planning decision.
The Australian newspaper revealed recently that Gurner has been considering concentrating on the Western Australian residential market.
Gurner has faced stiff resistance from the City of Yarra’s Greens-dominated council and North Fitzroy residents.
The council asked Victorian Planning Minister Richard Wynne to intervene and force Gurner to cap his development at six storeys, while residents have called to have a four-level limit for all new buildings in the City of Yarra.
Gurner had previously said he would stop investing in the inner-city areas if the interim planning rules were enforced.
“We have a large number of sites within the City of Yarra currently and if these mandatory height controls are enacted not one of those sites would be or could be feasible to develop,” he told The Australian.
Mr Gurner said the costs to decontaminate some development sites were so large that higher density development was required to cover costs.
“If these changes are to be mandated, the site values will become absolutely worthless overnight,” he said earlier this year.
Gurner paid $40 million for the site last year and had initially proposed a cascading 16-storey development with over 470 apartments. 
This was rejected by the City of Yarra who referred the matter to the Victorian Civil and Administrative Tribunal (VCAT) in December with a hearing due to commence next week, with Gurner considering amendments with 135 fewer apartments and a height reduction to 37 metres from 53.7 metres.
The eleventh hour decision by Wynne to place an interim mandatory height control of a maximum of 10 storeys (30 metres) over the site means VCAT cannot grant a permit for any development that is higher. 
The Australian Financial Review advised today that "an incensed Mr Gurner" had spent $500,000 preparing for next week's VCAT hearing, and lashed out at the decision calling it a "joke" and said Mr Wynne had only intervened for "political reasons".
"The City of Yarra is the Planning Minister's own seat and it is no secret that he is right on the edge of holding power. He has clearly made a decision from a political perspective to try to win votes with no regard to fair and due process or strategic planning," Mr Gurner told The Australian Financial Review.
Despite the setback and his prior threats, he said he was more motivated than ever to ensure the project gets built.
Wynne holds the state seat of Richmond and will battle the Greens to retain the seat at next year's state elections.
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Wynne imposes height restrictions on Gurner who feared "worthless overnight" intervention

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This year has seen continued upwards pressure on Sydney house prices, but standby for a shift.
Yes there's still near-record low interest rates, reduced stock levels, strong population growth, as well as a renewed rush from investors to use negative gearing to set up for retirement.
But the slightly higher interest rates announced by lenders recently - or more likely the obvious prospect of continued out of cycle rate rises - ought act as a break on the exuberance on display on Saturday's across Sydney this year.
The double digit price growth cycle - which has just hit 18.9 percent according to CoreLogic - needs to come to an end.
It doesn't mean prices will head backwards or crash, rather the rate of growth ought slow. 
This week there was analysis that mortgage rates would need to rise to around six per cent before house prices nationally start sliding.
That's highly unlikely, but a slow down in price growth is around the corner - and what almost everyone wants.
Just when it all takes place is the big question as certainly the 80 per cent plus weekend clearance rates haven't faltered this autumn.
Perhaps higher stock levels heading into Easter will provide a trigger mid-next month. Then the actual holiday pause could lay the platform for wiser heads at auction.
Earlier this month it was suggested that just three rate hikes of 25 basis points by the RBA would deliver a bigger increase in debt-servicing costs for households than 10-11 rate hikes did in the mid-1990s
According to Macquarie Bank’s head of economic research, James McIntyre current households' debt levels are at a record 187 percent of income and a one percentage point increase in the RBA's cash rate would, excluding further increases in lenders' borrowing rates, push the household debt servicing ratio beyond 10 per cent.
While household debt serviceability is currently manageable given the record low rates, the risk is ripe for when when they increase given record high household debt.
McIntyre studied previous tightening cycles, some which involved 11 quarter-point hikes.
"We estimate that three to four 25 basis-point rate hikes would deliver a bigger increase in debt-servicing costs for households than 10 to 11 rate hikes did in the mid-1990s," he told clients. 
"The RBA's reticence about further increases in household debt-to-income ratios is clear when you begin to consider how potent interest-rate rises might be from a debt-servicing perspective,'' McIntyre said.
He noted a big difference between the periods is a wider spread between the cash rate and lenders' mortgage rates: from 180 basis points to about 375 basis points, expanding since the GFC supposedly due to rising bank funding costs.
McIntyre, however, doesn't expect a formal RBA rate increase until early 2019.
This article first appeared in the Daily Telegraph.
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Sydney's rate of house price growth ought to slow

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The winner of the 1969 Wilkinson Award, a Philip Cox-designed house at Cheltenham, has a new owner.
Considered as one of the best mid-century houses in Australia, the late 1960s <a href="https://www.realestate.com.au/sold/property-house-nsw-cheltenham-111765475" target="_blank">19 Norma Crescent</a> home sold midweek, some two years after its listing.
Its last price guidance was $2.59 million having initial $3 million hopes.
It last traded for $1.405 million in 2013 to the Apap family, in fairly original condition. Since then it has bathroom and kitchen renovations which don't detract too much from the style of the home.
It first traded for $108,000 in 1976 when sold by the Hawkins household.
When designed by Philip Cox in 1968, he was an influential proponent of the Sydney School – a style of architecture responding to its environment, often built in natural bushland, organic, and using natural materials.
The Wilkinson is the highest accolade of the Royal Australian Institute of Architects. 
The five bedroom home has been updated and renovated around its central courtyard that features a pool and spa.
There's a self-contained lower level with its own private entry on the 1,150 sqm parcel that adjoins the Lane Cove National Park.
Built with creamy-yellow expressed bricks, it comes with brush box floors, oregon ceilings and exposed cedar rafters.  
"The purchasers are a young couple with three children who will honour and love the home as it is," Noemi Guttmann, the Black Diamondz selling agent said. 
This article first appeared in the Sunday Telegraph.
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1969 Wilkinson Award winner at Cheltenham sold

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<img src="https://counter.theconversation.edu.au/content/74614/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Selective high schools in Australia are both popular and controversial. Many more children seek enrolment in them than gain entry. 
Public commentary since the late 1990s has accused these schools of being both hijacked by private coaching colleges, and racially unbalanced — enrolling disproportionate numbers of “Asian” students.
To properly understand the nature of selective schools today, you have to go back to when they first opened. 
<h2>Why do we have selective schools?</h2>
Selective schools have never operated in isolation from broader historical forces — including Australia’s connected histories of racial exclusion and immigration.
The selective school system in New South Wales, for example, which has the largest concentration and longest history of selective schooling, is a relic of when secondary schooling was the destination of only a minority of young people, mostly from the middle or upper classes.
Secondary schooling was not universal in Australia before the 1960s, and it was only in the 1980s that everyone had the opportunity to complete Year 12.
The NSW selective high schools system was founded between the 1880s and the 1910s. 
The schools were to offer students a meritocratic “ladder of opportunity”. That is, they would be open to everyone, regardless of wealth or social class, so long as academic entry requirements were met. This, and the absence of religious criteria, set them apart from private schools. 
<h2>Selecting whiteness</h2>
However, the foundations of selective schooling in Australia were always deeply raced and classed. 
Despite being accessed by many working class students, their credentials were geared towards middle class occupational groups. And their essential whiteness was ensured by several factors:
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Their establishment period coincided with the establishment of the White Australia Policy, which restricted non-Europeans from migrating to Australia.
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Aboriginal children could be legally excluded from the feeder primary schools and often were.
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White Protestant middle class cultures of the time dominated both the entry tests and the curriculum inside the schools.
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Non-British migrants arrived in Australia in larger numbers from late 1940s. As early as the 1930s, many children of European Jewish refugees attended selective high schools. 
But from the 1960s to the 1980s, the children of non-English speaking migrant families were more often categorised as educationally disadvantaged, and rarely seen as “displacing” the academic opportunities of Anglo-Australians.
<h2>Falling out of favour</h2>
During the 1960s and 1970s, selective schools fell out of favour with policymakers and many parents. They were mostly replaced by comprehensive high schools, which enrolled all students within a given area, no matter their test scores. 
Selective high schools were disparaged as old fashioned and elitist. It was also argued that selection at the age of 11 or 12 was too young to set children on a certain path. 
<h2>The revival</h2>
The revival of selective schooling from the late 1980s accompanied a new commitment by the NSW state government to the education of the “talented” child. 
Academically gifted children, it was argued, were neglected in the one-size-fits-all classroom. 
During the same period many white, middle-class families moved to private secondary schooling, responding to policies of “school choice”. 
Both these developments coincided with increased middle class migration from east and South East Asia. 
<h2>Coded racism in media commentary</h2>
By the late 1990s, Australian print media began focusing on the dominance of Asian students in selective school entrance examinations, and on the impact of “too many Asians” on schooling cultures. 
The resurgence of white nationalist politics at the time was relevant to these debates. Such politics sought to normalise the whiteness of institutions like schools. 
Our analysis of media coverage in the early 2000s uncovers the coded racism that underpinned public anxieties about selective schools. 
Media commentary focused on the “fairness” of the selection process itself, indicating that Asian students were using coaching services to gain an unfair advantage. 
Our research into the use of academic coaching by Chinese-Australian families demonstrates that far from “gaming” the system, parents were attempting to mitigate the disadvantages produced by a competitive, marketised, and culturally biased school system.
<h2>The need for historical awareness</h2>
Since the late 1990s, public commentary about selective schooling has often failed to address historical complexity in at least two ways. 
Firstly, it tends to use the category of “Asian” in sweeping cultural terms rather than in reference to historically differentiated people. 
Asians are cast as a singular group who are then made an easy target of blame for the unfairness of the system. 
Secondly, the history of selective schooling is often misunderstood, containing uncritical assumptions about the “good” of a meritocratic system. There tends to be a silence around the histories of racialised exclusions in education and in selective education in particular. 
“Asians” in selective schools are positioned as interlopers or breakers of heritage, and other non-white groups including Indigenous Australians tend to be rendered invisible altogether. 
We need public debate that challenges - not normalises - the conditions of white privilege in a multicultural settler-colony, not least within our education system.
Helen Proctor is associate professor, University of Sydney and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/helen-proctor-2646" target="_blank">here</a>.
Arathi Sriprakash is lecturer in Sociology of Education, University of Cambridge and author for The Conversaiton. She can be contacted <a href="https://theconversation.com/profiles/arathi-sriprakash-225113" target="_blank">here</a>.
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Selective schools’ long and tangled history with race and class

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GUEST OBSERVER
The Development Assessment Best Practice Guide issued by NSW Planning Minister, Anthony Roberts, is a positive move to speed up housing approvals but it should also apply to government agencies.
The government’s guide to improve development assessment in NSW Councils says all the right things about speeding up the process.
Words like ‘faster, streamlined and fast tracked’ are used throughout the document and this indicates a genuine move to improve performance.
The adoption of a ‘Fast Track Application’ in the ‘Practice Guide’ for certain projects is a positive approach.
The NSW planning system is generally seen as one of the most complex and slow in Australia and if we want to boost housing supply then this must be streamlined.
The NSW Premier’s target of 90 percent of housing approvals to be determined within 40 days is not the best measure of performance as the other 10 per cent could be the large multi-unit housing projects that include around half the homes.
The measure should really be 90% of dwellings should be determined within 90 days. It is these large housing projects that are the slowest in the approval process.
While the new guide is likely to improve assessment in councils, the Urban Taskforce is concerned that larger projects are often referred to government agencies like Roads and Maritime Services and this often delays the assessment process.
The Queensland Government has established the State Assessment and Referral Agency (SARA) as a one stop shop to efficiently process government agency referrals.
The Urban Taskforce believes there are many requirements for development applications that are excessive and that the number of specialist reports now required is adding to costs and creating delays.
We are keen to sit down with the NSW Government to input our approach to streamlining the process.
The current guide has only come from discussion with councils and not with applicants.
Chris Johnson is chief executive officer of property development industry group Urban Taskforce and can be contacted <a href="https://www.urbantaskforce.com.au" target="_blank">here</a>.
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Faster planning approval guide for NSW councils is positive: Chris Johnson

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Historic Duncan House, which is quintessential Castlecrag, has been sold.
It was the last house in the suburb designed by architect Walter Burley Griffin when built in 1934 for Frank and Anice Duncan.
It features a distinctive facade of sandstone and knitlock concrete blocks. 
It has only had the three owners selling first in 1989 at $430,000.
The late Dick Crebbin, who was chairman of the Marrickville Holdings margarine manufacturing company, and his wife Joan purchased it in 1997 for $1,075,000, having sold their nearby Penhallows estate.
<a href="https://www.domain.com.au/real-estate-agent/heidi-king-820394/" target="_blank">Heidi King, of LJ Hooker Castlecrag</a> had the offering listed for recent auctions with expectations around $3 million.
King said it was the vision of the original Castlecrag where closeness to the garden and nature were integral elements of housing design.
"A rare opportunity to secure one of the 14 Burley Griffin designed homes," she said of the waterfront reserve home which has an 1989 addition at the front of the four bedroom house.
The Duncan's inspired the formation of the Walter Burley Griffin Society.
This article first appeared in the Sunday Telegraph.
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Historic Duncan House, Castlecrag, sold

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<img src="https://counter.theconversation.edu.au/content/73682/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
While Melburnians sombrely reflect on the risks of intensive commercial development near airport runways, Sydneysiders are enthusiastically scoping the development spin-offs that will come with their new airportin the city’s west.
Critical uncertainties still cloud this prospect. Will Sydney Airport Group take up its extraordinary “first right of refusal” option? The enticing early prospect of securing a virtual monopoly on Sydney’s airspace is now clouded by the reality of huge upfront development costs before any planes land or take off for the first time in the mid-2020s. 
If Sydney Airport Group pulls out, what happens next? Will the opportunity be opened up to other development companies? Or will the government commit more public money to doing the job itself and then on-selling the airport to the private sector?
Will there be rail access from day one, as seems utterly critical to its early success? If so, which option will be preferred – a very fast train or an ambling suburban service? This is the subject of a major transport study with a further dilemma looming: who will build and pay for it?
What type of airport will it be? Current thinking is to have it quickly assume the scale of the current Gold Coast or Adelaide airports with 6-7 million passengers per year. 
But who will fly here? Will it be a hub airport for a major airline/s? Will it have direct international services? Will it specialise in freight services? 
A great many considerations affect the “business case” for the new airport. 
<h2>A bustling ‘third city’?</h2>
Even larger questions relate to co-ordinated land use development around the airport. This is recognised as important, with the New South Wales government delineating an extensive “priority growth area”. The Greater Sydney Commission chaired by Lucy Turnbull envisages a whole new western urban complex around the airport – the so-called “third city” after Eastern Sydney and Parramatta. 
The organising device for making sense of this so far is the “aerotropolis”. This is a model for orderly airport-centric large-scale metropolitan development. It’s exemplified by Dallas Fort Worth, Singapore and Hong Kong. The core is a bustling airport city at the epicentre of road and rail networks knitting together a bustling job-rich region. 
Through other lenses, this aviation-dependent urban form is variously a greenhouse horror story and noise machine. The concentration of critical infrastructure is seen as creating a possible security nightmare. There is now a well-organised global anti-aerotropolis network highlighting the environmental and ecological downsides of aviation mega-projects. 
The guileless boosterism attached to many schemes makes them a sitting duck for devastating critiques by the likes of British critic Will Self. He has taken apart their conventional first world premises as “slumbering on the redeye flight to apocalypse”. 
<h2>The naysayers and the true believers</h2>
All such heretical thoughts were scripted out of a recent industry summiton the Western Sydney Aerotropolis. The registration cost could have paid for a few days’ comparative fieldwork at Dubai Aviation City or Incheon/Songdo in South Korea.
Chairman David Borger, of the Western Sydney Business Chamber, smoothly chaired two days’ worth of proceedings that were generally dismissive of naysayers finding different and ineffectual ways of saying no – no airport, no curfew, no jobs. 
This was a room of largely true believers, starting with the federal infrastructure minister, Paul Fletcher, and NSW’s minister for Western Sydney, Stewart Ayers. All were upbeat spruikers for the cause.  
Yet despite the palpable goodwill – and there’s no doubt Sydney has the chance to pull off something world-leading – many questions again surfaced about how this area might best be planned and governed.  
<h2>Something for everyone</h2>
How massive a jobs generator will the airport be? How vulnerable is a sustainable economic strategy for Western Sydney based around an airport that will have to go head-to-head with the established and profitable Kingsford-Smith Airport? 
On a trip to Sydney in 2015, Professor John Kasarda, who has almost trademarked the “aerotropolis” label, made the disruptive suggestion that Kingsford-Smith might best be closed. The old airport could then be transformed into a lucrative urban renewal site to ensure the success of the new airport. 
Sub-regional governance is the major concern: how best to orchestrate infrastructure, timing, type and location of development within special stakeholder-friendly administrative arrangements. 
An “aerotropolis delivery authority” was mooted. But in what form isn’t clear. Local governments and a chafing-at-the-bit development sector respectively need sensibilities assuaged and aspirations equitably managed. 
Dealing with developers large and small, private and institutional, looms as a major challenge. The aerotropolis promotes land dreams because it offers something for everyone – business parks, retail centres, residential estates, innovation districts, medical complexes and university campuses. Advanced planning for a science park at Luddenham is the bellwether. 
<h2>A thoughtful approach</h2>
The aerotropolis notion works best as a reminder of the need for integrated regional planning. What is lacking is a human-scaled approach that values liveability alongside productivity. 
These issues surfaced at the summit and require more attention. How do we promote a healthful metropolis on the back of an airport? The rival paradigm of “airport urbanism” has some utility in stressing small-scale community gains. 
So, there are many questions about how this will pan out. Spatial planning needs to be advanced to develop a clearer vision for the airport. That now should be linked to an implementation model for the wider region that co-ordinates all the public and private players jockeying for a piece of the action. 
As Borger stressed at the summit’s end: so many issues keep coming back to the importance of getting the governance right. Constructing the airport alone will be a demanding engineering project. But the real challenge will be choreographing the mix of old and new city that will surround it.
Robert Freestone is professor of Planning, Faculty of Built Environment, UNSW and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/robert-freestone-168551" target="_blank">here</a>.
 
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Flying into uncertainty: Western Sydney’s ‘aerotropolis’ poses more questions than answers

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GUEST OBSERVER
Changes to smoking rules in parts of the country set the stage for 'smoke free by-laws' in strata properties.
The stage is set for new smoking laws in Victoria, as New South Wales and Queensland progress reforms on controlling if and where apartment owners can smoke.
Owners corporations in Victoria are encouraged to get feedback from their owners on what their position is.
As part of a raft of changes to New South Wales strata legislation in late 2016, for the first time smoking was included as a potential nuisance or hazard to apartment residents. Owners corporations there can now create by-laws to make their buildings smoke-free.
Queensland, which is currently reviewing its strata legislation, has also proposed laws to allow smoking to be banned in apartment buildings.
Should Victoria be looking to emulate these reforms?
Residents of apartments are more vulnerable to second-hand smoke because the smoke can easily drift between areas of a building. Furthermore reverse cycle air conditioners, common to many apartment buildings are often taking the second hand smoke from one individual and circulating it to other members of the Owners Corporation.
Some strata schemes have been crying out for the chance to regulate smoking in their buildings.
The aim of these by-laws is not to stigmatise people who smoke but restrict where people can smoke or restrict smoking completely to create a cleaner and healthier living environment for all residents of a scheme.
The most obvious benefits of smoke-free apartment buildings is the health benefits from decreased exposure to second-hand smoke.
Second-hand tobacco smoke causes cancer and any level of exposure is potentially unsafe. Children exposed to second-hand smoke are at an increased risk of a range of conditions.
Adults who have been exposed to second-hand smoke experience immediate adverse effects on their cardiovascular system and in the long term can develop coronary heart disease and lung cancer.
Benefits to smoke-free apartment buildings is not limited to just the health aspect but can also create financial benefits to owners.
Tobacco smoke leaves residue on walls and curtains and smoke-free apartments have been shown to have cheaper cleaning costs.
Smoke-free buildings also carry a reduced risk of fire and other damage such as burn marks on carpets, furniture and counters thereby reducing repair or replacement costs.
Current laws in Victoria only allow for smoking to be prohibited on common property.
Owners Corporations under the 2006 Act are able to pass a rule as a special resolution at an AGM, prohibiting smoking in designated common property areas but cannot prohibit a resident from smoking in their lot.
So how do the NSW laws work?
In NSW an owners’ corporation can create smoke-free by-laws or make changes to existing ones. New by-laws require a special resolution at a general meeting of the owners’ corporation. For the by-law to be introduced 75 percent must vote in favour of the resolution.
Once a by-law is in place and communicated to all residents in the building a breach can result in a penalty notice being issued by the owners’ corporation. The offending owner or resident may be ordered to pay a monetary penalty.
Ultimately it is about giving strata communities a choice.
The updated legislation that allowed these by-laws to be brought in are not anti-smoking per se, but they do give strata communities that do not want smoking in their buildings a great deal more power enforce restrictions. Ultimately it’s up to each community to individually decide how their scheme is managed.
Victorian decision makers should be closely watching their New South Wales and Queensland counterparts to see how the smoking model rule is received by owners.
 
Stephen Raff is the CEO of Ace Body Corporate Management and can be contacted <a href="https://www.acebodycorp.com.au" target="_blank">here.</a>
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Are Victorian apartment blocks the new no smoking areas? Stephen Raff 

A mix of Gold Coast locals, fly-in, fly-out purchasers from Sydney and Melbourne, and Brisbane-based families has driven early sales success at Broadbeach's newest apartment tower, Lumara.

The 26-level project, a joint venture between builder-developer 5Point Projects and Bourke Projects, comprises just 37 luxury residences and is attracting a buyer profile that is looking for exclusivity, above the most amenity-rich suburb on the Gold Coast.

[smartcode_project:default project_id=150454 project_image_fid=364156]

Jamie Bourke, Director of Bourke Projects, says every buyer secured so far intends to use Lumara as a lock-up-and-leave residence, combining holiday use with the ability to work remotely when required.

“The size of the apartments, both half- and full-floor options, and the different zones within the floorplans, lends itself perfectly to dedicated home office setups and multi-generational family holidays,” Bourke says.

That flexibility has become a key drawcard for affluent buyers seeking a second residence on the Gold Coast without sacrificing the ability to conduct business away from their primary home base.

The absence of holiday letting within the building has also resonated strongly with purchasers.

“This type of buyer doesn't need to generate holiday rental income,” Bourke says. “They're paying for exclusivity, privacy and certainty around who their neighbours are.”

[smartcode_project:default project_id=150454 project_image_fid=366491]

The strong demand comes amid broader shifts in the high-end apartment market following the Federal Budget announcements in May.

“We were already seeing strong enquiry from high-net-worth buyers, but that has only accelerated since the policy changes,” Bourke says.

“A lot of those buyers are looking to place more capital into premium lifestyle assets rather than investment-grade stock that has been targeted by the Federal Government.”

[smartcode_project:default project_id=150454 project_image_fid=366486]

Designed by Cottee Parker, Lumara adopts a slender, sculpted form with an emphasis on natural materials suited to its beachfront setting. The architectural approach draws on coastal influences, with a palette of stone, timber and concrete selected for durability and the ability to weather over time.

Apartments are limited to three and four-bedroom configurations, with a maximum of two residences per floor through the mid-levels and a selection of full-floor and dual-level homes in the upper levels. All apartments are oriented to the north to maximise natural light, cross-ventilation and views across the ocean, city skyline and hinterland.

A two-level amenity offering is positioned high within the building on levels 20 and 21, conceived as a sky wellness retreat. Facilities include a magnesium pool, spa, sauna and steam rooms, alongside more social spaces such as a private dining room, resident lounge, workspaces and outdoor barbecue areas integrated with landscaped greenery.

The uppermost levels are reserved for larger-format residences, including several full-floor homes and a dual-level penthouse with its own private wellness features and recreational spaces.

&nbsp;

To give buyers confidence, 5Point and Bourke commenced construction ahead of the apartments launching to the market, a sure-fire way to prove they mean business, and the building will be delivered. They are targeting a 2028 completion date.

[smartcode_project_cta:default project_id=150454]

Joel Robinson

Locals, interstate holiday makers, drive early sales at Lumara, Broadbeach's newest luxury apartment tower

Often when it comes to purchasing property, the biggest barrier to entry is the deposit. Buyers of established homes typically aim for a 20 per cent deposit to avoid the added cost of Lenders Mortgage Insurance, while most property transactions require around a 10 per cent deposit when contracts are exchanged.

The off-the-plan market works differently, with buyers typically paying a deposit during construction and settling the balance upon completion. As completion approaches at <a href="https://www.apartments.com.au/new-apartments/fabbrica-fitzroy-369-gore-street-fitzroy-vic-3065">Fabbrica Fitzroy</a>, developer <a href="https://www.apartments.com.au/developers/pace-development-group">Pace</a> is making it easier for buyers to secure a residence through a deposit-matching incentive. Purchasers need only contribute a five per cent deposit*, with Pace matching the remaining five per cent.

The offer comes as Pace unveils a completed display apartment and townhouse, now available for inspection by appointment ahead of the project's Spring completion.

[smartcode_project:default project_id=139552 project_image_fid=371009]

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/winwood-mckenzie-architecture">Winwood Mckenzie</a> and landscaping by <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a>, Fabbrica draws on Fitzroy’s industrial and manufacturing history, incorporating references to the former Argyle Shirt Factory and Life Savers Confectionery Company that once occupied the site.

The development comprises 85 residences, spanning low-maintenance apartments through to larger-format townhouses with private street access and double lock-up garages, a relatively uncommon offering in Fitzroy’s higher-density apartment market.

Pace says the project has been designed to appeal to buyers seeking inner-city convenience without sacrificing space, flexibility, or amenity.

[smartcode_project:default project_id=139552 project_image_fid=371016]

Inside the residences, Winwood Mckenzie has focused on adaptable layouts and integrated detailing, with features including custom joinery, and concealed storage solutions. The material palette leans into warm, tactile finishes intended to complement the building’s industrial architectural language.

Fabbrica’s rooftop amenity is a key part of the project offering. Spanning around 800 sqm, the communal rooftop includes a private dining room, communal kitchen, lounge spaces, work-from-home zones, and outdoor dining areas overlooking the Melbourne CBD skyline.

[smartcode_project:default project_id=139552 project_image_fid=371017]

Landscape architecture studio Acre has introduced a layered rooftop garden designed to soften the urban setting while creating a more communal environment for residents.

The Fitzroy location also positions residents within walking distance of Brunswick Street, Smith Street, parks, cafés, galleries, and public transport, while remaining only minutes from Melbourne’s CBD. The project has an enviable Walk Score of 96.

[smartcode_project:default project_id=139552 project_image_fid=371025]

Pace, which is also delivering the project as builder, has developed more than 100 projects across Melbourne over the past three decades. The vertically integrated approach has become increasingly common among developers seeking greater control over construction delivery amid broader market pressures affecting the apartment sector.

The strikingly contemporary Gore Street development is now around 70 per cent complete, with purchasers expected to move into their new homes in Spring 2026. A limited number of residences remain available under the current deposit match offer.

*Conditions apply in relation to the deposit match offer.

[smartcode_project_cta:default project_id=139552]

Pace offers five per cent deposit match at Fabbrica Fitzroy ahead of Spring completion

Sydney developer Hyecorp's roots on the Lower North Shore stretch back three generations, and that deep understanding of the market continues to shape where and how it develops today.

From high-rise towers to boutique apartment projects, the family-run developer has built its reputation by focusing on a part of Sydney it knows intimately. Founded by Michael Abolakian in the early 1990s, Hyecorp is now led by his sons Stephen, Troy and Patrick.

Stephen Abolakian, joint managing director alongside Troy, has spent more than two decades in the business, overseeing development, planning, finance, marketing and sales.

Abolakian says the developer's disciplined focus on where it chooses to operate has been, and continues to be, one of Hyecorp's greatest strengths.

“We know the buyer profile exceptionally well,” Abolakian says.

“The demographics between places like Willoughby, Chatswood, St Leonards and Roseville are very similar. There are nuances between suburbs and projects, but culturally and from a buyer perspective, there’s a strong overlap.”

That buyer has historically been overwhelmingly owner-occupier driven.

Unlike many Sydney apartment developers that have traditionally relied heavily on investor demand, Hyecorp’s projects have typically attracted downsizers, upsizers, rightsizers and family owner-occupiers seeking long-term homes rather than short-term investments.

“Historically, investors have been a much smaller portion of our demand profile,” Abolakian says.

“We design for owner-occupiers. We don’t design for yield, we design for comfort, amenity, family living and long-term usability.”

That philosophy extends well beyond apartment layouts.

From landscaping and communal gardens to shared amenities and circulation spaces, Hyecorp’s developments are designed around how people actually live, something Abolakian believes has become increasingly important in Sydney’s apartment market.

“There was probably a period where having an approved project in market was enough,” he says.

“There wasn’t as much competition and if you built it, buyers would come. That’s no longer the case.”

“There’s more supply in the pipeline now, particularly with TOD precincts and low and mid-rise reforms opening up opportunities across Sydney. Buyers have more choice, so if you get the product wrong, they’ll simply go elsewhere.”

[smartcode_project:default project_id=110379 project_image_fid=311393]

The shift has forced developers to become more sophisticated in how they approach apartment design, particularly as owner-occupier expectations continue to rise.

For Hyecorp, that means thinking beyond who the buyer is today and designing for who they may become in five or 10 years' time.

“People buying now often aren’t moving in for several years,” Abolakian says.

“You might have a young couple buying today, but by the time they move in they may have children, older children, or changing lifestyle needs. You’ve got to think about how families evolve.”

That thinking also shapes Hyecorp’s approach to amenity, which positions wellness at the forefront.

[smartcode_project:default project_id=149594 project_image_fid=362634]

While resort-style facilities have become increasingly common marketing tools across Sydney apartment developments, Abolakian says the challenge is ensuring amenities are genuinely usable and appropriate for the scale of the project.

“If amenities are done right, they can materially improve the living experience,” he says, adding however that if you&nbsp;overdo it or get it wrong, you can end up with facilities nobody uses that simply create ongoing strata costs.”

That balance is something Hyecorp is aiming to strike with projects like Roseville Avenue, one of the group's upcoming Lower North Shore developments, which Abolakian describes as bringing a resort-style living experience into a metropolitan setting.

“It’s about creating something that feels special without being excessive,” he says.

“Good gardens, quality apartments, thoughtful amenity. Creating that resort feeling in a metro location.”

<img alt="Hyecorp" data-entity-type="file" data-entity-uuid="13c4c0f3-b1b7-44cf-9344-0b3d1d07797a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-02%20at%2012.14.57%E2%80%AFPM.png?VersionId=9OLWjyj2bYkDV35F78WJnyMSPfc2bJ2z" />

The focus on owner-occupier product comes as Sydney’s apartment market continues to navigate a difficult development environment.&nbsp;For Hyecorp, maintaining an in-house operating model across construction, sales, marketing and development management has become increasingly important in navigating that environment.

“We’ve always believed in keeping a lot of the process in-house,” Abolakian says.

“It creates efficiencies, but it also creates quality control. You can make faster decisions and ensure the end product stays aligned with the original vision.”

Despite the challenges, Abolakian believes demand for quality owner-occupier apartments across Sydney remains strong beneath the surface, particularly across established Lower North Shore suburbs where downsizers continue to seek new housing options close to existing communities.

“There are definitely people waiting,” he says.

“Once some of the broader uncertainty settles, whether that’s the global environment or some of the local economic noise, I think the right projects will perform very strongly.”

Hyecorp currently has three residential developments on the market across Sydney’s Lower North Shore.&nbsp;Audrey, St Leonards, positioned opposite Newlands Park, is nearing completion and preparing to welcome its first residents, with the project now almost sold out.

Hyecorp has also recently launched&nbsp;<a href="https://www.apartments.com.au/new-apartments/celine-chatswood-37-archer-street-chatswood-nsw-2067">Celine Chatswood</a>, an architectural tower, while continuing to deliver&nbsp;<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet Roseville</a>, a more boutique scale of development with just 34 apartments.

Why Hyecorp continues to back Sydney's Lower North Shore apartment market

South East Queensland’s apartment market is entering a new phase defined by rising prices, constrained affordability, and mounting pressure on the construction pipeline, according to RPM Group’s latest SEQ Apartments &amp; Townhomes Market Report.

The May 2026 report highlights a widening divide between what buyers can afford and what developers can viably deliver, with detached house prices continuing to push more buyers toward apartments across Brisbane, the Gold Coast, and the Sunshine Coast.

RPM says Brisbane’s median house price has reached around $1.5 million, accelerating the shift toward higher-density housing as buyers are increasingly priced out of the detached market.

[smartcode_project:default project_id=135094 project_image_fid=356540]

Median unit prices rose across all three major SEQ markets in the March quarter. Brisbane City recorded the strongest annual growth, with median unit prices climbing 21 per cent to $862,000, while the Gold Coast reached the highest overall median at $950,000, up 17 per cent year-on-year. The Sunshine Coast followed at $870,000, representing annual growth of nine per cent.

RPM noted the affordability gap between houses and units remains significant, with detached homes commanding premiums of 67 per cent in Brisbane and 68 per cent on the Gold Coast relative to apartments.

The report suggests this price disparity is increasingly consolidating buyer demand within the apartment market, particularly among downsizers and owner-occupiers.

“Demand is real. Supply is moving. But they’re operating on different timelines and the gap between what’s being built and what buyers can afford is the defining tension in this market right now,” RPM Queensland and NSW Managing Directors Peter Neale and Clinton Trezise said in the report.

[smartcode_project:default project_id=150787 project_image_fid=366230]

While approvals and commencements are strengthening, RPM argues the delivery pipeline remains constrained by construction costs, labour shortages, and extended build timelines.

Apartment approvals across Queensland increased 86 per cent over the year to February 2026, reaching 12,682 approvals, the highest level recorded since 2016. Brisbane overtook the Gold Coast as the state’s most active apartment approval market, with nearly 5,000 apartments approved over the past 12 months.

Unit commencements also strengthened considerably, rising 48 per cent year-on-year to 5,453 commencements in the December 2025 quarter, the highest level since 2018.

However, RPM’s research found apartment delivery timeframes have expanded sharply compared to the previous cycle. Projects are now averaging around 30 months from approval to completion, compared to roughly 20 months a decade ago.

[smartcode_project:default project_id=143932 project_image_fid=367515]

The number of units under construction has climbed to approximately 31,530 dwellings, nearing the previous 2016 peak, though projects are remaining in the pipeline for considerably longer.

Construction costs continue to weigh heavily on feasibility. RPM found the average apartment construction cost in Greater Brisbane reached $630,000 per dwelling in 2025, exceeding both Sydney and Melbourne. Coastal Queensland markets, including the Gold Coast and Sunshine Coast, were even higher at an average of $817,418 per apartment due to the prevalence of larger premium product.

The report also points to increasing pressure from Olympic-related infrastructure spending ahead of Brisbane 2032, with labour competition expected to intensify over the next several years.

[smartcode_project:default project_id=150017 project_image_fid=370960]

ANZ Associate Director of Property Daniel Gradwell said the underlying demand drivers across South East Queensland remain strong, supported by interstate migration, downsizers, and population growth.

“The challenge is bringing enough supply to market to meet that demand, and nothing on the horizon makes that straightforward,” Gradwell said.

RPM’s analysis found the affordability challenge is becoming more pronounced in the new apartment market itself, with only three per cent of surveyed new apartments priced below $1 million.

Instead, the market is increasingly concentrated in higher price brackets, with the most common new apartment price band across SEQ sitting between $1.5 million and $1.75 million. Around half of all new apartment stock surveyed is priced below $2 million.

The report suggests developers are not necessarily avoiding lower price points by choice, but because current construction economics make delivering affordable apartments increasingly difficult at scale.

Rental conditions also remain tight across the region. Median rents for one-bedroom apartments rose 12 per cent in Brisbane over the past year to $580 per week, while Gold Coast one-bedroom rents increased nine per cent to $630.

Despite rising rents, RPM noted bond lodgements have generally trended downward over the past five years, indicating more apartments are being absorbed by owner-occupiers rather than retained as investor-held rental stock.

Looking ahead, RPM expects projects targeting the mid-market owner-occupier segment between $1.25 million and $2 million to remain the most viable part of the market, while premium projects in highly constrained coastal or riverfront locations continue to attract demand.

“Construction costs are rewriting the feasibility rulebook across Greater Brisbane, and with little relief in sight, only projects in the right price band, right location, and with presales secured early will make it through,” the report concludes.

SEQ apartment demand outpacing affordable supply as construction timelines stretch: RPM

Camberwell Junction has long been the epicentre of amenity in Melbourne’s Boroondara region.

For nearly a century, it has drawn both locals and visitors, anchored by the Camberwell Sunday Market, which first operated in 1929 and quickly became a fixture of the suburb’s identity. Over time, the Junction evolved into one of Melbourne’s most established retail and lifestyle precincts, now comprising more than 400 stores and over 300 commercial businesses.

Despite that depth of amenity, one thing has remained notably limited: the supply of new apartments.

In a suburb defined by its heritage streetscapes and tightly held residential stock, new development opportunities have been scarce, particularly within the core of the Junction itself. That lack of supply has left a gap in the market for larger, design-led apartments suited to downsizers and owner-occupiers wanting to remain in the area.

Boutique developer Above Zero identified that gap when it secured a prime site on Burke Road, in the heart of Camberwell Junction.

[smartcode_project:default project_id=4896 project_image_fid=368543]

The site has a long planning history. Various proposals have been put forward over more than a decade, many of which were knocked back by the City of Boroondara, with initial applications dating back to 2015. Above Zero acquired the site in 2022 and returned with a revised scheme, refining both the building’s height and its ground-level interface to better align with Council expectations.

That process has culminated in approval for Camberwell House.

The Cera Stribley-designed development will deliver 57 residences on a 1,950 sqm site within the Camberwell Activity Centre, placing it directly within one of Melbourne’s most established retail and transport hubs.

It is expected to be one of the only new apartment developments to launch in the Junction in recent years, reinforcing the rarity of new supply in the precinct. Currently, there are just a handful of projects on the market in Camberwell, underscoring the significance of a development of this scale and positioning.

[smartcode_project:default project_id=4896 project_image_fid=368544]

Camberwell House has been conceived with a clear focus on larger-format apartments. The project will offer a mix of two-, three- and four-bedroom residences, alongside a limited number of penthouses, targeting owner-occupiers seeking scale rather than volume-driven product.

The building’s vertical presence will also set it apart.

Positioned on Burke Road, the development is set to become one of the taller buildings in its immediate context, allowing for elevated outlooks across Melbourne’s CBD skyline and toward the Dandenong Ranges. In a precinct characterised by lower-scale built form, that height provides a point of differentiation, particularly for buyers seeking outlook and natural light.

[smartcode_project:default project_id=4896 project_image_fid=368568]

Architecture has been led by Cera Stribley, with interiors by GOLDEN and landscape design by Florian Wild. The design approach centres on material consistency and restraint, with residences oriented to maximise light, ventilation and connection to outdoor spaces.

Full-height glazing and generous terraces form a key part of that strategy, allowing apartments to extend beyond their internal footprint and engage with the surrounding environment.

Beyond the private residences, a significant component of the project is its amenity offering.

Above Zero has positioned Camberwell House as a “complete living environment”, incorporating a full floor dedicated to resident facilities. At the centre of that is a wellness zone, including a 12.5-metre lap pool, spa, sauna and treatment spaces, alongside a gym and recovery-focused amenities.

This level of amenity is more commonly associated with inner-city developments, rather than established middle-ring suburbs like Camberwell.

[smartcode_project:default project_id=4896 project_image_fid=368588]

Additional shared spaces include a private library lounge, dining and entertaining areas, and an indoor golf simulator. A self-contained guest suite has also been incorporated, allowing residents to accommodate visiting family or friends without impacting their primary living space.

The inclusion of these facilities reflects a broader shift in buyer expectations.

As more downsizers look to transition from larger family homes into apartments, there is increasing demand for developments that offer not just a residence, but a lifestyle. That includes access to wellness, social and entertaining spaces within the building itself, reducing the reliance on external amenity while still maintaining proximity to established precincts.

Camberwell House is positioned to benefit from both.

Its location places it within immediate walking distance of Camberwell Junction’s retail and dining offering, as well as public transport connections, including tram and train services. That combination of internal amenity and external convenience is central to its appeal.

<section data-scroll-anchor="false" data-testid="conversation-turn-150" data-turn="assistant" data-turn-id="request-WEB:55d7c6ac-8e6d-4881-ad49-0ed9bf66d1cc-74" dir="auto">
Jellis Craig Projects Director Stephen Bowtell is handling sales for the project and says Camberwell House offers a rare entry point into one of Melbourne’s most tightly held markets.

“Buyers are recognising that Camberwell House offers something they simply haven’t seen before in Boroondara,”&nbsp;Bowtell&nbsp;says.

“It combines a level of resident amenity and service typically associated with Melbourne’s premium inner-city developments, while being positioned right in the heart of Camberwell Junction.

“The response to the concierge offering has been particularly strong. Buyers appreciate not only the convenience, but also the sense of security and peace of mind that comes from having a dedicated presence in the building every day.

“When you combine that with the wellness facilities, the exceptional arrival experience, and panoramic views across both the CBD skyline and the Dandenong Ranges, it creates a lifestyle proposition that is genuinely unique within the local market.”
</section>

[smartcode_project_cta:default project_id=4896]

Jonathan Chancellor

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