<html><body>
<div class="page" title="Page 2">
<div class="section">
GUEST OBSERVER 
In July, China tier-1 property prices saw a further moderation in the pace of annual price growth; in tier-2 and tier-3, growth (again) inched higher, remaining at a much lower level than tier-1.
For new housing, 51 cities reported price gains in the month of July, down from 55 in June and a peak of 65 in April. But that is still well up on the number of cities reporting monthly gains a year ago (30 in July 2015). 16 cities reported monthly price declines, although that is also better than July 2015’s 29 cities.
</div>
<div class="section">
<div class="layoutArea">
<div class="column">
<a href="/images/2016/08/19/Screen%20Shot%202016-08-19%20at%202.10.49%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/19/Screen%20Shot%202016-08-19%20at%202.10.49%20PM.png" alt="">
 
The secondary market has not seen as strong an improvement over the past year, a net 51 cities reporting monthly gains in July versus 41 a year ago and a peak of 54 four months ago (in March). 12 cities are currently experiencing price declines, compared to 17 a year ago. 
Splitting the 70 cities into the three development tiers, tier-1 continues to experience a robust pace of price growth, an average of 27.0 percent/yr for new housing and 29.3 percent/yr for the secondary market. Versus April’s peaks of 31.5%yr and 36.1%yr, that is still best characterised as a modest deceleration. 
</div>
</div>
<div class="layoutArea"><a href="/images/2016/08/19/Screen%20Shot%202016-08-19%20at%202.12.44%20PM.png" target="_blank">Click to enlarge</a></div>
<div class="layoutArea"><img src="/images/2016/08/19/Screen%20Shot%202016-08-19%20at%202.12.44%20PM.png" alt=""></div>
</div>
</div>
<div class="page" title="Page 3">
<div class="section">
<div class="layoutArea">
<div class="column">
Within this tier, a normalisation is continuing: 
Shenzhen new property price growth has slowed from 62.5 percent/yr in April to (a still very strong) 40.9 percent/yr; meanwhile, Shanghai price growth has plateaued circa 28 percent/yr, as has Beijing and Guangzhou (albeit nearer 20 percent/yr). 
Similar trends are apparent in the established or secondary markets: Shenzhen slowing from 60.6 percent/yr in March to 33.9 percent/yr currently, and Beijing from 37.3 percent/yr in April to 32.1 percent/yr; Shanghai and Guangzhou price growth has been broadly unchanged in recent months, respectively 30 percent/yr and 20 percent/yr.
<a href="/images/2016/08/19/Screen%20Shot%202016-08-19%20at%202.13.46%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/19/Screen%20Shot%202016-08-19%20at%202.13.46%20PM.png" alt="">
 
Moving on to the less developed and wealthy tier-2 cities, new and established housing saw annual price growth of 7.8 percent/yr and 6.7 percent/yr in July. Both markets still remain in an uptrend, albeit a very modest one. 
This is even more the case in tier-3, where new and secondary house prices have risen just 3.8 percent/yr and 2.4 percent/yr over the past year. 
Clearly activity is concentrated in the most established and wealthy markets, where there is likely to be a greater speculative element. The problem is that these are not the cities with the greatest growth potential. 
</div>
</div>
<div class="layoutArea"><a href="/images/2016/08/19/Screen%20Shot%202016-08-19%20at%202.14.46%20PM.png" target="_blank">Click to enlarge</a></div>
<div class="layoutArea">
<img src="/images/2016/08/19/Screen%20Shot%202016-08-19%20at%202.14.46%20PM.png" alt=""> </div>
</div>
</div>
<div class="page" title="Page 4">
<div class="section">
<div class="layoutArea">
<div class="column">
Further on aggregate activity, we note finally that momentum in housing sales and starts has already turned down. 
The outlook for real estate investment in late-2016 and into 2017 is fragile and unlikely to provide a significant contribution to aggregate growth.
</div>
</div>
</div>
</div>
<div class="page" title="Page 5">
<div class="section">Elliot Clarke is senior economist, Westpac and can be contacted <a href="https://www.westpac.com.au" target="_blank">here</a>.</div>
</div>
</body></html>

jchancellor-FAypfDUnLy

China property update: Westpac's Elliot Clarke

<html><body>
A senior Queensland academic has told the Australian Financial Review that inner Brisbane apartment prices could fall as much as 25 percent over the next 12 to 18 months.
Chris Eves, professor of property economics at the Queensland University of Technology, said overseas buyers who had purchased off-the-plan in the past six or seven months might not be able to settle final payments now that China has introduced measures to stem capital flow.
"Developers will have to put these apartments on the market and with the lack of demand they will have to discount their prices. Some developers will go out of business – this always happens in oversupply situations," said Professor Eves who first warned of oversupply in March last year.
He advised estate agents were telling him prices and rents were already falling.
Adding further pressure on foreign buyers, he said, would be the new 3 percent stamp duty surcharge which kicks off in Queensland on October 1.
"Brisbane developers have gone overboard with amount of stock in the pipeline and thinking the offshore demand would just continue," he said.
{mijopolls 145}
</body></html>

Can inner Brisbane apartment prices fall by 25 percent? 

<html><body>
<img src="https://counter.theconversation.edu.au/content/64052/count.gif" alt="The Conversation" width="1" height="1"> GUEST OBSERVER
Energy upgrades in Australia’s buildings could deliver a quarter of Australia’s 2030 emissions reduction target. Improving energy performance through improved building design, heating and cooling systems, lighting and other equipment and appliances could also deliver more than half of our National Energy Productivity Target.
Progress has been slow, however, and our research shows that delay leads to lost opportunities and billions in wasted energy costs.
The new federal environment and energy minister, Josh Frydenberg, has an opportunity here to demonstrate the potential of his new merged role. Today in Canberra, Australia’s energy ministers are meeting for the first time since the election through the COAG Energy Council.
One item on the agenda will be the National Energy Productivity Plan (NEPP). It aims to improve energy productivity 40% by 2030. This involves increasing the economic value produced from each unit of energy consumed.
The NEPP contains a number of good measures relating to buildings. However, without stronger governance arrangements, more transparency and stronger and clearer public communication and engagement, there is a risk that these policy measures will simply slip between the cracks of multiple agencies, portfolios and jurisdictions in the building sector.
<h2>What can better buildings achieve?</h2>
Our research found buildings could help meet our climate and energy goals, as you can see in the charts below.
We found that improving energy efficiency in buildings could deliver 10% of our emissions target. Distributed energy (primarily rooftop solar) could achieve an extra 18 percent.
<a href="/images/2016/08/19/image-20160817-3592-1liiikj.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/19/image-20160817-3592-1liiikj.png" alt="">
<h4>
Potential contribution of built environment opportunities to 2030 national emissions target (MtCO2e) ClimateWorks Australia, May 2016
</h4>
The energy efficiency improvements could reduce energy use by 202 petajoules, or half of what would be needed to achieve the energy productivity target.
<a href="/images/2016/08/19/image-20160818-2498-ff9x64.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/19/image-20160818-2498-ff9x64.png" alt="">
<h4>
Potential contribution of built environment energy efficiency opportunities to 2030 National Energy Productivity Target (PJ)ClimateWorks Australia, May 2016
</h4>
<h2>The cost of delay</h2>
Despite the massive opportunity to reduce emissions from the building sector, overall progress to date has been slow.
Market leaders, particularly in the commercial office market, have achieved a radical change in their energy productivity and are recognised as global leaders in sustainable buildings. There are many examples of very high-performing or net-zero-emission buildings around Australia.
However, the market as a whole has improved its energy performance only 2% over the past decade for commercial buildings, and 5% for residential buildings. We are not currently on track.
Our report found that continuing to delay action to reduce emissions from buildings means we would lose a substantial amount of cost-effective options to improve energy performance. Many emissions reduction opportunities exist only for a certain period of time. For example, installing inefficient equipment instead of more efficient options effectively locks in excessive emissions for many decades into the future.
Just five years of delay could lead to A$24 billion in wasted energy costs and more than 170 million tonnes of lost emissions reductions by 2050. This is a very substantial loss, considering the current national emissions target aims to reduce emissions by 272 million tonnes by 2030.
Without additional action buildings would eventually consume more than half of Australia’s “carbon budget” by 2050. That would leave less than half for all other sectors of the economy, including emissions-intensive industries, transport, land and agriculture.
<h4><a href="/images/2016/08/19/image-20160817-3569-1mhmozw.png" target="_blank">Click to enlarge</a></h4>
<img src="/images/2016/08/19/image-20160817-3569-1mhmozw.png" alt="">
<h4>
Cost of delay (MtCO2e) ClimateWorks Australia, May 2016
</h4>
<h2>Stronger policy</h2>
To realise the emissions reduction potential in the building sector, strong policy will be required to tackle the barriers to better energy performance for buildings. Our report recommended five key solutions as part of an integrated policy suite.
First, develop a national plan to co-ordinate policy and emissions-reductions measures to extend gains made by market leaders across the entire building sector.
Second, introduce mandatory minimum standards for buildings, equipment and appliances aligned with the long-term goal of net zero emissions.
Third, develop incentives and programs to motivate and support higher energy performance in the short to medium term.
Fourth, reform the energy market to ensure it supports cost-effective energy efficiency and distributed energy.
Finally, we need a range of supporting data, information, training and education measures to enable informed consumer choice and support innovation, commercialisation and deployment of new technologies and business models.
Implementing these policy measures would set Australia on a pathway to zero-carbon buildings and unlock the large potential for buildings to deliver improved health outcomes and more liveable and productive cities.
<h2>Unblocking barriers</h2>
Unfortunately, the opportunity to reduce emissions from buildings is blocked by strong barriers that require co-ordination between the Commonwealth, states and territories.
To address the complexity of this task, the NEPP needs stronger governance arrangements, including a specified target or targets for buildings, to complement the overall 40% NEPP target, and more regular public reporting (there is no public review until 2020).
Stronger and clearer communication and engagement around the target and buildings’ energy performance within it would also help provide confidence and drive innovation and activity among households and businesses.
In addition, we need better co-ordination between the members of the Energy Council, and between the council and other government forums and agencies.
For example, the National Construction Code, which regulates minimum standards for new buildings and major refurbishments, is a critical policy lever. However, the code is overseen by the Building Ministers Forum, not the Energy Council, while a range of different state and territory bodies oversee enforcement of the standards.
There are similar issues around harmonising of different energy performance ratings across jurisdictions, co-ordinating training and accreditation of professionals throughout the building design and construction sector, and energy market reform to establish a level playing field for energy efficiency and decentralised renewable energy.
Co-ordination of these issues should be a major focus for the Energy Council. The new minister for environment and energy – as the minister responsible for delivering on both our national emissions reduction targets and on the productivity plan – is now in a unique position to lead these efforts. We encourage the COAG Energy Council to support him in this.
Eli Court is implementation manager, Climateworks Australia, Monash University and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/eli-court-181595" target="_blank">here</a>.
</body></html>

Remove barriers to better buildings: a task for Australia's energy ministers

<html><body>
The number of properties listed for sale in Toowoomba is rising and with slowing sales activity, there may need to be some adjustment in asking prices to attract buyers, according to the valuation firm, Herron Todd White.
It anticipates the key drivers of the Toowoomba market moving forward will continue to be local owner-occupiers and local investors. 
The valuation firm's August update says Toowoomba, the major regional centre servicing Queensland agricultural sectors, had become a target for interstate investors who found the affordability and position as the gateway to the Surat Basin attractive.
"During this period and in conjunction with development of the privately funded Brisbane West Wellcamp Airport, sales activity increased with the strong influence of interstate investors driving up values, particularly in the sub-$500,000 price bracket.
"To capitalise on this demand, developers saw opportunity to develop units and townhouses which are popular amongst the investor market.
"As the market now cools, there is an emerging oversupply of new or modern units, particularly across new estates in Glenvale.
"The rental vacancy trend has stabilised, although this may be in line with seasonal movements.
"Sitting at 3.5 percent, the vacancy rate had crept up to as high as 4 percent during late 2015 and early 2016."
This follows many years of consistently low vacancies around the 1.4 percent to 1.8 percent.
HTW said the dwelling sales activity has slowed in 2016 and this follows slowing activity since the recent peak in 2013.
The development of the Toowoomba second Range Crossing Road and new industries such as a large milk powder processing facility supplying directly to China may provide some short to medium term growth opportunities for the region. 
Toowoomba has not been subject to volatile property market movements, according to the valuation firm, Herron Todd White, given the relatively stable workforce underpinned by large government employers including numerous schools, the University of Southern Queensland, three large hospitals and the Oakey and Cabarlah Army bases.
The coal seam gas and energy resources boom between 2010 and 2014 in the Surat Basin to the west created significant hype in the Toowoomba region.
Estate agent John McGrath recently described Toowoomba as a "hotspot."
 
</body></html>

Toowoomba residential property is cooling: Herron Todd White

<html><body>
<div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">
GUEST OBSERVER
It is regrettable that an unfortunate minority was giving the industry a ‘bad name’ and misleading consumers by purporting to be buyer’s agents.
I warned home buyers and investors not to be lured by slick advertising promising deals that were too good to be true.
We always get concerned whenever we see mention of anyone advertising ‘free buyer’s agent services’.
Red flags instantly start waving when words like “the seller pays the fee not the buyer” and “we will find your perfect investment property for free” appear on websites.
Ultimately property advisors will act for whoever is paying their fee.
Calling yourself an independent “buyer’s agent” while selling property is simply dressing up the wolf in sheep’s clothing.
True buyer’s agents have a fiduciary duty by law to act in the best interests of their clients and this is legislated in each individual state’s real estate law.
Buyer’s agents are licensed professionals who specialise in searching, locating, evaluating and negotiating the purchase of property on behalf of buyers. They do not sell real estate. They are engaged independently and paid for by the buyer to act on their behalf.
REBAA is Australia’s largest independent alliance of buyer’s agents who act on behalf of buyers in property transactions.
The association’s accredited buyer’s agent logo is synonymous with professionalism and best practice and its members are committed to stringent ethical standards.
Each REBAA accredited agency must also carry professional indemnity insurance. REBAA accredited agencies across Australia display their accredited agency logos on their websites to help buyers clearly identify bonafide buyer’s agents.
As a buyer you always need to ask if there is a vested interest in anything. Why are they wanting to act for you for free?
Usually it’s because they want to buy developer stock or take their fee from the vendor – hardly exclusive or independent advice.
Essentially, these “free buyers agents” are selling agents in disguise.
They have a huge financial incentive to help you buy that property and that’s not necessarily in the investor’s best interest.
Consumers should carefully check the credentials of any buyer’s agent and confirm they are firstly licensed and ask questions about their experience, time in industry, research methods, and how they are paid.
</div>
</div>
</div>
<div class="page" title="Page 2">
<div class="layoutArea">
<div class="column">
For a list of accredited agencies in your local area <a href="https://www.rebaa.com.au" target="_blank">click here</a>. 
Rich Harvey is REBAA president and can be contacted <a href="https://www.rebaa.com.au" target="_blank">here</a>.
</div>
</div>
</div>
</body></html>

Buyer beware 'free' buyer's agents: Rich Harvey

<html><body>
The 2015 sale of the Hunters Hill trophy home of Cate Blanchett and her husband Andrew Upton has collapsed. 
The buyer, understood to live in Point Piper, claims problems getting their funds out of China, highlighting an emerging issue for Australian prestige property owners.
The historic residence, Bulwarra sold for $19.8 million last August on delayed settlement terms, just three weeks after hitting the market.
The celebrity couple, wanting to avoid a circus agreed to further time extensions, having since bought in the United Kingdom.
Their redundant 3642-square-metre North Parade estate has been relisted by Ken Jacobs of Christie’s International who will be seeking $20 million, no doubt calling those who missed out.
After returning to Sydney to perform in the Sydney Theatre Company's production of Hedda Gabler, Blanchett, often with her writer husband, Andrew Upton, began looking for their new Sydney house in 2004. After being bombarded with inquiries from pesky estate agents, the couple took the decision to sign up buyer's agency adviser, Deborah West.
Blanchett and Upton purchased the property on nine month delayed settlement terms for $10 million in 2005 from veteran merchant banker Jim Dominguez and his wife Suzanne, and subsequently spent more than $8 million on a three-year redesign by architects Nadine Alwill and Stephen Lesiuk .
The sales' contract collapse matter could be headed for the courts depending on the resale price now secured. Deborah West got huge billing as the agent to the stars after last August's sale.
“High profile clients come to us to escape the circus that is the Sydney property market," she then advised.
"They want confidentiality, discretion and privacy,” said West.
A home sales contract to an offshore Chinese buyer is no guarantee of yielding a settlement, as Property Observer has previously written when the on-off issue of getting funds out of China arose. 
The size of the Cate Blanchett deposit is not known.
The Oscar winner and her husband bought a high-rise bolthole in The Astor on Macquarie Street as their intended Sydney base.
The price is undisclosed however Yellow Brick Road and Celebrity Apprentice boss Mark Bouris wanted $8 million for the apartment.
</body></html>

Cate Blanchett's $20 million buyer opts out of the Hunters Hill purchase

<html><body>
The Reserve Bank governor Glenn Stevens is confident Australia’s banks would survive a large fall in house prices.
Mr Stevens told the The Australian and The Wall Street Journal that whether a property price fall was damaging depended on how much debt was behind it.
“You care, of course, whether asset prices seem divorced from their fundamentals. That’s often in the eye of the beholder,’’ he said.
“But the thing you most care about is, ‘is there a lot of borrowed money behind the assets’. “(With) housing, the debt being carried there is pretty significant now, but I don’t think we’re seeing another massive step up in leverage at the moment, and, as you know, we’ve been watching that fairly carefully. Every attempt to stress-test housing portfolios that I’m aware of ... none of those show a very bad outcome for the system.
“Now, some losses get incurred, but by and large the system manages with that OK.
“We wouldn’t have major institutions getting even close to failure. Not even close.
“They’d wear some losses and they’d have to, again, strengthen balance sheets at some point, but you wouldn’t have a systemic event,’’ he said. “Whatever you thought the risks posed to financial stability and macroeconomic stability might’ve been from the housing sector a year ago, they’ve probably diminished a bit since then,’’ Mr Stevens said.
 
</body></html>

Banks would survive large house price fall: Glenn Stevens

<html><body>
Toowoomba, located 125km west of Brisbane, has been pinpointed by estate agent John McGrath as one of the most exciting emerging regional centres in Australia. 
"Right now, Toowoomba has all the hallmarks for growth.
"We believe its strong focus and investment in infrastructure, retail and lifestyle precincts will have an impact on both interstate migration and employment opportunities in the short, medium and long term."
McGrath's forecast comes as several multi-million dollar projects are either underway or being planned, namely the $1.6 billion Second Range Crossing, the development of the 550 hectare Wellcamp Airport Business Park; the $500 million redevelopment of Grand Central shopping centre and the transformation of the railway precinct into an urban village and parklands.
He told his Switzer blog readers that the key indicators of a hot spot are beneficial new infrastructure, redevelopment of retail centres and more lifestyle amenities.
"Toowoomba has them all," he said adding the median house price is just $362,000 (CoreLogic).
"This affordable price point is not only attractive to the locals, it’s also attractive to tree changers, downsizers and investors.'
The median house rent is $305 per week (realestate.com.au) – a respectable yield of 4.4%.
The McGrath Toowoomba agent Toby Sandell advised that Toowoomba was at "the best point" in the cycle for buying for long-term capital growth now.
“Our local market has been subdued for the past year since the banks tightened investment lending.
"As a result, we’ve seen very few investors in the marketplace, a decline in sales volumes of 33% (APM) and the region’s average days on market has increased to 67 days (REA),” Sandell says. 
“While there’s fewer investors, the flipside is we’ve seen more first home buyers and upgraders taking advantage of affordable buying and lower interest rates. There is good demand from locals for quality properties in the right areas.
“Interestingly, the median house price rose by 1% over the year despite these tougher conditions.
"The fact that the price is holding and even increasing slightly is a sign of Toowoomba’s resilience and strength.
"One reason for this is strong and stable employment with the state’s lowest unemployment figures.
“In the lead-up to Spring, we are just starting to see a few more positive signs with a bit more buyer enquiry and a few more investors from Sydney and Melbourne returning to look for well-priced homes.
“Stock is tight but we have been busy doing more appraisals for the past four-six weeks so we’re expecting that stock shortage to ease. We are currently marketing a number of high-end properties which have all attracted good numbers at opens.” 
McGrath looked at specific projects.
Brisbane West Wellcamp Airport
The airport is having a positive effect on the accessibility of the region both domestically and into Asian markets. It is continuing to expand, with direct passenger flights to Melbourne and Cairns commencing in March. Several agri-based companies are setting up in the surrounding Business Park in order to take their produce directly to Asia. One of these is a baby milk formula factory – the first in Queensland, which will export directly to China.
Second Range Crossing
This new 41km road is important because it will take trucks off city streets, creating a better community amenity, while also enabling a faster trip for freight services. It will create 1,800 full-time jobs. Major construction is underway, with the peak phase expected around mid-2017, so as more workers move in during summer and into 2017, we expect to see weekly rents rise as well.
Grand Central redevelopment
Stage 1 of this massive new shopping centre should be open for Christmas retailing. The redevelopment will include a new dining precinct, department stores, supermarkets and almost 160 other stores.
Railway Parklands Precinct redevelopment
This 50 hectare site will incorporate a central park, shops, commercial and industrial facilities and residential options. The council estimates it will provide up to 3,300 jobs during construction and a further 1,800 jobs in retail and service industries. The developer is currently working with council to finalise the plans.
Super-Hot Spots within a Hot Spot
McGrath advised every city has its super-hot spots.
"Right now, most of Toowoomba presents great buying," he said.
South Toowoomba and Centenary Heights
<ul>
<li>
Hot price bracket: $350k-$500k</li>
<li>
Buyer demographic: Young families wanting value for money and close proximity to the CBD</li>
</ul>
Property Observer went looking at recent sales and listings.
A three bedroom, one bathroom home in South Toowoomba sold yesterday for $390,000. The property at <a href="https://www.realestate.com.au/property-house-qld-south+toowoomba-122505078" target="_blank">209 Geddes Street</a> (below) last traded for $104,063 in 2000.
<img src="/images/2016/08/18/Screen%20Shot%202016-08-18%20at%2011.03.49%20AM.png" alt="">
Another three bedroom, one bathroom home at <a href="https://www.realestate.com.au/property-house-qld-south+toowoomba-123207906">127 Perth Street</a> (below) has been listed with $395,000 hopes. The cottage on a generous 559 sqm parcel last traded for $259,000 in 2012.
<img src="/images/2016/08/18/Screen%20Shot%202016-08-18%20at%2011.04.48%20AM.png" alt="">
East Toowoomba and Rangeville
<ul>
<li>
Hot price bracket: $500k-$800k</li>
<li>
Buyer demographic: Premium suburbs for upgrading families, although stock is very tight</li>
</ul>
Priced at $799,000, <a href="https://www.realestate.com.au/property-house-qld-east+toowoomba-123143286" target="_blank">15 Fletcher Street</a> (below) in East Toowoomba comes with three bedrooms, three bathrooms and its own pool. The home last traded for $580,000 in 2010.
<img src="/images/2016/08/18/Screen%20Shot%202016-08-18%20at%2011.05.47%20AM.png" alt="">
A four bedroom, two bathroom home at <a href="https://www.realestate.com.au/property-house-qld-east+toowoomba-121578562" target="_blank">10 Anderson Street</a> (below) in East Toowoomba sold earlier this month for $696,000. It last traded for $124,000 in 1990.
<img src="/images/2016/08/18/Screen%20Shot%202016-08-18%20at%2011.06.50%20AM.png" alt="">
 
But other commentary has emerged this month. The number of properties listed for sale in Toowoomba is rising and with slowing sales activity, there may need to be some adjustment in asking prices to attract buyers, according to the valuation firm, Herron Todd White.
</body></html>

Toowoomba's super hot spots: John McGrath's tips

<html><body>
Paraway Pastoral has purchased the Inverell property, Newstead which is where the Australian artist Tom Roberts painted, The Golden Fleece Shearing at Newstead while staying at the farm then owned by the Anderson family in 1894. 
Travelling around eastern Australia, Roberts first came to Inverell in the summer of 1893, staying for five months at Newstead, the property of his friend Duncan Anderson, and later returned to the area several times.
To view the work, <a href="https://www.artgallery.nsw.gov.au/collection/works/648/" target="_blank">click here</a>.
Involving himself in the lifestyle of the northern NSW sheep property and of the Inverell township, he produced 13 of his most acclaimed paintings there.
Roberts's final visit to Inverell was in 1900; three years later, he left for England where he spent the next 16 years.
He returned to Australia in 1923 and died in 1931.
It was in 1857, the manager of Newstead wrote to Mary Anderson, the property's absent owner, that a new shearing shed was nearing completion, "62 feet by 18 feet with skillions on either side, large enough to hold from seven to eight hundred sheep".
Shearing at Newstead - better known as The Golden Fleece, and destined to become one of Australia's great iconic pictures - was painted there by Tom Roberts. In 1895 The Sydney Morning Herald named it "the great picture of the year" and the Art Gallery of NSW bought it for 275 guineas. It was shown around the world. Critic R.A.M. Stevenson's commenting on Shearing at Newstead when he saw it in London in 1898 that it was "tight, hard and inartistic". 
Roberts was a leading founder of the Heidelberg School, the group of late 19th-century painters who set out to develop a distinctly Australian style, responding to colour and light, and who became renowned for their blue-gold landscapes.
First settled by Europeans in 1841, Newstead is one of the oldest homesteads in the state's north. For most of its years, it was home to two family dynasties, including the ancestors of the former deputy prime minister, John Anderson.
In 2001 it became a religious retreat for a controversial American order, the Bruderhof Communities, before being sold in 2005 to the Sundown Pastoral Company.
The Paraway company has also purchase another Inverell property from Sundown Pastoral Company, Paradise. 
The Land says Paraway will use the properties, which are described by local agents as “signature properties”, to boost its cattle finishing capacity.
Newstead totals 4,848 hectares and consists of improved pastures for beef production as well as growing crops. Neighbouring property Paradise totals 6,500 ha.
Sundown was founded by Neil Statham in 1964 and is still owned and operated by the Statham family with Neil’s son David at the helm. 
</body></html>

Tom Roberts' The Golden Fleece shearing farm, Newstead sold

<html><body>
<img src="https://counter.theconversation.edu.au/content/63875/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
A lot of Australian building codes don’t actually refer to the maximum number of people a building should fit.
That’s what researcher Agustin Chevez found when he started to delve into how a better office might look.
As the type of work we do changes, it becomes less about the tasks you do and more about your reactions to and relations with those you work with, Chevez says.
So you need to be able to tell how many people should ideally fit in a space, but that’s not all.
Offices also need to take into account what makes us human, and our varying personalities.
To hear the interview in full, <a href="https://theconversation.com/business-briefing-a-better-way-to-design-an-office-63875" target="_blank">click here</a>.
Jenni Henderson is assistant editor, Business and Economy, The Conversation and can be contacted <a href="https://theconversation.com/au/team#jenni-henderson" target="_blank">here</a>.
Agustin Chavez is adjunct research fellow, Centre For Design Innovation, Swinburne University of Technology and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/agustin-chevez-120649" target="_blank">here</a>.
</body></html>

A better way to design an office

A landmark former orphanage site in Surrey Hills could be transformed into a new residential community under plans lodged by <a href="https://www.apartments.com.au/developers/antipodean-land-developments">Antipodean Land Developments</a> that would deliver 76 apartments and townhouses while restoring some of the suburb's most significant heritage buildings.

The burgeoninng Melbourne-based developer has submitted plans for the 9,158 sqm site at 1 Kent Road and 24 Durham Road, home to the former St Joseph's Home for Destitute Children, a historic institutional complex dating back to the late 19th century. The proposal seeks to adaptively reuse several heritage buildings while introducing two new four-storey residential buildings set within extensive landscaped grounds.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> and Kerstin Thompson Architects, the project has been conceived as a contemporary residential village embedded within a restored heritage precinct. The development team describes the design approach as "The Village in the Garden," with new buildings positioned among mature landscaping by OCULUS and significant heritage structures.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="44ec8c1b-c0b6-44ae-859e-5811b3e6a023" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%281%29.png?VersionId=p.p1_KFh4iQoV4nisdnPfQBAsWNi7m79" />

The proposal would deliver 76 dwellings comprising a mix of apartments and duplex-style residences, significantly increasing housing supply on one of the largest privately held residential landholdings in Surrey Hills. The development includes 127 car spaces, 24 bicycle spaces and more than 1,000 sqm of communal amenity, with the existing chapel building earmarked for conversion into resident facilities.

According to the planning submission, the project centres on the restoration and adaptive reuse of the site's most significant heritage assets, including the original c.1889 St Joseph's building, the chapel designed by architect Augustus Andrew Fritsch, and the historic brick perimeter walls and entry gates. The proposal also incorporates the retention of other contributory buildings including the former infirmary and school building.

Tract Consultants, in the planning report accompanying the application, said the scheme had been shaped through extensive heritage analysis and design development.

"The shared vision for the Site by the project team has culminated in a scheme which successfully breathes life back into a historic site while delivering upon the objectives of Victoria's Housing Statement in a carefully curated and contextually responsive manner."

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="7263b7d8-95ea-400f-9531-6ca7d22c3c33" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%282%29.png?VersionId=4cR1tiWOsDpgxEOwZi5vVFcyvvOsYkIE" />

The proposal is being assessed under Victoria's Significant Residential Development with Affordable Housing pathway. As part of the application, three per cent of the project's residential development cost would be contributed to the Social Housing Growth Fund. The development would also provide a diverse mix of one, two and three-bedroom residences targeting a broader range of buyers than typically found in Surrey Hills' detached housing market.

Sustainability initiatives include an anticipated 66 per cent BESS score, natural cross-ventilation to 80 per cent of apartments, 28 per cent deep soil landscaping and a canopy cover outcome exceeding local planning requirements. The proposal also sets aside more than 1,083 sqm for communal indoor and outdoor resident amenity spaces.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="33fad46f-fe26-4d0a-acfd-6b776e1c6a3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design.png?VersionId=D9F6WVSyYCtGvSUmith35LRp6R7PQkw_" />

Planning documents describe the property as one of the largest underutilised residential sites in Surrey Hills, arguing it presents a rare opportunity to introduce "missing middle" housing in an established inner-eastern suburb while preserving and revitalising a significant heritage precinct.

Antipodean Land Developments has built a reputation for design-focused residential projects across Melbourne, particularly in the medium-density sector. Previous developments include Neighbourhood in Brunswick East, delivered with Breathe Architecture, and Balfe Park Lane, designed by Kerstin Thompson Architects.

They've been very active in site acquisition as they build out their future development pipeline. They recently launched Thornubury House, 45 apartments above a mix of commercial, retail, and food and beverage tenancies, and have plans for a boutique project in Fitzroy and another <a href="https://www.apartments.com.au/news/vic/antipodean-plan-apartments-for-deepdenes-missing-middle-on-whitehorse-road">"missing middle" project</a> on Deepdene's Whitehorse Road.

Joel Robinson

First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills

Developer <a href="https://www.apartments.com.au/developers/auyin-property-development">Auyin</a> is the latest to turn to the Victorian Government's Development Facilitation Program in an effort to secure approval for its long-planned, mixed-use project in Elsternwick.

In 2018, Auyin lodged plans with Glen Eira City Council for a 14-storey building, however Council approved a reduced eight-storey scheme. A subsequent VCAT appeal in 2019 upheld the eight-storey height limit.

The project was later amended to nine storeys, but Auyin is now seeking to revive something closer to its original vision. The developer argues that the planning context has evolved significantly over the past decade, particularly within the Elsternwick Activity Centre, where higher-density development has increasingly been encouraged along Glen Huntly Road.

The proposal would transform the 1,239 sqm site at <a href="https://www.apartments.com.au/new-apartments/7-12-horne-street-elsternwick-vic-3185">7-15 Horne Street</a>, opposite Elsternwick Railway Station, into a 13-storey residential and retail development designed by CBG Architects, with 40 apartments

The site currently comprises three commercial properties.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="5f465dd4-509b-4082-a669-0253b313914b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20podium.png?VersionId=72frWi0SmQ5AVJ3ARRhX5ILUYObhTm7x" />

The proposed apartment mix comprises 25 two-bedroom and 15 three-bedroom residences above 200 sqm of retail space at ground level. Residents would have access to a 90 sqm wellness facility, a 351 sqm communal indoor and outdoor terrace on the third level, and extensive landscaped areas throughout the development. A publicly accessible 135 sqm plaza would be created on the north-east corner of the site, providing seating, landscaping, and a new gathering space adjoining Horne Street.

The design adopts a four-storey podium that references the finer-grain character of the surrounding streetscape, with the upper tower recessed behind generous setbacks on all boundaries.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="e637e763-2abc-4c34-a0aa-5c7ad36fae18" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20open.png?VersionId=J1AoOpZgTyaF.KeeFSX6lMjEScX8KKRi" />

A key element of the proposal is the reconfiguration and widening of the surrounding laneways. Vehicle access would be retained from Lois Lane, with upgraded pedestrian connections linking Ross Street and Horne Street. The development would provide 58 residential car spaces, two retail car spaces, and 52 bicycle spaces across two basement levels and ground-floor facilities.

Architecturally, the building draws inspiration from the established character of Elsternwick Village. The façade combines dark charcoal brickwork, textured concrete, bronze-toned metal detailing, and extensive planting integrated into podium and tower levels. The design also incorporates a chamfered corner treatment and publicly accessible plaza intended to strengthen pedestrian activity around the station precinct.

Elsternwick's last new development completion was&nbsp;EVA Elsternwick by Pitard late last year. <a href="https://www.apartments.com.au/developers/milieu-property">Milieu</a> is working away on its nature-led neighbourhood, <a href="https://www.apartments.com.au/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick-vic-3185">Elsternwick Gardens</a>, on Gordon Street, with its first stage expected to complete next year.

First look: Auyin seeks mixed-use apartment project in growing Elsternwick Activity Centre

<a href="https://www.apartments.com.au/new-apartments/otium-parkdale-123-125-como-parade-east-parkdale-vic-3195">Otium Parkdale</a>, the 13-residence boutique development by&nbsp;<a href="https://www.apartments.com.au/developers/huxtable-property">Huxtable Property</a>, has entered its final stages of delivery, with completion expected within the coming month and more than half of the residences sold.

The Como Parade East project is nearing the finish line at a time when opportunities to purchase new apartments in <a href="https://www.apartments.com.au/developments/parkdale-vic-3195">Parkdale</a> remain exceptionally limited. Fewer than 10 per cent of dwellings in the bayside suburb are apartments, making developments like Otium a relatively rare addition to a market traditionally dominated by detached housing.

[smartcode_project:default project_id=134974 project_image_fid=5427]

The three-level development comprises 13 residences, including ten two-bedroom apartments and three larger three-bedroom homes, all positioned above a secure basement car park.

Designed by <a href="https://www.apartments.com.au/architects/almeida-architects">Almeida Architects</a> with a strong connection to its coastal surroundings, Otium combines red brick, exposed concrete and dark metal detailing with integrated landscaping and greenery. Expansive glazing, generous balconies and terraces have been incorporated throughout the design to maximise natural light and reinforce indoor-outdoor living.

Inside, the residences feature engineered European oak flooring, natural and reconstituted stone benchtops, Bosch kitchen appliances, ducted heating and cooling, lift access and secure entry systems. The larger three-bedroom residences on the upper level have been designed with house-like proportions, while the two-bedroom apartments prioritise functionality, flexibility and low-maintenance living.

[smartcode_project:default project_id=134974 project_image_fid=5421]

The project is now in its final stages, with <a href="https://www.apartments.com.au/builders/labco">Labco</a> completing the remaining landscaping and external finishing works following the completion of the residences' interiors.

Otium's location within the heart of Parkdale continues to underpin its appeal. Residents will be just steps from local cafés, restaurants, shops and the newly elevated Parkdale Station, while the beach is less than a kilometre away.

With the project tracking ahead of schedule, buyers can currently secure a residence with a five per cent deposit and benefit from settlement terms of up to eight months. The advanced stage of construction also provides buyers with the opportunity to walk through the near-complete residences and experience the quality and finishes firsthand ahead of completion.

[smartcode_project_cta:default project_id=134974]

Otium Parkdale enters final month before completion as rare apartment opportunity nears sellout

A new boutique apartment development is entering the market in <a href="https://www.apartments.com.au/developments/chermside-qld-4032">Chermside</a>, with Brisbane-based developer <a href="https://www.apartments.com.au/developers/ausdev">Ausdev</a> bringing 33 residences to a well-connected pocket of Brisbane's north.

<a href="https://www.apartments.com.au/new-apartments/parkdrive-apartments-chermside-25-sammells-drive-chermside-qld-4032">Parkdrive Apartments</a>, at 25 Sammells Drive, will comprise a mix of one- and two-bedroom residences positioned within walking distance of Westfield Chermside, The Prince Charles Hospital, and Bradbury Park.

Established in 1989, Ausdev has a long-standing presence across both development and construction, with Parkdrive Apartments representing its latest residential project in Brisbane's northern suburbs.

[smartcode_project:default project_id=152125 project_image_fid=363778]

The development has been designed around open-plan living and natural light, with residences featuring stone benchtops, timber cabinetry, BOSCH appliances, and private balconies that extend the living areas outdoors.

Kitchens are positioned as the centrepiece of the homes, incorporating natural material palettes and integrated appliances, while bathrooms have been designed with a focus on functionality and understated finishes.

Residents will have access to a communal barbecue and entertaining area on Level 3, providing shared outdoor space within the development. Secure parking and lift access are also incorporated into the building.

The project will deliver a limited collection of 33 apartments, with one-bedroom residences priced from $749,000.

[smartcode_project:default project_id=152125 project_image_fid=363782]

Beyond the building itself, the location places residents within easy reach of several of Chermside's key amenities. Bradbury Park is around 350 metres away, while Westfield Chermside is approximately 1.3 kilometres from the site. The Prince Charles Hospital is located within 750 metres, and the Chermside Bus Interchange is around 1.5 kilometres away, providing connections across Brisbane.

Parkdrive Apartments adds to the growing residential pipeline in Chermside, a suburb that continues to evolve as a major retail, healthcare, and transport hub for Brisbane's north.

[smartcode_project_cta:default project_id=152125]

Ausdev introduces boutique Parkdrive Apartments to Chermside's growing centre

<a href="https://www.apartments.com.au/developers/skymark-group">Skymark</a>'s boutique Cronulla development Solis has secured a 10-year Latent Defects Insurance policy through Resilience Insurance, providing buyers of the 16-residence building on Ewos Parade with structural and waterproofing protection that extends a decade beyond the building's completion.

Currently under construction and due for completion in late 2027, <a href="https://www.apartments.com.au/new-apartments/solis-cronulla-8-ewos-parade-cronulla-nsw-2230">Solis</a> is one of a small number of new developments in the Sutherland Shire to carry Resilience LDI coverage, a distinction that carries increasing weight as buyer confidence in the off-the-plan sector continues to be shaped by how developers stand behind their product.

Latent Defects Insurance, which entered the Australian market in 2022 when Resilience Insurance was approved to offer the cover, protects buyers against major structural or waterproofing defects for ten years post-completion. Unlike traditional statutory warranties, it operates as a first-resort policy, if a covered defect arises, the insurer responds directly, without the buyer needing to pursue the builder or developer through a lengthy claims process.

Resilience Insurance CEO Corey Nugent has noted that the product addresses something fundamental to the new apartment market.

"The overarching feedback from prospective buyers in the new development space is that they want more confidence and assurances around the quality of the build," Nugent says.

"Resilience Insurance Latent Defects Insurance not only gives them complete peace of mind for 10 years, but it shows the developer they are buying from is standing by their product."

[smartcode_project:default project_id=150499 project_image_fid=370898]

For Solis, the Resilience LDI policy adds a meaningful layer of accountability to an already considered project. The development comprises nine two-bedroom and seven three-bedroom residences, including one dual-level three-bedroom apartment, across a five-storey building on Ewos Parade, positioned between Shelly Beach and South Cronulla.

Garden apartments connect directly to private landscaped courtyards, while upper-level homes capture beach views to the east from level four and above.&nbsp;

All 16 residences include at least one balcony or courtyard, and select apartments on the upper floors feature bar areas and secondary flexible living spaces.

Hiba Sander, Managing Director of Skymark, says Solis offers a rare balance, nestled between the quiet beauty of secluded beaches and the lively charm of South Cronulla's esplanade.

"It's a place to choose your pace and live gracefully, seaside'," Sander says.

[smartcode_project:default project_id=150499 project_image_fid=370900]

The architecture, designed by <a href="https://www.apartments.com.au/architects/ida-design-group">IDA Design Group</a>'s Michael Trinh, draws from the natural erosion patterns of <a href="https://www.apartments.com.au/developments/cronulla-nsw-2230">Cronulla</a>'s sandstone headlands, translating the organic forms of the coastline into soft curves, pavilion-style massing, and a material palette chosen for longevity in a salt-tinged environment.&nbsp;

Textured natural stone, soft renders, and timber-look battens reference the tones of the surrounding cliffs, while the building has been oriented to maximise natural light and passive ventilation, with primary living spaces facing north and east to capture morning sun and sea breezes.

"At Solis, our aim was to create architecture that feels quietly confident, grounded in natural materials like stone and timber, and elevated by light and landscape," Trinh says.&nbsp;

"The buildings are designed to sit gently within their coastal surrounds, with expansive glazing and abundant greenery creating a seamless dialogue between inside and out."

[smartcode_project:default project_id=150499 project_image_fid=370897]

Interiors by <a href="https://www.apartments.com.au/architects/hot-black">Hot Black</a> carry the same material language through to every room. Kitchens feature integrated Gaggenau appliances, sculpted stone benchtops, and Lo &amp; Co joinery, while bathrooms feature natural stone, timber, and brushed metal finishes.&nbsp;

Hot Black Founder and Design Director Sophie Safrin describes the intent as one of considered restraint: "At Solis, every detail has been thoughtfully considered to create a timeless coastal retreat, calm, refined, and effortlessly liveable. From natural finishes to seamless indoor-outdoor flow, Solis offers a quiet elegance that's deeply connected to its surroundings.

The landscape, designed by Julian Brady of <a href="https://www.apartments.com.au/landscape-architect/sitedesignstudios">Site Design Studios</a>, treats green space as an integral part of the resident experience rather than an afterthought.&nbsp;

"Gentle curves and layered native plantings mirror the ebb and flow of the ocean," Julian Brady says, "creating a serene connection between architecture and place."&nbsp;

Coco Republic has provided bespoke furniture packages tailored to the project's coastal palette.

[smartcode_project:default project_id=150499 project_image_fid=370899]

Skymark has an established track record in the Sutherland Shire, with a portfolio spanning Cronulla, Woolooware and Burraneer that includes Isla, Sylva, Bask, Shells, Sula and Mist. Securing LDI on Solis reflects a broader shift in how the developer is positioning its buildings to buyers, at a time when Resilience Insurance expects the policy to become mandatory in New South Wales by 2028.

Sales at Solis are launching soon through Ray White Projects, with an official event scheduled for 11 June. Enquire for more information.

[smartcode_project_cta:default project_id=150499]

Jonathan Chancellor

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News