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<p>The disruptive proptech company, the British real estate agency Purplebricks has set up office in Sydney, though its business is pitched currently elsewhere.</p>
<p>It has secured a short-term lease for a 300sq m office to use as its first headquarters in the the Coca-Cola building on Macquarie Street. </p>
<p>Cadigal Office’s Nicholas Mulcahy and Knight Frank’s Jessica Roberts negotiated a gross annual rent of $550 a square metre.</p>
<p>Given its is set to be converted into luxury apartments, the group's lease is for six months to March 2017.</p>
<p>It reportedly could not find suitable larger premises in a tight Sydney office market.</p>
<p>The company will seek about 600 square metre space next year. </p>
<p>After establishing a presence in Melbourne and Brisbane, Purplebricks will be rolled out to Sydney and the other capital cities </p>
<p>The Australian business is being led by Ryan Dinsdale, the former marketing director of Virgin Money.</p>
<p>London-based Purplebricks chief executive officer Michael Bruce reckons Australia's "infatuation" with real estate, but dislike of the way traditional estate agents operate, will fuel the success of his company.</p>
<p>The British estate agency, which operates a fixed-cost, high-tech model, was recently launched with 50 "local property experts" and a $17.2 million marketing budget to spread the word among home sellers.</p>
<p>They will be charged a flat $4500 fee to sell their home through Purplebricks.</p>
<p>For those selling a $614,000 median-priced home (according to the ABS), this will be $11,500 cheaper than if they used a traditional estate agent charging a 2.2 percent commission.</p>
<p>Home sellers will also get access to Purplebricks' bespoke online platform</p>
<p>It grew to 300 local property experts in the UK in less than two years.<span style="font-size: 12.16px;"> </span></p>
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jchancellor-FAypfDUnLy

Purplebricks arrives in Sydney

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<p>Trade creditors are owed at least $12.5 million in the collapse of Bob Day's Home Australia group of building companies.</p>
<p>The ASX-listed Brickworks is among the hundreds of suppliers and trades people who will be contacting the liquidators McGrath Nicol who are still assessing the full extent of the collapse.</p>
<p>Brickworks had liabilities in excess of $1 million to Senator Day's group, its chief executive Lindsay Partridge said.</p>
<p>"Bob is a good friend and a great customer," Mr Partridge told <em>The Australian Financial Review</em>.</p>
<p>"It's a shock for us. We were supplying them nationally."</p>
<p>The housing group went into liquidation on Monday, leaving up to 230 houses around Australia still under construction.</p>
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Brickworks owed $1 million by Bob Day's Home Australia

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<p>The model Jennifer Hawkins and her husband Jake Wall have listed their redundant North Curl Curl home for November auction.</p>
<p>Innovatively designed by her favourite architect Koichi Takada, the <a href="https://www.realestate.com.au/property-house-nsw-north+curl+curl-123834590" target="_blank">five bedroom, three bathroom home</a> has a resort style feel.</p>
<p>The former Miss Universe and her builder husband Jake are off to their waterfront Newport forever home.</p>
<p>There are just the five North Curl homes currently up for sale, with 28 house sales so far this year compared to 40 during the same 10 months last year.</p>
<p>Most of the twitter commentary <a href="https://www.propertyobserver.com.au/https://twitter.com/pdjenkins007/status/454367465347092481/photo/1" target="_blank">was about her shoe collection</a> last time with the inevitable Imelda Marcos comparisons. Jen simply calls it a shoe wall.</p>
<p><a href="https://www.realestate.com.au/property-house-nsw-north+curl+curl-123834590" target="_blank">The November 3 auction offering</a> was posted online without any price guidance on the web or back to inquiries.</p>
<p>They paid $1.66 million in 2013 for the block.</p>
<p>The former Miss Universe and her builder husband Jake have spent $4 million on two adjoining Newport properties in 2014 on which they are building their forever home.</p>
<p>The approved plans shows construction set at $2 million for soon to be completed building project.</p>
<p>The Koichi Takada-designed Newport home will be set in gardens planted by the Secret Gardens company on the bushland block. </p>
<p>It's four storeys with its pool and sunken lounge on another lower level virtually on the foreshore.</p>
<p>The couple have downsized their impressive property portfolio in recent years.</p>
<p>Some $731,000 was secured for her three-bedroom house in the Newcastle beachside suburb of Merewether. They also sold their Bondi investment last September for $1.2 million.</p>
<p>Her first property purchase, in 2006, was another three-bedroom house in Merewether for which she paid $469,000. It is still held by the cossie designer.</p>
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Inside Jennifer Hawkins' latest home offering at North Curl Curl

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<p>A Toorak property has been listed with hopes of more than $5 million at its Kay &amp; Burton auction on October 22.</p>
<p>Denham Place sits between Albany and Hopetoun roads.</p>
<p>The place's highest sale to date was $4.36 million in 2013.</p>
<p><a href="https://www.realestate.com.au/property-house-vic-toorak-123681610" target="_blank">The modern five bedroom house</a> hugs the pool on the 870 sq m block.</p>
<p>It last sold in 2003 at $2.45 million.</p>
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Toorak trophy home with $5 million plus auction hopes

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<p>Three storeys up above a New York style converted warehouse in Melbourne's Fitzroy is a 120 sqm leafy rooftop oasis.</p>
<p>It was passed in at weekend auction.</p>
<p><a href="https://www.realestate.com.au/property-house-vic-fitzroy-123538506" target="_blank">The penthouse</a> master retreat with dressing room spills out onto a garden with sheltered dining space.</p>
<p>Complete with a shaded Balinese daybed and luxury six person, Hotsprings spa, the private paradise offers views across the Melbourne cityscape.</p>
<p>An automated sprinkler system and 5,000 litre rainwater-fed tank ensure the garden is low maintenance and automatic Vergola with rain sensor means the outdoor space is useable come rain or shine. </p>
<p>Renovated by award winning architect Robert Simeoni, the five bedroom freestanding home is being offered to the market between $3 million and $3.33 million through Unique Estates agents Janine Lum and Nicolette van Wijngaarden.</p>
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Inner city rooftop garden offering fails to sell

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<p>The NSW government will amend underquoting laws to cover not only employees of real estate agencies but their representatives, independent contractors, subsidiaries or any related entities who act for them.</p>
<p>The amendments will widen the net to prevent illegal underquoting after Sydney agency BresicWhitney escaped allegations after a loophole deemed that two of its agents were not "employees" as required under the current act.</p>
<p>The changes were introduced in the NSW Parliament today.</p>
<p>In 2015, the NSW Fair Trading took BresicWhitney to court alleging it "falsely understated the likely selling price of residential property to consumers" through its two agents Nic Krasnostein and Walter Burfitt-Williams.</p>
<p>BresicWhitney's defence that they were not employed by BresicWhitney but by a subsidiary company, BWEA Employees Pty Ltd, was accepted by the courts.</p>
<p>The Magistrate accepted this defence and all charges were dismissed due to a legal technicality based on a statutory interpretation of ‘employee’ in the Act and the fact that there is no deeming provision in the Act for vicarious criminal liability.</p>
<p>"These changes will close a corporate loophole that has allowed agents to escape liability under the Act, and will provide consumers with additional protection," Minister for Innovation and Better Regulation Victor Dominello said.</p>
<p>"Underquoting is illegal, misleads prospective buyers and undermines the property market."</p>
<p>“These changes will close a corporate loophole that has allowed agents to escape liability under the Act, and will provide consumers with additional protection.”</p>
<p>Since the new underquoting laws came into effect in January, the practice of price baiting including the use of inducements such as "offers above" and "offers over" had declined, the government suggested.</p>
<p>But illegal off-market open for inspections without contracts have been on the rise. </p>
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Property 101: BresicWhitney underquoting law to come to NSW Parliament this week

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<p><img src="https://counter.theconversation.edu.au/content/67228/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1"></p>
<p>GUEST OBSERVER</p>
<p>Despite the stereotypes of young people as a generation focused on spending with no consequences, young people actually see their money decisions (as well as their mistakes) as their responsibility, our research shows. They aren’t reliant on the “bank of mum and dad”.</p>
<p>We spoke to 123 Australians aged between 16-26 across a variety of socioeconomic groups. We asked them about their beliefs, perceptions when it comes to finance and how they made, spent and saved money. </p>
<p>Although parents “helping out” was mentioned - whether through direct money allowances or indirect support such as staying at home and paying marginal rent – it was clear young people saw their financial security as their responsibility.</p>
<p>However, many spoke of the desire to help out their families, particularly if their parents were struggling financially themselves. As a result, some young people chose to forego opportunities such as further study or training in favour of earning money in the present. </p>
<p>This has longer term consequences for their earning power. For example, they may be stuck in occupations characterised by precarious working conditions, low superannuation contributions and limited opportunities for promotion. </p>
<p>Many participants picked up on the gloomy sentiments around their generations’ prospects of home ownership, increasing precariousness of the labour market and the inevitability of working into their older age. </p>
<p>Young people faced a range of challenges, including lower wages in line with their age, unpaid overtime, delayed wages as casual part-time workers and exposure to exploitation and the cash economy. These all could undermine their attempts to save money and control their cash flow. </p>
<p>However, while focused on youthful consumption, many realise the need to balance this with achieving other medium and longer-term objectives - such as buying a car, or home ownership - and were optimistic of their ability to increase their earning power.</p>
<p>Our research also shows our squeamishness at talking about money has significant consequences for young people. The way we undertake financial literacy education often misses the mark.</p>
<h2>Why we need to talk about money</h2>
<p>In Australia we often think about money-talk as uncomfortable, boastful or even vulgar, even with intimate partners or close friends. Our study suggests this has significant consequences for future generations’ financial practices. </p>
<p>Although we may like to think our own positive money practices transmit to our children through a process of osmosis where they automatically model good financial practices, this was not the case for our participants. </p>
<p>Many found it difficult to articulate how their parents had been successful in saving, planning and spending beyond very general impressions. </p>
<p>However, others did describe how witnessing their parents deal with financial struggles influenced their own behaviours, particularly if they had made significant money mistakes. For these young people, early experiences of their family having no money for food, or memories of the electricity cut off due to late payment of bills influenced them in the long run. They had thought about strategies for budgeting and were clear about prioritising essentials such as rent. </p>
<p>But the cultural hangover of a hesitance to talk about money meant young people rarely reported discussing salaries, savings or longer term financial goals with their friends. Although they felt pressure to conform or keep up with activities or new products, many were perplexed that friends could afford something and they couldn’t, despite perceiving themselves to be in similar financial positions. </p>
<p>This may of course have dangerous consequences in terms of setting expectations about lifestyle or consumption choices that do not correlate with their financial practices. </p>
<h2>Translating financial literacy into action</h2>
<p>Our research suggests the current focus on financial literacy, which favours intervention and education at the individual level, only partially helps to support young people. Unlike previous generations, they face a complex terrain of financial decisions around superannuation, predatory lending practices (such as payday loans) and new, poorly regulated financial products on the market.</p>
<p>Among financial literacy initiatives, clear information is needed about the medium to long-term management of investments, the implications of debt and the importance of discussing their money decisions with others. </p>
<p>Most importantly, more needs to be done to ensure systems and practices around spending and financial commitments are accessible and transparent. This includes making it easy for people to “read the fine print” in agreements, and being clear about the longer-term consequences of financial decisions.</p>
<p>Young people have a clear idea what they want their futures to look like and they know it requires significant financial compromises and sacrifices in the short and medium term. The least we can do is provide enabling structures to support this.</p>
<p><em><span class="fn author-name">Kathleen Riach is a</span>ssociate professor in Management, Monash University and can be contacted <a href="https://theconversation.com/profiles/kathleen-riach-109667" target="_blank">here</a>.</em></p>
<p><em><span class="fn author-name">Deanna Grant-Smith is s</span>enior lecturer, Management, Queensland University of Technology and can be contacted <a href="https://theconversation.com/profiles/deanna-grant-smith-272501" target="_blank">here</a>.</em></p>
<p><em><span class="fn author-name">Paula McDonald is p</span>rofessor of Work and Organisation, ARC Future Fellow, Queensland University of Technology and can be contacted <a href="https://theconversation.com/profiles/paula-mcdonald-8705" target="_blank">here</a>.</em></p>
<p><em>All are authors for The Conversation.</em></p>
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Young people don't expect to rely on the 'bank of mum and dad': study

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<p>SPONSORED POST</p>
<p>Where once it was a niche investment, student accommodation has now become a global asset class.</p>
<p>According to the latest Savills World Student Housing Spotlight, 2015 was a record year for investment in student housing with US$14.9 billion invested globally in the sector.</p>
<p><strong>The Local Market - Australia</strong></p>
<p>The Australian market continues to attract significant attention and is a particularly popular destination for international students. Students from China and India together supply nearly 40 percent of international students, an increase of more than 13 percent and 15 percent respectively in 2015.</p>
<p>With Australia featuring in the list of favoured destinations in the world’s top outbound markets for international students, plus a fast-growing domestic population, student numbers have risen 37 percent in the last eight years. With 30 Australian institutions appearing in the top 750 of the QS World University Rankings, up from 25 in 2012, demand is likely to continue and, as a consequence significant new stock will be required.</p>
<p>The strong growth potential in Australia is set against a general shortage of supply; at the moment there is only enough purpose-built student accommodation (PBSA) available to accommodate 6 percent of the student population. In response, more than AU$2 billion of capital has been earmarked for development projects in student accommodation since the start of 2015.</p>
<p><strong>Around the World</strong></p>
<p>The Savills World Student Housing Spotlight has found that cross border investment in this fast maturing asset class accounted for 40 percent of all global investment activity. International investors who are seeking to diversify their portfolios have been attracted by the fact that US and UK student housing REITs have outperformed their All REIT indices by 19 and 16 percentage points respectively.</p>
<p>The first half of 2016 has seen lower total global volumes compared with 2015, but in mainland Europe investment levels have continued to rise off a low base. By the end of July, German student housing had attracted €350 million of investment – more than double the total invested in the whole of 2015 – while in France €345 million has been transacted in the year to August 2016.</p>
<p><a href="/images/2016/10/18/Major%20Student%20Housing%20Markets%20at%20a%20glance-2.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/10/18/Major%20Student%20Housing%20Markets%20at%20a%20glance-2.jpg" alt=""></p>
<p>Investors have been attracted by mainland Europe's strong investment potential. Its combined student population of 20 million, and the very low provision in some markets of purpose-built student accommodation (PBSA) despite growing demand from international students attracted by an increasing number of courses taught in English, place it on an upwards trajectory.</p>
<p><strong>A Resilient Asset Class</strong></p>
<p>Growing international student numbers are therefore set to secure the market for a premium PBSA product, but there also remains a huge untapped market for more affordable private accommodation. High land values and development costs will impede this in many markets, but upgrading of existing university stock or establishment of new models may be a route in.</p>
<p>In either case, student housing has proven itself to be a resilient asset class and, with its counter-cyclical fundamentals, many institutional investors will continue to turn to the sector where they can achieve strong occupancy and rental growth.</p>
<p>To learn more about the trends in the current student accommodation market, view <a href="https://www.savills.co.uk/research_articles/188294/207929-0" target="_blank">Savills World Student Housing Spotlight 2016</a>.</p>
<p>Savills is a leading global real estate service provider offering the full spectrum of services from strategic advice to managing assets and projects and transacting deals. To learn more about Savills student accommodation services, visit <a href="https://www.savills.com.au/services-and-sectors/student-accommodation.aspx" target="_blank">savills.com.au/studentaccommodation</a>.</p>
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The rise – and rise – of global student housing investment

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<p>GUEST OBSERVER</p>
<p>Do you ever feel that the weather is worse on the weekend? Well you might be right!</p>
<p>Our research, published in Environmental Research Letters, shows that in Australia’s biggest cites, the temperature is on average up to 0.3℃ cooler on Sundays compared to Thursdays and Fridays.</p>
<p>Not only are humans affecting the temperature on a global scale, we’re also doing it in our own backyards. </p>
<p>There is nothing in nature that occurs on a weekly cycle. Therefore any weekly pattern seen in weather (such as temperature and rainfall) must result from human activity, such as generating electricity, powering motor vehicles and using air-conditioners. </p>
<p>Most of these activities deposit waste heat and pollution into the atmosphere, and weekly cycles in temperature provide valuable insights into the consequences of such activities on the urban environment. </p>
<p>Our study shows that weekly cycles in daytime temperature occur in almost all Australian major cities. Sundays are often the coolest and Thursday or Friday the hottest due to human activity. This differs according to the time of day, with early mornings showing a much stronger signal than the afternoon. </p>
<h2>Rush hour weekly cycle</h2>
<p>Early mornings are often associated with cooler air temperatures, which can trap any waste heat near the surface. By contrast, in the afternoon the temperature has warmed and the local surface heat can be carried away to higher levels. So we see less of a strong relationship between human activity and temperature.</p>
<p>Hence the 9am temperature is higher during the week (coinciding with the morning rush hour) and much cooler on the weekend (when the traffic volume is quieter).</p>
<p><a href="/images/2016/10/19/image-20161018-12447-dxp8ox.jpeg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/10/19/image-20161018-12447-dxp8ox.jpeg" alt=""></p>
<h4><span class="caption">Melbourne 1955-2013 average midnight and morning (9am) temperature</span></h4>
<p>Melbourne and other major Australian cities are cooler at the weekend during the day, because they’re less busy. But what about night life? </p>
<p>In western cultures, with Saturdays and Sundays being days off work for a large proportion of the population, Friday and Saturday evenings have become popular with people going to restaurants, pubs, and theatres. This means there is more traffic and human activities in the city centres on these evenings through to the early hours of the following day. </p>
<p>Melbourne’s midnight temperature is warmest on Saturday (Friday night) and Sunday (Saturday night), which is the opposite to what we see for 9am.</p>
<h2>Islands of heat</h2>
<p>Cities are also generally warmer than their surroundings, a phenomena known as the “urban heat island” effect. Don’t rush off to the beach though – it’s only hotter in the city. We can see this in weekly temperatures by comparing city centres to surrounding suburbs. </p>
<p>When we compare Melbourne city temperature to the airport temperatures at Tullamarine, Laverton and Moorabbin, the city is a lot warmer than the airports, especially at night time. This difference is largest on Saturdays and Sundays, showing that Melbourne’s active night-life is increasing the urban heat island effect. </p>
<p><a href="/images/2016/10/19/image-20161018-12431-l50gel.jpeg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/10/19/image-20161018-12431-l50gel.jpeg" alt=""></p>
<h4> </h4>
<h4><span class="caption">1972-2013 average difference between Melbourne city temperature airport temperatures at midnight and 9am.</span></h4>
<p>The difference is less in the morning, especially on Saturdays and Sundays. There is even a small urban cool island on Sunday mornings compared to some suburbs.</p>
<p>Temperatures are closely linked to traffic volumes within cities. These can be used as a good indicator of the overall level of human activity.</p>
<p><a href="/images/2016/10/19/image-20161018-12425-1cxmspl.jpeg" target="_blank">Click to enlarge</a></p>
<h4><span class="caption"><img src="/images/2016/10/19/image-20161018-12425-1cxmspl.jpeg" alt=""></span></h4>
<h4><span class="caption">Traffic volume at a typical Melbourne CBD junction during October 2014.</span></h4>
<p>Consistent with traffic volumes (at a typical busy inner-city intersection), temperatures on Sunday mornings are much less than weekday mornings. It’s this difference in morning traffic that allows us to measure the difference of the city without cars (Sunday) and with cars (Monday to Friday) at the same time of day.</p>
<p>Figures show that traffic congestion costs about A$4.6 billion in Melbourne each year. Reducing this is high on the agenda for Infrastructure Victoria and the state government, putting forward numerous traffic reducing strategies including peak-time penalties for motorists and a London-style congestion charge for central Melbourne. </p>
<p>Beyond Victoria, the Australian government is concerned with the need to create cooler, greener and more liveable cities in the face of climate change. </p>
<p>Reducing traffic has obvious benefits for travel time and sanity, but our study shows that Melbourne is significantly cooler when traffic levels (and general human activity) are low, based on the weekly cycles of urban temperatures.</p>
<p><em><span class="fn author-name">Nick Earl is p</span>ostdoctoral associate, School of Earth Sciences, University of Melbourne and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/nick-earl-309773" target="_blank">here</a>.</em></p>
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No it’s not your imagination, it actually is colder on the weekend (if you live in a city)

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<div class="column">GUEST OBSERVER</div>
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<br>We expect Q3 CPI data (on 26 October) to show that underlying inflation has remained weak. On our forecasts, the data are unlikely to be enough to provide confirmation that disinflationary forces are fading.</div>
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<div class="column">This would complicate the monetary policy outlook, although we don’t expect the RBA to mechanically respond to a low result.</div>
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<br><p>We expect the trimmed mean to have risen by 0.3 percent q/q and the weighted median by 0.4 percent q/q. This would see the average of the two measures rise by 0.4 percent q/q and be steady at 1.5 percent y/y.</p>
<p> </p>
<p>Importantly, the risks around this forecast seem tilted to the downside given still weak wage growth, low rental inflation, and ongoing pressure on a broad range of retail prices. A key uncertainty in the forecast is around new house prices. This is the largest item in the CPI at 9 percent of the basket and has been quite volatile over the past year.</p>
<p> </p>
<p>In our view, an outcome for the average of the two underlying measures of 0.3 percent q/q or less would concern the RBA given it would be below the implied RBA forecast and likely trigger a downgrade to the RBA’s inflation profile.</p>
<p>That said, the backdrop is quite different from April when the weak Q1 CPI print was released: the RBA has two rate cuts in the pipeline and recent communication has sounded comfortable about policy settings; the domestic economy looks more robust; commodity prices have risen; the property market has re-energised; and the changes to the statement on the conduct of monetary policy have increased the RBA’s ability to tolerate below-target inflation on financial stability grounds.</p>
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<p>Given this, the detail will be important in assessing any implications for monetary policy. There is little domestic monetary settings can do about global factors (notably competitive pressures weighing on tradable inflation), but the RBA would likely be concerned if there is broad-based weakness across non- tradable inflation.</p>
<p>Should the RBA be confronted with this scenario, we doubt there would be any urgency to respond. Indeed, in such a scenario, we would think it would be more appropriate for the risk of further easing in February to shift, rather than for November.</p>
<p> </p>
<p>Apart from the more robust backdrop, waiting until February would provide the RBA the opportunity to see one more GDP print (on 7 December), one more inflation print (in late January), another round of wages data, as well as a few more months of data on both the housing and labour markets. In addition, the US Federal Reserve is likely to have tightened by that time, which could have consequences for the AUD.</p>
<p>The headline CPI is forecast to have risen by 0.5 percent q/q in Q3, slightly higher than the 0.4 percent q/q Q2 outcome, leaving annual inflation steady at 1 percent y/y. Our daily tracking of petrol prices imply a 3.2 percent fall in the quarter.</p>
<p>THE BROAD THEME REMAINS ONE OF WEAK INFLATIONARY PRESSURES</p>
<p>Retail price inflation is being restrained by global competitive pressures. Meanwhile, weak wage growth – which is showing only tentative signs of stabilising – and low inflation expectations are weighing on non-tradable inflationary pressures1. New house prices are the key exception to this, with inflation in this sector likely to have remained relatively solid given the high level of construction activity.</p>
<p>Consequently, we expect inflationary pressures to remain relatively subdued across a broad range of items, with both tradable and non-tradable inflation expected to remain soft. Indeed, we continue to see a weak inflation environment over the coming year (see Figure 1). </p>
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<div class="column">Tradable inflation continues to be contained as domestic firms face intense global competitive pressures, which has curbed pricing power and limited the degree of currency pass through (see Figure 3).<br><p>These competitive pressures likely have several years to run across both consumer staples and durables. Indeed, we continue to see weak inflationary pressures across supermarket prices, clothing &amp; footwear, furnishings, and audio visual &amp; computing equipment.</p>
<p><a href="/images/2016/10/13/Screen%20Shot%202016-10-13%20at%202.36.46%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/10/13/Screen%20Shot%202016-10-13%20at%202.36.46%20PM.png" alt=""></p>
<p>Meanwhile, weak wage pressure is likely to see market services inflation remain mild and continue to lean on administered inflation. Wage growth is showing tentative signs of bottoming, but any recovery is likely to be a slow process given a significant degree of underemployment. </p>
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<div class="column">The housing component is forecast to add 0.2ppt to headline CPI, reflecting a seasonal increases in utilities and property rates as well as a rise in new dwelling purchase prices.</div>
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<br>That said, there is a high degree of uncertainty around new house prices. This is the largest item in the CPI at 9 percent of the basket and has been quite volatile in the past year. Building approvals for houses have remained at elevated levels, but new house price inflation has weakened sharply on a y/y basis (see Figure 6). Given renewed strength in the housing market, we expect a reasonable rise of 0.7 percent q/q in Q3 (after 0.9% q/q in Q2 and 0.2% q/q in Q1).<br><p><a href="/images/2016/10/13/Screen%20Shot%202016-10-13%20at%202.39.45%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/10/13/Screen%20Shot%202016-10-13%20at%202.39.45%20PM.png" alt=""></p>
<p>While we expect new house price inflation to continue to remain relatively strong in the coming quarters, upside pressure from this component is likely to fade over 2017-18 as construction activity peaks and then moderates. Indeed, investor finance for new construction has weakened in recent months and suggests building approvals may be close to a peak.</p>
<p><a href="/images/2016/10/13/Screen%20Shot%202016-10-13%20at%202.41.35%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/10/13/Screen%20Shot%202016-10-13%20at%202.41.35%20PM.png" alt=""></p>
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<p>Rental inflation (which accounts for 7 percent of the CPI basket) is forecast to remain very weak at +0.2 percent q/q, consistent with surging supply.</p>
<p>Given the supply of apartments coming on stream over the next year (Figure 7) and the investor-led nature of this property cycle, rental inflation is forecast to remain soft over the forecast period – a concern recently highlighted by the RBA. </p>
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<div class="column">Petrol prices have had a significant influence on headline CPI this year.</div>
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<div class="column">Our daily tracking suggests petrol prices fell by 3.2 percent in Q3, subtracting 0.1ppt from the headline CPI. We think global oil prices have found a base and forecast a slow upward trajectory from current levels, which will contribute to higher headline inflation in the quarters ahead.</div>
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<br>The communications category is forecast to subtract 0.1ppt from CPI in Q3, with prices forecast to have fallen by 1.8 percent q/q in Q3. Prices for telecommunication and equipment items have been falling since late 2013 and the downward pressure shows no sign of abating. </div>
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<p><span>Tobacco </span><span>prices are forecast to add to headline CPI in Q3, with the annual 12.5% excise increase on 1 September 2016 pushing tobacco prices higher. That said, we note that most of the impact of this administered price rise comes through in the December quarter. </span></p>
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<p><span>Holiday travel and accommodation </span><span>is forecast to contribute 0.1ppt to quarterly CPI, reflecting a seasonal increase in international travel, while BITRE data points to a jump in domestic airfares.</span></p>
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<p><em>Jo Masters is senior economist, ANZ and can be contacted <a href="https://www.anz.com/personal/" target="_blank">here</a>.</em></p>
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Expect new house price inflation to remain strong: ANZ's Jo Masters

<p>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;</p>

<p>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;</p>

<p>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;</p>

<p>Bottega House has been set up by co-directors Nick Malloch, Louis Mennes and Craig Marsh.</p>

<p>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;</p>

<p>"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;</p>

<p>"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;</p>

<p>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;</p>

<p>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;</p>

<p>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;</p>

<p>St Lucia by Bottega House is expected to launch to market in November, with construction anticipated to be completed mid 2029.</p>

<p>[smartcode_project_cta:default project_id=151826]</p>


Joel Robinson

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

<p><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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=7574 project_image_fid=351654]</p>

<p>Sherpa Founder, Christie Leet, said the company was excited to be venturing into Brisbane for its second residential project.</p>

<p>“We’re big believers in the future of Brisbane as we lead into the 2032 Olympics and beyond,” Leet said.</p>

<p>“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.</p>

<p>“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.</p>

<p>“The model has been extraordinarily well received in our previous projects and it is something we are committed to moving forward.”</p>

<p>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.</p>

<p>The project will feature ground-floor commercial space, creating a vibrant amenity for residents and the surrounding community.</p>

<p>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.</p>


Sherpa acquires new site for second Brisbane apartment tower

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p><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" /></p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.</p>

<p>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.</p>

<p>That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.</p>

<p>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.</p>

<p>"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.</p>

<p><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" /></p>

<p>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.</p>

<p>The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.</p>

<p>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.</p>

<p>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.</p>

<p>The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.</p>

<p>A significant component of the proposal is the revitalisation of Blue Street Plaza.</p>

<p>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.</p>

<p>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.</p>

<p>Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.</p>

<p>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.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.</p>

<p>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.</p>

<p>The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.</p>

<p>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.</p>

<p>&nbsp;</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>


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

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p><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" /></p>

<p>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;</p>

<p>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.</p>

<p>The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.</p>

<p>Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.</p>

<p>"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.</p>

<p>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.</p>

<p>A major focus of the design has been the public domain.</p>

<p>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.</p>

<p>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.</p>

<p data-end="239" data-start="66">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.</p>

<p data-end="442" data-start="241">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.</p>

<p data-end="661" data-start="444">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.</p>

<p data-end="909" data-start="663">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.</p>

<p><em>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></em></p>

<p data-end="1339" data-start="1019">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.</p>

<p data-end="1339" data-start="1019">[smartcode_project:default project_id=30959 project_image_fid=292863]</p>

<p data-end="1398" data-start="1341">It has since quietly assembled its next wave of projects.</p>

<p data-end="1805" data-start="1400">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.</p>

<p data-end="1805" data-start="1400">[smartcode_project:default project_id=152095 project_image_fid=373685]</p>

<p data-end="1991" data-start="1807">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.</p>

<p data-end="2303" data-is-last-node="" data-is-only-node="" data-start="1993">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.</p>

<p><em>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></em></p>

<p><em>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></em><br />
&nbsp;</p>

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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

<p data-end="492" data-start="327">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.</p>

<p data-end="843" data-start="497">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.</p>

<p data-end="1109" data-start="848">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.</p>

<p data-end="1109" data-start="848">[smartcode_project:default project_id=152022 project_image_fid=375528]</p>

<p>Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.</p>

<p>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.</p>

<p>"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.</p>

<p>[smartcode_project:default project_id=152022 project_image_fid=375531]</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=152022 project_image_fid=375524]</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=152022 project_image_fid=375530]</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.</p>

<p>"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."</p>

<p>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.</p>

<p>[smartcode_project_cta:default project_id=152022]</p>


Jonathan Chancellor

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