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GUEST OBSERVER
New laws that are designed to protect small businesses from falling victim to unfair contract terms may help tip the balance of power back in favour of smaller farmers, especially when it comes to innovations involving data.
In November 2016, Australia’s current regime of protection against unfair contract terms for consumers will be extended to cover unfair terms in standard pre-printed form contracts for small business. I am studying the impact of these changes on the multitude of standard form contracts that farmers deal with on a daily basis, particularly contracts associated with digital agriculture. 
It won’t be too long before we see swarms of autonomous, collision-avoiding agri-bots, driverless tractors and drones in use on farms. These digital technologies bring undeniable opportunities for productivity gains to farmers.
However for each digital farming technology adopted, a standard form “Terms of Use” agreement is entered into by the farmers. This regulates the collection and aggregation of the farm data by the technology. 
Farm data is being seen as one of the most valuable things that farmers harvest now because it can be used to predictive business models for all aspects of farming. Many of these “Terms of Use” agreements can be one-sided, as they give agribusinesses the ability to develop these models, while farmers lack this information. 
<h2>Extending the law to cover unfair contract terms for small business</h2>
The new unfair contracts term legislation affords protection to small business- defined as those that employ fewer than 20 persons. While there are some notable exceptions, many primary producers operate businesses that would fall under this definition of a small business, this includes the dairy and horticultural industries. 
The unfair terms in milk processing contracts being enforced against dairy farmers in Victoria are just one example of the impact that unfair contract terms can have on an industry. This is also now the subject of an Australian Competition and Consumer Commission review.
Under the most recent changes, a contract term may be declared void and unenforceable if it satisfies these three criteria:
<ol>
<li>the contract is a standard form contract for the supply of goods and services (including financial services) or the sale or grant of an interest in land </li>
<li>where the upfront price payable under the contract does not exceed A$300,000 for contracts shorter than 1 year (or A$1,000,000 for contracts longer than 12 months) </li>
<li>the term is unfair.</li>
</ol>
In terms of the third requirement terms are defined as “unfair” where:
<ul>
<li>they could cause a significant imbalance in the parties’ rights and obligations</li>
<li>it is not reasonably necessary to protect the legitimate interest of the party relying up the term</li>
<li>detriment is suffered, either financial or otherwise.</li>
</ul>
In considering whether individual terms are unfair - how transparent they are and how they relate to the contract as a whole are looked at. Put simply, transparency means the terms are legible, in plain language, presented clearly and readily available to any party affected by the term or contract.
The standard form contracts the new laws apply to, are prepared by one party and presented to the other party who has little or no opportunity to negotiate the terms prior to entry. There are certain contracts between IT companies and farmers that could be considered unfair under the new legislation.
For example, agribusinesses are working hand in hand with IT companies to develop the new digital farming technologies, like business giant Monsanto’s acquisition of Climate Corp (who specialise in digital systems) in the United States. Farmers agree to data contracts from these companies as part of using their technologies. 
Often these contracts the use an agreement where the click of an “I agree” icon signifies consent to the terms of a software licence. This could be considered not a completely thorough or transparent process for understanding the information in the contract.
<h2>How the changes may affect the digital farmer</h2>
The “terms of use” embedded in digital farming technologies are complex, generally non-negotiable and presented on a “take it or leave it” basis when the technology is adopted. Many of the terms in these data contracts (that relate to the ownership, privacy, security, and the sharing of farm data with third parties) are not exactly considered to be transparent in relation to these latest unfair terms reforms. 
The small print in some instances is locked under layers of policies that can only be found on some agribusinesses websites. This then creates a power imbalance between some multinational agribusinesses and small farming businesses. This is because often farmers are not made aware of the terms upon which they are giving access to their farm data.
Farmers have long held concerns about the security and privacy of their data and whether they have a right of access to their data once it has been collected and aggregated. A recent report revealed the majority of farmers saw value in sharing data with their peers but privacy was still one of the main concerns.
The latest extension of the law to cover small farming businesses contracts provides a golden opportunity for large agricultural data companies to review their contracts with farmers’ concerns in mind. Terms that appear excessive in terms of what is reasonable to protect their interests should be reviewed to ensure the privacy and security of farmers’ data is adequately protected. 
Hopefully, these changes will go some way towards a more transparent, fair and equitable contracting environment where conversation and negotiation become part of the future of big agricultural data.
Leanne Wiseman is associate professor, Griffith Law School, Griffith University and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/leanne-wiseman-303086" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

Changes to contract laws could give small farming businesses more control of data and innovation

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GUEST OBSERVER
In October 2016, Treasury released the third tranche of draft legislation to implement the announcements in the Federal Budget. The principal component of this tranche was the new non-concessional contribution rules.
Hidden in the legislation is a very important concession.
I envisage that advisers will only need to apply it a handful of times in their careers. However, when they do apply it, it will be some of the most important and helpful advice that can be provided.
(Note that this article must be read subject to the discussion regarding the AFSL regime at the end.)
This hidden gem relates to structured settlement contributions. More specially, it relates to contributions covered by s 292‑95 of the Income Tax Assessment Act 1997 (Cth).
In this article, when I refer to a ‘structured settlement contribution’, I will refer to a contribution covered by s 292‑95. The full official version of s 292‑95 is currently available <a href="https://www.legislation.gov.au/Details/C2016C00916" target="_blank">here</a>.
However, for the purposes of this article, it is suffice to say that s 292‑95 covers the following contributions (however, I stress that there are other types of contributions that it covers too):
<ul>
<li>the contribution arises from the settlement of a claim that is for compensation or damages for personal injury suffered by the fund member</li>
<li>the contribution is made by the fund member</li>
<li>the claim is based on the commission of a wrong, or on a right created by statute</li>
<li>the settlement takes the form of a written agreement between the parties to the claim (whether or not that agreement is approved by an order of a court, or is embodied in a consent order made by a court)</li>
<li>two legally qualified medical practitioners have certified that, because of the personal injury, it is unlikely that the fund member can ever be gainfully employed in a capacity for which the member is reasonably qualified because of education, experience or training</li>
<li>no later than the time the contribution is made to a superannuation plan, the member notifies the trustee, in the approved form, that s 292‑95 is to apply to the contribution and</li>
<li>the contribution is made within 90 days of the day of receipt of the payment from which the contribution is made.</li>
</ul>
I want to stress two aspects: Firstly, the above is not the only combination of facts that can be covered by s 292‑95 (ie, be a structured settlement contribution).
Again, advisers should read s 292‑95 in full. Secondly, the clock ticks very quickly.
To be covered by s 292‑95 — and thus to get the benefit of the ‘hidden gems’ that I will discuss in this article — broadly the contribution must be made within 90 days of receipt of the payment.
Clients might not tell advisers promptly when they receive a compensation payment.
Accordingly, advisers should be pro-active about this and upon the first ‘whiff’ that a client might receive a compensation or similar payment, should start alerting clients to these rules.
There are two key concessions for structured settlement contributions.
The first is contained in the proposed s 307‑230(2). Broadly, this provides that, when determining how much money a person has in superannuation (ie, their ‘total superannuation balance’), ignore any money that came from a structured settlement contribution.
Naturally, this important because, under the new non-concessional contribution rules contained in the third tranche of draft legislation, if immediately before the start of the year, a person’s ‘total superannuation balance equals or exceeds the general transfer balance cap for the year’ (which will start at $1.6 million on 1 July 2017), then the person has a nil non-concessional contributions cap for the year.
In short, a person will be able to make structured settlement contributions to superannuation regardless of how large the contribution is or how much money the person already has in superannuation.
(For legal completeness, I note that structured settlement contributions do not constitute non-concessional contributions and so are irrelevant to the non-concessional contributions cap, however, it was a relief to see that the third tranche of legislation did not impact upon this and indeed expressly retained this position.)
The second key concession is contained in the second tranche of legislation that was released in late September.
At the risk of oversimplification, it provides that a structured settlement contribution is a debit to a person’s transfer balance account (see item 2 in the table in the proposed s 294‑70). Effectively, this means that the $1.6 million cap on how much can be used to commence a pension (and thus how much can be covered by the pension income tax exemption) does not apply to pensions funded by structured settlement contributions.
Consider the following example from the draft explanatory memorandum that accompanied the third tranche:
Masayo is self-employed and has been making contributions to her account in her self-managed superannuation fund Couture Super, which is her only superannuation interest. At 30 June 2017 Masayo had not yet commenced any superannuation income streams and the total of her accumulation phase value is $1 million.
In the 2017-18 financial year Masayo is involved in an accident that results in her receiving a structured settlement of $2 million which she contributes to Couture Super on 15 May 2018.
To determine whether she is eligible to make non-concessional contributions in the 2018-19 financial year, Masayo calculates her total superannuation balance at 30 June 2018 as; accumulation phase value ($3 million) less the structured settlement contribution in accumulation ($2 million), equalling $1 million. As Masayo’s total superannuation balance is below $1.6 million Masayo is eligible to make non-concessional contributions in the 2018-19 financial year.
In the above example, Masayo could also then:
<ul>
<li>make a further $600,000 of non-concessional contributions and</li>
<li>commence a pension funded by a total of $3.6 million of capital (assuming of course she had satisfied a relevant condition of release, which she almost certainly would have).</li>
</ul>
The new draft rules contain very important concessions for those who are able to make structured settlement contributions.
Accordingly, advisers need to be very proactive when there is a possibility to make a structured settlement contribution, especially given that there is generally only a narrow 90 day window when such a contribution can be made.
Naturally, advisers must remember all of the usual requirements when advising on contributions, pensions and the like.
One very timely aspect is the AFSL regime. Naturally, I will not discuss this aspect ‘chapter and verse’, however, those advisers who have entered the AFSL regime, may well need to provide a statement of advice and those who have not entered the regime need to think very carefully about how appropriate information can be provided to their client while complying with all relevant laws.
For accountants in the second category, they might consider something along the lines of a letter to their client setting out certain objectively ascertainable facts (eg, the structured settlement contribution rules detailed in this article) along with a recommendation to seek advice from an appropriately licensed adviser and the appropriate disclaimers.
Bryce Figot is a lawyer at DBA Lawyers and <a href="https://www.dbalawyers.com.au/" target="_blank">can be contacted here</a>.
 
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Property 101: Key concessions for structured settlement contributions

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The 2016 spring auction market finished with continued strength despite the late spike in property listings. 
There were 500 more weekend auctions across Sydney and Melbourne, which accompanied by early signs of rising fixed interest rates, did little to dent buyer enthusiasm.
Sydney's preliminary auction clearance rate of 81.9 per cent was up on the prior weekend's 79.6 percent while Melbourne's 76.9 percent rate was slightly down from the prior 79.4 percent rate, according to Corelogic.
The Seddon transformation of celebrity renovation couple - Dan and Danu from The Block - <a href="https://www.realestate.com.au/property-house-vic-seddon-123982822" target="_blank">failed to sell</a> (below).
<img src="/images/2016/11/28/Screen%20Shot%202016-11-28%20at%208.46.52%20AM.png" alt="">
The Block regulars Dan Reilly and Dani Wales restored and extended the property at 3 Sydenham St over a two year period.
The three-bedroom property was passed in at $1.26 million. 
There had been a price guide of $1.1 million plus on the now three bedroom home that was previously an untouched Victorian. 
The couple paid $462,000 for the home after filming concluded for The Block All Stars season in mid-2013.  
Their renovation, including updating the Victorian facade, has come at a cost of around $400,000. 
Sydney's auction success rate stayed high on the final spring weekend. 
Sales ranged from $337,000 at Guildford for a one bedroom flat that had been marketed as set to fetch $350,000.
The dearest was a $5,505,000 <a href="https://www.realestate.com.au/property-house-nsw-cronulla-123857510" target="_blank">Cronulla beachfront sale</a> (below) where two of the three registered bidders competed through agent Mark Wigley.
<img src="/images/2016/11/28/Screen%20Shot%202016-11-28%20at%208.49.07%20AM.png" alt="" width="429" height="342">
It was the former abode of the former sports promoter and administrator Kevin Elphick who paid $4 million in 2013 for the Taloombi Street home.
Melbourne's dearest was in Elwood where a <a href="https://www.realestate.com.au/property-house-vic-elwood-124001262" target="_blank">contemporary house</a> sold for $4.75 million. 
<img src="/images/2016/11/28/Screen%20Shot%202016-11-28%20at%208.50.16%20AM.png" alt="" width="532" height="361">
The four bedroom 14 Kingsley Street home sat in Jack Merlo gardens. 
Auction volumes increased with 3,367 properties taken to auction this week - the second highest number of reported auctions this year for the combined capital cities.
It was up from 2,987 over the previous week, according to CoreLogic, who noted the volume was still significantly lower than the corresponding week last year's 3,729 offerings. 
The preliminary auction clearance rate, despite the increase in volume, remained strong at 76 per cent, up from last week’s final of 74 per cent. 
The same final weekend of spring last year saw a 60 percent success rate. 
"Every capital city except Perth and Canberra are showing auction numbers to be lower than a year ago, while every capital has recorded a higher clearance rate compared with last year," Kevin Brogan from CoreLogic said.
Across Melbourne, the preliminary clearance rate was recorded at 76.9 percent, down on last week but remaining well above the 65.9 percent last year.
Melbourne was host to 1,618 auctions, which was the second highest reported for Melbourne this year, but lower than a year ago when there were 1,876 Melbourne auctions held. 
Across Sydney, 1,236 homes were taken to auction this week with a preliminary clearance rate of 81.9 percent. One year ago, 1,306 Sydney homes were taken to auction and the clearance rate was 56 percent. 
Across Sydney's Inner West region, the preliminary clearance rate was 90 percent, while across the South West had just 59 percent successfully sold.  
Brisbane's preliminary clearance rate was 53 percent, up from 45 percent last week and also higher than one year ago, when it was 47 percent.
A total of 140 Adelaide homes were taken to auction, with a preliminary clearance rate of 66 percent.
Perth’s preliminary clearance rate of 36 percent sits around the same as one year ago.
Canberra’s clearance rate was 72 percent this week across 112 auctions which included a new suburb record for Kaleen when <a href="https://www.realestate.com.au/property-house-act-kaleen-124034794" target="_blank">45 Onkaparinga Crescent</a> (below) fetched $1,045,000, topping the previous record of $935,000 at 12 Sanford Place last December. 
<img src="/images/2016/11/28/Screen%20Shot%202016-11-28%20at%208.52.23%20AM.png" alt="">
The weekend sale was a five bedroom, two storey house on a 1637 sq m block. 
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Dan and Dani from The Block miss the spring Super Saturday sales surge

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Housing price growth of between 2 and 4 percent is expected in Melbourne in 2017 supported by growth in detached house prices of between 5 and 6 percent.
Paul Bloxham, HSBC chief economist as an oversupply is expected in the apartment market, particularly in the inner city
"We doubt that oversupply in the apartment market will have much effect on the detached house market, given the lack of substitutability," he said.
"Like Sydney, tighter prudential settings and a pull-back in foreign demand are expected to weigh on prices, particularly of apartments. "
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Melbourne's detached housing price growth to near six percent: HSBC's Paul Bloxham makes 2017 forecast 

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Housing price growth of between 4 and 6 percent is expected for 2017 for both detached houses and apartments supported by strong population growth and limited signs of oversupply according to Paul Bloxham, HSBC chief economist.
He said apartment prices are expected to track at a slower pace than detached houses. 
"In the detached house market there is only modest growth in new supply expected," he said.
<a href="/images/2016/11/25/Screen%20Shot%202016-11-25%20at%201.07.56%20PM.png" target="_blank">Click to enlarge</a>
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"Overall housing price growth should cool somewhat in response to continued tight prudential settings, particularly in the apartment market. 
"Weaker foreign demand, due to a lower RMB, is likely to weigh on the Sydney apartment market. 
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Weaker foreign demand to hit Sydney apartment market: Paul Bloxham's 2017 forecast

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Mirvac Group has been rocked by the departure of its long-time head of residential John Carfi.
The veteran will leave the group to become joint head of global property development at Dubai company Emaar Properties.
The move comes after the listed group unveiled a shift towards more urban regeneration projects in Sydney and Melbourne rather than highrise.
Mirvac holding a record $3 billion of presales and almost 90 per cent of its expected residential earnings secured for this financial year.
Carfi joined Mirvac in 2001.
“I have enjoyed my time at Mirvac and I am extremely pleased to have been able to lead one of Australia’s leading residential businesses for many years.
"The existing business is positioned extremely well to continue to deliver strong earnings and the substantial pipeline will ensure its future success.
"Whilst I am sad to be leaving Mirvac I am looking forward to the opportunity I have ahead of me.”
Mirvac’s chief investment officer, Brett Draffen, who will oversee the residential business in the interim as Mirvac looks to determine a permanent outcome.
Emaar Properties operates in the Middle East, North Africa and Asia.
The iconic Burj Khalifa and The Dubai Mall, the world’s largest shopping and entertainment destination, are among its trophies.
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Mirvac loses its longtime head of residential John Carfi

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GUEST OBSERVER
Sydney and Melbourne continue to show solid house price growth while Adelaide, Brisbane and Perth are much weaker.
Even within cities there is divergence, with oversupply in some apartment markets, while detached house markets lack supply.
We forecast national housing price growth to slow from 7 percent in 2016 to 2-5 percent in 2017; trends across and within cities to vary.
<a href="/images/2016/11/25/Screen%20Shot%202016-11-25%20at%2012.23.38%20PM.png" target="_blank">Click to enlarge</a>
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Still cooling, but with divergence across markets
It has always been a misconception to refer to Australia as having one housing market. After all, Australia's population is strewn across a whole continent and each region is affected by different forces. The cycles in Western Australia and Queensland have been driven by mining, while the south-eastern states have larger services sectors.
<a href="/images/2016/11/25/Screen%20Shot%202016-11-25%20at%2012.25.11%20PM.png" target="_blank">Click to enlarge</a>
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Being a currency union, there are clear unifying features, such as the common currency, interest rates and federal fiscal policy and free movement of labour, among other things. As a result, over recent decades, a key rule of thumb has been that mortgage rates drive the national housing price cycle. But this relationship has become more complicated recently, thanks to an unusually large cycle in commodity prices, persistent low global and local interest rates, rising foreign buyer activity, and increased use of prudential settings to tame the lending market.
<a href="/images/2016/11/25/Screen%20Shot%202016-11-25%20at%2012.26.12%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/25/Screen%20Shot%202016-11-25%20at%2012.26.12%20PM.png" alt="">
A key driver of trends over the past five years has been the rebalancing of growth towards the housing and services sectors, supported by the lower interest rates and AUD following the end of the mining boom. This has driven a substantial ramp-up in housing prices in Sydney and Melbourne since mid-2012, up 66 percent and 49 percent, respectively. Over the same period, housing prices in Brisbane, Adelaide and Perth have risen by only 19 percent, 9 percent and 5 percent, respectively.
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The worrisome pace of Sydney and Melbourne price growth, particularly in 2014 and 2015, motivated a tightening in prudential settings, starting in late 2014, which has seen some moderation in loan growth. As a result, both cities saw housing price growth slow from double-digit growth last year to high single-digit rates this year. We expect low single-digit rates of housing price growth in these cities in 2017, although trends are expected to vary across the apartment and detached house markets.
<a href="/images/2016/11/25/Screen%20Shot%202016-11-25%20at%2012.28.25%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/25/Screen%20Shot%202016-11-25%20at%2012.28.25%20PM.png" alt="">
A national apartment building boom, which has been part of the rebalancing act, is likely to deliver some oversupply in the Melbourne and Brisbane apartment markets, which is expected to see apartment price falls in these markets. Detached dwelling markets across the country are set to see further price growth, albeit moderating.
 <a href="https://www.about.hsbc.com.au/hsbc-in-australia/management-team" target="_blank">PAUL BLOXHAM</a> IS CHIEF ECONOMIST (AUSTRALIA AND NEW ZEALAND) FOR HSBC. 
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Low single-digit rates of housing price growth in 2017 for Sydney, Melbourne: HSBC's Paul Bloxham

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GUEST OBSERVER
Construction accounts for one dollar in seven of Australia’s total economic activity, making this week’s construction numbers a big deal.
Australian residential construction fell 3.1 percent on a seasonally adjusted basis to A$17.6 billion in the quarter to September 2016. Non-residential construction, which is about half the size of residential, fell 10.9 percent. Engineering construction was down, too, leaving the total construction figure down 4.9 percent to A$46.1 billion.
Construction is at its lowest level since 2010. This will surely factor in to upcoming RBA rate cut decisions, especially if they maintain their recent belief that prudential regulation has dampened concerns about property bubbles in Sydney and Melbourne.
In the US, the flash purchasing managers’ index rose to 53.5, well ahead of expectations. A reading above 50 indicates an expansion, so this was certainly good news for the US economy.
The US Federal Reserve minutes were keenly anticipated and pored over by market participants. Most reporting I saw focused on the following quotation:
“Most participants expressed a view that it could well become appropriate to raise the target range for the federal funds rate relatively soon, so long as incoming data provided some further evidence of continued progress toward the Committee’s objectives.” 
That was interpreted as the Fed being quite likely to raise the Fed funds rate by 25 basis points at the December meeting.
Well, perhaps. Elsewhere in the minutes we got some insight into the data the Fed is looking for to prove it is meeting its objectives. The minutes noted:
“Although real GDP growth in the third quarter was appreciably above the slow pace of the first half, it had been boosted in part by transitory factors … Growth of consumer spending had slowed from its brisk pace earlier in the year, residential investment had fallen again, and business fixed investment had remained soft … Participants noted that economic growth in many foreign economies remained subdued, and that inflation rates abroad generally were still quite low. Some participants observed that important international downside risks remained … Participants expressed uncertainty about how long the [labor force] participation rate could be expected to continue rising.”
Translation: the labour market, consumer spending and inflation data better come in pretty strong for the Fed to hike. They copped a lot of criticism for what subsequently looked like a premature hike last December, and they won’t want to make the same mistake again.
It is also clear that there is a real division on the committee, with members in one camp gunning for a hike right away, and those in the other expressing cautious optimism. Fed Chair Janet Yellen is in the latter, and that matters. Whatever happens in December, the next set of minutes will be fascinating reading to gain further insight into how the two camps are interacting, and if there is any shift in group membership.
Vital Signs typically focuses on Australia, the US and China, plus whatever country is causing global economic trouble that week. This week we introduce a new feature, G20 country focus, where we pick a G20 country not regularly featured. This week: France.
<h2>G20 country focus: France</h2>
The French economy, with GDP of US$2.5 trillion, is the ninth largest in the world (adjusting for purchasing power). GDP growth was a fairly anaemic 1.2% in 2015. Inflation in the year to October 2016 was a dangerously low 0.4%, with the economy risking a deflationary spiral.
Unemployment sits at 10.0%, though the youth unemployment rate is a shocking 23.9% (compared to 6.8% in Germany).
In terms of public finances, France is running a budget deficit of 3.6% of GDP, although it has been steadily bouncing back from a level of double that since the financial crisis. Government debt to GDP is 96.1%, which is slightly above the Euro area average of 90.7%.
What should we make of those figures? Since France is a big and important part of the Euro area, and that area is struggling, is is not surprising that France is too. Almost all those figures are concerning – especially because France does not issue its own currency – but not at panic station levels.
Youth unemployment, however, is. Although there are European countries with worse levels (like Spain), having nearly a quarter of young people out of work can lead the social compact to be gravely stressed. First, there is the phenomenon of “hysteresis”, where being unemployed makes it hard to become re-employed. And that is particularly problematic in a rather inflexible labour market like France’s. 
So even if the budget is slowly recovering, debt is manageable and growth is OK, having millions of disaffected youth roaming the streets is never a good idea.
Richard Holden is professor of economics and PLuS Alliance Fellow, UNSW Australia and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/richard-holden-118107" target="_blank">here</a>.
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Construction slump points to cooling economy

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Perth builder Adrian Zorzi is Australia's top house builder. 
<a href="https://www.adrianzorzi.com.au/" target="_blank">Adrian Zorzi</a> took out the coveted 2016 National Residential Builder of the Year at Master Builders Australia's National Excellence in Building and Construction Awards. 
"Zorzi is a thoroughly deserving winner and has been recognised for the highest quality and calibre of his skill and craftsmanship and tradespeople," Wilhelm Harnisch, chief executive officer of Master Builders Australia said. 
"The magnificent quality of the South American Style home which won Zorzi the Award is a showcase of excellence," he said.  
"Every element has been detailed to the tenth degree making the home a masterpiece and Adrian Zorzi truly deserves the accolades that are accorded to him as the 2016 Master Builders Australia Residential Builder of the Year," Wilhelm Harnisch said 
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Adrian Zorzi wins top MBA builder acclaim

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GUEST OBSERVER
Many housing types are totally at odds with how people live today because people don’t have as many material goods as they used to. 
Those under 30 may not own much at all. Music is digitised and streamed (Sonos, Spotify), treasured photo albums live in the cloud or within applications (Dropbox, iPhoto), tools are pooled (Open Shed), vehicles and rides are shared (Flexicar, BlaBlaCar, Uber), there’s no landline phone or TV cable, kitchen appliances are redundant with the ubiquity of food delivery services (Foodora, Deliveroo) and pets are borrowed (DogVacay, BorrowMyDoggy). 
The young are also likely to be renting their accommodation. Data from the Melbourne Institute of Applied Economic and Social Research reveal that barely 50 percent of Australians lived in a house they owned in 2014. If this trend continues, many of today’s young Australians will never own their own home.
With transformations in digital technologies and housing-price pressures changing living habits, people will not only possess fewer physical objects in the future, but new apartment dwellers will be more likely to occupy less space at a later age. These private domestic spaces are decreasing in size to become more efficient, hopefully more affordable and, for some restless millennials, more desirable.
<h2>Corporatising the co-living model</h2>
One model to emerge in the trend towards downsizing private domestic space is branded co-living spaces. Examples include The Collective (London), Zoku (Amsterdam) and Roam (London, Madrid, Miami, San Francisco, Tokyo, Ubud). In the corporatised co-living model, occupants rent private bedroom space (some bedrooms are as small as ten square metres) on a rolling contract for weeks or months, but share living and working spaces. 
These collective spaces are often programmed with extracurricular activities such as yoga, business workshops, cooking classes and guest talks that promote social exchange between renters. 
Systems of logistics, such as apps and chat platforms, facilitate the sharing of objects and space. Access to the co-living space is granted if you are part of a tribe (students, communes, families or business people). 
One of the global market leaders in co-living arrangements is the Chinese You+. The company has built over ten co-living spaces and claims to house more than 10,000 people across 25 branches. Private bedrooms (with bathroom) range in size from 20 to 50 square metres. The minimum stay is six months at an average monthly rent of A$470. 
At You+, people over 45 are discouraged. Couples with children or those who are anti-social are not permitted. Tech entrepreneurs tend to be given preference.
Subscribing to a co-living or dormitory arrangement such as You+ can mean lower rental costs (relative to renting a single-bedroom apartment on an above-average income), a surfeit of potential friends and a flexible rental contract. For some, this may be a genuinely desirable option. For others it may be the only option in a competitive rental market at a time when there are few affordable housing options.
<h2>Blurring the public-private divide</h2>
As private interior space contracts and shared domestic spaces become more common, the public realm is also changing.
Formerly private activities such as working and communication are occurring more frequently outside of the home, while the public sphere is taking on characteristics of interior or domestic settings: intimate spaces, interior furnishings and finishes, pocket parks, guerrilla gardening. The idea of what constitutes a home may be changing and expanding to consider urban space.
A lot of hyperbole surrounds the branded co-living spaces like You+ that have emerged under the so-called sharing economy – also known as the communal, collaborative, inclusive, gig or social economy. But there is a tension between the realities of the model and the benevolence of the act of sharing. 
At the behest of the property owner, co-living spaces tend to have less fixed furnishings and cheaper construction. They also have more occupants because typical apartment spaces (living room, laundry, kitchen) are compressed. Behind You+ and its ilk there are venture capitalists looking for high returns.
Co-living arrangements are transforming the physical typologies and financial models of housing and are the latest in a long tradition of collective housing arrangements, from the kibbutz to student dormitories to share houses, baugruppen and boarding houses. 
With lone-person households to account for more than a quarter of all Australian households by 2031, according to the Australian Bureau of Statistics, we need to rethink how we build collective and individual space in a denser city that reflects how many people want to live today – and tomorrow. 
We can see that market and societal demands are pushing people towards sharing space, but many co-living arrangements do nothing to improve housing affordability in the long term.
Timothy Moore is PhD candidate, Melbourne School of Design, University of Melbourne and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/timothy-moore-292089" target="_blank">here</a>.
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Reinventing density: co-living, the second domestic revolution

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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