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The former Faraday Schoolhouse, built in 1869, has been listed for sale.
The historic building served as a single-room schoolhouse for the small farming community of Faraday for around 100 years until it was closed following the 1972 Faraday School kidnapping — one of Australia’s most infamous mass abductions. 
A young teacher and her six students were taken hostage by masked gunmen, who demanded a $1 million ransom from the government for their safe return.
The kidnapping was inspired by a scene in the Clint Eastwood film Dirty Harry and became the basis of the 1985 movie Fortress, directed by Arch Nicholson starring Rachel Ward.
The Faraday Schoolhouse, one of only two schools constructed from granite in Victoria, has been used as a private residence for 12 years.
The 9200 square metre site of bushland near Castlemaine includes two other self-contained cottages.
It is being marketed in the mid-$500,000 range by <a href="https://www.domain.com.au/1-faraday-school-road-faraday-vic-3451-2012927967">Great Real Estate agent Dominic Romeo</a>.
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Faraday Schoolhouse listed for sale

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GUEST OBSERVER
Solar households in Victoria, South Australia and New South Wales will this year cease to be paid for power they export into the electricity grid.
In South Australia, some households will lose 16 cents per kilowatt-hour (c/kWh) from September 31. Some Victorian households will lose 25 c/kWh, and all NSW households will stop receiving payments from December 31.
These “feed-in tariffs” were employed to kick-start the Australian solar photovoltaic (PV) industry. They offered high payments for electricity fed back into the grid from roof-mounted PV systems. These varied from state to state and time to time.
For many householders, these special tariffs are ending. Their feed-in tariffs will fall precipitously to 4-8 c/kWh, which is the typical rate available to new PV systems. In some cases households may lose over A$1,000 in income over a year.
But while the windback may hurt some households, it may ultimately be a good sign for the industry.
<h2>What can households do?</h2>
At present, householders with high feed-in tariffs are encouraged to export as much electricity to the grid as possible. These people will soon have an incentive to use this electricity and thereby displace expensive grid electricity. This will minimise loss of income.
Reverse-cycle air conditioning (for space heating and cooling) uses a lot of power that can be programmed to operate during daylight hours when solar panels are most likely to be generating electricity. The same applies to heating water, either by direct heating or through use of a heat pump. For heating water, solar PV is now competitive with gas, solar thermal and electricity from the grid.
Batteries, both stationary (for house services) and mobile (for electric cars), will also help control electricity use in the future.
<h2>A boost for the industry?</h2>
The ending of generous feed-in tariffs is likely to modestly encourage the solar PV industry. This is because many existing systems have a rating of only 1.5 kilowatts (kW), which could not have been increased without loss of the generous feed-in tariff.
Many householders will now choose to increase the size of their PV system to 5-10kW – in effect a new system given the disparity in average PV sizing between then and now.
A new large-scale PV market is also opening on commercial rooftops. Many businesses have daytime electrical needs that are better matched to solar availability than are domestic dwellings.
This allows businesses to consume the large amounts of the power their panels produce and hence minimise high commercial electricity tariffs. The constraining factors in this market are often not technical or economic, and include the fact that many businesses rent from landlords and tend to have short terms for investment. Business models are being developed to circumvent these constraints.
The rooftop PV market also now has large potential in competing with retail electricity prices. The total cost of a domestic 10kW PV system is about A$15,000. Over a 25-year lifetime this would yield an energy cost of 7 c/kWh.
This is about one-quarter of the typical Australian retail electricity tariff, about half of the off-peak electricity tariff, and similar to the typical retail gas tariff. Rooftop PV delivers energy services to the home more cheaply than anything else and has the capacity to drive natural gas out of domestic and commercial markets.
According to the Australian Bureau of Statistics, there are 9 million dwellings in Australia, and the floor area of new residential dwellings averaged 200 square metres over the past 20 years. Some of these dwellings are in multi-storey blocks, others have shaded roofs and, of course, south-facing roofs are less suitable than other orientations for PV.
However, if half the dwellings had one-third of their roofs covered in 20 percent efficient PV panels then 60 gigawatts (GW) could be accommodated. For perspective, this would cover 40 percent of Australian electricity demand. Commercial rooftops are a large additional market.
<h2>Solar getting big</h2>
Virtually all PV systems in Australia are roof-mounted. However, this is about to change because ground-mounted PV systems are becoming competitive with wind energy. We can see the falling cost of solar in the Queensland Solar 120 scheme, the Australian Capital Territory wind and PV reverse auctions and the Australian Renewable Energy Agency Large Scale Solar program , which all point to the declining cost of PV and wind.
Together, wind and PV constitute virtually all new generation capacity in Australia and half of the new generation capacity installed worldwide each year.
The total cost of a 10-50 megawatt PV system (1,000 times bigger than a 10kW system) is in the range A$2,100/kW (AC). A 25-year lifetime yields an energy cost of 8 c/kWh. This is only a little above the cost of wind energy and is fully competitive with new coal or gas generators.
Hundreds of 10-50MW PV systems can be distributed throughout sunny inland Australia close to towns and high-capacity powerlines. Australia’s 2020 renewable energy target is likely to be met with a large PV component, in addition to wind.
Wide distribution of PV and wind from north Queensland to Tasmania minimises the effect of local weather and takes full advantage of the complementary nature of the two leading renewable energy technologies.
The declining cost of PV and wind, coupled with the ready availability of pumped hydro storage, allows a high renewable electricity fraction (70-100 percent) to be achieved at modest cost by 2030.
Andrew Blakers professor of engineering, Australian National University and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/andrew-blakers-3328" target="_blank">here</a>.
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Solar households to lose subsidies, but it’s a bright future for the industry

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GUEST OBSERVER
The minutes of the August monetary policy meeting of the Reserve Bank Board, in which it reduced the overnight cash rate by 25bps to 1.5 percent, provided little in the way of additional insight around the Bank’s forward view.
With the Governor’s decision statement released on the day, the Bank’s full Statement on Monetary Policy (SoMP) released a few days later and a speech from the outgoing RBA Governor since the decision, the minutes are mostly of interest for any additional detail they may provide on the decision rationale and points picked up in the Board’s discussion.
The ‘Considerations for Monetary Policy’ section sets out the rationale and largely restates the Governor’s decision statement but with a couple of minor tweaks.
One of these is picking up a phrase we had noted from the SoMP that “[members] observed that while prospects for growth were positive, there was room for stronger growth, which could be assisted by lower interest rates.” In contrast to its slightly ambiguous usage in the August SoMP, the phrase in the minutes is simply used as part of the explanation of the August rate cut decision rather than anything that might be construed as explicit forward guidance.
The other slight change – nuance perhaps – was around the description of the inflation outlook. The minutes state: “Underlying inflation was expected to remain low for a time before picking up gradually as spare capacity in labour and many product markets diminished.” This is a slightly different colour to the Bank’s straight numerical forecasts which have underlying inflation lifting from 1½ percent in 2016 to 2 percent (mid-point of 1½-2½ percent range) by June 2017 holding at 2 percent thereafter.
The ‘gradual pick up’ suggests a little more ‘shape’ to the outlook beyond 2017 perhaps alluding to a return to the target range beyond the forecast horizon of December 2018. Certainly ‘tone-wise’ it’s a bit different to the phrasing in the SoMP overview which noted that “inflation is likely to remain below 2 per cent over most of the forecast period”.
The central rationale for the August move was set out as per previous communication: expectations around external conditions and growth were little changed but the weaker trajectory for inflation had been confirmed and with room for stronger growth and risks around household sector leverage seen as diminished, a further rate cut was viewed as improving prospects for sustainable growth and inflation returning to target.
Comments attributed specifically to ‘members’ highlighted areas of uncertainty or concern within the Board including: “…considerable uncertainty about momentum in the domestic labour market and the extent to which domestic inflationary pressures would rise over the next few years”; that for a forecast gradual rise in household consumption “there was some uncertainty about whether households would respond to developments affecting their disposable incomes by adjusting consumption growth or altering their saving rates.”; and that the “very high levels” of dwellings under construction “had increased the risk of oversupply in parts of the country”.
Around financial markets, members noted that ‘Brexit’ volatility had subsided but that market pricing for the Fed did not have another rate rise priced until late 2017. On the AUD, the minutes repeat the exact same wording that “an appreciating exchange rate could complicate” the support coming from low interest rates and previous exchange rate depreciation.
Conclusion
Having cut rates in August, the RBA is clearly in ‘watch and see’ mode. In contrast to the Jun-Jul ‘hiatus’ the Bank will not only be interested in growth and inflation developments but will now also be trying to gauge the impact of its May and Aug moves.
The Board is almost certain to keep rates on hold in September. However we continue to view the Reserve Bank as carrying an easing bias – implicit in its inflation forecasts and in our view in much of its rhetoric. However, we expect that downside risks around economic conditions will diminish sufficiently in coming months to see the Bank retain a more patient approach to its inflation objective. Accordingly we expect that the Bank will keep rates on hold over the remainder of 2016 despite an apparent easing bias.
Matthew Hassan is senior economist with <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.
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RBA minutes provide little additional insight: Westpac's Matthew Hassan

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<div class="column">Low and falling investment yields from most major asset classes point to a constrained medium term return outlook. For a diversified mix of assets, this has now fallen to around 6.9 percent on our projections.</div>
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 For investors the key is to: have realistic return expectations; allow that inflation is also low so real returns aren’t down as much; focus on asset allocation; and focus on assets with decent &amp; sustainable income.</div>
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<div class="column">Introduction</div>
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<div class="column">While the high inflation of the 1970s and early 1980s was bad for investment returns at the time, it left a legacy of very high investment yields which helped set the scene for high investment returns through the 1980s and 1990s. Back in the early 1980s the RBA's "cash rate" was averaging around 14%, 3 year bank term deposit rates were around 12%, 10 year bond yields were around 13.5%, commercial and residential property yields were running around 8-9% and dividend yields on shares were around 6.5% in Australia and 5% globally. Such yields meant investments were already providing very high cash income. So for assets like property or shares only modest capital growth was necessary to give good returns. As a result, back then the medium term (5-10 year) return potential from investing was solid. In fact most assets had spectacular returns in the 1980s and 1990s. Australian superannuation funds saw returns average 14.1% pa in nominal terms and 9.4% pa in real terms between 1982 and 1999 (after taxes and fees). </div>
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But since the early 1980s the starting point in terms of investment yields has been moving progressively lower, resulting in slowing 10 year average nominal and real returns for superannuation funds as seen the chart above. Today the RBA cash rate is just 1.5 percent, 3 year bank term deposit rates are just 2.6-3 percent, 10 year bond yields are just 1.9 percent, gross residential property yields are around 3 percent and while dividend yields are still around 6 percent for Australian shares (with franking credits) they are around 2.5 percent for global shares. This note looks at the medium term return potential from major assets and the implications for investors. 
Potential return drivers
In getting a handle on potential medium term returns from an asset class the key is its starting point valuation. For example, if current yields – say bond yields and dividend yields – are lower than “normal” then this will likely constrain returns relative to the past. Investment returns have two components; capital growth, and yield (or income). The yield is the most secure component and generally speaking, when you start your investment the higher it is the better. So our approach to assessing medium term return potential is to start with current yields for each asset class and apply simple and consistent assumptions regarding capital growth. We prefer to avoid a reliance on forecasting and to keep the analysis as simple as possible. Complicated adjustments just lead to compounding forecasting errors. 
For equities, a simple model of current dividend yields plus trend nominal GDP growth (as a proxy for earnings and capital growth) does a good job of predicting medium term returns. This approach allows for current valuations (via the yield) but avoids getting too complicated.1 The next chart shows this approach applied to US equities, where it can be seen to broadly track big secular swings in returns. 
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For property, we use current rental yields and likely trend inflation as a proxy for rental and capital growth.
For unlisted infrastructure, we use current average yields and capital growth just ahead of inflation. 
For bonds, the best predictor of future medium term returns is the current bond yield. If a 10 year bond is held to maturity its initial yield will be its return over 10 years. The close relationship between 10 year bond yields and subsequent returns from bonds is clear in the next chart. 
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Projections for medium term returns
Return projections using this approach are shown in the next table. The second column shows each asset’s current income yield, the third shows their 5-10 year growth potential, and the final column their total return potential. Note that:
We assume central banks average around or just below their inflation targets, e.g. 2.5 percent in Australia &amp; 2 percent in the US.
For Australia we have adopted a relatively conservative growth assumption below nominal GDP growth potential reflecting the headwind from weak commodity prices &amp; the impact of this on resource sector profits &amp; sales growth.
We allow for forward points in the return projections for global assets based around current market pricing – which adds 1.8 percent to the return from world equities.
The Australian cash rate is assumed to average 2.75 percent over the medium term. Cash is one asset where the current yield is of no value in assessing the asset’s medium term return potential because the maturity is so short. So we assume a medium term average. Normally for cash this would be around a country’s potential nominal growth rate, but we have adjusted for higher than normal bank lending rates relative to the cash rate and higher household debt to income ratios which have pulled down the neutral cash rate.
Combining the return projections for each asset indicates that the implied return for a diversified growth mix of assets has now fallen to 6.9 percent pa and is shown in the final row. 
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Megatrends influencing the growth outlook
Several themes are allowed for in our projections: slower growth in household debt; the backlash against economic rationalist policies of globalisation, deregulation and small government; rising geopolitical tensions; aging and slowing populations; low commodity prices; technological innovation &amp; automation; the Asian ascendancy &amp; China’s growing middle class; rising environmental awareness; &amp; the energy revolution. Most of these are constraining nominal growth and hence investor returns. However, technological innovation is positive for profits and some of these point to inflation bottoming. (See “Megatrends ”, Oliver’s Insights, July 2016. 
Key things to note 
Several things are worth noting from these projections. 
The medium term return potential using this approach continues to soften largely reflecting the rally in most assets of the last few years which has pushed investment yields lower. Projected returns using this approach for a diversified growth mix of assets has fallen from 10.3% pa at the low point of the GFC in March 2009 to 6.9% now. 
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<a href="https://www.propertyobserver.com.au/https://plus.google.com/110172465327488162875?rel=author" target="_blank"></a>
The starting point for returns today is far less favourable than when the last secular bull market in shares and bonds started in 1982, due to much lower yields.
<a href="https://www.propertyobserver.com.au/https://plus.google.com/110172465327488162875?rel=author" target="_blank"></a>
Government bonds offer low return potential thanks to ultra low bond yields.
<a href="https://www.propertyobserver.com.au/https://plus.google.com/110172465327488162875?rel=author" target="_blank"></a>
Unlisted commercial property and infrastructure continue to come out well, reflecting their relatively high yields.
<a href="https://www.propertyobserver.com.au/https://plus.google.com/110172465327488162875?rel=author" target="_blank"></a>
Australian shares stack up well on the basis of yield, but it’s still hard to beat Asian shares for growth potential.
<a href="https://www.propertyobserver.com.au/https://plus.google.com/110172465327488162875?rel=author" target="_blank"></a>
The downside risks to our medium term return projections are referred to endlessly by financial commentators: namely that the world is plunged into another recession or that investment yields are pushed up to more normal levels causing large capital losses. The upside risks are (always) less obvious but could occur if global growth improves but inflation remains low which could see a continuing search for yield further pushing up capital values.
<a href="https://www.propertyobserver.com.au/https://plus.google.com/110172465327488162875?rel=author" target="_blank"></a>
Implications for investors
<a href="https://www.propertyobserver.com.au/https://plus.google.com/110172465327488162875?rel=author" target="_blank"></a>
There are several implications for investors:
<a href="https://www.propertyobserver.com.au/https://plus.google.com/110172465327488162875?rel=author" target="_blank"></a>
First, have reasonable return expectations. The combinatinofof low investment yields &amp; constrained GDP growth indicate it’s not reasonable to expect sustained double digit returns. In fact, the decline in the rolling 10 year moving average of superannuation fund returns (first chart) indicates we have been in a lower return world for many years.
<a href="https://www.propertyobserver.com.au/https://plus.google.com/110172465327488162875?rel=author" target="_blank"></a>
Second, allow that this partly reflects very low inflation. Real returns haven’t fallen as much and are still reasonable. 
<a href="https://www.propertyobserver.com.au/https://plus.google.com/110172465327488162875?rel=author" target="_blank"></a>
Third, using a dynamic approach to asset allocation makes sense as a way to enhance returns when the return potential from investment markets is constrained. This is likely to be enhanced by continued bouts of volatility.
<a href="https://www.propertyobserver.com.au/https://plus.google.com/110172465327488162875?rel=author" target="_blank"></a>
Finally, focus on assets providing decent sustainable income as they provide confidence regarding future returns, eg; commercial property and infrastructure. 
<a href="https://www.propertyobserver.com.au/https://plus.google.com/110172465327488162875?rel=author" target="_blank"> SHANE OLIVER</a> is head of investment strategy and economics and chief economist at <a href="https://www.ampcapital.com.au/home" target="_blank">AMP Capital</a> and is responsible for AMP Capital's diversified investment funds.
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The constrained medium term investment return outlook: AMP's Shane Oliver

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GUEST OBSERVER
Australian car manufacturers are closing. Ford is closing in October this year. Toyota and Holden are to quit manufacturing in Australia by the end of 2017.
That means that from 2017, Australia will not have a local car manufacturing industry. This will especially impact on companies that make parts for new cars.
One aspect that has not been discussed among the many forthcoming hardships, is the impact on industrial property owners. The suburbs of Melbourne will be hard hit, especially the Northern Suburbs.
Opinions vary as to the number of businesses in the automotive component manufacturing industry but all agree that it is a large number. Many of which are located in Melbourne’s outer suburbs. Administrators appointed to one component manufacturer claims there are 150 firms nationally while Ibis Research says there are 882 businesses. Government committees have relied on automotive aftermarket association membership of 260 as their number.
Many component suppliers’ premises are setup for manufacturing and have limited alternative uses. While there is an ongoing demand for warehouse and distribution industrial properties, these component supplier premises are not considered as they usually lack the necessary high ceiling and high clearance entrance required for storage stacking and large vehicle access.
<h1 style="text-align: left;" align="center">Figure 1. Declining Industrial while Retail and Office do strong </h1>
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The effect on industrial property will happen sooner than we think. In fact, it’s happening now.
The Commercial Property Guide Asking Price Index (API) shows a steady decline in the rent that real estate agents are seeking for their clients’ industrial properties. This contrasts with a healthy increase over recent times for office and retail commercial space.
The industrial property rental asking price has been in a decline since November 2015 (see figure 1.). In May 2016 the asking price for industrial property rents have decreased 1.0 percent in the past three months. In the last two months (June and July) industrial rents have found a new lower level. One area that has been particularly hard hit is the Inner Northern suburbs of Melbourne where demand for logistics and warehouse properties does not appear to have offset the effect of factory rents decreases. Table 1. Shows the last six month changes.
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Table 1. Change over the previous 3 months for Inner Northern Melbourne Industrial Property
With domestic vehicle manufacturing to cease by 2017, the Victorian Government has launched a funding program “Towards Future Industries: Victoria’s Automotive Transition Plan”, to assist businesses, employees and communities to capitalise on opportunities and provide support to those affected.
One group not eligible for direct assistance are factory owners of premises where component manufacture will stop.
The Commercial Property Guide API is starting to tell the story of these parts makers. There is considerable lead-time required to transition out of car parts to a new opportunity. As well as the much discussed unemployment and economic impact, the unintended consequences on commercial property owners is just beginning to be felt.
Simon Rose is chief executive officer, Commercial Property Guide and can be contacted <a href="https://www.commercialpropertyguide.com.au" target="_blank">here</a>.
 
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Real estate early-warning radar for end of car manufacturing

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McGrath Estate Agents have opened their 90th office in their network, this one in the Lower Hunter Valley region.
Located two hours north of Sydney, McGrath Lower Hunter Valley will service the key suburbs of East Maitland, Aberglasslyn, Ashtonfield, Bolwarra Heights and Rutherford.
Founder and joint CEO of McGrath John McGrath said the Hunter Valley offers a wonderful affordable lifestyle and is a popular tree change destination.
The new office will be led by principals David Tanchevski and Anthony Di Nardo, the second franchise under their leadership.
David said new infrastructure development is facilitating population growth in the region which he believes will be a very positive economic driver for the local area.
“I believe the lower Hunter Valley is experiencing an upwards trajectory in terms of growth therefore now is the ideal time to expand our focus here,” he said.
David said the area offers a lifestyle which is attractive to a wide demographic of buyers from Sydney-siders seeking a weekend escape to first home buyers and families.
Infrastructure development in the local area includes the $372 million upgrade of the Green Hills Shopping Centre at East Maitland and the revitalisation of the Maitland Central Levee.
According to CoreLogic, property values have shown steady growth in East Maitland, with the median house price increasing by seven percent over the past three years to $385,000.
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McGrath opens it first office in the Hunter Valley region

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<img src="https://counter.theconversation.edu.au/content/63275/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Pet owners grapple with rental insecurity, new research shows. Despite the popularity of pet ownership across countries such as Australia (where 63 percent of households include a pet), the United States (62 percent) and United Kingdom (46 percent), rental policy rarely recognises pets as important members of households. Instead, landlords and property agents typically restrict the right to keep pets.
Reports from animal welfare organisations suggest these policies make it difficult for pet owners to find rental housing. There is also evidence of connections between rental insecurity and poor animal welfare outcomes.
Research shows that insecure housing, including difficulties finding pet-friendly rental properties, is a key factor driving people to relinquish their pets.
<h2>The ‘no pets’ clause</h2>
My research shows that pet ownership can trigger feelings of housing insecurity for renter households. The research involved an open survey with 679 households that had rented with pets in Sydney, as well as 28 in-depth interviews.
The majority of survey respondents rated finding pet-friendly housing in their suburb as difficult. They perceived that it became more difficult to find rental properties after they acquired their pet.
About half of those who always declared their pets when they applied for properties had been given pet ownership as the reason their application was rejected. These figures are likely to represent only a small proportion of those who have been rejected for pet ownership as reasons for rejection are rarely provided.
The competitive nature of Sydney’s rental market, which gives real estate agents a larger pool of tenants to choose from, was believed to have increased the challenge. A small number of households had even been offered rental housing if they got rid of their pet. These experiences led to a sense of rental insecurity and feelings of stress when participants wanted or needed to move house.
<h2>Compromising on quality, cost and location</h2>
In the in-depth interviews, households were asked how they found their current rental property. They explained how long lists of available rental properties would disappear when the “pet-friendly” filter was activated on popular property search websites.
There was also a widespread perception that advertised pet-friendly housing was of a lower quality than housing that did not allow pets. Many described making compromises on property quality and cleanliness. Some purposefully chose less desirable properties to increase their chance of success.
For example, one participant stated:
"I think they call them ‘pet friendly’ because they don’t really care what happens to them. They’re probably going to pull them down eventually."
Another explained:
"It was quite heartbreaking when you looked at the properties, because they were pretty much all rundown and disgusting. Really sort of dark and dingy, bathrooms that you would see were, I suppose, just not up to scratch. Or houses that seriously probably haven’t had a lick of paint or anything done to them in 20, 30 years."
Households also made compromises on property location and cost. These choices led to feelings of housing stress. For some it meant living in housing they considered sub-standard, including properties that were unclean or located in undesirable or unsafe areas. A number accepted longer work commutes or greater financial stress to secure a property.
As one interview participant put it when explaining why they stayed in a neighbourhood they didn’t like:
"My car is on the street and it’s been broken into several times and there are a few personal safety issues but they let me have the cat, so …"
The vast majority of pet owners declared some or all of their pets when applying to rent a property. Those who had previously been rejected for a property because they had a pet were less likely to declare their pets. Why take this risk?
In-depth interviews suggest that renter households were extremely concerned about housing security: they valued their rental property and wanted to live in it as long as they could.
However, some felt that they could secure a property only if they didn’t declare their pets. Despite finding it extremely stressful to live in a rental property without permission to kept their pets, these households risked eviction so they could find somewhere to live with their pets.
<h2>Are landlords' fears justified?</h2>
Tenant experiences in the research suggest that landlords are concerned about the risks to their properties that pets might bring.
Sometimes these concerns are based on real experience. However, there is some evidence to suggest that landlord fears are just that.
In one US study, for instance, 63% of landlords who were concerned about pets in their properties didn’t have any firsthand experience of the problems they identified. Further, when damage did occur it was “far less than the average rent or the average pet deposit”.
<h4> </h4>
Indeed, somewhat counter-intuitively, having a pet-permitting lease may provide more protection for landlords than simply restricting pets. Pet-friendly leases do not mean all pets are automatically allowed. Landlords can ask for a “pet CV” as well as references for the pet, such as from a local vet, neighbours or former landlord. This is a way of ensuring the pet applicant is appropriate to the property.
Some jurisdictions in Australia allow for special provisions such as for carpets to be steam-cleaned if an animal such as a cat or dog lives at the property. In others, such as in the US and some states in Australia, an additional pet bond can be charged to cover any potential damage.
A pet-friendly lease may even bring benefits. US research suggests that households with pets stayed in rental properties longer than those that did not have pets. This brings longer-term, more secure rent to property owners. These factors are worth weighing up when landlords are making property management decisions.
Emma Power is senior research fellow, Geography and Urban Studies, Western Sydney University and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/emma-power-250930" target="_blank">here</a>.
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Perhaps landlords should think again, as pet owners suffer rental insecurity

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<img src="https://counter.theconversation.edu.au/content/63938/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Six Australian universities made the top 100 best global research institutions in the 2016 Academic Ranking of World Universities (ARWU), released today – two more than the previous year.
Monash University and the University of Sydney were the two newcomers to the top 100 club, joining Melbourne, Queensland, Western Australia and Australian National University.
More than half of Australia’s public universities now feature in the world’s best 500 research institutions.
This year marks a change in the methodology to the ARWU rankings, which is based purely on a university’s research performance.
“The ARWU is noted for the stability of its methodology, which means that normally, unless an institution won a Nobel Prize or recruited a large number of Highly Cited Researchers, large movements did not occur,“ said Natalie Mast, associate director for performance analytics at the University of Western Australia.
“The main driver of movement this year has been a change in the methodology used to determine highly cited research criteria,” she said.
“Previously, ARWU utilised both the old and the new highly cited researcher lists, and this is the first year that only the new list was used.”
The old list included anyone who had been named a highly cited researcher up to 2011, and included publications going back to 1981. The new list, which was developed in 2014, is updated annually, and focuses on publications from the last decade.
Mast said: “This has allowed Chinese universities – Tsinghua and Peking – to break into the top 100 for the first time."
Within the ARWU rankings, 50% of the total score of an institution is determined by a small number of individuals, made up of Nobel Prize winners (staff and alumni) and highly cited researchers.
Mast noted: “The ARWU has traditionally favoured established universities, as Nobel Prizes awarded to alumni and staff, which can provide a value for up to 100 years, have a significant impact. By changing the highly cited research criterion, newer universities have an greater opportunity to rise in the ranking.”
“There had been agitation from ARWU and universities, which urged Thomson Reuters to clean the list. It was advantageous to older researchers because they had a longer body of work. Now it allows high-performing mid-career researchers to be classified as highly cited,” said Mast.
The rankings point to some interesting global trends. While older universities in Europe and the US seem to be falling in these rankings, those universities in Spain, China, South Korea and Australia are on the rise.
She added that, through increased investment, Chinese universities were likely to continue to improve in these rankings.
Mast noted that the rankings needed to be viewed in perspective. “The score assigned to an institution in the ARWU is a percentage of the top-ranked institution, which has always been Harvard. This year, the university ranked 100. The University of Utah, attained a score of 25.4.”
According to Tony Shiel, deputy director of the office for research at Griffith University, these results show that you get a consistently good university education in Australia.
“The rankings show that Australia has a good top end, and middle end, meaning that quality runs deeply across the sector,” said Shiel.
Western Sydney University and RMIT made the top 500 list for the first time – both have recently invested in research.
QUT, which now features in the top 300, wasn’t even in top 500 two years ago.
“There are a few making quick rise,” said Shiel. “Whether that continues or not will be interesting to see.”
“Research is important as it enhances the brand, which then in turn attracts international students,” said Shiel.
These rankings place Australia in a good position in a fast moving part of the world, he added.
“It positions us well to have better collaborations with Asian partners, especially in China, as we will be taken more seriously,” he said.
Howerver, Shield said these results were just another indicator and we should not place blind trust in these outcomes, no matter how positive.
Harvard, Standford and UC Berkeley universities gained the top three spots for being the best in the world at research.
While the US had 50 universities in the top 100, the UK featured the second highest with eight universities.
Claire Shaw is education editor, The Conversation and can be contacted <a href="https://theconversation.com/au/team#claire-shaw" target="_blank">here</a>.
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Six Australian universities make the global top 100 list

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Long term residential leases have been a rarity in the Sydney rental market, but one landlord at Bondi Beach seeks tenants who won't face being turfed out - or want to leave - after just six months.
The seasonal turnover in Bondi tenants is most likely higher than most locations, but <a href="https://www.thedriftbondi.com.au/residential/#the-drift" target="_blank">The Drift</a>, (above) a new 16-apartment block just a stones throw from the beach, has been pitched at occupants who want to settle in for 24 months or longer.
"I'd be happy to offer 36 months or 48 months," the building managing agent Byron Rose said, saying it was a small step in Sydney embracing the lengthy-stay European rental model.
The one and two bedroom lettings will go to market with an open day next weekend.
The 12 one bedders with study nooks are offered with a guide of $800 and the four units with two bedrooms, and also with study, expecting to lease around $850 a week.
It is owned by an eastern suburbs family syndicate who have redeveloped the corner complex after 25 years ownership.
"The family see ownership as inter-generational, and would like to have longterm tenants too" Byron Rose, the Rose and Jones leasing manager.
He said the idea came from demanding young professionals who want residential surety while they save for their own home.
“They want to live in Sydney’s hippest suburbs, but face a choice of just older, run-down buildings that aren't inviting. 
"They want to rent something they are proud of in a location they are likely priced out when it comes to buying."
Located on the corner of Hall and Gould streets, the apartments were designed by Silvester Fuller to fuse functionality and aesthetics.
They all include open plan living, a separate study hub and private timber-lined balconies with plantings. 
The one-bedroom apartments have around 57 square metre internal space.
Besties Cherie Allen and Chris Perkins got a recent look and love that The Drift encourages long term tenancy. It will be their first time away from home and they've heard horror high turnover rental stories. 
"Once I'm in, I'm not leaving," Allen said, admiring the craftmanship inside and the views outside.
There are wide window ledges which you can sit in, soak up the sun and watch world below, Perkins noted.
They don't want to do the rental inspections over and over again because the landlord wants to sell.
They've seen other places in Bondi backstreets that are old and run down - and you have to pay a lot for them. 
Statewide there are around 750,000 properties rented officially, with around 250,000 of these tenants seeking bond refunds annually from the Rental Bond Board showing the very high turnover.
For many decades protected tenants existed in NSW, safe from eviction. Their number sat at 200,000 in the early 1960s - about 70 per cent of all privately rented accommodation.
That dropped to fewer than 800 by the mid-1990s, and as recent as last year there was a Homebush tenant claiming such status under the 1948 act as a child of the original lease owner. 
No one is suggesting a return of the highly regulated days of protected tenants - where rents could only be raised by the Fair Rent Court - which stemmed as a result of wartime measures. 
But with more elderly in the rental market, the market place pressure will see landlords giving thought to offering longer tenure.
This article was first published in the Saturday Daily Telegraph.
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Long term rental tenancy coming to Bondi

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GUEST OBSERVER
In the second half of 2016 employment growth significantly overshot our preferred leading indicators.
So we were not surprised, in fact we had been expecting such a shift, that in the first three months of 2016 (slide 5), the ABS reported total employment rising an average of just 5.6k per month taking the annual pace down to around 2 percent yr from the Nov 2015 peak of 3.0 percent yr.
From a significant outperformance compared in our preferred near-term employment indicator, the Westpac Jobs Index (slide 6), employment growth quickly fell to be more in line with it.
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The June Labour Force Survey continued this softer 'trend' with a 7.9k rise in total employment. Westpac was forecasting +10k while the market was expecting +12k. Total employment has lifted 225.0k in the year (or 1.9%yr) and while full-time employment bounced back in the month (+38.4k) and part-time fell 30.6k, annual growth in part-time employment continues to outpace full-time employment (134.4k/3.7 percent yr vs. 90.6k/1.1 percent yr).
We believe that the shift to part-time employment is likely to be more about the sectors are expanding and contracting rather than any significant change to employment arrangements. It is a similar situation for employment by gender with female employment rising 136.2k in the year (2.5 percent yr) compared to the 88.8k (1.4 percentyr) rise in male employment.
It is possible that uncertainty around the Federal election may have held back the employment gains in July.
In addition, the ABS notes that the July outgoing rotational group for the sample has a higher than average attachment to the labour force. If the in group rolling is more average, this could lead to a softer employment print but not necessarily a higher unemployment rate.
So it may be tempting to forecast a soft employment gain, our Jobs Index continues to strengthen suggesting we are in store for a pick-up in employment. Westpac’s July forecast for +25k total employment has the annual rate easing back a touch to 1.8%yr. However, this is more about base effect than the start of a meaningfully softer trend. The participation rate rose 0.1ppt in May to 64.9. Westpac is forecasting the participation to be flat in June (slide 7). 
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Participation did rise through 2015, due in a large part, to rising participation in NSW and, in particular, by females. We have seen a very modest moderation so far in 2016 and the big question for 2016 is can NSW hold this overall higher rate of participation as males participation in that state continues to trend lower? (slide 8).
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Our July forecast for flat participation combined with a solid employment number should be enough to hold the unemployment rate at 5.8%. (slide 9)
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The March and April Labour Force Surveys revealed a cautionary sign in a sudden decline in hours worked but so far, this has not turned into similar downturn in employment (slide 10).
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While hours worked per person, particularly for full-time employees, has weakened in the last year it does appear that the worst as the slide in hours worked has not led a correction in employment. (slide 11).
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The ABS publishes their own measure of unemployment expectations and this lifted through Q1 which was a worry as this can point to a possible rise in unemployment (slide 12).
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However, the Q2 update reveals this as a temporary blip just as the Westpac–Melbourne Institute Unemployment Expectations Index suggested it would be (slide 13). 
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The Westpac–MI Index is pointing to the labour market improving in the near term at least in regards to the unemployment rate (slide 14).
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The Westpac–MI is also useful for gauging how much hours worked may be over/under shooting relative to expectations and thus point to turning points in hours worked momentum. (slide 15) (slide 16).
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Outside of NSW it seems we have passed an inflection point for growth in hours worked. 
Justin Smirk is ‎senior economist, Westpac Group and can be contacted <a href="https://www.westpac.com.au/about-westpac/westpac-group/" target="_blank">here</a><a href="https://wibiq.westpac.com.au/wibiqauthoring/_uploads/file/Australia/2016/August/er20160517JulyPreview.pdf">.</a>
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Labour market improving in the near term: Justin Smirk

The long-awaited redevelopment of the former Eastlakes Shopping Centre site has reached a major milestone, with Conquest's plans for a new mixed-use precinct officially placed on public exhibition.

The State Significant Development Application would transform the 1.7-hectare site at <a href="https://www.apartments.com.au/new-apartments/19a-evans-avenue-eastlakes-nsw-2018">19A Evans Avenue</a> into one of Sydney's largest urban renewal projects, delivering 736 apartments above a new shopping centre anchored by Woolworths, alongside specialty retail, dining, commercial space and new public open spaces.

The public exhibition marks the next chapter for the project after <a href="https://www.apartments.com.au/developers/conquest">Conquest</a> acquired the stalled Stage Two development from Crown Group, who completed the first stage across the road prior to their voluntary liquidation.

<img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="5fca22c5-d1ed-4e2c-8801-03f7df1eafc8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland%20podium.png?VersionId=uomwr41nF8CmLUZRDcu3mHQechlbxucS" />

&nbsp;

Designed by DKO Architecture, the proposal comprises four residential buildings ranging from 14 to 18 storeys above a two-level retail podium. The development would deliver 736 apartments, including 74 affordable homes, 215 Build-to-Rent apartments and 521 market residences. Provision has also been made for dual-key apartments, which could increase the total number of dwellings to 877.

At ground level, the shopping centre has been designed as the suburb's new meeting place, anchored by a full-line Woolworths and complemented by a curated mix of fresh food retailers, cafés, restaurants, health services and everyday convenience shopping. Generous pedestrian links and landscaped public spaces will connect the retail precinct through to Jack Mundey Reserve, creating a more walkable and connected neighbourhood.

Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

"Eastlakes has been overlooked for too long, and this is the community’s moment. We are building a shopping centre and homes, a genuine heart for the suburb, and we genuinely want locals to help shape it."

"We enrich communities through the creation of homes, places, and experiences designed for life, built to last, and owner for generations. That starts with listening, so we warmly encourage everyone with a connection to Eastlakes to view the plans and share their thoughts."

<img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="22f6fb20-54fb-4bd7-8a92-48fafdd00608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland.png?VersionId=cugp7s9hrMHGJJdYzkeAkrFoQgnF4GXf" />

DKO said the design had been shaped by the site's landscape setting and surrounding open space.

"Our vision for the site embraces its unique Bidjigal identity by blending the residential living with generous landscaping and a material palette inspired by the Bidjigal locality, and celebrating the panoramic views to Botany Bay and the wetlands reserves."

"Taking cues from Country, we seek to harmonise built form with the landscape and lightly touch the earth. By reconnecting, retaining and regenerating existing ecology, and weaving in natural elements, we can deepen our connection to Country."

The landscape strategy extends across the podium and rooftops, incorporating communal gardens, children's play areas, lawns, community gardens, family gathering spaces and extensive tree planting. New landscaped links will also strengthen the connection between the precinct and Jack Mundey Reserve, while publicly accessible open spaces have been integrated throughout the development.

The proposal builds on Conquest's broader placemaking strategy for the site. Through an ongoing partnership, local artist Joe Rashbrook has been appointed Urban Art Curator, working alongside young residents to transform the project's site hoardings into a public art gallery that allows the community to engage with the redevelopment before construction is complete.

Conquest has rapidly expanded its development pipeline since acquiring the Eastlakes site, with more than $6 billion worth of mixed-use projects now in planning across Sydney, including Stanmore, Castlecrag and Waterloo.

Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

Joel Robinson

First look: ‘Far more than replacing a shopping centre’ as Conquest unveils 736-home Eastlakes redevelopment

Abadeen has lodged a State Significant Development Application (SSDA) for one of Mosman's largest apartment developments in recent years, seeking approval to transform the former Honeysuckle Garden and Midas site on Military Road into a 100-apartment mixed-use development.

The SSDA, lodged with investment partner Phoenix Property Investors, proposes around $230 million worth of new housing on the prominent <a href="https://www.apartments.com.au/new-apartments/494-516-military-road-mosman-nsw-2088">494-516 Military Road</a> site.

The proposal comes as Mosman Council continues to progress its recently endorsed Masterplan, which identifies the precinct for increased housing density while maintaining the suburb's established character.

Designed by DKO Architecture, the development would comprise 100 apartments above ground-floor retail, with a rooftop wellness precinct including a gym, sauna, entertaining areas and landscaped communal spaces.

Rather than pushing to the full 12-storey height identified in Council's Masterplan, the proposal ranges between five and nine storeys, stepping down towards Hale Road. A tenth level would accommodate resident amenities rather than additional apartments.

The project has been designed to appeal to a broad range of buyers, from first home buyers and young professionals through to families and local downsizers looking to remain on the Lower North Shore.

<img alt="Mosman" data-entity-type="file" data-entity-uuid="5dada03f-5b4c-43ba-ba62-2868add31440" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-27%20at%209.57.55%E2%80%AFAM.png?VersionId=7LBy0B.Jo8_iWAFJsClcV7Q3UnXrv49r" />

Abadeen Executive Chairman Justin Brown said the apartments had been designed as genuine long-term homes rather than investor-focused stock.

"The apartments have been designed as genuine long-term homes, with efficient floorplans that maximise usable living areas, generous storage, natural light and strong connections between indoor and outdoor spaces," Brown says."

"We've focused on creating homes for a broad range of buyers, from first home buyers and growing families through to downsizers who want to remain in Mosman."

The rooftop wellness offering forms a key part of the proposal, with residents set to have access to a gym, sauna, outdoor entertaining spaces, communal dining areas, landscaped gardens and a multi-use recreation court overlooking Sydney Harbour.

<img alt="Mosman" data-entity-type="file" data-entity-uuid="d37c2d6b-583a-4a0f-b7a9-9f46b893d2f4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-27%20at%209.58.06%E2%80%AFAM.png?VersionId=FPoa5FCm2RtzjhAh2w5FTWJbV6GHfY8D" />

DKO drew heavily on the site's natural and cultural history, undertaking a Connecting with Country process with local Aboriginal Elders to inform the architectural and landscape design.

Senior Associate Matthew Ritchard said the design sought to create a building that responded to both the site's landscape and its cultural significance.

"The architectural language of the project is a deep expression of Connecting with Country, where the materiality and colour palette serve as a bridge between the site's geological history and its future as a residential sanctuary."

The proposal also retains the site's established blue gum tree as the centrepiece of the communal landscaped gardens, while introducing activated retail fronting Military Road to strengthen the connection between Mosman and Cremorne villages.

If approved, the project would deliver 100 new homes within walking distance of shops, public transport, schools and local amenities, adding to the limited pipeline of new apartments on the Lower North Shore.

<h2>Project Snapshot</h2>

Project: Honeysuckle Garden Redevelopment

Address: 494-516 Military Road, Mosman

Developer: Abadeen and Phoenix Property Investors

Architect: DKO Architecture

Lead Architect: Matthew Ritchard

Value: $230 million

Residences: 100 apartments

Key features:

<ul>
	<li>
	Ground-floor retail
	</li>
	<li>
	Rooftop wellness precinct
	</li>
	<li>
	Gym and sauna
	</li>
	<li>
	Outdoor entertaining and BBQ areas
	</li>
	<li>
	Landscaped communal gardens
	</li>
	<li>
	Multi-use recreation court
	</li>
	<li>
	Retained mature blue gum tree
	</li>
	<li>
	Connecting with Country design process
	</li>
	<li>
	Harbour, CBD and Balmoral views from upper-level apartments
	</li>
</ul>

Abadeen Executive Chairman Justin Brown said the apartments had been designed as genuine long-term homes rather than investor-focused stock

First look: Abadeen plans 100 apartments on former Honeysuckle Garden site in Mosman

The wave of apartment proposals sweeping through Mosman shows no signs of slowing, with another major residential development lodged through the NSW Government's State Significant Development pathway.

Developer First Quadrant Properties, which recently completed Willoughby Grounds and has several projects in planning across the North Shore, has unveiled plans for <a href="https://www.apartments.com.au/new-apartments/cove-on-ourimbah-40-56-ourimbah-road-mosman-nsw-2088">Cove on Ourimbah</a>, a 63-apartment development on Ourimbah Road, adding to the growing pipeline of projects reshaping one of Sydney's most tightly held harbour suburbs.

The proposal would consolidate nine properties at 40-56 Ourimbah Road into a part eight, part nine-storey apartment building, continuing the momentum created by the NSW Government's accelerated planning pathways that have seen several significant developments emerge across Mosman over the past 12 months.

Designed by Doroch Architects, the project would deliver 63 apartments, resident wellness facilities including a gym, pool and sauna, landscaped communal spaces and basement parking, while using recessed upper levels, generous setbacks and extensive planting to reduce the perceived scale of the building.

<img alt="First look: First Quadrant Properties eyes nine-storey Mosman apartment project under State Significant pathway" data-entity-type="file" data-entity-uuid="32ee68e4-141e-4a10-8f83-48e961a5e71e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Ourimbah%20Road%2C%20Mosman%20a.png?VersionId=CUeILFc6APlwXPc.iplElbxHvREKwjig" />

Doroch Architects said the building had been designed to reinforce Mosman's established character.

"The building's aesthetic is grounded in the existing residential character of Ourimbah Road and the broader Mosman context," the architect noted in the planning documents submitted to the NSW Government.

The design adopts a contemporary material palette of natural stone, textured concrete and brown concave metal cladding, complemented by integrated planters and deep balconies. The podium incorporates softened curved concrete forms, while increased setbacks have been provided adjacent to the heritage-listed property at 60 Ourimbah Road to create a more sympathetic transition.

The site sits around 330 metres from Mosman Town Centre, placing it within the NSW Government's Low and Mid-Rise Housing policy area, where increased residential density is being encouraged close to shops, transport and services.

The proposal follows a string of major apartment projects lodged or declared State Significant in Mosman in recent months, including Abadeen's 100-apartment Honeysuckle Garden redevelopment on Military Road and several other developments across Awaba Street, Redan Street and Muston Street from the likes of Time &amp; Place, HELM and Prosker Property.

&nbsp;

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/time-place-to-take-on-mosman-apartment-market">Time &amp; Place to take on Mosman apartment market</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/first-look-abadeen-plans-100-apartments-on-former-honeysuckle-garden-site-in-mosman">First look: Abadeen plans 100 apartments on former Honeysuckle Garden site in Mosman</a>

&nbsp;

First look: Another major apartment proposal signals Mosman's development boom

A new State Significant Development Application (SSDA) could reshape a prominent vacant site in Gosford's CBD, with Ming Tian Real Property proposing a mixed-use precinct that combines affordable housing, retail activation and a new public plaza.

The proposal for 43-45 Beane Street and 2 Keevers Lane would deliver a <a href="https://www.apartments.com.au/new-apartments/43-45-beane-street-gosford-nsw-2250">two-building development</a> comprising a 26-storey residential tower and a five-storey affordable housing building above ground-floor commercial space. A key focus of the project is the delivery of dedicated affordable housing alongside new public domain improvements designed to transform Keevers Lane into a more active urban destination.

Designed by <a href="https://www.apartments.com.au/architects/tony-owen-partners">Tony Owen Partners</a>, the development would provide 130 apartments, including 20 affordable housing dwellings managed by a registered community housing provider for at least 15 years. The market housing component comprises 110 apartments across a mix of one, two and three-bedroom residences, while the affordable housing includes six one-bedroom, 13 two-bedroom and one three-bedroom apartment. The proposal also incorporates 416 sqm of ground-floor retail, three basement levels accommodating 140 car spaces, 42 bicycle spaces, communal open space and extensive landscaping.

<img alt="First look: Ming Tian Real Property plans landmark affordable housing tower for Gosford city centre" data-entity-type="file" data-entity-uuid="9b858791-9060-4ee7-9178-44cb9e640a85" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Beane%20Street%20b_0.png?VersionId=_jbY0mqPEs7.jBZxozR7d6T4u85FoPmb" />

The affordable housing component has been distributed across both buildings, with four apartments located within the main tower and a dedicated five-storey building delivering a further 16 affordable homes. The project also includes 12 adaptable apartments and 24 dwellings designed to Silver Level Liveable Housing Guidelines.

The architectural design draws inspiration from Indigenous storytelling.

"The design is based on the indigenous motif of the Rainbow Serpent," Tony Owen Partners said in the Design Verification Statement.

"The Rainbow Serpent is a traditional totem of coastal eastern Australia. It represents natural forces, creation, change, and rebirth and is often associated with bodies of water. This motif can be seen in the undulation of the balconies rising on the building," Tony Owen Partners said in the Design Verification Statement.

Beyond the residential offering, the proposal seeks to revitalise the surrounding public realm, particularly Keevers Lane.

"The ground floor streetscape includes a commercial and dining precinct which will significantly improve the amenity of the area. This strategy transforms a currently inhospitable laneway into a thriving centre of urban renewal and day and night time activation to compliment the new adjoining UNC facilities," the architects said.

<img alt="First look: Ming Tian Real Property plans landmark affordable housing tower for Gosford city centre" data-entity-type="file" data-entity-uuid="36b0ca6b-af15-424c-81db-9f3049c07b0c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Beane%20Street%20podium.png?VersionId=QCAv7bCitrg3zIGZUHI2z_HR8qVfKbp1" />

The Environmental Impact Statement notes that the project aims to "improve the provision of diverse housing options within Gosford City Centre, enhancing the mixed-use precinct by delivering high quality residential development, whilst concurrently providing a diverse range of housing choices through the provision of affordable housing, which is in growing need within the Gosford City Centre."

The site occupies approximately 2,070 sqm in the Gosford city centre, around 250 metres from Gosford Railway Station and within walking distance of Gosford Hospital, Mann Street's retail precinct and the University of Newcastle's Gosford campus currently under construction. The currently vacant site previously received approval for a lower-scale residential development, with the new proposal leveraging the NSW Government's in-fill affordable housing pathway to increase density while introducing dedicated affordable housing.

First look: Rainbow Serpent inspires bold new Gosford apartment tower

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

Jonathan Chancellor

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