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It seems the urban renewal of middle ring suburbs has created a clique crystal ball holders within councils that every 50 unit tower that pops up on every street corner must have a retail component to “activate” the street front.
In a Truman Show style utopia of urban planning that would be ideal, however the economics of it can be a fool’s game.
Let’s have a look at the numbers of a typical residential project based on an actual example, to consider the value of the completed product and the relevant cost to deliver it:
The resultant feasibility shows that there is $5m profit to be made from a 65 unit project however, there is $5m of value tied up in the 800m2 retail / commercial component.
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Even assuming the developer gets it right in terms of the demand for his apartments and they are all sold prior to completion and that all the stars align for the construction process, our man takes on all this risk to deliver a $30M project only to be rewarded as the proud owner of a vacant shell of retail space.
This is a common occurrence and there is a very real risk he will find himself struggling to fill it and wind up dealing with mum and dad operators undertaking a start up a take-away shop/cafe selling $5 items to the “masses” of foot traffic passing their secondary street location.
Let’s also look at it from a capital invested vs capital return standpoint;
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Based on a very healthy bank lend of $19.2m the developer needs to put in $5mil of cash together with any DA and preliminary costs which aren’t shown in the feasibility.
Now, let’s think about it from a developer point of view assessing their risk vs reward in terms of a timeline.
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Some of these processes can be run in parallel or overlap, but it still demonstrates the amount of time effort and money a property developer will contribute to a 65 unit mixed use development.
So in summary, after 20-24 months of planning, negotiating sales, finance, supervision of a $20M construction program to completion and risking $5m of real capital, you end up being rewarded with a retail / commercial asset of somewhat dubious value relative to its original estimated “on completion” value.
And unless you can find a way to actually realise that value, you have effectively done it for all for practise!
So, before you commit to building a project of this nature, do your homework carefully because just because the town planners say it’s a requirement doesn’t mean it is a viable and profitable option.
This article was written by Dan Holden of HoldenCAPITAL, who are a bespoke construction finance firm, they arranged over $300 million of construction finance in 2015 across 52 projects. To discuss your project finance requirement please call (07) 3171 4200 or visit <a href="https://www.holdencapital.com.au/" target="_blank">www.holdencapital.com.au</a> 
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Don’t build it, they probably won’t come: HoldenCAPITAL

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GUEST OBSERVERS
The RBA left the cash rate unchanged at 1.75 percent and provided no explicit forward guidance. The Bank seems confident that the transition to non-mining activity is continuing but remains worried about low inflation.
The lack of forward guidance means that an August rate cut is a much closer call than we had previously thought. That said, we continue to think that the extent of the downgrade to the RBA’s inflation forecasts and ongoing weak price pressures suggest that on balance the Bank will cut rates again in August, although it is now more data dependent.
DETAILS
The lack of a clear easing bias was the big surprise in today’s statement. The large downgrade to inflation in the May Statement on Monetary Policy suggested to us that more than 25bp of easing was required to keep real interest rates low, where the RBA’s forecasts also hinged on a further easing. Moreover, the Bank rarely cuts rates only once.
Last week’s strong Q1 GDP results were clearly encouraging for the Bank. RBA Governor Glenn Stevens noted that “despite a very large decline in business investment...other areas of domestic demand, as well as exports, have been expanding at a pace at or above trend”. The Bank also seems more positive about the labour market, noting the indicators are “consistent with continued expansion of employment in the near term”.
We expect, though, that the weak inflation outlook will continue to dominate the policy outlook. The Bank reiterated its concerns over inflation, noting that “inflation has been quite low...[and] this is expected to remain the case for some time”. The large downgrade to the RBA’s forecast inflation profile, where the average inflation forecast remains at or below the lower bound of the 2-3 percent target band for the entire forecast period, strongly suggests to us that the Bank will need to ease further. The recent uptick in the exchange rate and a possible delay to Fed tightening only puts further pressure on the cash rate.
Interestingly, the RBA seems relatively unperturbed by the recent pick-up in housing. The RBA acknowledged the recent rise in house prices, but noted that “lenders are also taking a more cautious attitude to lending in certain segments” and that “considerable supply of apartments is scheduled to come on stream”.
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While the RBA continued to reference any currency appreciation as a factor that can complicate the economic adjustment, these words will be superseded by the lack of an explicit bias in the final paragraph of the statement. With this guidance lacking, and weeks before we get any further read on either inflation or wages, the AUD will likely perform better on crosses, most notably AUD/NZD. Further depreciation against the USD will now become contingent on more USD strength. 
Rates markets have reacted to the RBA’s statement with higher yields across the term rates structure. RBA meeting date OIS pricing has shifted between 4-5 basis points higher, with the first full cut priced for June 2017. Further out the curve, the 3 year rate has risen by 8 basis points. We expect that significant sell-offs will find a base, particularly given a bounce in the AUD may be seen as a reason for easing. 
OUTLOOK 
The lack of an explicit easing bias makes an August rate cut a much closer call than we had previously thought. That said, we continue to expect a further cut given the size of the downgrade to the Bank’s inflation forecasts and the fact that the mid- point inflation forecast remains at or below the lower bound of the 2-3% target band for the entire forecast period. 
Felicity Emmett is head of Australian Economics, ANZ, Daniel Been is senior FX strategist and Martin Whetton is senior rates strategist. They can be contacted <a href="https://www.anz.com/corporate/research/" target="_blank">here</a>.
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RBA on hold in June and a higher bar for an August cut: ANZ's Felicity Emmett

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GUEST OBSERVER
At its June meeting the Reserve Bank Board decided to keep the cash rate steady at 1.75 percent.
This decision was widely expected but it did surprise us that the Board decided to provide no guidance on future policy movements.
The final ‘guidance’ sentence was neutral: “Taking account of the available information, and having eased monetary policy at its May meeting, the Board judged that holding the stance of policy unchanged at this meeting would be consistent with sustainable growth in the economy and inflation returning to target over time.”
Taken literally this statement does not preclude the possibility of further action in coming months, merely stating that it was not deemed necessary to take any action at the current meeting – a decision to move in June was never envisaged.
As we know from the minutes of the May meeting the Board deliberated about whether to move in May or whether to await further information and clearly with rates so low every adjustment must be considered very closely. As the forecasts in May stand the Board does not expect underlying inflation to return to the bottom of the band until 2017 and that will be supported by a second rate cut as indicated by market pricing in May.
Further information on whether that assessment in May is correct will be provided in the June quarter inflation report which prints on July 27 and will be available for the August Board meeting. It is our assessment that the information in that report will confirm to the Board that another cut is indeed necessary. However, it is clear from this statement that such an outcome is not considered automatic by the Board.
The commentary around inflation – “Inflation has been quite low. Given very subdued growth in labour costs and very low cost pressures elsewhere in the world, this is expected to remain the case for some time.” – opens up a potential debate as to whether the Board may be becoming more flexible on the timing for which underlying inflation returns to within the target band.
At the moment that timing is clearly within the two year forecasting framework and we expect that that discipline will be retained in the near term. Consequently any assessment of the inflation outlook when the June report is received will need to include a forecast that inflation returns to the band over the two year horizon. Further out if global pressures make it clear that achieving that target would require too large a further fall in rates then more flexibility may be adopted.
Certainly that approach would be consistent with our view that the expected cut in August would represent the low point in the cycle.
Whereas in previous statements prospects for policy were mainly driven by the commentary around demand, prospects in today’s statement are all about the inflation outlook. On the demand front, the statement is as expected reasonably constructive: “… recent data suggest overall growth is continuing …” and “other areas of domestic demand, as well as exports, have been expanding at a pace at or above trend.”
The most interesting commentary is around the housing market. Clearly the risk of pursuing an inflation target that is too high in the current disinflationary world is around over-stimulating asset markets and in the case of Australia, specifically housing.
The statement recognises that the recent rate cut may have rebooted housing but points out a number of reasons why this recovery is unlikely to be sustained, mainly around tighter lending guidelines, both voluntary and due to regulation, and expected increases in supply. This observation is important because it appears to allay any concerns that a further easing might over-stimulate the housing market.
Concerns around the Australian dollar remain. The surprise rate cut in May produced considerable dividends for the Bank in making a major contribution to the AUD falling from 0.77 to 0.72 US. That result would have been extremely welcome but it would also have been clear to the Bank that the adjustment in the currency was partly conditional on a follow up cut. The response to today’s statement has been for the AUD to lift further to above 0.74 and the statement does note an appreciating AUD will complicate the growth outlook and is therefore unwelcome.
The commentary around the world economy continues to be cautious with an uncertain outlook for China still the main focus.
Conclusion
In March 2015, following the decision, which came as some surprise, to cut rates in February 2015, the Bank chose to adopt a clear easing bias. That bias was acted on in May 2015. It was our expectation that a similar approach would be adopted at today’s meeting – that is, a surprise move would not have been considered without a likely plan to follow up with another. Unlike last March, no guidance was given today about that likelihood.
However, we cannot overlook the facts that under the current arrangements the Board will feel obliged to provide an inflation outlook which sees underlying inflation return to the target band within the forecasting period.
That period ends in June 2018 but will be extended to December 2018 at the August meeting. Based on the information available in May we do not expect that there will be a sufficient change in that information in the June quarter inflation report to justify a forecast return to the band even with a six month extension to the forecast period without a further rate cut. That task will be further complicated if the recent rebound in the AUD is sustained.
Consequently we recognise that a prudent central bank dealing with record low interest rates will seek to retain maximum flexibility as shown today but do not believe that today’s lack of guidance precludes a second rate cut in August. However, we do accept that the August cut is likely to represent the bottom of the interest rate cycle.
Bill Evans is chief economist of <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.
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August rate cut still likely: Westpac's Bill Evans

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<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Eastern Australia’s wild weather has left coastal homes teetering on the brink of collapse, and has eroded beaches by up to 50m in parts of Sydney.
Now the attention turns to the clean-up. There are several legal issues for owners of damaged properties, particularly the question of if and how they can be compensated.
While the recent events cannot be attributed directly to climate change, they are certainly consistent with a warming world. Our institutions are ill-prepared for a potential increase in the frequency and severity of such events.
<h2>Insurance</h2>
Unfortunately, the success of insurance claims for damaged homes in Sydney will depend entirely on the terms of their policies. Some policies don’t cover erosion at all. Some policies only cover it if it occurs within a certain proximity of another insured event (for example, within 48 hours of a named storm event). Some policies also comprehensively exclude coverage for damage caused by actions of the sea.
What’s more, while insurance will cover damage to buildings, policies do not extend to cover damage to or loss of land. This is especially problematic in the case of damage caused by waves and storms, because erosion will often result in loss of land.
Under the traditional law doctrine, where land is lost to erosion, the Crown automatically gains title to the inundated land, without any obligation to pay compensation. So even if a home-owner is insured, they may find themselves with no land to rebuild on.
<h2>Legal proceedings</h2>
Another potential avenue for home-owners to pursue is proceedings against the relevant local government for negligent approval of development. The success of this type of proceeding is highly speculative – much will hinge upon when the development was approved and how much information on the coastal hazards was available at that time.
Where development was approved decades ago, it may be difficult to prove that a local government was negligent, because of the limited state of knowledge at the time. In the case of more recent development approvals, there may be an argument that a local government had a high level of knowledge of the risk and control of risk information. These are the type of factors a court will look at in assessing negligence.
On the flip side, a court may also find that a landholder knew of and accepted the risk. Negligence proceedings are by no means a guaranteed avenue for landholders to recoup their loss, but are an avenue that Collaroy landholders may be able to explore.
<h2>Disaster assistance</h2>
Where insurance is not available, and there are no strict legal rights against government, landholders may request disaster relief or assistance from government.
Despite the lack of any legal compulsion to do so, Australian governments have a long history of providing disaster relief to citizens when an extreme weather event causes property damage.
A recent Productivity Commission report estimated that, over the past decade, the federal government spent A$8 billion on post-disaster relief and recovery. State governments spent a further A$5.6 billion.
However, the availability and amount of a payment are not guaranteed. This may depend upon the number of other claims for assistance, and any other demands on government resources. A claim for disaster relief from government may be an option for Collaroy landholders, but many other home-owners are also affected by flooding due to the recent extreme weather – and so potentially there are many other requests for relief.
<h2>What should we learn from this event for the future?</h2>
While the pictures of houses being lost to the sea in Collaroy are confronting, these images may become more commonplace. The most recent scientific report from the Intergovernmental Panel on Climate Change suggests that, under a business-as-usual scenario, a global sea-level rise in the range of 0.53-0.97m by 2100 is likely.
Even if emissions are immediately reduced, a global sea-level rise of 0.28-0.60m by 2100 is still possible. This will be especially problematic in Australia, with an estimated 711,000 residential addresses located within 3km of the shore and less than 6m above sea level – not to mention the billions of dollars' worth of government infrastructure also located in these regions.
As sea levels rise, some properties may be permanently inundated. Others may be hit by storm surge impacts or erosion, which may be exacerbated by sea-level rise.
If these events continue to attract disaster relief, the financial burden will become too great for governments to bear. Furthermore, government disaster assistance does not solve the more intractable problem of land being lost to the sea.
The pictures from Collaroy should therefore prompt a discussion about how we, as a society, can deal with the potential impacts of coastal hazards on existing developments.
This is a challenging question to answer, but there is an opportunity to address it in a planned and co-ordinated fashion.
Justine Bell-James is lecturer in law, The University of Queensland and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/justine-bell-james-39245" target="_blank">here</a>.
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Sydney's wild weather shows home-owners are increasingly at risk

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GUEST OBSERVER
The Reserve Bank has left the cash rate at a record low of 1.75 percent. The Reserve Bank has maintained a “neutral stance” – indicating that policymakers will assess more information before deciding the next move on rates.
What does it all mean?
Did the Reserve Bank get it wrong when it cut rates last month to fresh record lows? Certainly all of the subsequent economic data have been strong including economic growth, which is now running at the fastest annual rate in 31⁄2 years.
The short answer is no. The Reserve Bank was already expecting Australian economic growth to be running at a 3 per cent annual rate over the next year. The Reserve Bank is always forward-looking – and despite expectations of solid 3 per cent growth, it cut rates. Simply, the Reserve Bank feels that the economy can run at a 3 per cent plus rate and not generate higher inflation. 
Certainly the environment has changed – with companies challenged by “disruption” at every turn, causing managers to focus on increasing productivity and efficiency and reducing costs rather than lifting prices. The Reserve Bank now assumes that underlying inflation will hold in a 1.5-2.5 percent range. That is, a mid-point of 2 percent is expected – the bottom of the Reserve Bank’s 2-3 percent target band.
Since the rate cut in May, the Aussie dollar has fallen from US77 cents to around US73-74 cents. And the currency is weaker despite higher commodity prices. The RBA notes “Low interest rates have been supporting domestic demand and the lower exchange rate overall is helping the traded sector.”
The accompanying statement was quite short. But there are interesting observations on housing. The RBA notes a lift in home prices. But it warns “considerable supply of apartments is scheduled to come on stream over the next couple of years, particularly in the eastern capital cities.” 
Perspectives on interest rates
The Reserve Bank left the cash rate at a record low of 1.75 percent. The previous rate cut was in May 2016 (25 basis points), taking the cash rate to a record low of 1.75 percent. 
There have been 11 rate cuts since November 2011.
The Reserve Bank had previously lifted rates seven times from October 2009 to November 2010 – a total of 1.75 percentage points, from 3.00 percent to 4.75 percent.
What are the implications of today’s decision?
We expect the Reserve Bank to stay on the interest rate sidelines until August. At the August meeting the Reserve Bank will have digested the latest inflation data (released end July) as well as the Brexit decision in the UK and the June and July rate decisions in the US.  
On balance rates still have scope to fall. It all depends on the Reserve Bank’s assessment on how fast the economy can grow without generating inflation above the upper end of the 2-3 percent target band.
This is a brave new world where old assumptions are being challenged. Investors need to do this also. In the past investors could work on the assumption of total sharemarket returns lifting on average by 9-11 per cent. With nominal economic growth closer to 4-5 percent, expected sharemarket returns also need to be adjusted down to a similar range.
Returns on residential real estate have averaged 13 per cent over the past two years. But over 2011 and 2012 returns averaged 2 per cent. With housing supply set to rise, even views on high-flying real estate will need to be adjusted downwards.
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Craig James is the chief economist at <a href="https://www.comsec.com.au/default.aspx" target="_blank">CommSec</a>.
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Reserve Bank mulls the next move: CommSec's Craig James

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A poll by the property agency iBuyNew found by a narrow margin that 54 percent of respondents said the election was not influencing their decision on whether to purchase a property.
Some 46 percent of respondents to the online survey said they would wait until after the July 2 election because they wanted to weigh up the policies which will impact the real estate sector.
iBuyNew CEO Mark Mendel said one of the main concerns was the proposed removal of negative gearing on established properties by the Labor Opposition as well as the halving of the CGT discount for assets held longer than 12 months from 50 percent to 25 percent. 
Mark Mendel predicted prices will rise after the federal poll.
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Property 101: Has the election delayed purchasing of property?

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GUEST OBSERVERS
The selection of Melbourne to participate in the international 100 Resilient Cities program sponsored by the New York-based Rockefeller Foundation generated a mix of hopes, expectations and concerns.
In a report released today, researchers assessing the program found a surprising degree of co-operation among the city’s many local councils. The result is the Resilient Melbourne Strategy, adopted this month, which marks a shift towards “whole-of-city” thinking.
In 2013, at the time of Melbourne’s selection, its fragmented governance was a concern. How could a framework for urban resilience emanating from the US be adapted to very different city governance structures operating in Melbourne? What could a single chief resilience officer (CRO) hope to accomplish in just two years across a metropolitan region with more than 30 local government authorities?
The Melbourne project began in earnest with the appointment of the CRO, housed at the City of Melbourne, in November 2014. A year later an RMIT University research team interviewed a wide range of people who were either closely involved with or clearly interested in the project implementation. Interviewees include those serving on the project steering committee, some who had attended a project briefing and some who had only been told about it.
<h2>Overcoming fragmented governance</h2>
It is fair to say the researchers were sceptical about what could be achieved in just two years to foster a city-wide approach to urban resilience. In Australia’s rather cumbersome, three-tiered structure of government it is hard to focus on metropolitan regions that fall somewhere between the responsibilities of state and local governments. Thinking about cities as a whole has only just entered the strategic thinking of our national governments.
Yet the researchers were pleased to find the project had generated unprecedented levels of co-operation involving 29 local government authorities in metropolitan Melbourne. The implementation process had met with widespread approval.
Each of the 100 cities now participating in the Resilient Cities Challenge is provided with a “City Resilience Framework”. This guides development of a specific strategy for the city.
<h2>Adapting to local conditions</h2>
The framework draws heavily on US experiences – especially that of New Orleans since the devastation of Hurricane Katrina in 2005. The Melbourne steering committee realised it would have to adapt the framework considerably to work in a city with 32 local councils.
In Toby Kent, the project initiators selected a CRO who had evident skills in motivation and negotiation. The researchers were told that the patient work involved in building collaboration across so many local government areas made the project stronger than it would have been otherwise.
The concept of urban resilience promoted by the Rockefeller Foundation urges cities to consider a wide range of potential “shocks” and accumulating “stresses”. The research found this approach promoted boundary-crossing dialogues. These exchanges involved people concerned with infrastructure planning, economic development, social care, community development and environmental protection.
Some of the interviewees expressed misgivings about the growing popularity of the concept of resilience in policy discourses. Despite this, the research findings suggest it does have a capacity to get people thinking beyond the normal boundaries of policy and practice.
<h2>Towards a more holistic view</h2>
In Australia, the concept of resilience has largely been associated with emergency management. However, the semi-structured research interviews tended to focus more on accumulating social, economic and physical stresses. These make the city as a whole more vulnerable, but are often neglected.
It was noted, for example, that urban planning can leave many people feeling socially isolated. One council has now applied “a lens of preventing family violence” into all areas of its work, ranging from infrastructure planning and economic development through to health promotion and community development.
The Resilient Melbourne project released a preliminary resilience assessment in June 2015. This was developed into the newly launched Resilient Melbourne Strategy.
Much of this strategy aims to “scale up” existing projects or initiatives. The aim is to demonstrate that these can be more effective on a metropolitan rather than localised scale.
Follow-up research will be needed to find out which elements of the strategy become embedded in the policies and practices of Melbourne’s local government authorities and the multitude or public and private sector organisations trying to ensure that vulnerabilities are addressed long before they become full-blown crises.
Importantly, the research found that the project was able to generate some innovative policy and practice dialogues and demonstrate the benefits of whole-of-city thinking.
Martin Mulligan is senior researcher, Globalism Research Centre, RMIT University and can be contacted <a href="https://theconversation.com/profiles/martin-mulligan-108697" target="_blank">here</a>.
Blythe McLennan is research fellow - Emergency Management, RMIT University and can be contacted <a href="https://theconversation.com/profiles/blythe-mclennan-8288" target="_blank">here</a>.
Tarnya Kruger is research assistant, Landscape and Environmental Sociology, University of Melbourne and can be contacted <a href="https://theconversation.com/profiles/tarnya-kruger-271311" target="_blank">here</a>.
All are authors for The Conversation.
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Has the 100 Resilient Cities Challenge benefited Melbourne?

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Patrick Gallagher and John Daly have sold PJ Gallagher’s in Leichhardt for $14.5 million to the hotelier Peter Walker.
Situated on the corner of Norton Street and Parramatta Road, it was the first venue co-owned by Gallagher and Daly.
It has been sold to raise capital for a larger as yet undecided joint project.
Gallagher and Daly completed a three-year, $2 million renovation on the hotel last year. The hotel also has 28 gaming machines and a 5am trading licence.
John Musca, national director of JLL Hotels &amp; Hospitality handled the sale.
“Much like the recent contested sales of the Royal Exhibition Hotel, Surry Hills ($19m) and the Duke of Gloucester Hotel, Randwick ($16.25m), PJ's is another quality city fringe hotel which deservedly attracted strong interest," Musca told The Shout.
Last month, JLL Hotels &amp; Hospitality also sold the leaseholds in the Liverpool Hotel and Corner Pub for Gallagher Hotels for a combined $12.5 million, so that the group can focus on freeholds.
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PJ Gallagher's Leichhardt hotel sold

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GUEST OBSERVER
With Melbourne driving 46 percent of Australia’s apartment development, it’s a good time to be a developer in the world’s most liveable city.
And in theory, it’s also a good time to be a purchaser as apartments flood the market, increasing stock and therefore theoretically driving down pricing. It’s the age old story of supply versus demand.
According to the Australian Bureau of Statistics, by 2020 Melbourne’s population will rise to five million, making it the largest city in Australia and sparking even more demand for more housing and apartments.
As a relative newcomer to the Melbourne property development scene, I’ve been striving to create innovative and affordable developments that provide people with access to purchasing property. Many of my friends work typical jobs, and I’d like to think they should be able to afford to live in said developments.
From my reading of the current situation and listening to debates play out in state and federal politics, it seems that access is currently at the core of the public debate and, more specifically, affordability to access.
I take the concept of affordability very seriously and in my position I’m fortunate to have control over providing reasonably priced property in the current market.
What is concerning from where I stand is the ability to deliver this. Hear me out because this is a very different point of view – one which isn’t discussed often in the public domain.
That is: the emergence of a new sub-market within the property market that is focused on acquiring land, receiving permit approval and selling without intention of going into construction.
While there are of course examples where the economy changes and you may not be able to build as planned, I think more and more permits are being sold and people are taking advantage of the demand for permit approval and selling at inflated prices.
This is where I find myself in a quandary. Of course, I agree with a free market and I applaud those who find new opportunities to create value out of the property market – this is innovative and entrepreneurial. 
However, as a developer who is trying to develop projects that are in the reach of everyday working people, I see how this practise limits what developers are able to do in terms of minimising the cost base of development.
If a vendor is selling at an inflated price, it creates a tricky situation for the buyers. The developer who purchases the site with the intention to build is forced to sell apartments at a higher price to meet their targets, which ultimately comes out of the purchaser’s pocket.
On the other side of the coin, selling at this inflated cost means local developers cannot afford to invest and that many of these sites can only be purchased by foreign developers. Therefore, the majority of the stock will be sold offshore to purchasers who can afford to buy at these inflated prices.
To put it very simply, let’s use the below example to articulate.
An original land owner has obtained a permit to build apartments on a site. Assuming the original holding cost is $10 million, the apartments could be sold to purchasers for around $8,000 per square metre.
The original land owner sees there is risk in developing and decides to sell the site to generate windfall profits with no associated risk. The site is then sold to another developer for $40 million. The new land owner will now have to on-sell apartments to end purchasers for perhaps around $10,500 per square metre in order for the development to provide a return.
As you can see, this trend is creating a vicious cycle. This begins with the permit approvals and leaves developers like us with no choice but to consider whether to follow the crowd, despite understanding the implications on affordability and local investment for the world’s most liveable city. 
With decent apartments in the city now all but out of reach of first homebuyers, it is now up to developers, agents, consumers and the government to intervene and look at limited restrictions that at least deters this flipping sub-market or to encourage developers to actually…develop.
Many people will fiercely disagree with my opinion on this sensitive topic, but this is out there now.
We should conduct ourselves for the future, not as a singularity.  
Mohan Du is founder and managing director at Capital Alliance Investment Group and can be contacted <a href="https://capitalalliance.com.au" target="_blank">here</a>.
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Melbourne driving 46 percent of Australia’s apartment development: Mohan Du

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<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Closed circuit street cameras have been sold to the community as a way of making us safer, reducing crime and discouraging anti-social behaviour.
But research into the Federal Government’s $50 million Safer Streets program shows its main effect has been unchecked proliferation of highly profitable commercial arrangements between governments and private firms, amid little evidence that it improves public safety.
The Tony Abbott-led government announced Safer Streets in 2014 to assist local councils finance the establishment of street camera systems, with a second round of funding unveiled last December.
Across Australia, 85 local councils received Safer Streets funding in the first round. Promoting the scheme during the Liberal Party’s 2013 election campaign, Bronwyn Bishop <a href="https://www.southcoastregister.com.au/story/1740109/coalition-pledges-cctv-funds/">said</a> the cameras would be a deterrent because people “know they are going to be caught”.
In 2014, Prime Minister Tony Abbott and then-Justice Minister Michael Keenan said: “All Australians have the right to feel safe and secure … and [this] program will help to achieve that.”
But while buttressing the Coalition’s national security agenda, Safer Streets has been criticised over a lack of evidence and political bias underpinning the funding policy.
In 2015 the Report of the Commonwealth National Audit Office was delivered following an inquiry into Safer Streets amid complaints that the funding program was <a href="https://www.propertyobserver.com.au/https://www.thesaturdaypaper.com.au/news/politics/2014/08/02/cctv-installation-crime-prevention-or-friends-the-government/1406901600">“</a>pork barrelling<a href="https://www.propertyobserver.com.au/https://www.thesaturdaypaper.com.au/news/politics/2014/08/02/cctv-installation-crime-prevention-or-friends-the-government/1406901600">”</a>.
The report was highly critical of the program with Safer Streets funding accessible to local councils strictly by invitation of the Government for the first round of grants.
Auditor General Ian McPhee found several “significant shortcomings” related to how the Attorney General’s Department conducted its eligibility checks, adding “the merit assessment process … was handled particularly poorly by the department”.
Safer Streets has been criticised for “a lack of transparency over its guidelines, its selection criteria, and ultimately, over which projects were chosen”.
Around 90 percent of first-round funding recipients were situated in Coalition federal seats. The second round of funding recipients, yet to be announced, is highly anticipated.
Safer Streets provided the Abbott Government with opportunities to cultivate grassroots support — or at least a perception of it — by requiring local councils to ceremoniously “accept” offers of funding.
Government MPs organised publicity, petitions and mobilised business chambers with “no strings” carrots of public subsidies. Buoyed by the support of business chambers they called upon taxpayers to finance the set-up and then the ratepayer to fund ongoing costs for CCTV, which have been exorbitant.
Safer Streets is part of a broader political-economic framework within which both electoral and commercial opportunities have been leveraged.
Internationally CCTV has played a significant role in the marketing of public areas as “clean” and “safe” in the efforts of local councils and business chambers to attract consumers, tourists and investment.
The Australian Security Industry Association Limited (ASIAL) notes expenditure on private security in Australia between 2012 and 2013 was almost $5 billion, of which $2.3 billion was spent on security devices, installation and monitoring. Australian Security Magazine claims “the electronic security market is forecast to experience double digit growth until 2020 and beyond”, concluding:
“The commercial argument for the use of security technologies over more traditional security measures has never been more valid.”
This prediction may be adequate considering the political climate. Demand for security tech and consulting has increased in light of the Coalition’s efforts to <a href="https://www.propertyobserver.com.au/https://www.thesaturdaypaper.com.au/news/politics/2014/08/02/cctv-installation-crime-prevention-or-friends-the-government/1406901600">enlist</a> local councils as new customers via Safer Streets.
A consequence of government-funded CCTV has been the portrayal of street crimes within a broader news advertising matrix. In one example government-funded CCTV footage was streamed online via the national Fairfax Media network depicting an assault against a recently arrived refugee in Wollongong flanked by advertisements.
As one study stipulates the marketing of CCTV footage by news companies has drawn consumers into a series of inter-related commercial activities through multimedia platforms. The adoption of CCTV footage has resulted in news media becoming a significant conduit conveying the political and economic meanings affixed to street camera footage.
But while there is little research evidence that street cameras reduce crime, politicians widely promote CCTV an effective crime prevention technology, which has led to uncritical policy transfer. In fact, Safer Streets has prohibited councils from utilising the grant scheme to conduct evaluations.
The potential for being discredited by objective evidence may explain why there is no strong desire expressed by politicians for local councils to produce regular CCTV evaluations.
Only one local council out of 18 surveyed nationally in 2014 had collected crime statistics within the surveillance area — namely, Shoalhaven City Council - yet here crime rates actually increased after cameras were installed, defying the logic of proponents.
Affirming the Coalition’s commitment to the political economy of street cameras, one Liberal MP says he would stand up for the use of CCTV established under Safer Streets and opposed “slick and sleazy” challenges to them.
“If you are doing nothing wrong, you have nothing to hide. Kiama’s businesses wanted this and should be protected, and so should law-abiding citizens.” - Gareth Ward, Member for Kiama
Addressing the Australian Government’s 2015 metadata retention laws, Edward Snowden is sceptical of the “nothing to hide/fear” logic stating that people who say they don’t worry about their privacy because they have nothing to hide “is like saying I don’t care about free speech because I have nothing to say”.
But a powerful pro-CCTV discourse is entwined in the construction of many politicians’ credibility and their public identities. Challenging these political and economic commitments to street cameras with an evidence-based perspective is unlikely to sway their efforts.
Robert Carr is researcher, Western Sydney University and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/robert-carr-266152" target="_blank">here</a>.
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The booming business of CCTV and safer streets - safety or profit

Apartment buildings are increasingly being designed around how people actually live day to day, not just how they want a building to look.

For buyers, that shift is showing up in practical inclusions that respond to changing habits. Work-from-home spaces, EV charging, wellness amenities, secure bike storage and parcel management are becoming part of the broader apartment conversation, reflecting a move toward buildings that reduce friction in everyday life.

Online shopping has become one of the clearest examples of that change.

Australians spent a record $82.6 billion online in 2025, with nearly one in four retail dollars now spent online. That has made parcel delivery a regular part of apartment living, rather than an occasional inconvenience.

For apartment residents, however, the delivery process can be less straightforward than it is for detached homes. Parcels may be left in lobbies, redirected to Post Offices, missed entirely, or placed under the responsibility of building managers and concierge teams.

That is why secure parcel infrastructure is increasingly being considered alongside more familiar apartment amenities.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/-VjjLwoViX0?si=A3k7ws9NX35Uac7_" title="YouTube video player" width="560"></iframe>

Australia Post Parcel Lockers offer one way to address the issue. When a parcel arrives, residents receive a notification through the AusPost app or SMS, then collect it using a QR code or one-time PIN. The parcel is kept secure, accessible and removed from common areas.

The broader Parcel Locker network now includes more than 1,500 locations across Australia, positioned at Post Offices, shopping centres, supermarkets, transport hubs and other accessible locations.

For new apartment projects, the relevance is clear. A building’s amenity offering is no longer only about lifestyle spaces, but also about convenience, security and functionality.

As buyer expectations evolve, secure parcel delivery is becoming part of the same design conversation as flexible working, sustainable transport and resident wellbeing.

It is one less thing for residents to worry about, and another example of apartment design adapting to the way Australians now live.

Joel Robinson

Apartment design is adapting to the way Australians shop

While school holidays and trips to Europe tend to define the winter property market, there's been no cold snap at <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> in North Sydney.

Developer-builder&nbsp;<a href="https://www.apartments.com.au/developers/aland">ALAND</a> sold more than $35 million worth of apartments throughout June, including a $6.8 million apartment that now ranks among the highest apartment sales ever recorded in North Sydney.

SRM Residential agent Ben Stewart said buyer demand throughout June reflected a mix of improving market confidence and longer-term thinking from owner-occupiers.

"We're seeing strong demand from owner-occupiers who are taking a longer-term view," Stewart said.

"Many recognise the opportunity to secure an apartment in an iconic building and premium location while values remain attractive. They may initially lease the property, but the intention is to eventually move in themselves, rather than purchasing purely as an investment."

[smartcode_project:default project_id=134323 project_image_fid=367129]

Located at 177 Walker Street, The Walden will deliver 161 one, two, three and four-bedroom residences across a 30-storey tower designed by Rothelowman. Every apartment occupies a corner position, maximising natural light, cross ventilation and views across Sydney Harbour, the Opera House, Sydney Heads and the northern districts.

Rather than a traditional balcony, the residences feature winter gardens that seamlessly extend the open plan living areas, creating versatile spaces for relaxing or entertaining throughout the year. Floor-to-ceiling glazing draws in natural light while showcasing sweeping views from the building's elevated Walker Street position.

Every apartment features high-end Calacatta marble, bespoke joinery, and fully integrated appliances.

The larger residences have been planned with distinct entertaining and private zones, with many master suites positioned on corners to capture natural light and harbour views. Walk-in dressing rooms, freestanding baths and refined stone finishes reinforce the house-like feel that has resonated with downsizers and owner-occupiers.

[smartcode_project:default project_id=134323 project_image_fid=6393]

Rothelowman Principal Ben Pomroy said the project was designed to make the most of its unique position overlooking the harbour.

"The Walden is a celebration of all things beautiful, curated for those who expect nothing less than exceptional," Pomroy says.

"Meticulously designed entertaining spaces and light-filled living areas that capitalise on capturing the natural beauty of Sydney's iconic harbour."

Residents will also have exclusive access to The Pavilion, a dedicated amenity building featuring a rooftop pool, wellness studio, gymnasium, sauna, concierge service, residents' lounge, private dining spaces and work-from-home facilities.

[smartcode_project:default project_id=134323 project_image_fid=6402]

The project marks ALAND's first major luxury apartment development in Sydney's inner-city market after more than two decades delivering residential communities across Greater Sydney.

Founder and CEO Andrew Hrsto previously said the rarity of the Walker Street site made it an opportunity the company could not overlook.

"This is a rare opportunity to bring a truly exceptional project to life in one of Sydney's most iconic locations, and to showcase our craftsmanship and design expertise at a world-class level," Hrsto said.

[smartcode_project:default project_id=134323 project_image_fid=6383]

The Walden has been introduced to the market at a time when demand for living in North Sydney is at an all-time high. Billions of dollars have been invested in infrastructure, including the recently opened Victoria Cross Metro station, located just 300 metres from The Walden, providing residents with direct access to the Sydney CBD in just minutes.

Private investment has also transformed the area through the arrival of new retail and dining destinations, elevating the lifestyle offering in what was once considered primarily a commercial precinct rather than an aspirational residential address.

The Walden is currently under construction and is scheduled for completion in 2028.

[smartcode_project_cta:default project_id=134323]

ALAND records $35 million in sales in North Sydney as The Walden bucks quiet winter selling season

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.

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;

Jonathan Chancellor

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