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Next Saturday sees record volumes for the near-final Saturday before Christmas.
Then one solitary Sydney vendor will be trying their luck on December 24, Christmas Eve.  
Next Saturday, December 17 Melbourne will host more than 1000 auctions, which will be the highest final weekend offering for the city on record.
Domain's senior economist Dr Andrew Wilson says Sydney will host well over 600 auctions next Saturday, which is also the highest final weekend offering for the city on record.
The only known December 24 auction is at Leumeah.
Raine and Horne Strathfield agent David Porcellato is auctioning the five bedroom house at noon on Christmas Eve.
Mr Porcellato said he would never normally schedule an auction on Christmas Eve, but believed the home at <a href="https://www.realestate.com.au/property/29-menindee-ave-leumeah-nsw-2560" target="_blank">29 Menindee Avenue</a> had a good chance of selling under the hammer.
“Next year we don’t really know what the market will do, so we wanted to get in while it’s still very strong for the ­sellers,” he told the Daily Telegraph.
The caravan in the driveway suggests the owners wish to head off as soon as possible.
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jchancellor-FAypfDUnLy

Christmas Eve auction for Leumeah

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<img src="https://counter.theconversation.edu.au/content/69863/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
When it comes to discussions about Chinese real estate investors, we tend to focus on the idea that they are buying up property in places like Australia, pushing up prices – even if that is somewhat questionable.
But it also ignores the other side of the equation. The number of properties built by Chinese developers outside of China has grown significantly, even as residential construction within China slows. 
The expansion of Chinese residential development outside China has impacts on a number of levels, from property prices through to regional diplomacy.
<h2>The shift to Asia</h2>
Country Garden, a property development company based in Guangdong, China, is constructing apartment buildings that would add more than half-a-million homes and house 700,000 people in Johor Bahru, in southern Malaysia. This project goes far beyond constructing apartment buildings, however. It is part of an even bigger project named “Forest City” that Country Garden plans to build on four artificial islands. 
The idea is that Forest City will be equipped with schools, shopping malls, parks, hotels, office buildings and banks. All ensconced in rich greenery, clean water and a quiet transportation system. 
This grand project is just one example of the recent surge of overseas investment by Chinese property developers. Total investment in the Chinese real estate sector was growing at a rate above 10% until 2014, then dropped to less than 1% in 2015. This indicates a significant shift in Chinese real estate investment.
All the while, Chinese investment in the real estate sector overseas has picked up strongly. It has grown from $US0.6 billion in 2009 to US$30 billion in 2015. Several Chinese property developers have identified overseas investment as their main business growth strategy.
<h2>Two reasons for the pivot</h2>
Chinese investors have begun looking offshore for a couple of reasons. 
Chinese buyer demand for overseas properties is growing. Since China reformed its economy and started growing at a fantastic rate, households have accumulated significant wealth. They now want to diversify their investment portfolios, and so are seeking property elsewhere. 
Volatility in domestic housing prices has intensified this trend, despite various government policies aimed at smoothing out price fluctuations. An oversupply of properties in third and fourth-tier cities such as Ordos and Qinhuangdao created “ghost towns” where property isn’t desirable. In first and second-tier cities, however, prices have skyrocketed. House price-to-income ratios of these cities are ranked highest in the world, making it difficult to invest in properties in China.
In recent years there has been a huge expansion of production capacity. In 2015, China produced 51.3% of the cement and 49.5% of the crude steel in the world. As production capacity grows beyond the demand from the domestic market and runs into overcapacity, it is natural that firms will seek returns overseas. 
<h2>The impact of it all</h2>
Taking Country Garden as an example, it is worth noting that the developer is not just building residential property, but designing and constructing the entire infrastructure for a city. Transport, greenery, water and noise control are all being put in place. These are beyond the scope of a conventional property developer. 
Therefore, one potential positive impact of this project is to help boost the quality of infrastructure in Johor Bahru and so nurture more business activities in the future. The economic and geographic relationships between Johor Bahru and neighbouring Singapore may develop into one similar to that between Shenzhen and Hong Kong. 
It is, however, critical that the local government monitors and enforces strict environmental protection and regulation to ensure the project won’t damage the natural environment or disrupt the local market. 
The huge influx of newly built apartments has resulted in the value of residential sales dropping by almost one-third in in Johor Bahru last year. Whether this is a short-run phenomenon and housing prices will rally in the long run depends on whether more business activities and job opportunities can attract population inflow to the city and hence create higher demand for housing. In the short run, the fall in housing prices may lower the cost of living and attract firms and workers into the city.
For the Chinese government, it will be important to nurture more talent with legal and financial expertise to help Chinese property developers go out and invest overseas. This expansion by developers is just one, early facet of China’s new diplomatic efforts to develop infrastructure overseas.
Yixiao Zhou is lecturer in Economics, Curtin University and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/yixiao-zhou-320417" target="_blank">here</a>.
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As its economy changes, China is starting to export its real estate ideas too

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Former Australian banking executive Stuart Grimshaw and his wife Anneliese put their Mosman home up for weekend auction, but there were no registered bidders.
It follows their move to Austin, Texas where the former Bank of Queensland chief executive took up a job as executive chairman at the pawnbroking US EZCORP group.
<a href="https://www.realestate.com.au/property-house-nsw-mosman-124057046" target="_blank">Their 1920s-era home</a> with views from Clontarf to North Head was redesigned by French architect Guy de Compiegne when owned by San Francisco-based technology network boss Pascal Brochier and his interior architect wife Sue-Anne, who sold to the Grimshaws in 2011 for $4.85 million.
The four-bedroom home now has approved plans for a BKH-redesign.
Dino Gatti, of Province had expected more than $7 million.
The Grimshaw want to acquire a property in the US, but will miss their Middle Habrour outlook.
"There is always an abundance of activity on the water directly in front of us, there’s never a dull moment," Annelise advised pre-auction.
"Whether it’s the navy seals morning training, the dozens of little skips sailing over from the Spit Yacht Club, the Manly ferry and Cruise ships in the distance, humpback whales frolicking during migration season.. it really is a breathtaking, dynamic view. That’s the wow factor" she said.
Another Parriwi Road auction offering saw limited interest too, but there was a $6.2 million opening bid and it sold through Tim Foote at Belle Property for $6.48 million.
This article first appeared in The Sunday Telegraph.
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Former BOQ boss' weekend Mosman auction falls flat

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Quentin Wallace, the owner of International Racehorse Transport, has paid about $12.5 million for a South Yarra boarding house with strong art nouveau influences.
It is an unrenovated 54-room boarding house set over two neglected buildings.
<a href="https://www.realcommercial.com.au/property-land+development-vic-south+yarra-502143018" target="_blank">The St Arnaud complex</a> sits on an 890 square metre block at 93-103 Park Street, near the Royal Botanic Gardens and Domain Road shopping strip.
Gross Waddell’s Michael Gross and Jonathon McCormack and RT Edgar’s Jeremy Fox were the marketing agents.
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South Yarra boarding house fetches $12.5 million

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The Star Entertainment Group’s new six-star hotel planned for Sydney has ­selected a winning design.
It is the FJMT design for its Pyrmont site. 
It was the most dramatic tower with a spiral twist, which some have already suggested looks like an askew stack of silver Star casino gaming chips.
The $500 million tower marks the return to the NSW capital of Marriott's premium Ritz-Carlton brand which will rival Crown's planned 71-storey tower across Darling Harbour at Barangaroo. 
FJMT's design was chosen out of a competition that pitted it against local rival BVN and UK-based Grimshaw Architects.
Local sandstone will feature in the base of the building and will fade out out as the tower rises. 
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Star Casino selects FJMT spiral as design winner

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<img src="https://counter.theconversation.edu.au/content/65224/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Ocean health relies on a strong backbone of protection and management. Marine reserves can be part of the solution, but only if they’re constructed in the right way. Recent recommendations on Australia’s marine reserves would leave more ocean unprotected. 
Marine reserves are a mix of multiple-use zones that allow activities such as mining and fishing, and highly-protected zones called marine national parks that are free of extractive activities. These marine national parks are the gold standard for protecting our oceans. Globally, less than 1 percent of the world’s oceans are fully protected in no-take marine national parks or their equivalents. 
Australia is currently deciding how much of its ocean territory it will place in marine national parks and where. To this end, the government recently released its commissioned review of Australia’s Commonwealth Marine Reserve Network. 
Such a review is welcome as Australia has yet to provide comprehensive, adequate and representative protection for its oceans. This is despite the general recognition within the Australian community that economic growth depends on a healthy and properly functioning environment.
Marine national parks play a fundamental role in contributing to ocean ecosystem function and provide a means to assess the health of areas outside of these zones that are open to greater use by humans.
This understanding of the interdependence of how we protect and sustainably use our oceans is, unfortunately, largely missing from the review’s recommendations.
<h2>The gold standard</h2>
In early 2016 the Ocean Science Council of Australia (OSCA) prepared a scientific analysis aimed at helping define what Australia’s marine reserves should deliver. 
Based on hundreds of peer-reviewed publications and myriad international consensus statements from researchers on the need for strong ocean protection, the Council concluded that science-based decisions and actions should:
(1) Prevent fishing, mining and other extractive activities on at least 30% of each marine habitat, according to the international standard for ocean protection to deliver protection of both biodiversity and ecosystem services
(2) Improve representation of marine national parks in bioregions (regions of the ocean defined by particular species and climate) and key ecological features (such as the continental shelf and offshore reefs) that were already under-represented in the 2012 marine reserve plans
(3) Build and maintain large, contiguous, highly-protected marine national parks in regions such as the Coral Sea
(4) Quantify the benefits of Australia’s marine reserves so as to make their value to Australia clearer.
What the review says
The government review reflects science and community concerns in some respects, recommending for instance that more bioregions have at least one marine national park. This review also recommends more protection for some important coral reefs and there is an expansion of protection from mining in some areas.
Most importantly, the review recognises the fundamental role of highly-protected marine national park zones in the conservation of species and ecosystems. As a corollary of this, the review also recognises that “partial protection” zones within reserves are primarily used to address narrow sector-based concerns such as fishing, and result in reduced conservation outcomes (as reviewed here and here). 
It requires explanation therefore that the review mostly fails to recommend zoning changes consistent with its own findings on the science. In comparison with the 2013 recommended zoning, the review’s recommended zoning would: 
(1) Remove a total of 127,000 square kilometres of marine national park from the overall network, an area 1.9 times the size of Tasmania, with a net loss of 76,000 sq km
(2) Reduce by 25 percent the contiguous Coral Sea marine national park
<a href="/images/2016/12/09/image-20161024-26504-r42j87.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/12/09/image-20161024-26504-r42j87.jpg" alt="">
Changes to Coral Sea marine national park proposed by review. Map generated from shape files provided by the Department of the Environment.
(3) Demote 18 areas from marine national park zones to varying forms of partial protection
(4) Shift the location of some marine national parks from the continental shelf to offshore areas as a way of maintaining cover but further eroding representation and indeed reducing protection on the shelf where it is most needed. 
Overall, the review’s recommendations would see only approximately 13% of Australia’s Exclusive Economic Zone protected in marine national parks. This falls well below the recommended international standard of at least 30% of habitats being under high protection, or indeed higher levels as recently determined.
<h2>Smoke and mirrors</h2>
The recommendations in the review are tainted by a feeling of smoke and mirrors. While some of the review’s authors suggest that their recommendations would increase protection, there would indeed be a net loss of highly-protected zones should these recommendations be adopted by the government. 
Under the review’s recommendations, Australia would do a great job of protecting the deep water abyss, but achieve little to protect ocean wildlife on the continental shelf where human pressures are highest. This out-of-sight-out-of-mind approach does not address the principles of marine conservation and also departs from recommendations from the research community.
Australian marine national parks are too-often relegated to residual areasof relatively little conservation value simply because these areas are of little value to commercial interests.
The significant erosion of protection in the Coral Sea is further evidence of this failure. Much of the erosion of this important reserve reflects a shift from full protection to partial protection in order to open up more ocean to tuna fishing. 
The 25% reduction in large marine national park would increase tuna catch and value by 8-10% across the fishery, worth a mere A$26,376 to individual tuna fishers. This recommendation fails both the science and the economic test. 
<h2>Where to from here?</h2>
The changes recommended by the review in many cases appear to prioritise economic benefits, no matter how trivial, over conservation. This is despite conservation being the core reason behind the marine reserves.
This stands in stark contrast to international moves towards protection of large areas of the ocean as a response to ongoing declines in ocean health. 
Key examples of such large-scale protection are US President Barack Obama’s recent expansion of the Papahānaumokuākea Marine National Monument over the North West Hawaiian Islands and New Zealand Prime Minister John Key’s declaration of the Kermadec Marine Sanctuary in New Zealand’s waters.
Australia still has a major opportunity to protect and secure its marine ecosystems and make a significant contribution to global ocean conservation. At the same time we can develop important economic activities such as fishing and mining. Large and well-managed areas are going to become more important, not less, as climate change intensifies. 
This will require the federal government to acknowledge and build on the global body of science and create a backbone of representative marine national parks. This will include retention of the Coral Sea’s high level protection and resisting the temptation to shift of marine national parks offshore. At a time of great environmental change, these moves are not just important, but urgent.
 
<a href="https://theconversation.com/profiles/jessica-meeuwig-110" target="_blank">Jessica Meeuwig</a> is professor &amp; director, Centre for Marine Futures, University of Western Australia.
<a href="https://theconversation.com/profiles/craig-johnson-183972" target="_blank">Craig Johnson</a> is professor, University of Tasmania.
<a href="https://theconversation.com/profiles/david-booth-1152" target="_blank">David Booth</a> is professor of Marine Ecology, University of Technology Sydney.
<a href="https://theconversation.com/profiles/ove-hoegh-guldberg-2012" target="_blank">Ove Hoegh-Guldberg</a> is director, Global Change Institute, The University of Queensland.
All are authors for The Conversation.
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Changes to Australia’s marine reserves leave our oceans unprotected

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<img src="https://counter.theconversation.edu.au/content/69895/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Foreign reserves at the People’s Bank of China (PBoC), China’s central bank, fell for the fifth consecutive month in November, dropping by US$69.1 billion to US$3.1 trillion. This is a level not seen since 2011, with reserves shrinking more than US$500 billion this year alone.
The Chinese government has moved to clamp down on capital flight, by introducing restrictions on foreign investment and curbing gold imports. But it could go further as the yuan stares down its worst year since 2005, making it harder for Chinese companies to borrow and repay debt. 
The decline in China’s foreign reserves is not a blip, but has roots that go deep and could affect the ability of Chinese consumers and companies to be our customers. So the introduction of currency controls, especially if China revisits the quotas for Chinese individuals to spend on foreign goods or travel, is something to watch. 
<h2>Why China is bleeding foreign exchange</h2>
The story goes back to August 2015, when China devalued the yuan in an apparent attempt to boost exports and growth. The devaluation probably would not have drawn so much attention if not for the fact that it appeared to trigger a huge outflow of capital from China. 
It all has to do with historical patterns of borrowing by Chinese companies (and some wealthy individuals). During the boom years of export-and-investment-led economic growth, investing in China offered a good return (especially compared to what was available in Western economies). China’s shadow banking system grew and flourished – offering even greater returns to Chinese firms and individuals. 
At the time it made sense to borrow at near-zero rates in the US and Europe, convert the money to yuan and invest in China. But the Chinese government brought this trade undone when it devalued the yuan back in August 2015. Borrowing in US dollars then selling those dollars to buy yuan-denominated assets no longer works. 
It is now happening in reverse – yuan-denominated assets are being sold at record rates to buy US dollars in order to pay back old loans before it becomes too late. This outward flow of yuan generates downward pressure on the Chinese currency, which recently fell to its lowest levels in years. This is creating a feedback loop. 
Before 2015, the PBoC bought dollars from Chinese companies that earned export income, printing lots of new yuan to do so. This money then circulated within the Chinese banking system and supplied the credit for China’s huge expansion. 
But now the PBoC is selling down its reserves of US dollars to prop up the yuan. This also places pressure on Chinese banks, and may force the PBoC to allow banks to free up more of their available capital. These deteriorating conditions in the banking sector, along with China’s fast-rising private-sector debt, increase the cost of capital and put further pressure on foreign exchange reserves. 
<h2>The economy isn’t helping</h2>
Further adding to the pressure since 2015 has been Chinese government encouragement for local companies to “go global”. Often such investments have been supported by subsidised loans or grants from China’s Export-Import Bank (China Exim Bank). At the same time, foreign investment into China has dwindled as labour and other costs have risen. 
Both of these phenomena have been part of the Chinese government’s overall strategy of internationalisation, while moving away from an economy dependent on exports and towards an economy based much more on services and domestic consumption. The problem is, however, that the hoped-for rise in domestic consumption has not eventuated at anything like the rate necessary. 
A crackdown on luxury consumption – seen as a sign of corruption by senior Communist Party members and officials – has further detracted from the desired growth in domestic consumption. 
<h2>What all this means for us</h2>
Even with the restrictions put in place, there isn’t a total yuan lockdown. It is hard to prevent the movement of yuan out of China through the offshore yuan market. The Chinese banking authorities have fewer ways of preventing such transfers, especially as the government pushes the yuan as an alternative to traditional US dollar settlements. 
But it’s likely China and its people will be much less able to afford direct purchases of Australian goods (iron ore, coal) and services (education, tourism) in the near future. This does not mean that Chinese demand for Australian goods will fall, but things might have to change. 
It means that instead of just “selling stuff” to China, Australia needs to engage with the Chinese economy – to understand what that economy really needs. Australia has know-how and technology in health care, education, agriculture and energy that China needs and wants.
With the limitations of Chinese currency and investment controls, Australia may need to be more generous in its willingness to transfer some of that technology and know-how. For its part, China has to be much better at ensuring that the intellectual property involved in such transfers and the returns from them are properly protected. This could be the start of something brand new.
Alice de Jonge is senior lecturer, International Law; Asian Business Law, Monash University and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/alice-de-jonge-118840" target="_blank">here</a>.
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Why capital is fleeing China and what it means for Australia

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GUEST OBSERVER
Buying a new home in Australia has become as easy as reserving a hotel room online following the release of a new 'Online Reservation System' from ASX-listed property marketplace iBuyNew.com.au.
IBN has developed technology that allows new home buyers to reserve their preferred properties completely online, without the need for any human contact. 
IBN is focused on creating a fairer and more transparent experience for Australian consumers seeking to buy new property, and has already sold more than $500 million worth of property. The platform has thousands of properties across more than 190 developments in Sydney, Melbourne and Brisbane including apartments, townhouses plus house and land packages.
The new online reservation technology is revolutionary in the property market, and enables prospective buyers to access the thousands of properties available via the <a href="https://www.ibuynew.com.au" target="_blank">www.ibuynew.com.au</a> website, and then immediately reserve their preferred property 24/7 without waiting for a real estate agent to become available.
This is a revolutionary development in real estate. To be honest we can't even find anyone globally who has deployed this technology before like the way we have.
We are always looking for ways to make the process of purchasing new property easier for prospective buyers. This system means buyers no longer have to wait for a real estate office to be open in order to put down a deposit on a new property.
We have developed this online reservations system from scratch, and the beauty is that it allows a buyer to reserve their desired property in a matter of minutes at any time of day from anywhere in the world. Even a foreign investor in China can simply log on to the reservations system on our website and secure a property in Australia.
The online reservations system will provide buyers with the most complete list of new developments in Australia, allowing them to access many first release and pre-public release projects before they are generally available as well as potentially taking advantage of additional buyer incentives in the future for those that buy online. 
IBN recently listed on the ASX and is positioning its platform for global growth in the coming years. Last month it acquired Nyko Property, a research and advisory business servicing the needs of mortgage brokers, accountants and financial planners, enabling iBuyNew to also provide research and other information to help buyers make more educated purchasing decisions.
The new online reservation technology means buyers will now be able to view full price lists, floor plans and related property documents, then reserve their chosen property though a simple 3-step process by supplying purchaser, solicitor and deposit payment details.
While most of the Australian real estate industry will shut down over Christmas, prospective buyers will continue to be able to reserve their preferred properties throughout the holiday break via the iBuyNew online reservations system.
iBuyNew is committed to using technology to reshape the new property buying experience, making it fairer, more efficient and more transparent. Our plan is to become the number one destination for new property buyers in Australia.
Mark Mendel, is founder and chief executive officer of iBuyNew.com.au and can be contacted <a href="https://www.ibuynew.com.au/">here.</a>
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Buying property online now as easy as booking a hotel room: Mark Mendel 

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<img src="https://counter.theconversation.edu.au/content/69711/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Internet and broadband connectivity are the foundation of the networked economy.
But to ensure the benefits of the networked economy are evenly distributed, the Australian government needs to ensure access to the internet to encourage and support innovation. 
A recent report from SGS Economics and Planning highlights a widening gap between the economic workhorses of Sydney and Melbourne and regional Australia. 
All of the key sectors experiencing growth depend upon the networked economy. The emerging economic environment is leveraging the rapid rise in real-time connectivity between people, businesses, devices and systems. 
The result is the digitisation of many transactions and growing importance of data. The Productivity Commission’s draft report on data use and availability highlights the need for clear thinking to make this transformation fair for all stakeholders. 
When the telephone network was rolled out, this was enshrined in the Universal Service Obligation (USO), a framework to provide a basic level of connectivity. 
A key question is whether the USO principle of connectivity is sufficient for the emerging Australian networked economy. The answer is very clearly “yes”. But urgent attention is required to deliver fair, equitable and cost-effective access to broadband and internet connectivity to enable economic development in the cities and the regions.
To be digitally inclusive, Australia needs to overcome the digital divide. There is a significant divergence in the nature and availability of communication and internet services for regional Australia. 
nbn co’s broadband index clearly highlights the widening gap between metropolitan areas and regional areas not serviced by an NBN plan. 
The reaction from regional Australia has been very clear. A new Regional, Rural and Remote Communications Coalition between the Australian Customer Action Network (ACCAN), the National Farmers’ Federation, the Country Women’s Association of NSW, the Isolated Children’s Parents’ Association and AgForce Queensland is advocating for better access in five key areas. 
This sentiment is supported by Internet Australia’s submission to the Productivity Commission. The group, which includes the Melbourne Networked Society Institute, argues for important changes to ensure connectivity. 
So, what is being advocated? 
Universal service obligation
Australians need a new USO provision that incorporates both voice and data connectivity to ensure internet access is guaranteed to all citizens. 
This will address digital cohesion and ensure everyone can participate in the growing networked economy. nbn co should be allowed to provide retail services to customers where there is only one commercial provider to encourage competition and access. 
Service guarantees and reliability
As broadband deployment and uptake increase, service offerings need to provide better and more transparent guarantees to customers. The network should have better reliability measures and offer services with certain quality of customer experience. 
Countries such as the UK already provide a reporting framework to make ISPs accountable for their performance. This includes the speed of connection customers can expect to receive during peak hours. 
Such requirements support competition by focusing service providers on differentiation while lifting performance. This creates incentives for investing in resources to address emerging issues such as the effect of backhaul networks on broadband performance.
Mobile network access
Mobile network technology is critical for the economic activities of regional Australia. Ensuring that network coverage is expanded to everyone also promotes social cohesion. 
Regional Australia needs network coverage to take advantage of emerging opportunities from technologies such as the internet of things. This will enable significant productivity gains in industry sectors such as mining and resources, agriculture and food processing, as well as professional services. 
A government commitment to mobile network coverage is a key step to guarantee such investments and make it attractive for network operators to build the network. 
Fair and equitable broadband access
nbn co’s SkyMuster satellite services (the second satellite will be available in 2017) and its fixed wireless services will face significant demand, which presents issues for fair and equitable access. This will create difficulties in matching the needs of different stakeholders across regional Australia. 
On the one hand, new services such as internet access on (Qantas and Virgin) flights could potentially add congestion to satellite services, depending on the access and allocation of resources. 
Alternatively, new business opportunities enabled by the internet of things and the digital economy might demand low-latency connectivity, which a satellite service cannot provide in regional Australia. 
Therefore, to realise the potential gains, nbn co needs to support investment in development and adoption of new broadband technologies that can provide greater bandwidth, or lower latency, services cost-effectively to regional Australia.
Digital capacity building
Through the government’s digital transformation agenda, it is imperative to ensure regional Australia is empowered through programs focused on digital capacity building. 
This should include skills development, assistance to access new technologies and support for businesses and consumers. As the data becomes a key economic enabler, data skills and platforms for regional Australia will also become a major priority.
While the case for lifting the economic and social participation of regional Australia in the emerging networked economy is very strong, will the policy framework evolve to make it a priority? The bush is crying out for equitable access to broadband.
Thas Ampalavanapillai Nirmalathas is director - Melbourne Networked Society Institute, professor of Electrical and Electronic Engineering, Co-Founder/Academic Director - Melbourne Accelerator Program, University of Melbourne and author for The Conversation.
He can be contacted <a href="https://theconversation.com/profiles/thas-ampalavanapillai-nirmalathas-824" target="_blank">here.</a>
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Regional Australia is crying out for equitable access to broadband

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GUEST OBSERVER
Australian third quarter GDP data was very weak, declining by 0.5 percent, missing consensus estimates for a 0.1 percent fall. 
Annual GDP growth has now declined to 1.8 percent, the lowest level since March 2009. All components of GDP were weak in the September quarter and the key points are:
Soft-ish consumer spending growth (up by 0.4 percent over the quarter resulting in a contribution of just 0.3 percentage points to quarterly GDP growth) as evidenced by poor retail sales outcomes over the quarter, although this may have been impacted by election uncertainty and poor weather;
A fall in dwelling investment (-1.4 percent qoq or a 0.1 percent point detraction), but this follows a few quarters of very strong growth;
A marginal lift in private business investment (+0.1 percent or a flat contribution), with a rise in machinery and equipment investment offsetting  a 1.3 percent qoq fall in non-residential construction as the slump in mining investment continues to impact. However, underlying private investment was actually weaker with the headline being boosted as a large asset transfer from the private to the public sector in the June quarter washed through;
A large decline in public spending (-2.4 percent qoq or a 0.6 percent point detraction) with headline government investment looking particularly low because of the asset transfer in the June quarter. Even adjusting for theasset transfer, public spending was still low in the September quarter;
<ul>
<li>A small contribution from total inventories (+0.1% point contribution to growth); and</li>
<li>A small detraction from net exports (-0.2% point detraction from growth) with import volume growth stronger than export volumes.</li>
</ul>
<a href="/images/2016/12/08/image004.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/12/08/image004.png" alt="">
Source: ABS, AMP Capital  
This is only the fourth quarter of GDP contraction since the last recession ended in 1991 – with the last three being in the December quarter 2000 (after the introduction of the GST), December quarter 2008 (the GFC) and March quarter 2011 (mainly because of a hiccup in exports). 
<a href="/images/2016/12/08/image005.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/12/08/image005.png" alt="">
Source: ABS, AMP Capital 
While the GDP contraction in the September quarter will no doubt invite talk of a recession (defined as two consecutive quarters of falling GDP) growth is likely to bounce back in the December quarter avoiding a recession so there is no reason to get too gloomy. 
A lot of the factors which drove the weak third quarter outcome will not repeat in the fourth quarter GDP numbers. Weak September quarter GDP partly looks like payback for stronger than expected GDP growth over the year to theJune quarter of 3.1 percent.
Looking forward, there is going to be a further ramp up in resource export volumes, non-residential building approvals are lifting considerably, mining investment is getting closer to a bottom, retail sales growth trends have picked up again, there is still a lot more dwelling construction in the pipeline, state government budgets indicate a lift in public investment and the rebound in commodity prices with the terms of trade up 4.5 percent in the September quarter tells us that the income recession in Australia is over.
So we expect GDP growth to lift back to around a 2.5 percent pace in the current quarter and through 2017. 
The Australian dollar has remained surprisingly resilient on the poor data, dropping from 0.7465 to around 0.7430 and the share market actually rose 0.2% at the time of writing – indicating that markets also expect growth to bounce back. 
But despite our expectation that recession will be avoided and that growth will bounce back, growth is still likely to be fragile and constrained. In an ideal world now would be a time for some fiscal stimulus focussed on infrastructure spending. But with public debt well up from pre GFC levels and the Government focussed on reducing the budget deficit and the (increasingly difficult) task of maintaining Australia’s AAA credit rating this looks unlikely.  
As such the pressure is likely to remain on the RBA. With the RBA likely to reduce its circa 3 percent growth forecasts and further delay the expected return of inflation to its 2-3 percent target in its February Monetary Statement we remain of theview that it will cut rates again next year. The need to offset increases in bank mortgage rates that are being driven up by the rise in global bond yields and the desire to push the $A lower are additional reasons to expect further RBA monetary easing.
<a href="https://www.propertyobserver.com.au/https://plus.google.com/110172465327488162875?rel=author" target="_blank">SHANE OLIVER</a> is head of investment strategy and economics and chief economist at <a href="https://www.ampcapital.com.au/home" target="_blank">AMP Capital</a> and is responsible for AMP Capital's diversified investment funds.
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The Australian economy hits an air pocket - but recession unlikely: Shane Oliver

Developer <a href="https://www.apartments.com.au/developers/bottega-property-group">Bottega House</a> has secured council approval for its first Brisbane project - a $270 million luxury residential development on an absolute riverfront site in leafy St Lucia.&nbsp;

The 15-storey project, known as <a href="https://www.apartments.com.au/new-apartments/st-lucia-by-bottega-house-180-macquarie-street-st-lucia-qld-4067">St Lucia by Bottega House</a> , will occupy a prime north-facing site at 178-180 Macquarie Street, directly fronting the Brisbane River in the established inner-west suburb known for its rowing clubs, golf courses and sprawling University of Queensland campus.&nbsp;

St Lucia by Bottega House will feature a suite of amenities including dedicated wellness spaces, a mineral pool and cold plunge. The project has been positioned to attract affluent owner-occupiers seeking high-quality, house-sized apartments.&nbsp;

Bottega House has been set up by co-directors Nick Malloch, Louis Mennes and Craig Marsh.

Malloch said the project drew inspiration from its Brisbane River setting and leafy inner-west surrounds, while responding to the demands of discerning locals looking to transition from freestanding homes into apartment living.&nbsp;

"With an expansive river frontage and lush green surrounds, we knew we had to create something special that reflects the natural beauty of the location while offering residents masterfully crafted homes," said Malloch.&nbsp;

"Our intent was to complement the project's quiet, private setting by introducing residences that offer a calm retreat and sanctuary from the everyday. The result is a harmonious blend of architecture, interiors and amenity that emphasises wellbeing, comfort and beauty without excess."&nbsp;

Malloch added that project consultants had been carefully selected in alignment with Bottega House's commitment to care, quality and attention to detail. The design team includes architects <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a>, interiors practice <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and landscaping by <a href="https://www.apartments.com.au/architects/urbis">Urbis</a>.&nbsp;

Three-bedroom apartments are expected to start around $5 millio. Selling agents Keenan &amp; Byrne said the pricing strategy for the project was anticipated to achieve upwards of $25,500 per square metre.&nbsp;

The project's development approval this week follows the success of Bottega House's inaugural Queensland project - a 22-storey collection of full-floor sky homes at Broadbeach on the Gold Coast which included the sale of a two-storey penthouse at a record price for a beachside residence.&nbsp;

St Lucia by Bottega House is expected to launch to market in November, with construction anticipated to be completed mid 2029.

[smartcode_project_cta:default project_id=151826]

Joel Robinson

Bottega House to make Brisbane debut with St Lucia riverfront apartment development

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> is advancing its affordable apartment model into Brisbane with the acquisition of another site at Cordelia Street in South Brisbane for $27 million.

Sherpa, which has a $1.7 billion pipeline across Southeast Queensland, intends to bring a cohort of apartments exclusively for first homebuyers into its proposed 186-apartment project to be built at 2 Cordelia Street.

The Sherpa model has already been incredibly well received from their Gold Coast projects, where Sherpa Group set aside a number of apartments exclusively for first homebuyers.

The new $320 million project marks Sherpa Group's second development in Brisbane, following its $255 million Symphony project, also on Cordelia Street, which is currently under construction.

Symphony will deliver 146 apartments across 28 levels, offering a mix of one, two and three-bedroom apartments. With 114 already sold, construction by <a href="https://www.apartments.com.au/builders/lps-group">LPS Group</a> is scheduled for completion in 2028.

[smartcode_project:default project_id=7574 project_image_fid=351654]

Sherpa Founder, Christie Leet, said the company was excited to be venturing into Brisbane for its second residential project.

“We’re big believers in the future of Brisbane as we lead into the 2032 Olympics and beyond,” Leet said.

“The success of Symphony has guided us into what will be our second project and we look forward to submitting our plans with council soon so we can deliver yet another quality project to the inner city residential market.

“Our Flourish model has been very well received both in Brisbane and the Gold Coast, and we’re excited to be able to offer some of these apartments again exclusively to first homebuyers to help get them into the property market.

“The model has been extraordinarily well received in our previous projects and it is something we are committed to moving forward.”

2 Cordelia Street will be designed by <a href="https://www.apartments.com.au/architects/hal-architects">HAL Architects</a> &amp; Finegrain and will include Sherpa’s signature residential amenities including pool, gym, recreation, wellness and work from home spaces.

The project will feature ground-floor commercial space, creating a vibrant amenity for residents and the surrounding community.

A development application will be lodged with Brisbane City Council in August on the code compliant site and will be launched to the market early 2027.

Sherpa acquires new site for second Brisbane apartment tower

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.

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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.

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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.

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> 
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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]

Jonathan Chancellor

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