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There was a $4.1 million vendor bid placed when lawyer Paul Jones, of legal firm Jones Tulloch, and his wife, Mary put their Hawthorn home to weekend Kay &amp; Burton auction.
No. <a href="https://www.realestate.com.au/property-house-vic-hawthorn-121967714" target="_blank">484 Glenferrie Road</a> has stately bluestone, leadlight windows and an ornate verandah, in the Italianate style.
The four bedroom house is in the prestigious Scotch Hill precinct last traded at $600,000 in 1993 and at $780,000 in 1989.
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jchancellor-FAypfDUnLy

Hawthorn trophy home with $4.1 million vendor bid

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GUEST OBSERVER
Brisbane has outperformed Sydney and Melbourne in a new Australian index that measures innovation performance at a suburb level.
The index is designed to help policymakers better understand the characteristics that make some locations more innovative than others.
Brisbane has five areas in the top 10 of the innovation index in 2014, substantially more than the much larger state capitals of Sydney (three) and Melbourne (two). At the same time, areas in the other states capital cities don’t even feature until position 28.
<a href="/images/2016/03/23/image-20160322-32291-1fxszd5.jpg" target="_blank"> Click to enlarge</a>
<img src="/images/2016/03/23/image-20160322-32291-1fxszd5.jpg" alt="">
<h4>Figure 1. BCEC Innovation index for Australia: 2014, by SA3 regions</h4>
The index is a composite of a number of indicators for both inputs to and outputs from innovation. Measures include patents, trademarks, new business entry and business R&amp;D investment (all relative to the size of the workforce), as well as the share of postgraduate qualified graduates and the ratio of research institutes to the resident population. Each of these measures either a direct innovation activity or a factor that supports innovation activities.
The index highlights the importance of location and agglomeration. The most innovative regions are usually in the largest cities and are typically near other innovative regions and relevant infrastructure that supports innovation such as business districts, universities and research institutes, as can be seen in Figure 1 above.
<h2>Proximity matters</h2>
Innovation is embedded in places. The co-location of the right mix of people, physical capital and infrastructure is key to developing new ideas and transforming them into commercial successes.
A new report from the Bankwest Curtin Economics Centre finds innovation is a local phenomenon where for a host of complex and interacting reasons, certain places and regions are doing better than others.
Innovations build on existing knowledge. Cities are the mechanism which facilitates the creation and dissemination of knowledge leading to better innovation performance. Universities increase the innovation performance of surrounding areas through direct research and innovation outputs and by improving the human capital of workers. Similarly, city centres and surrounding areas attract highly-skilled graduates.
While internet-based communication connects people in even the most remote locations with the rest of the world, when developing an innovation, these communication technologies largely complement regular face-to-face interaction rather than replacing it. It is easier to connect, share ideas and build trust with a neighbour than a person or business who is far away.
Other countries have recognised how important location is for innovation and developed place-based innovation policies.
EU countries and regions are required to have national or regional “Research and Innovation Strategies for Smart Specialisation” in order to access European structural and investment funds to support research and innovation. EU cohesion policy involves a process for tailoring innovation policies to local regions, including policies for scientific R&amp;D, practice-based innovation and adoption and diffusion of knowledge and innovations.
Australia is almost twice the area of the European Union. Place-based policies are particularly important in Australia with its large distances between cities and larger distances to the rest of the world.
Place-based innovation policies are not completely new in Australia. Queensland’s “Smart State” strategy between 1998 and 2007 attempted to boost knowledge-based industries through investment in infrastructure, education and training, research programs and industry incentives. While it is difficult to measure the success of these policies the strategy may help explain the high ranking of areas in Brisbane in BCEC’s innovation index (See Table 1).
<a href="/images/2016/03/23/image-20160322-32309-veax6t.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/23/image-20160322-32309-veax6t.jpg" alt="">
<h4>
Table 1. Ranking of SA3 regions by 2014 BCEC Innovation index for Australia 
</h4>
<h2>International collaboration and innovation</h2>
While innovation is a local phenomenon, international collaborations can bring benefits to businesses in the form of greater exposure to new ideas, world leading advances in technology, and commercialisation opportunities.
Yet OECD comparisons show that only 7.7 percent of innovation-active businesses in Australia engage in collaborations with international partners in the United States, Asia or Europe - well below the OECD average of 17.9 percent (Figure 2).
<a href="/images/2016/03/23/image-20160322-32300-1bushko.jpg" target="_blank">Click to enlarge</a>
 <img src="/images/2016/03/23/image-20160322-32300-1bushko.jpg" alt="">
<h4>Figure 2. Share of innovation-active firms engaged in international collaborations: OECD, 2012-13</h4>
Australia is a long way from innovation centres such as London, Tokyo, Shanghai and the Silicon Valley, of course. Australia is also far away from large cities in countries that are (relatively at least) closer to home, like Singapore or Auckland. And Australian cities are also far away from each other.
This means the knowledge inputs crucial to innovation do not diffuse easily within and to Australia, something that may be a particular constraint to innovation in Western Australia given its relative isolation.
Yet paradoxically, no more than 3.6% of Australian businesses cite access to knowledge as a barrier to innovation. This suggests - rightly or wrongly – that the majority of businesses rely on national knowledge partnerships for research and development activities.
It is difficult to square this circle, other than to speculate that some businesses in Australia perhaps “don’t know what they don’t know” – in other words, it is difficult for firms to recognise knowledge gaps as a barrier to innovation, because they simply don’t know what they haven’t learned or invented yet.
Successfully positioning Australia for an “ideas boom” may require a policy approach that addresses the unique constraints of Australia’s economic geography. In absence of such a tailored policy approach, innovation may be more expensive and difficult to achieve in Australia, discouraging R&amp;D investment and limiting the potential for an “ideas boom”.
 
Alan Duncan is director, Bankwest Curtin Economics Centre and Bankwest Research Chair in Economic Policy, Curtin University and can be contacted <a href="https://theconversation.com/profiles/alan-duncan-100759" target="_blank">here</a>.
Rebecca Cassells is associate professor, Bankwest Curtin Economics Centre, Curtin University and can be contacted <a href="https://theconversation.com/profiles/rebecca-cassells-127690" target="_blank">here</a>.
Steven Bond-Smith is research fellow, Bankwest-Curtin Economics Centre, Curtin University and can be contacted <a href="https://theconversation.com/profiles/steven-bond-smith-243423" target="_blank">here</a>.
All are authors for The Conversation
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Location, location, location: what’s holding back an Australian ideas boom

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GUEST OBSERVER
More Australians than ever before owned a rental property and those relying upon negative gearing dropped, according to the latest ATO Taxation statistics release.
The 2013-14 year ATO taxation return statistics show a drop to 1.257 million people (or 62 percent) declaring a net rental loss out of the 2.03 million persons that own an investment property.
The total amount of net rental loss declined from $12.04 billion to $10.97 billion which shows that more rentals across Australia were being positively geared than ever before.
There is a year on year decrease in the loss made by a rental with lower interest rates supporting this outcome. 
In the past 12 months, Australia has seen a substantial rise in the number of individuals with a rental interest, which is mainly due to the increase of middle Australia into the residential market.
In terms of additional investors, the numbers of individuals with a rental interest and a taxable income between $37,000- $80,000 has increased by 8,872 over the year, with those in this taxable income bracket hitting 707,282 individuals with a net rental interest.
The largest volume increase in overall investors came through an additional 42,362 individuals in the $80,001- $180,000 taxable income bracket. Middle Australia is clearly buying into residential property and this is the largest increase in net rental interest over the year. This taxable income group makes up 34.7 percent of all individuals with a net rental interest.
<a href="/images/2016/03/23/Screen%20Shot%202016-03-22%20at%2012.00.10%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/23/Screen%20Shot%202016-03-22%20at%2012.00.10%20PM.png" alt="" width="727" height="312">
In 2013-14 there was also a:
• 12.9 percent increase or a 9,029 additional individuals in the $180,001- $250,000 taxable income bracket with a net rental interest.
• 10.3 percent increase or a 5,023 additional individuals in the $250,001- $500,000 taxable income bracket with a net rental interest.
• 12.4 percent increase or a 1,431 additional individuals in the $500,001- $1,000,000 taxable income bracket with a net rental interest.
• 18.5 percent increase or an additional 729 individuals in the over $1,000,000 taxable income bracket with a net rental interest.
<a href="/images/2016/03/23/Screen%20Shot%202016-03-22%20at%2012.13.08%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/23/Screen%20Shot%202016-03-22%20at%2012.13.08%20PM.png" alt="">
There has been a clear growth in the number of lower to middle income earners that have joined the investment ranks over the past several years with those earning over $80,000 growing the largest in terms over the 12 month period.
Although the percentage increases in net rental interest at the higher taxable income ranges are the largest, their actual additional numbers are quite small compared to the lower taxable income brackets. The scale of investment in these higher taxable income brackets would be expected to be much greater than at the lower end.
<a href="/images/2016/03/23/Screen%20Shot%202016-03-22%20at%2012.15.00%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/23/Screen%20Shot%202016-03-22%20at%2012.15.00%20PM.png" alt="">
Total property investors increased by almost 67,000 persons over the year to surpass the 2 million mark for the first time. With an eye on retirement, 29,600 of these additional new investors were aged between 40-59.
In particular, low interest rates have seen Rent Interest deductions decline by around $1.08 billion on the previous year which reduces the number of investors making an annual loss on a property.
Also contributing to the positive gearing position, there was an increase in the total Gross Rental Return from all properties by around $2.19 billion compared to the previous year.
By age, younger investors are still the most likely to rely upon negative gearing with 82 percent of all property investors aged between 18-29 declaring a net rental loss.
All age groups except those over 70 saw a decline in the net rental loss with positively geared investment increasing across the age groups as investors get closer to retirement.
Some 13 percent of all persons across the country earning a taxable income under $80,000 had a rental property, whereas 26 percent of those earning over $80,000 per year had a rental interest. The likelihood of owning a rental increases as wages increase with 40 per cent of all those earning $500,000 -$1 million having a rental interest.
In vast numbers those earning in the lower tax brackets make up the largest proportion with a rental interest.
By income, 767,000 those declaring a taxable income under $80,000 made up 61 per cent of total net rent losses, with an average Net Rent Loss of $7,351 in the year.
Other Rental Deductions, which include deductable expenses on rental properties such as repairs, maintenance, cleaners, tradeswork, insurances and other costs paid out by investors to maintain a property, climbed by almost $1.4 billion from $16.99 billion to $18.38 billion over the year. 
Over the past 20 years the Other Rental Deduction category which reduces taxable income has grown from $4 billion to $18 billion per year, so there is clearly a shift in investment patterns around the repairs and maintenance which is beneficial for tenants, jobs and the economy.
<a href="/images/2016/03/23/Screen%20Shot%202016-03-22%20at%2012.16.22%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/23/Screen%20Shot%202016-03-22%20at%2012.16.22%20PM.png" alt="">
The rise in Other Rental Deductions shows that despite average Net Rental Losses declining, there is an increasing propensity from all investors to plough some of the gains from lower interest rates back into the property. With the negative gearing concession being a motivating factor, the increase in Other Rental Deductions provides incentive to maintain the rental yield by putting money back into keeping the tenant happy in a more competitive rental market.
With average rents starting to flatten in 2013-14 as growth that corresponded to rapidly rising property values in the previous decade subsides in parts of the country, the Other Rental Deduction investment is clearly supporting and sustaining the yield.
This increase in Other Rental Deductions by way of investment in Australian property stock would be a supporting boost for the base level trades and maintenance services on upkeep and would have provided a significant boost to jobs across these areas.
What generally has been overlooked when considering the ATO Taxation statistics in previous years is the increasing value to the economy for the trades, cleaners, gardeners, plasterers, chippies, sparkies, plumbers and others that come from the property investor that pays out when things break, need repair or maintained.  
What hasn’t been factored into account is that there has been strong growth in the numbers of those small handy trades that comprise a significant part of the property and construction workforce.
<a href="/images/2016/03/23/Screen%20Shot%202016-03-22%20at%2012.17.38%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/23/Screen%20Shot%202016-03-22%20at%2012.17.38%20PM.png" alt="">
The increase in foreign investment in residential real estate is becoming apparent in the 2013-14 year with an 82 percent increase in non resident investment in residential real estate compared to the previous years.
<a href="/images/2016/03/23/Screen%20Shot%202016-03-22%20at%2012.18.44%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/23/Screen%20Shot%202016-03-22%20at%2012.18.44%20PM.png" alt="" width="1120" height="726">
Nicholas Proud is principal of <a href="https://propertyanalytics.com.au" target="_blank">Property and Construction Analytics Australia</a>.
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Middle Australia is buying into residential property 

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GUEST OBSERVER
The weekly ANZ/Roy Morgan consumer confidence rating fell by just 0.4 points (0.3 percent) to 116.0 in the week to March 20.
 Confidence is up 4.1 percent over the year and above the average index value of 112 since 2014.
Higher home prices: The Bureau of Statistics reports that Australian home prices rose by 0.2 percent in the December quarter to stand 8.7 percent higher over the year.
Fewer people in homes: The estimated number of people per home continues to fall, dropping from 2.491 to 2.488 in the December quarter.
The consumer confidence figures have implications for finance providers, retailers, and companies dependent on consumer and business spending.
<a href="/images/2016/03/23/Screen%20Shot%202016-03-22%20at%204.56.43%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/23/Screen%20Shot%202016-03-22%20at%204.56.43%20PM.png" alt="">
What does it all mean?
Headed into a period dominated by the Federal Budget and a possible double-dissolution election, Aussie consumers are in good shape. All the key components of the confidence survey are above short-term averages.
And indeed the outlook for family finances over the coming year – a lead indicator of spending – remains positive.
The key question is how confidence evolves over the next few weeks. The Aussie dollar is near US76 cents, interest rates are at generational lows, trend unemployment is at 26-months lows and petrol prices are just above the lowest levels recorded in six years. So there are few reasons to be negative.
The Bureau of Statistics has released data on home prices for the December quarter. However the better measures on home prices are those produced by CoreLogic RP Data and it’s worth noting that March quarter data will be released in just over a week, on April 1.
From 2011 to early 2014, the average number of people in Aussie homes rose – a rare development over the past century in Australia. But with more homes being built in recent years and rental conditions easing, more Gen Y (or Millennials) have been moving out of home. As a result the number of people per home is again shrinking, serving to soak up the increased supply of new homes.
What do the figures show?
Consumer confidence
The weekly ANZ/Roy Morgan consumer confidence rating fell by 0.4 points (0.3 percent) to 116.0 in the week to March 20. Confidence is up 4.1 percent over the year and above the average of 112 since 2014. Three of the five components of the index rose in the latest week:
The estimate of family finances compared with a year ago was up from +10 to +11;
The estimate of family finances over the next year was down from +35 to +27;
Economic conditions over the next 12 months was up from -2 to +2;
Economic conditions over the next 5 years was up  from +7 to +9;
The measure of whether it was a good time to buy a major household item was down  from +32 points to +31 points.
Residential property prices
The Bureau of Statistics (ABS) has released its Residential Property Price indexes.
“The price index for residential properties for the weighted average of the eight capital cities rose 0.2 percent in the December quarter 2015. The index rose 8.7 per cent through the year to the December quarter 2015.
The capital city residential property price indexes rose in Melbourne (+1.6 percent), Brisbane (+1.6 percent), Adelaide (+0.9 percent), Canberra (+2.8 percent), Perth (+0.5 percent) and Hobart (+2.5 percent) and fell in Sydney (-1.6 percent) and Darwin (-1.8 percent).
Annually, residential property prices rose in Sydney (+13.9 percent), Melbourne (+9.6 percent), Canberra (+6.0 percent), Brisbane (+4.2 percent), Hobart (+3.5 percent) and Adelaide (+3.3 percent) and fell in Darwin (-3.2 percent) and Perth (-2.9 percent).
The ABS notes that as at December 2015 there were 9.62 million homes in Australia. On average there were 2.488 people per home, down from 2.491 in the September quarter.
“The total value of residential dwellings in Australia was $5,885,967.2m at the end of December quarter 2015, rising $31,557.1m over the quarter.
The mean price of residential dwellings rose $800 to $612,100 and the number of residential dwellings rose by 38,700 to 9,615,800 in the December quarter 2015.”
What is the importance of the economic data?
The ANZ/Roy Morgan weekly survey of consumer confidence closely tracks the monthly Westpac/Melbourne Institute consumer sentiment index but the former measure is a timelier assessment of consumer attitudes and is now closely tracked by the Reserve Bank.
The Australian Bureau of Statistics (ABS)  provides quarterly data on residential prices. The figures provide further perspectives on the state of the housing purchase sector.
<a href="/images/2016/03/23/Screen%20Shot%202016-03-22%20at%204.58.09%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/23/Screen%20Shot%202016-03-22%20at%204.58.09%20PM.png" alt="">
What are the implications for interest rates and investors?
CommSec doesn’t expect any change in the cash rate for the foreseeable future. Underlying inflation remains at the bottom of the 2-3 percent target band but should lift over 2016.
The Reserve Bank believes that the aspects of the consumer confidence surveys dealing with family finances are the most important. The good news for retailers is that Aussie consumers believe finances are better than a year ago and likely to remain in good shape.
The fall in the number of people per home most probably reflects lower growth in rents and the lift in homebuilding, especially the shift to apartment living. But the drop in the number of people per home is one factor serving to alleviate concerns of a potential oversupply developing of new homes.
Craig James is the chief economist at <a href="https://www.comsec.com.au/default.aspx" target="_blank">CommSec</a>.
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Contented consumers; Fewer people in homes: CommSec's Craig James

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The 26th MIPIM Awards have been announced at a gala ceremony held in Cannes.
Europe came close to taking all the trophies with winning projects from Italy, France, Belgium, Germany, Sweden, Scotland, Czech Republic and the United Kingdom.
Organised by Reed MIDEM, a subsidiary of Reed Exhibitions, MIPIM is currently taking place in Cannes.
The MIPIM Awards 2016 winners are:
 BEST HEALTHCARE DEVELOPMENT Queen Elizabeth University Hospital &amp; Royal Hospital for Children Glasgow, United Kingdom Developer: Brookfield Multiplex Architect: IBI Group Client: NHS Greater Glasgow &amp; Clyde Other: WSP Group, TUV SUD, Doig and Smith, Gillespies LLP, Ginko Projects  BEST HOTEL &amp; TOURISM RESORT  JW Marriott Venice Resort &amp; Spa Venice, Italy Developer: La Sessola Srl Architect: Matteo Thun &amp; Partners Project Manager: Luca Colombo BEST INDUSTRIAL &amp; LOGISTICS DEVELOPMENT ELI Beamlines Prague, Czech Republic Developer: Fyzikální ústav Akademie, věd ČR, v.v.i., Institute of Physics, Academy of Sciences, Czech Republic Architect: Bogle Architects BEST INNOVATIVE GREEN BUILDING 
 Treurenberg Brussels, Belgium Developer: AXA Investment Managers – Real Assets Architect: ASSAR ARCHITECTS Owner: AXA Belgium BEST OFFICE &amp; BUSINESS DEVELOPMENT #CLOUD.PARIS Paris, France Developer: SFL (Société Foncière Lyonnaise) Architect: PCA Philippe Chiambaretta Architecte BEST REFURBISHED BUILDING Papillon Düsseldorf, Germany Developer: 741 Projektentwicklung GmbH Architect: Luczak Architekten &amp; SW Häuser GmbH Other: Cadman GmbH, Hellmich Gruppe &amp; CarLoft BEST RESIDENTIAL DEVELOPMENT Katscha Norrköping, Sweden Developer: Ivarsson Byggnads AB Architect: Kai Wartiainen and Ingrid Reppen, arkitektur + development ab Public Authority: Norrköpings kommun BEST SHOPPING CENTRE Les Docks Village Marseille, France Developer: Constructa Urban Systems Architect: 5+1 AA Other: JP Morgan Asset Management BEST URBAN REGENERATION PROJECT Crossrail Place London, United Kingdom Developer: Canary Wharf Group Architect: Foster + Partners Engineer: Arup, Wiehag  BEST FUTURA PROJECT Paradis Express Liège, Belgium Developer: Fedimmo Architect: association A2M - Jaspers-Eyers Architects – BAG Other: Bureau Lemaire, TPF engineering, D2S, Heinz Winters Atelier, Duchêne, Galère, Interbuild BEST FUTURA MEGA PROJECT
DUO PARIS – Taking urban sensations to new heights Paris, France Developer: Ivanhoé Cambridge  Architect: Jean Nouvel Project Manager: Hines    PEOPLE'S CHOICE AWARD   Shanghai Tower
Shanghai, China 
Developer: Shanghai Tower Construction &amp; Development Co. Ltd
Architect: Gensler
Other:  Shanghai Construction Group, Thornton Tomasetti, Cosentini Associates, SWA Group, I.DEA Ecological Solutions
The MIPIM Awards Jury is composed of the following experts:
Barbara A. Knoflach - Deputy Chief Executive &amp; Global Head of Investment Management, BNP Paribas Real Estate
Martin J. Brühl FRICS - President, RICS
Madeleine Cosgrave - Managing Director, Real Estate Investment, GIC Real Estate
Serge Fautré - Chief Executive Officer, AG Real Estate
John Forrester - Chief Executive Officer, EMEA , Cushman &amp; Wakefield 
Paolo Gencarelli - Head of Group Real Estate, Unicredit 
Frank Khoo - Global Head of Asia, Axa Real Estate 
Sergey Kuznetsov - Chief Architect, City of Moscow 
Ralf Niebergall - Vice President, Federal Chamber of German Architects 
Denis Valode - Architect and Co-founder, Valode &amp; Pistre
Olle Zetterberg - Chief Executive Officer, Stockholm Business Region 
 
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JW Marriott wins MIPIM award

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GUEST OBSERVER
Between January 2011 and December 2015, 512 houses and townhouses were bought and sold in Fitzroy. 
A simple comparison between average prices in 2011 and 2015 reveals that these have increased by about 9.4 percent per year (Table 1).
<a href="/images/2016/03/17/Screen%20Shot%202016-03-17%20at%201.11.45%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/17/Screen%20Shot%202016-03-17%20at%201.11.45%20PM.png" alt="">
That’s the only thing this tells us: people spent more money on each house in 2015 than they did in 2011. As a statistic, averages can be very misleading. They ignore any changes to the mix of properties being put on the market.
For example, each time a property is refurbished, extended or renovated, the value of the property increases. While this increase in value is reflected in an increased average price, this is not true capital growth, as additional investments had to be made. Also, with only about 100 properties being sold each year, the sale of a very few, very large houses would have a significant impact on the average price in that period.
If we break this down into individual years (Table 2), we can see that average prices fluctuate, which again highlights the limitation of using averages as indicators of capital growth.
<a href="/images/2016/03/17/Screen%20Shot%202016-03-17%20at%201.11.50%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/17/Screen%20Shot%202016-03-17%20at%201.11.50%20PM.png" alt="">
A better way to track capital growth is to track individual houses that were bought and then sold again at a later time, while remaining physically unchanged. This eliminates the other factors mentioned earlier that plague averages.
Using selected properties that were sold twice or more since 2011, Table 3 shows the year-on-year capital growth of houses and townhouses in Fitzroy, while Figure 1 shows the growth of a housing investment made in 2011 visually.
<a href="/images/2016/03/17/Screen%20Shot%202016-03-17%20at%201.15.40%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/17/Screen%20Shot%202016-03-17%20at%201.15.40%20PM.png" alt="">
A house that was bought in Fitzroy in 2011 would sell for 25% more in 2015, given it remained in the same condition.
<a href="/images/2016/03/17/Screen%20Shot%202016-03-17%20at%201.18.27%20PM.png">Click to enlarge</a>
<img src="/images/2016/03/17/Screen%20Shot%202016-03-17%20at%201.18.27%20PM.png" alt="">
The only limitation of this methodology is that it can become inaccurate if the sample of properties is small. For example, in Fitzroy only 29 property sales were deemed eligible for the index above. This can be improved by extending the time range to earlier than 2011, which would show longer term growth trends.
For more information, <a href="https://secretagent.com.au/" target="_blank">click here</a>.
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Fitzroy's true property price growth: Secret Agent

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<div>
The tax affairs of the companies linked to Australia's richest people, including property developer Harry Triguboff have been published in an Australia-first data release by the Tax Office. 
Triguboff's Meriton paid $75 million in tax on taxable income of $262 billion in 2013-14, making him among the nation's largest privately owned property taxpayers. It reflected a 29 per cent rate on taxable income. 
Triguboff's Meriton had $1.19 billion total income.
The Tax Office published total revenue, taxable income and tax paid of the 321 privately owned companies with total income of $200 million or more.
It revealed that 98 of these companies paid no tax at all. 
</div>
<div>
Pratt Consolidated Holdings, controlled by the Melbourne-based Pratt family, had total revenue of 2.6 billion in 2013-14, with taxable income of $87.8 million, but paid no income tax. 
The ATO pointed out that many of the 321 companies also had about 11,000 entities associated with them - an average of 34 each - that reported an additional $1.6 billion in tax. 
Since 2013 around half of the companies in the report had been subject to an ATO audit or “further ATO engagement” to seek information.
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Harry Triguboff's $75 million annual tax revealed by ATO

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Richardson &amp; Wrench, one of the oldest real estate groups in Australia, has been bought by Andrew Cocks, its managing director.
The sale concluded negotiations between Cocks and the Wong family which has owned Richardson &amp; Wrench Group since 1988.
Mr Cocks, who was appointed to the group in 2009, became a R&amp;W director last month along with his wife, Allison.
It has independently owned offices in NSW and Queensland of 98 franchise territories, the two most recent being Goulburn and Maitland.
The mainstays of the network founded in 1858 are its offices at Noosa, Double Bay, Elizabeth Bay and Mosman.
No sale price has been given on the business which had 123 offices when last sold for $11 million by businessman Neil Collins to the Malaysian interests, associated with the WTK Group of Companies which has timber, mining and shipping interests in South-East Asia.
It was the first Australian investment by the Malaysian-based group directed locally by Maroubra resident Mr K.C. Wong from 1988 until 2013. 
At the time Richardson and Wrench was the fourth largest Australian franchise network behind the 400-office L J Hooker chain, the 180-office Raine and Horne network and the 170-office ERA-Ray White group.
Established in 1902, in the small Queensland country town of Crows Nest, Ray White has evolved into Australasia’s biggest group with over 1,000 individual offices across Australia, New Zealand, Indonesia, India, Malaysia, Papua New Guinea, China, the Middle East and Atlanta USA. Last year, Ray White sold over $40 billion worth of property.
The 1988 R&amp;W consortium aimed at doubling the numbers of franchise offices, according to then Australian-based consortium member, Michael Sanchez.
The Wong's have decided on "a refocus of the group’s investments."
Prior to 1988 the business had traded in 1982 when Lend Lease Corporation sold it after 21 years ownership for just under $2 million on a turnover of about $100 million.
Turnover was boosted to $250 million by 1985 and around $750 million in 1988 with its then base of 78 offices in NSW, 34 offices in Queensland, seven in Western Australia and four in the ACT.
Its then owner Neil Collins secured $11 million then going into partnership with the Southern Pacific Hotel Corporation in developing the Travelcourt chain of 30 economy hotels around the country.
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Richardson & Wrench group has new owner

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The Century 21 Australia chairman Charles Tarbey has warned the market could be hit with an oversupply of new properties.
“Then all of a sudden people get a bit frightened and concerned about settling," he told the REB website.
"They’d rather just lose their deposit and walk away or find a way out than to go ahead with purchasing an investment property.”
Mr Tarbey said there will be people who have put deposits on two or three properties.
“They’re not major investors, they are mums and dads that are starting out.
"There will be a few of them, and they are going to have to sit there and question whether or not they can come up with the extra cash if the valuations don’t meet the contract price that the properties are sold at.
“That’s the greatest risk.”
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Off the plan settlement risk coming: Charles Tarbey

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The Middle Park home at 312 Danks Street, a block from the beach and tucked behind grand Beaconsfield Parade, has been listed with $5 million-plus hopes.
The period home with five bedrooms property has had a makeover, marketed as modern chic <a href="https://www.realestate.com.au/property-house-vic-middle+park-122013166" target="_blank">balanced with the charm of old</a>.
There are fireplaces, soaring ceilings and leadlight windows.
The contemporary kitchen/ dining/living spills out to a garden and verandah, overlooking lawn.
Marshall White’s Kaine Lanyon has it for March 23.
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Middle Park mix of old charm and contemporary

An entity directed by HSN's Rafi Assouline and Rebel Property's Allen Linz has filed plans for an impressive new precinct in Woolloomooloo.

The major mixed-use development would transform a prominent William Street site into a new residential village anchored by affordable housing and a large public park.

The proposal, submitted as a State Significant Development Application, covers 164-172 and 174-194 William Street, a 6,398 sqm site between Forbes Street and Dowling Street on the southern edge of Woolloomooloo.

Designed by fjcstudio in collaboration with Bangawarra, Studio Bright and Tribe Studio Architects, the scheme would deliver 227 apartments across four residential buildings ranging in height up to 18 storeys, alongside retail space, public domain improvements and a new publicly accessible park.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="0eb59b7c-914a-4a5c-b849-3a56749f5e93" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.18.51%E2%80%AFAM.png?VersionId=mxM6EEqeoLjrCiTlCzTKTvzpKuh6kSkH" />

It's another design scheme for Rebel, who took <a href="https://www.apartments.com.au/news/nsw/first-look-rebel-property-group-takes-woolloomooloo-precinct-to-nsw-government">concept plans to the NSW Gov late last year</a>.

The latest plans will be a mix of 167 build-to-sell apartments and 60 affordable apartments, with the affordable housing component representing 15 per cent of the project's gross floor area. The apartment mix includes 12 one-bedroom, 53 two-bedroom, 89 three-bedroom apartments and 13 penthouses, while the affordable housing component would comprise 42 one-bedroom and 18 two-bedroom apartments.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="3b3d4553-8a8c-4af5-aa8c-519ffb1e28c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.12%E2%80%AFAM.png?VersionId=_Yb6ibN7eDnOtQjCNDK2eviORa4qzgv." />

Rebel Property is seeking to take advantage of the NSW Government's infill affordable housing bonus provisions under the Housing SEPP, which provide additional floor space and height in exchange for the delivery of affordable housing for a minimum of 15 years. The planning pathway allows a 30 per cent increase in floor space ratio and building height where 15 per cent of the development is dedicated to affordable housing.

&nbsp;

At the centre of the development is a 1,356 sqm sunlit public park designed to become a new community gathering space at the gateway to Woolloomooloo. The park would be complemented by a network of pedestrian laneways connecting William Street with the surrounding streets, improving permeability through what is currently a largely impermeable block.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="257af931-a393-4007-8c6d-7219796df58d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.51%E2%80%AFAM.png?VersionId=KAHy94GrhaReFsWTGDKfy39EDJ8gEEv4" />

The design team says the public domain has been heavily influenced by the site's topography and Aboriginal cultural heritage, drawing on the escarpments, gullies and landscape characteristics that historically defined the area before urbanisation. The landscape design has been developed in partnership with First Nations consultancy Bangawarra.

The project would be delivered across four separate buildings. The William Street East and William Street West buildings, designed by fjcstudio, would contain the majority of the apartments. Melbourne-based Studio Bright has designed the Forbes Street building, while Tribe Studio Architects is responsible for the Dowling Street building.

Rebel had secured approval for the concept plans late last year.

Joel Robinson

First look: HSN, Rebel, advances Woolloomooloo precinct plans

A locally heritage-listed furniture showroom on Water Street is set to become the centrepiece of a new mixed-use residential development as local developer&nbsp;<a href="https://www.apartments.com.au/developers/keylin-group">Keylin</a> seeks approval for <a href="https://www.apartments.com.au/new-apartments/lotus-on-water-street-290-water-street-fortitude-valley-qld-4006">Lotus on Water Street</a>, a 15-storey project on the Fortitude Valley side of Spring Hill.

The proposal spans 290 Water Street and 137-141 Warry Street, combining several properties into a 2,869 sqm site that sits between Fortitude Valley, Spring Hill and the rapidly evolving Victoria Park precinct. Keylin's plans would deliver 132 apartments alongside new retail, hospitality and commercial space, while retaining and repurposing the historic Brunswick Home Furnishers Showroom that fronts Water Street.

Designed by <a href="https://www.apartments.com.au/architects/jackson-teece">Jackson Teece</a>, Lotus on Water Street comprises a 12-storey residential tower rising above a three-storey podium and communal rooftop terrace. The development includes 76 apartments classified as multiple dwellings and a further 56 units proposed as short-term accommodation, designed to be flexibly used as either accommodation or permanent residences. The apartment mix comprises six one-bedroom, 54 two-bedroom and 16 three-bedroom homes.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="9822bb79-6c49-49c9-95ba-319e8c8d81c3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20front.png?VersionId=ioW8zbN4UVebbLetTFuv92t.HkdgfR5e" />

Residents would have access to an extensive rooftop recreation level spanning more than 1,200 sqm of communal open space. Plans include a pool, gym, sauna, infrared sauna, yoga area, library, private dining room, barbecue facilities and landscaped entertainment spaces, making the rooftop the project's largest shared amenity offering.

At street level, the proposal focuses on the adaptive reuse of the heritage buildings along Water Street, where 518 sqm of retail and commercial space is planned across shop, office and food and drink outlet uses. A permeable residential lobby would be positioned between the retained heritage buildings, creating a pedestrian connection between the historic streetscape and the new tower behind.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="269cf3e0-7d13-48bf-a318-05a00deb5c10" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20podium.png?VersionId=DLXmTCLsp6GOcLpQ0h.0z7wKCw59EhN_" />

The heritage retention strategy is central to the scheme. The development application notes that the Brunswick Home Furnishers Showroom and adjoining heritage buildings will remain, with only non-significant structures on the site earmarked for removal under a previously issued Heritage Exemption Certificate. Levels one and two of the new podium are recessed behind the heritage façades to maintain their prominence within the streetscape.

Jackson Teece has drawn inspiration from the site's manufacturing history when designing the podium. The planning documents state that the façade incorporates perforated metal screening that references the woven and rattan furniture historically produced on the site. Cascading and climbing plants are integrated throughout the podium to soften the building's presentation and screen parking levels behind. The landscape strategy also informs the project's name, Lotus on Water Street, drawing on the historic Spring Hollow waterholes that once ran through Spring Hill and the blue water lilies associated with Meeanjin, Brisbane's traditional name.

The proposal also incorporates the neighbouring property at 141 Warry Street, currently occupied by a healthcare service. The existing building would remain, with nine dedicated parking spaces allocated within the new development to support its ongoing operation. In total, Lotus on Water Street proposes 117 car spaces, including 110 resident spaces and seven visitor bays, alongside 100 bicycle spaces.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="70cf07bc-4fd8-4e70-92dd-be8b21c4e4f0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20site.png?VersionId=txlxrJImM0Sm_vTzHVKh5DDUkyL_CiiA" />

The site sits within the Spring Hill East Precinct of the Spring Hill Neighbourhood Plan and is positioned around 650 metres from both Fortitude Valley Station and Exhibition Station. It is also within walking distance of the King Street precinct, Royal Brisbane and Women's Hospital, Herston Quarter and Victoria Park, which is earmarked to become a major venue precinct ahead of the Brisbane 2032 Olympic and Paralympic Games.

Planning documents describe the location as a key gateway between Spring Hill and Fortitude Valley and highlight the area's increasing importance as new transport infrastructure and Olympic-related investment reshape Brisbane's inner north. The development team argues the project will contribute additional housing supply while activating a section of Water Street that has historically received less investment than other parts of the Valley.

Keylin has become increasingly active across Brisbane and southeast Queensland, assembling sites in strategic inner-city locations. They are currently selling and delivering <a href="https://www.apartments.com.au/new-apartments/oria-spring-hill-447-gregory-terrace-spring-hill-qld-4000">Oria Spring Hill</a>, just over 140 apartments due for completion in 2027.

Keylin plans heritage-led Lotus on Water Street apartment development in Fortitude Valley

Roseville is poised for a wave of new apartment development following the NSW Government's rezoning of land around Roseville Station under its Transport Oriented Development program.

The new planning controls have unlocked significant development potential within walking distance of the station, with a number of sites expected to be amalgamated and redeveloped in the coming years as developers seek to take advantage of the increased density allowances.

One of the more restrained developments in the precinct, and set among the first to be delivered having commenced well before the recent changes, is Hyecorp's Juliet. The boutique apartment project is already well under construction and remains on track to welcome residents by the end of the year, offering a markedly different proposition to many of the larger-scale developments now likely to emerge across the suburb.

[smartcode_project:default project_id=7395 project_image_fid=278194]

<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet</a> will comprise just&nbsp;34 one-, two-, and three-bedroom apartments opposite Roseville Station. For Hyecorp, which has delivered projects across Sydney's Lower North Shore for more than three decades, Roseville presented a rare opportunity to address a growing gap in the market.

"<a href="https://www.apartments.com.au/developments/roseville-nsw-2069">Roseville</a> has long been one of the North Shore's most tightly held and desirable suburbs, offering a unique combination of village charm, established greenery, excellent transport connections, and proximity to some of Sydney's best schools and lifestyle amenities," Hyecorp said.

"We recognised a growing demand from local homeowners seeking to downsize without leaving the community they have built their lives around. The location presented a rare opportunity to create homes that cater specifically to that buyer profile."

[smartcode_project:default project_id=7395 project_image_fid=278196]

The six-level development has been designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> as a collection of residences that feel more like homes than apartments. The brief centred generous floorplans, abundant natural light, quality finishes, and strong connections to outdoor space.

PBD Architects drew inspiration from Roseville's established garden suburb character, creating a building that sits comfortably within its surroundings rather than dominating them. The architecture incorporates natural materials, soft forms, layered landscaping, expansive balconies, and generous setbacks to strengthen the connection between residents and the suburb's leafy environment.

"The focus was on designing spacious, house-like residences for discerning owner-occupiers and downsizers who wanted to remain on the North Shore without compromising on comfort, privacy, or design," PBD said.&nbsp;

"Every apartment was to feel considered, timeless, and highly functional."

[smartcode_project:default project_id=7395 project_image_fid=278195]

Inside, residences feature engineered timber flooring, stone kitchen benchtops and splashbacks, integrated Fisher &amp; Paykel appliances, ducted air conditioning, and large outdoor entertaining areas designed to take advantage of district and treetop views.

Residents will also have access to a rooftop barbecue and lounge area, alongside practical amenities including parcel lockers, EV charging capability, bicycle storage, a dog wash bay, and a basement car wash facility.

The majority of purchasers so far have been local owner-occupiers from Roseville, Lindfield, Chatswood, Killara, and the broader Upper North Shore, many of whom are transitioning from larger family homes.

"Buyers are looking for spacious, house-like apartments that allow them to downsize without feeling like they are sacrificing comfort or functionality," Hyecorp noted.

"They value large kitchens, generous living areas, ample storage, quality finishes, secure parking, lift access, and low-maintenance living."

[smartcode_project:default project_id=7395 project_image_fid=278204]

Juliet sits directly opposite Roseville Train Station and within walking distance of Roseville Village, while Chatswood's retail and dining precinct is only minutes away. The development is also surrounded by some of Sydney's most established schools, including Roseville College, Ravenswood, Pymble Ladies' College, and Knox Grammar, as well as nearby parklands and golf courses.

Juliet is currently more than 75 per cent sold ahead of its anticipated completion in late 2026.

[smartcode_project_cta:default project_id=7395]

Juliet to sit quietly amid Roseville apartment boom

Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

[smartcode_project:default project_id=150017 project_image_fid=370959]

“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

[smartcode_project:default project_id=150017 project_image_fid=370964]

“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

[smartcode_project:default project_id=150017 project_image_fid=371430]

Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

[smartcode_project_cta:default project_id=150017]

Sherpa unveils $500m mixed-use Palm Beach precinct, Flourish Soleira

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Jonathan Chancellor

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