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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

A who's who of Australian surfing, business and entertainment has emerged on title records following the completion of Esprit Rainbow Bay, the latest boutique beachfront apartment development by former professional surfer Paul Gedoun's S&amp;S Projects.

The completed project has attracted an enviable collection of owners, many with long-standing ties to the southern Gold Coast and the surf culture that has helped define Rainbow Bay and neighbouring Kirra for generations.

Given Gedoun's own background in surfing, it perhaps comes as little surprise that some of Australia's most recognisable surfers have chosen to buy into the development overlooking one of the country's most celebrated stretches of coastline.

Pezet Matheson directors Jayde Pezet and Todd Matheson launched the project in late 2021, and have managed the sales campaign all the way through to its sell-out and recent completion.

<img alt="Esprit" data-entity-type="file" data-entity-uuid="08fc6261-b84e-4b09-8a44-66d3067fd0d1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-29%20at%208.51.05%E2%80%AFAM.png?VersionId=4AOcb6ETZwNUnMPdTtz1B3pZAIB_jgZ2" />

Former world champion Mick Fanning, who grew up in Coolangatta, secured an apartment in 2023. He paid&nbsp;$2.07 million. Last year he sold his Bilinga home for over $16 million.

Three-time world champion Joel Parkinson also purchased in the development, alongside big wave surfer Mark Mathews. Mathews bought the most expensive apartment in the building, spending just over $4 million.

Joining them is Rip Curl founder Doug Warbrick, whose company helped shape Australia's global surfing industry over the past five decades.

The appeal of Rainbow Bay has extended well beyond the surfing community.

International DJ Paul Fisher purchased an apartment through his investment vehicle, YLB Developments, an abbreviation of his trademark phrase "You Little Beauty".

The purchase comes as Fisher and his wife Chloe are developing their own luxury apartment project further north in Palm Beach. Their boutique beachfront development, Pescado, comprises just seven apartments on Jefferson Lane, which start from just shy of $6 million. The couple intend to retain the two-level penthouse as their Australian base between international touring commitments.

Melbourne Storm coach Craig Bellamy and his wife Wendy have also invested in Esprit, purchasing two apartments after spending decades holidaying on the southern Gold Coast. They also have a luxury apartment in Joe Adsett's Rockpool, less than 400m away from Esprit.

<h2>Boutique project draws owner-occupiers</h2>

Esprit launched in 2021 and sold strongly, with buyers drawn to its boutique scale, beachfront position and contemporary design.

The completed development comprises 94 apartments across 11 levels, offering expansive floorplans designed primarily for owner-occupiers rather than the investor market.

Crowning the building is Club Esprit, pitched as being the Gold Coast's first residential rooftop wellness centre. The roof features a&nbsp;25 metre magnesium lap pool, which is surrounded by wet daybeds and poolside cabanas,&nbsp;multiple barbecue areas,&nbsp;a yoga and relaxation play lawn, and a private dining room with a kitchen scullery, bar, lounges, and an outdoor terrace.

The wellness centre is&nbsp;fully equipped with a Technogym, ice bath, infra-red sauna, steam room, thermal room, and treatment room. The roof has views spanning&nbsp;Rainbow Bay, Snapper Rocks and the Pacific Ocean.

<h2>S&amp;S Projects continues to shape Rainbow Bay</h2>

S&amp;S Projects founder Paul Gedoun has become one of the key figures behind Rainbow Bay's evolution over the past several years.

After establishing S&amp;S Projects, Gedoun has focused on delivering lifestyle-driven apartment developments designed primarily for owner-occupiers seeking a permanent coastal home.

Esprit is Gedoun's third completed project in Rainbow Bay, following Flow and Awaken, both of which achieved record prices for the suburb.

He is now delivering <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, a 38-apartment development on Boundary Street that is currently selling, and has no plans to leave the precinct anytime soon. S&amp;S Projects has also lodged plans for its fifth Rainbow Bay development, an 88-apartment project on Boundary Street featuring a strong wellness focus.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">First look: S&amp;S Projects proposes 88-apartment wellness tower at Coolangatta's Boundary Street</a>

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Joel Robinson

Who's who of buyers revealed as Esprit Rainbow Bay settles

Nature Based Cities (NBC), the not-for-profit organisation focused on improving biodiversity and nature outcomes in urban development, has launched its latest industry design guidelines and accreditation framework, this time targeting precinct-scale residential communities.

The move extends NBC’s influence beyond its initial focus on medium and high-density residential developments. Several projects have already achieved NBC accreditation since the launch of its Medium &amp; High-Density Residential Guidelines in early 2025.

The expansion into masterplanned communities and new residential precincts reflects the growing need for stronger nature-positive benchmarks as Australia’s outer suburban growth corridors continue to expand at pace.

Paul Hameister OAM, NBC Founder and the Executive Chairman of Melbourne developer Hamton who itself leans heavily into nature and biodiversity in its developments, says the&nbsp;nature-first approach to mitigate the effects of climate change has become standard in other parts of the world such as the UK, but Australia is lagging.&nbsp;Australia’s environmentally sustainable design (ESD) rating tools have no minimum mandatory requirements for living landscapes.

“We’ve always wanted to do more, and we know other developers who want to do more, but the ESD rating tools just aren’t there,” Hameister says. “In Australia, you can have a five-green-star rated building that’s concrete and glass with not a blade of grass. 
 
“The focus is on reducing emissions, which is laudable, but there hasn’t been enough attention paid to protecting and re-establishing nature. We need both for the health of the environment and for communities.”

He says that having now&nbsp;made good progress in supporting developers of medium and high-density residential projects, NBC is now looking to bolster better nature-based decision-making and recognise developers of greenfield projects in the outer ring and large inner-ring brownfield precincts, who want to champion nature and living landscape as a defining feature.

Since 2022, the not-for-profit has sought to remove the roadblocks preventing developers from incorporating nature and living landscapes into their projects, shifting the conversation from the reduction of emissions and grey infrastructure, toward recognising nature as an essential infrastructure.

The New Communities Design Guidelines and Scorecard arm developers with the tools needed to deliver a nature positive outcome for their new communities. Intended to be adopted at the outset of the planning process, the guidelines are designed to help create communities that are cooler, healthier and more resilient while also enhancing social wellbeing and long-term economic value.&nbsp;

New Communities developers seeking accreditation will be independently assessed across a range of key criteria including ecology, tree canopy, biodiversity, and walkability. Once the masterplan is complete and submitted for approval, the scorecard is formalised based on proposed outcomes. Projects that meet the NBC criteria will receive either Commended or Exemplary accreditation outcomes, creating a clear benchmark for nature-positive new communities in Australia.&nbsp;

Janis Fischer, Director at Tract and NBC Advisory Council member, said the development of new communities in our suburbs can have a substantial impact on nature and biodiversity.

"By incorporating nature-based design principles at the inception of a project, developers and their design teams can achieve nature positive outcomes that are good for both people and the planet.’’&nbsp;

NBC accredited New Community projects will gain access to NBC branding and marketing tools to help communicate their nature-based credentials to purchasers and the broader market.&nbsp;

Nature Based Cities: A new Australian benchmark for developing nature-positive new communities

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.

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.

Jonathan Chancellor

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