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GUEST OBSERVER
On Monday, a scarifying account of Tony Abbott’s prime ministership appears in the bookshops. By journalist Niki Savva, The Road to Ruin: How Tony Abbott and Peta Credlin Destroyed Their Own Government will paint a graphic picture of political disaster.
In recent days we’ve seen Abbott step up to an intense level of activity. A 4000-word essay for Quadrant defending his government. A well-publicised dinner with Japanese Prime Minister Shinzo Abe, and effective endorsement of Japan’s bid for the submarine contract. Condemnation of the Safe Schools anti-bullying program in media comments.
And, most significant of all, an intervention in the tax debate at Tuesday’s Coalition partyroom meeting – the first time since losing the leadership he has weighed in at that forum on policy.
Some around the government see a link between the imminent appearance of the Savva book and what Abbott is doing – an attempt at putting his version of the past and seeking, to the extent possible, to erect firewalls. Regardless of whether they’re right, Abbott’s decision to inject himself into the tax debate has significant implications for Malcolm Turnbull.
Abbott is not a threat to Turnbull. But in the context of the volatile tax issue and a vociferous backbench, the amplified voice of a former leader is unhelpful.
Consider where Turnbull is on tax. With the GST change now overboard, he has had to retreat to a modest package. Options still on the table include trimming superannuation concessions, tightening negative gearing, and overhauling deductions, with proceeds used for limited income-tax cuts.
Given previous expectations about reform, many would find the result disappointing even if the government took up all these options. But some backbenchers are pushing back hard especially on negative gearing, buttressing their case by the argument – with obvious attractions for Turnbull – that it is easier to demolish Labor’s policy if the government stays with the status quo.
That was a point Abbott made strongly in the partyroom, when he endorsed the view of a colleague who had expressed discomfort about talk of capping negative gearing.
According to the regular post-meeting briefing, Abbott reminded the partyroom of “two truisms” – that “we don’t have a revenue problem, we have a spending problem”, and “you can’t reduce taxes by raising taxes”. He said Turnbull in parliament had “brilliantly” destroyed the ALP’s tax proposals. But the corollary, he warned, was that the Coalition could not go down the same path itself – or its words would come back to haunt it.
Abbott instead urged the government go down the savings path; savings were very difficult, as the 2014 budget showed, “but we have to revisit that task”.
In another burst of wicked flattery, he said that with Turnbull’s communications skills and the new team, “this can be done and this is the challenge”. “We’re a low-taxing, small-government party, and these are the fundamentals for the cabinet to consider as we finalise the tax package.”
In a return of mutually insincere compliments, Turnbull said leadership was about both continuity and change, and many of the things the Turnbull government was doing represented continuity from the leadership shown by Abbott. He told Abbott that “Scott Morrison and I are completing the process of looking right across the board in our review of the tax system, which you and Joe Hockey started … continuing the process that you, Tony, so openly and courageously began.”
Turnbull finished by congratulating Abbott for opening up the tax debate. It was convenient to overlook that Morrison only recently said that when the new team came in, work had to start on a plethora of options which had been previously taken off the table.
One of those was negative gearing, which Abbott had not wanted touched, despite the inclination of Hockey. At least Abbott is being consistent in saying it should be protected, albeit either disingenuous or weak-headed in suggesting the new salesmen could sell extensive spending cuts before an election.
On negative gearing, the government has turned mute. Morrison is on record about its “excesses”. But Turnbull declined to be drawn on what they are, as the opposition pursued him on Tuesday. The normally imperturbable Finance Minister Mathias Cormann was uncomfortable when pushed on excesses. “The treasurer can talk for himself. I am the finance minister – I look after the expenditure side of the budget.”
Earlier at the party meeting, Morrison, still desperate to get enough money to address – even in a small way – bracket creep, said: “When it comes to tax policy we are dancing on the top of a pin head. We have very few options. There is no burden-free decision in the tax debate. If you choose not to act, you will nevertheless be acting by default and increasing the income tax rate through bracket creep.
“Let no-one think that doing nothing on the tax debate is without consequences.”
A frustrated Morrison might feel he’s on a pin head. For Turnbull – with Tuesday’s Essential poll joining Newspoll in having the Coalition and Labor tied on 50-50 – it feels more like a barb-wire fence.
Michelle Grattan is professorial fellow, University of Canberra and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/michelle-grattan-20316" target="_blank">here</a>.
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Tony Abbott and Malcolm Turnbull wield swords of flattery in negative gearing tax face-off

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GUEST OBSERVER
There have been no surprises from the RBA which left interest rates on hold at its March meeting. This marks the tenth month in a row with the cash rate remaining at 2 percent.
In its Statement accompanying the decision, the RBA made very little changes: continuing to sound less upbeat on the global economic outlook, acknowledging the volatility in financial markets, continuing to see inflation remaining low and seeing property price gains 
in Sydney and Melbourne as having moderated.
The RBA also indicated that it is continuing to wait for more information in order to be able the impact of financial turbulence on the Australian economy and to assess the labour market. 
However, it did make too substantive changes to its post meeting Statement. In removing a reference to above average levels for survey measures of business conditions and in saying that “continued low inflation would [as opposed to “may” in the February Statement] provide scope for easier policy, should that be appropriate…” the RBA appears to have strengthened its easing bias somewhat.  
Our view remains that the RBA will cut interest rates again this year reflecting the risks around the global economy, weaker than expected commodity prices, still subdued growth in Australia at a time when the contribution from housing construction is slowing, a more dovish Fed threatening a higher Australian dollar and continued low inflation. However, this may not come till May. Given the RBA’s focus on inflation the March quarter CPI to be released in late April will be worth watching.
However, whether there is another rate cut or not from the RBA, it remains very hard to see rate hikes any time soon. So the period of low interest rates is set to continue.
<a href="/images/2016/03/image003.png" target="_blank">Click to enlarge</a>
 <img src="/images/2016/03/image003.png" alt="">
<a href="https://www.propertyobserver.com.au/https://plus.google.com/110172465327488162875?rel=author" target="_blank">SHANE OLIVER</a> is head of investment strategy and economics and chief economist at <a href="https://www.ampcapital.com.au/home" target="_blank">AMP Capital</a> and is responsible for AMP Capital's diversified investment funds.
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RBA on hold as expected, but signals a slightly stronger easing bias: AMP Capital's Shane Oliver

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The RBA today held rates at 2 percent.
The decision from the RBA came as no surprise today, considering labour markets are holding up and housing market conditions have moderated but remain firm, Tim Lawless at CoreLogic RP Data said.
"The fact that the rate of capital gains has wound down across the housing market and investor activity is reducing from the highs of mid last year are likely to be welcomed developments from the Reserve Bank.
"Based on indices data released today by CoreLogic, capital city dwelling values rose by 1.4% over the most recent three month period and by 7.6% over the past twelve months; a substantial slowdown from the strong housing market conditions that were evident over the first half of 2015."
Lawless suggests if the RBA were to provide another cash rate cut later this year, they probably wouldn’t need to worry too much about over stimulating the housing market; mortgage rates are already higher than a year ago due to the higher capital requirements implemented by APRA and the pace of investment credit growth is tracking well below the 10% speed limit imposed in December 2014. 
"With inflation tracking around the bottom of the RBA target range of two to three per cent, the Reserve Bank can work to stimulate the economy by dropping the cash rate further if they see a requirement to do so."
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No change: RBA March 2016 cash rate decision

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GUEST OBSERVER
The CoreLogic RP Data Home Value Index of capital city home prices rose by 0.5 percent in February after a 0.9 percent lift in January. Home prices were up by 7.6 per cent over the year to February.
Dwelling prices rose in six of the eight capital cities in February.
The Performance of Manufacturing index rose by 2 points to 53.5 in February – a near six year high. A reading above 50.0 indicates that the sector is expanding. Production, new orders and exports lifted in February
The economic data continues to surprise on a positive note. The manufacturing sector is now expanding at the fast pace in almost six years. And when it comes to home prices it is a case of modest strength – but more encouragingly price growth is more spread out and not just Sydney and Melbourne centric.
Dwelling prices rose in six of the eight capital cities. But the lift in home prices in Hobart, Adelaide and Brisbane was the icing on the cake. In fact home prices in Hobart have now lifted by 8.5 per cent in the past three months. It seems investors and home buyers are shifting away from the traditional growth markets of Sydney and
Melbourne and looking for more attractively-priced property in other cities.
It is still early days but the perfect outcome would be if the majority of regional areas recorded a lift in dwelling values. The “Rest of State” price index lifted by 0.6 per cent in February, although annual growth is still subdued at 2.2 per cent. This highlights the issues facing policymakers in attempting to manage a very diverse housing market. What we would expect to see is the lift in capital city house prices continues to filter out across the regional towns over the next 12-24 months.
The consolidation in home prices is unlikely to see home building dry up. There is a record pipeline of dwelling approvals that suggest a lot of building work will take place over the next two years - supportive of a lift in activity levels over the medium term.
The rebalancing effect across the economy continues to take place. Manufacturing activity has now expanded for eight consecutive months – marking the longest streak in ten years. More importantly the sub-indices like, production, new orders and exports, are showing a credible lift. No doubt the weaker Australian dollar will continue to support the sector. In addition low resource prices – particularly for oil - are keeping down input costs and also providing a boost to the sector.
<a href="/images/2016/03/Screen%20Shot%202016-03-01%20at%2011.50.38%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/Screen%20Shot%202016-03-01%20at%2011.50.38%20AM.png" alt="" width="814" height="591">
The latest data should ensure that the Reserve Bank continues to remain on the interest rate sidelines. If a rate cut was to take place it would be as a result of a downturn in the global economy rather than domestic economic conditions.
What do the figures show?
Home prices
The CoreLogic RP Data Hedonic Australian Home Value index of capital city home prices rose by 0.5 percent in February after a 0.9 per cent lift in January. Home prices were up by 7.6 per cent over the year to February.
House prices rose by 0.6 percent in February while apartment prices fell by 0.1 percent. House prices were up 7.8 percent on a year ago and apartments were up by 6.2 percent.
The average Australian capital city house price (median price based on settled sales over quarter) was $572,000 and the average unit price was $480,000.
Dwelling prices rose in six of the eight capital cities in February: Hobart (up 2.9 percent), Adelaide (up 1.9 percent, Brisbane (up 0.8 percent), Sydney (up 0.5 percent), Darwin (up 0.4 percent) and Melbourne (up 0.3 percent). Prices fell most in Perth (down 1.1 percent), followed by Canberra (down 0.2 percent).
Home prices were higher than a year ago in six of the eight capital cities. Prices rose most in Melbourne (up 11.1 percent), followed by Sydney (up 9.5 percent), Hobart (up 6.2 percent), Brisbane (up 5.5 percent), Canberra (up 4.5 percent) and Adelaide (up 2.8 percent). Prices fell in Perth (down 3.1 percent), and Darwin (down 2.9 percent).
Total returns on capital city dwellings in the year to February rose by 11.5 per cent with houses up 11.6 percent on a year earlier and units up 10.9 per cent.
 Performance of Manufacturing
The Performance of Manufacturing index rose by 2 points to 53.5 in February – its highest level since July 2010.
AIG notes “February was the eighth consecutive month in which the Australian PMI has been above 50 points (net expansion). This is the longest continuous run of expansion since 2006.”
Across the sub-indices; production (60.1 points), new orders (52.4 points), stocks (52.5 points), deliveries (53.5 points) exports (53.7 points) and sales (53.0 points) were positive in February. Employment (47.4 points), remained in contraction.
What is the importance of the economic data?
The CoreLogic RP Data Hedonic Australian Home Value Index is based on Australia’s biggest property database. Unlike the ABS Index, which excludes terraces, semi-detached homes and apartments, the CoreLogic-RP Data Hedonic Index includes all properties. Home prices are an important driver of wealth and spending.
The Australian Industry Group and PricewaterhouseCoopers compile the  Performance of Manufacturing Index (PMI) each month. The Australian PMI is the Australian equivalent of the US ISM manufacturing gauge. The PMI is one of the timeliest economic indicators released in Australia. The PMI is useful not just in showing how the manufacturing sector is performing but in providing some sense about where it is heading. The key ‘forward looking’ components are orders and employment.
What are the implications for interest rates and investors?
Sydney and Melbourne drove the gains in home prices in 2015. But the two largest cities are likely to come back to the pack over 2016. Overall, we expect returns on home prices across Australia to lift by around 7 per cent in 2016. CommSec expects no change to rates over 2016.
Savanth Sebastian is an economist for <a href="https://www.commsec.com.au/" target="_blank">CommSec</a>
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Regional towns to get boost, as Hobart leads higher home prices: Savanth Sebastian

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GUEST OBSERVER
ABS figures show that new home building approvals faltered during the first month of 2016.
January 2016 was a rather weak month for new home building approvals, with both detached house approvals and those for multi-units falling back compared with December. 
During January 2016, new home building approvals declined by 7.5 percent. This comprised a 6.1 percent drop in detached house approvals and a reduction of some 9.1 percent in multi-unit approvals. Over the past year, approvals totalled some 231,752 which is 10.6 percent higher than the previous 12 month period and still very strong by historical standards. 
Towards the end of 2015, the residential building industry was hit by a number of unfavourable developments. The major banks increased their mortgage interest rates, credit conditions were tightened for domestic investors and the $5,000 foreign investor fee came into force. This has made it more difficult to deliver new housing supply and today’s figures seem to bear this out.
The HIA’s Housing Australia’s Future report warned last week of the major challenges in meeting Australia’s housing needs over the coming decades. It is therefore vital that policy settings and credit conditions become more focused on the consistent delivery of the required volume of new housing supply over the long term. We’re just not seeing this at the moment. 
During January 2016, total seasonally adjusted new home building approvals saw the largest increase in South Australia (+14.2 percent), followed by Western Australia (+7.2 percent) and Victoria (+2.9 percent). The volume of approvals fell in New South Wales (-22.9 percent), Queensland (-13.4 percent) and Tasmania (-11.1 percent). In trend terms, approvals saw a 9.4 percent decline in the Northern Territory and contracted by 11.4 percent in the Australian Capital Territory.
<a href="/images/2016/03/Screen%20Shot%202016-03-01%20at%2012.34.55%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/Screen%20Shot%202016-03-01%20at%2012.34.55%20PM.png" alt="" width="799" height="388">
Shane Garrett is senior economist for HIA and can be contacted <a href="https://hia.com.au/en/BusinessInfo/economicInfo/EcoGroup.aspx" target="_blank">here</a>.
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Building approvals stumble into 2016: HIA's Shane Garrett

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GUEST OBSERVER
A weaker jobs report and a pullback in surveyed business conditions suggests that local growth remains below trend.
At the same time, inflation is low, giving the RBA scope to cut further, if needed, despite its considerable reluctance to do so.
We expect the RBA to be on hold for now, but see another cut in Q2, unless the AUD sees a tangible fall before then.
The past month has delivered a modest pullback in the timely indicators of economic activity, from the much stronger numbers in late 2015. Some part of this may reflect a response to the recent financial turmoil, but it is also likely to reflect some correction for over-statement of the strength in the statistics late last year.
After reaching post-global financial crisis highs in Q3 and Q4 2015, surveyed business conditions have pulled back in December and January. Likewise, employment fell modestly in the past couple of months, following very strong growth in October and November (part of this reflects measurement issues in the official labour force survey).
Job advertisements and job vacancies have continued a modest trend higher, and consumer and business sentiment are around average. Although housing market auction clearance rates have picked up strongly in February, the daily house price numbers continue to show flat housing prices since August.
The modest pullback in the activity indicators leaves the economy growing at a solid, but still below-trend pace. We expect next week’s Q4 2015 GDP print to show growth of 2.5% y-o-y. This pace of growth is insufficient to generate a pick-up in inflation, and we continue to expect the underlying measures of inflation to drop below the bottom edge of the RBA’s target band in coming quarters. Wages numbers, published this week, show wages growth slowing to new lows, and this is expected to continue to weigh on domestic inflation.
A further fall in the AUD could help to lift inflation, but the AUD has been quite sticky at around US70-72 cents. With policy rates set to fall further in Europe and Japan in coming quarters and the market doubting whether the Federal Reserve will hike this year, the global backdrop is putting upward pressure on the AUD. 
Speculative positions have recently shifted to ‘long’ the AUD/USD for the first time in nine months.
Despite the RBA’s considerable reluctance to cut the cash rate further, we expect they may have to cut around mid-year to keep inflation on target. We expect them to remain on hold next week but expect a cut in Q2.
<a href="/images/2016/03/Screen%20Shot%202016-03-01%20at%2011.04.03%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/Screen%20Shot%202016-03-01%20at%2011.04.03%20AM.png" alt="" width="730" height="334">
Local activity indicators have pulled back a little
In recent quarters, the RBA has pointed to two key pieces of evidence that growth is lifting: surveyed business conditions and improvements in the labour market. 
Both of these sets of indicators have started to pull back in the past couple of months.
Surveyed business conditions, which had been around their post-global financial crisis highs, fell in December and January (Chart 1). The official labour force survey has also shown that employment fell modestly in December and January, following very strong growth in October and November. In this case, we see part of the pullback as reflecting measurement issues in the official jobs numbers. Our own ‘labour market index’ suggests jobs growth of around 1.5% y-o-y, rather than the official numbers which show growth of 2.5% (See Downunder Digest: Is Australia’s jobs growth really that strong?, 11 February 2016). These indicators suggest that growth remains below trend.
Wages sluggish and investment outlook weak
The key question for the RBA is whether this below-trend growth will be sufficient to keep inflation on target? We remain doubtful. Underlying inflation is currently at the bottom edge of the 2-3% target band we expect it to fall in coming quarters. Despite steady improvement in the labour market, this week’s numbers showed that wages growth has continued to slow to a new record low on the 2.2% in Q4 2015 (Chart 3). State details also reveal that even the regions with the strongest labour markets, New South Wales and Victoria, are seeing continued sluggish wages growth (Downunder Digest: Rebalancing act drives state divergence, 25 February 2016).
<a href="/images/2016/03/Screen%20Shot%202016-03-01%20at%2011.07.12%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/Screen%20Shot%202016-03-01%20at%2011.07.12%20AM.png" alt="" width="765" height="334">
 
This week’s capital expenditure survey, which contained the first estimates for financial year 2016/17, also showed that the outlook for business investment remains weak.
Unsurprisingly, mining investment is expected to fall further in 2016/17. At the same time, the capex survey showed that non-mining investment is expected to fall further in 2016/17. This partly reflects measurement issues, with the capex survey excluding a range of services industries, but also provides evidence that the investment outlook remains a challenge.
Housing market still appears to be cooling
Timely indicators of the housing market have been presenting mixed signals over recent weeks.
Auction clearance rates, which typically have a strong positive correlation with housing price growth, have jumped to quite high levels in February (Chart 5). However, this time of year is particularly difficult to assess, given the low turnover around Christmas means that sales are delayed until February. The daily housing price numbers show that housing prices have levelled out since August 2015, both nationally and in Sydney and Melbourne (Chart 6). We continue to expect the housing market to have cooled from its strong pace of activity in 2015 (see Downunder Digest: Australia’s housing market cools, 11 December 2015).
A rising AUD would be unhelpful
Besides low interest rates, the other mechanism that has been a key support for growth andinflation has been the lower AUD. This has worked through directly lifting imported goods prices  but, even more importantly, it has improved Australia’s competitiveness. The combination of  lower interest rates and the lower AUD have been the main drivers of the rebalancing of growth away from mining and towards the housing and services sectors. Tourism and education exports have been supported by the lower AUD.
<a href="/images/2016/03/Screen%20Shot%202016-03-01%20at%2011.09.53%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/Screen%20Shot%202016-03-01%20at%2011.09.53%20AM.png" alt="" width="806" height="374">
 
Given the housing boom that has already occurred and the RBA’s increased concerns about financial stability in 2015, the central bank has shown considerable reluctance to cut its cash rate further to boost growth. The RBA would much prefer growth to be supported by a further fall in the AUD than by lowering its cash rate again. However, although the AUD is a long way below its peak levels of 2011, it has now been broadly steady for the past seven months, so is no longer continuing to loosen financial conditions. The AUD is also sitting at a level that is higher than is implied by its previous relationship with commodity prices (Chart 7). The current level of commodity prices implies that an AUD around US60-65 cents may be closer to ideal.
With policy rates set to fall further in Europe and Japan in coming quarters and the market doubting whether the Federal Reserve will hike this year, the global backdrop is putting upward pressure on the AUD. Speculative positions have recently shifted to ‘long’ the AUD/USD for the first time in nine months (Chart 8). For more on market positioning around the AUD, see Clyde Wardle and Daragh Maher, AUD bulls take over from the bears, 19 February 2016.
Recent RBA commentary on the AUD
Despite the AUD not having fallen with commodity prices in recent months, the RBA Governor, Glenn Stevens, has been reluctant to directly ‘jawbone’ the currency lower. At his recent semiannual testimony to a parliamentary committee (12 February 2016) the Governor noted that ‘there was a period when we felt that the exchange rate was not quite doing the job we might have expected, and we said so. It then adjusted, and our language has of late been, “it’s adjusting”. I would still say that. I would also note that commodity prices are continuing to fall as we speak’.
Last week, the market responded to some comments by an RBA board member, John Edwards, to The Australian (19 February 2016). Mr Edwards said ‘I still think it [the AUD] is a bit too high’ and that he’d be more comfortable with the ‘AUD trading around US65 cents’. However, as John Edwards also said to the Australian Financial Review (23 February 2016), ‘I can’t speak for the board at all, but I myself think I’m more comfortable with a lower dollar’. We do not view Mr Edwards’ comments as the commencement of an official RBA ‘jawboning’ campaign. Keep in mind that board members do not vote at the RBA, with the decision on the cash rate reached through consensus based on a recommendation by the staff.
Nonetheless, we think the RBA will be watching the currency carefully at the moment. Without a further fall in the currency (perhaps to around US65 cents) we expect the RBA may need to cut its cash rate further. Another bout of ‘jawboning’ the currency lower by the Governor may be just around the corner.
<a href="/images/2016/03/Screen%20Shot%202016-03-01%20at%2011.12.16%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/Screen%20Shot%202016-03-01%20at%2011.12.16%20AM.png" alt="" width="599" height="211">
<a href="https://www.about.hsbc.com.au/hsbc-in-australia/management-team" target="_blank">PAUL BLOXHAM</a> IS CHIEF ECONOMIST (AUSTRALIA AND NEW ZEALAND) FOR HSBC. 
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Expect rates to be on hold, for now: HSBC's Paul Bloxham

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After the record breaking sale of Darling House last week, the Government Property NSW have listed a further 12 properties in Millers Point.
Being sold on behalf of the Department of Family and Community Services, the houses include a four bedroom Victorian style terrace on Kent Street and a former boarding house on Fort Street.
The owners of the heritage listed properties have a responsibility to undertake some sort of maintenance or restoration of their newly acquired properties in accordance with the Conversation Management Plans (CMP's).
Each owner will sign a contract which will highlight their development responsibilities. 
The proceeds from the Millers Point sales are being reinvested into 1,500 new social housing dwellings across New South Wales with 100 already completed.
The biggest sale since the start of the sell off came last Thursday when Darling House secured $7.7 million, $1.7 million over its auction guide.
The sale took the total of sales to over $120 million.
The below properties are the new batch and will be marketed by McGrath Estate Agents and will be auctioned March 30. 
44 Kent Street – a four-bedroom two storey terrace in mid-Victorian style with cantilevered balcony and decorative iron balustrade (above).
53 Kent Street – a three-bedroom three storey residence, one of a pair of Georgian style terraces with added Victorian-era cantilevered balcony.
79 Kent Street – formerly three one-bedroom apartments and two studios, forming the southernmost portion of Winsbury Terrace.
83 Kent Street – a three-bedroom terrace with an Italianate style mid-Victorian front wing.
15, 21, 25 &amp; 29 Windmill Street – three-bedroom dwellings built in 1907–1908 in the Arts and Crafts style. These properties have state significance as examples of early twentieth century public housing developed by the NSW Government Architect’s Branch.
52 &amp; 54 Argyle Place – part of a row known as Undercliff Terrace, these properties were built in 1843 for whaling captain George Grimes and are one of the earliest terrace groups surviving in Sydney.
17 Lower Fort Street – a three to four bedroom terrace, formerly a boarding house, and part of the Milton Terrace.
19 Lower Fort Street - formerly four studio apartments, also part of the Milton Terrace, built in the Victorian Classical style.
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A dozen more homes set for Millers Point auction

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Retired swimming golden girl Stephanie Rice has sold her Paddington, Brisbane home.
Place Paddington agents Tim Douglas and Scott MacDonald secured the sale.
Stephanie Rice posted her gratitude on Instagram about the sale of her four-bedroom, three-bathroom property for an undisclosed price.
<a href="https://www.realestate.com.au/property-house-qld-paddington-121662222" target="_blank">Rice purchased the home on Kennedy Terrace </a>in 2010 for $1.265 million.
She used the house for investment purposes renting it out at most recent at $1050 a week.
It’s believed the recent sale was motivated by her move overseas.
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Stephanie Rice sells her Paddington, Brisbane investment property

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Land clearing has returned to Queensland in a big way. After we expressed concern that policy changes since 2012 would lead to a resurgence in clearing of native vegetation, this outcome was confirmed by government figures released late last year.
It is now clear that land clearing is accelerating in Queensland. The new data confirm that 296,000 hectares of bushland was cleared in 2013-14 – three times as much as in 2008-09 – mainly for conversion to pastures. These losses do not include the well-publicised clearing permitted by the government of nearly 900 square kilometres at two properties, Olive Vale and Strathmore, which commenced in 2015.
<div class="enlarge_hint">Alarmingly, the data show that clearing in catchments that drain onto the Great Barrier Reef increased dramatically, and constituted 35% of total clearing across Queensland in 2013-14. The loss of native vegetation cover in such regions is one of the major drivers of the deteriorating water quality in the reef’s lagoon, which threatens seagrass, coral reefs, and other marine ecosystems.</div>
The increases in land clearing are across the board. They include losses of over 100,000 hectares of old-growth habitats, as well as the destruction of “high-value regrowth” – the advanced regeneration of endangered ecosystems.
These ecosystems have already been reduced to less than 10% of their original extent, and their recovery relies on allowing this regrowth to mature.
Alarmingly, our analysis of where the recent clearing has occurred reveals that even “of concern” and “endangered” remnant ecosystems are being lost at much higher rates now than before.
While this level of vegetation loss and damage continues apace, Australia’s environmental programs will fall well short of achieving their aims.
<h2>Neutralising our environmental programs</h2>
Land clearing affects all Australians, not just Queenslanders. Australia spends hundreds of millions of dollars each year trying to redress past environmental damage from land clearing. Tens of thousands of volunteers dedicate their time, money and land to the effort.
But despite undeniable local benefits of such programs, their contribution to national environmental goals is undone, sometimes many times over, by the damage being done in Queensland.
Take the federal government’s 20 million trees program. At a cost of A$50 million, it aims to replace 20 million trees by 2020 to redress some of the damage from past land clearing.
Yet just one year of increased land clearing in Queensland has already removed many more trees than will be painstakingly planted during the entire program.
The Australian government’s Emissions Reduction Fund (ERF) is paying billions of dollars to reduce carbon emissions from industry. But the carbon released from Queensland’s land clearing in 2012-2014 alone is estimated at 63 million tonnes, far more than was purchased under the first round of the ERF (at a cost to taxpayers of A$660 million).
Species cannot recover if their habitat is being destroyed faster than it is being restored. But under Caring for our Country and Biodiversity Fund grants, the extent of tree planting to restore habitat across Australia reported since 2013 is just over 42,000 hectares - an order of magnitude less than what was cleared in Queensland alone in just two years.
And it will be many decades before these new plantings will provide anything like the environmental benefits of mature native vegetation.
Land clearing between 2012 and 2014 in Queensland is estimated to have wiped out more than 40,000 hectares of koala habitat, as well as habitat for over 200 other threatened species. Clearing, along with drought (which is also made worse by clearing), is the major cause of an 50% decline in koalas of south-west and central Queensland since 1996.
The loss of remnant habitat, especially from forests along waterways, means more habitat fragmentation. This is a further threat to many species of wildlife, and it hampers our ability to adapt to a rapidly changing climate.
The federal government has committed hundreds of millions of dollars to improve reef water quality. Yet ongoing land clearing in reef-draining catchments will reverse many of the gains these programs aim to achieve. Last year, Queensland’s Auditor-General reported that stronger legislation would be essential to reducing harmful catchment runoff to the Great Barrier Reef.
<h2>Prevention is better than cure</h2>
We live in an era of tightening carbon budgets, declining land-production capacity and rapidly deteriorating biodiversity, including in iconic places such as Great Barrier Reef. The evidence is clear that we cannot continue to degrade our environment without severe consequences.
It is far more efficient to prevent environmental damage than to try to reverse it later.
For example, the cost of stabilising river-banks following deforestation can range from A$16,000 to A$5 million per kilometre. Natural ecosystems contribute enormously to the economy in ways that are often unrecognised.
We are running up a large environmental debt that will eventually have to be paid by all Australians, one way or another.
And some damage, like the loss of a species, is irreversible.
Previous native vegetation laws had successfully reduced land clearing, but were reversed in 2013 by the former Newman government.
The current Palaszczuk government in Queensland has repeated its election promise to re-strengthen native vegetation protections. The amendment bill is due to be introduced to parliament within weeks.
But the minority government relies on the votes of cross-benchers to pass its legislation–so for now, the future of some of Australia’s most precious environmental assets remains uncertain.
Martine Maron is associate professor of Environmental Management, The University of Queensland, Bill Laurance is distinguished research professor and Australian Laureate, James Cook University, Bob Pressey is professor and Program Leader, Conservation Planning, ARC Centre of Excellence for Coral Reef Studies, James Cook University, Carla P. Catterall is professor in ecology and environment, Griffith University, Clive McAlpine is senior research Fellow in Ecology, The University of Queensland, Hugh Possingham is director ARC Centre of Excellence for Environmental Decisions, The University of Queensland, James Watson is associate professor, The University of Queensland, Jonathan Rhodes is associate Professor, The University of Queensland, Kerrie Wilson is associate professor and ARC Future Fellow, The University of Queensland, Marc Hockings is professor of Environmental Management, The University of Queensland. All are authors for <a href="https://theconversation.com/au" target="_blank">The Conversation</a>.
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Queensland land clearing is undermining Australia’s environmental progress

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GUEST OBSERVER
When considering changes to negative gearing, commentary about the potential to wind back negative gearing benefits on a retrospective basis is concerning.
People make medium to long term economic decisions based on the law at the time, and while some may argue the environment has changed to warrant the wind back of negative gearing benefits, doing so retrospectively and applying it to people who have already bought properties on which negative gearing benefits are claimed would be tantamount to penalising them for planning ahead and being financial responsible.
These people should not be penalised for choosing an option that would make themselves financially self-sufficient, rather than having to rely on the Government for assistance when they retire.
Shifting the goal posts by way of retrospective application is blatantly inequitable.
It could undermine the stability of the economic environment, which may have a far reaching impact on market confidence and therefore the stability of the economy.
It is akin to telling people who have been saving for years through their superannuation funds the environment has now changed and the Government will seize all superannuation benefits to balance the budget.
You simply don't tinker with people's medium to long term plans because these plans need political and economic certainty to achieve their intended outcome, which underwrites the economic future of this country.
Even if negative gearing changes are to be entertained, allowing these changes to apply retrospectively must not be an option.
Eddie Chung is tax partner, BDO and can be contacted <a href="https://www.bdo.com.au/en-au/our-people/eddie-chung" target="_blank">here</a>.
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Retrospective changes to negative gearing must not be an option: BDO's Eddie Chung

Two apartments have sold for more than $10 million at EADE Byron Bay, setting some of the highest apartment prices ever achieved in the coastal town and underlining the growing appetite for luxury beachfront apartments in Australia's most popular coastal locations.

The $210 million project by Vitale Property Group has now secured more than $70 million in sales, led by residences that changed hands for $12.75 million and $11.75 million.

The record-breaking transactions reinforce the shift occurring in Byron Bay's premium property market, where affluent downsizers and lifestyle buyers are increasingly opting for high-end apartments over large beachfront homes.

<a href="https://www.apartments.com.au/new-apartments/eade-byron-bay-29-shirley-street-byron-bay-nsw-2481">EADE Byron Bay</a> occupies a rare 6,000 sqm absolute beachfront site on the corner of Shirley and Milton Streets overlooking Main Beach and The Wreck surf break, just 350 metres from Byron Bay's town centre.

The 25-residence development is the first beachfront apartment project approved in Byron Bay in more than a decade and is currently under construction, with completion expected in May 2027.

[smartcode_project:default project_id=145590 project_image_fid=359521]

The project has attracted a mix of local Byron Shire residents downsizing from larger homes, alongside interstate buyers from Sydney, Melbourne and Brisbane seeking a permanent coastal lifestyle without compromising on space.

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a> and with interiors by <a href="https://www.apartments.com.au/interior-designers/alexander-co">Alexander &amp; Co</a>, EADE comprises&nbsp;10 garden apartments ranging from 284 sqm to 622 sqm, nine with private pools, five full-floor apartments and 10 rooftop residences with private plunge pools, expansive outdoor entertaining areas and uninterrupted ocean views.

[smartcode_project:default project_id=145590 project_image_fid=359527]

<a href="https://www.apartments.com.au/developers/vitale-property-group">Vitale Property Group</a> Managing Partner Chris Vitale said the project's combination of scale, location and limited future supply was driving buyer demand.

"There isn't another beachfront holding in Byron Bay of this size and position that could be developed again," Vitale said.

"Buyers are responding to the scarcity and the irreplaceability of a site of this calibre and to floorplans they can't find elsewhere in the market.

"We are seeing buyers place significant value on quality, space, design, resort-style amenities and the rarity of the location. The sales achieved to date demonstrate that discerning purchasers recognise the long-term significance of what is being created at EADE Byron Bay.

"Many are coming from larger homes in the Byron region, or from Sydney, Melbourne and Brisbane, and are after the space, security and convenience, without the upkeep of a house."

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[smartcode_project:default project_id=145590 project_image_fid=359523]

The Byron Bay project follows Vitale Property Group's delivery of the Mondrian Hotel and Private Residences at Burleigh Heads, with EADE continuing the developer's focus on luxury coastal developments.

Residents will have access to a resort-style swimming pool, gymnasium, sauna, cold plunge pool, concierge services and dedicated workspaces, while the project is targeting an 8-Star Green Star rating.

EADE Byron Bay is being exclusively marketed by Projx Australia in conjunction with WHITEFOX Projects.

WHITEFOX National Projects Director Phillip Rand said demand had been driven predominantly by owner-occupiers.

"We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location," Rand says.

"The sales achieved to date demonstrate that purchasers at this level recognise the long-term significance of what is being created at EADE Byron Bay."

Residences at EADE Byron Bay are currently priced between $4.75 million and $15.95 million.

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[smartcode_project_cta:default project_id=145590]

Joel Robinson

Vitale breaks Byron Bay records with EADE sales flurry 

When buying an apartment, most people compare the big-ticket items first. Floorplans. Kitchens. Balcony size. Natural light. The view.

But there's one everyday consideration that often doesn't come up until after moving in: how parcels are delivered.

As online shopping has become part of everyday life, parcel deliveries have shifted from an occasional event to a regular occurrence. Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally.

For apartment residents, that can present a challenge.

If nobody is home to accept a delivery, parcels may be redirected to a nearby Post Office, left in a building lobby or common area, or require building management to step in. In higher-density buildings, where dozens or even hundreds of residents may receive deliveries each day, parcel management has become an increasingly important part of everyday living.

That can create a range of frustrations. A missed delivery often means making time to collect a parcel elsewhere, while packages left unattended in foyers or mail areas can create clutter and increase the risk of theft. What seems like a minor inconvenience can quickly become a recurring issue for residents who shop online regularly.

It's one of those details that rarely features in a display suite but can have a noticeable impact once residents move in.

As a result, buyers are beginning to look beyond traditional apartment features and consider how a building supports day-to-day convenience, including whether there are secure options for receiving deliveries.

Australia Post's Parcel Lockers provide one solution.

<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/CkF2oKmlACg?si=C50sDaoUUn2nuLmq" title="YouTube video player" width="560"></iframe>

Rather than having a parcel delivered directly to an apartment, eligible deliveries can be sent to a nominated Parcel Locker. Once the parcel arrives, residents receive a notification through the AusPost app or SMS and can collect it using a QR code or one-time PIN at a time that suits them.

The Parcel Locker network now includes more than 1,500 locations nationwide, with installations at Post Offices, shopping centres, transport hubs and an increasing number of residential developments. By providing a secure collection point, Parcel Lockers help reduce missed deliveries and avoid parcels being left unattended in common areas.

For developers, parcel infrastructure is becoming another way to improve the resident experience. Rather than relying on concierge staff or leaving parcels in communal spaces, secure collection points help streamline deliveries while preserving the presentation and functionality of shared areas.

For buyers, it's a reminder that the best apartment features aren't always the most obvious.

A generous floorplan or quality finishes might help narrow the shortlist, but the conveniences that simplify everyday life, whether that's EV charging, secure bike storage or reliable parcel delivery, often become the features residents appreciate most once they're living there.

The apartment feature many buyers don't think about, until their first missed delivery

<a href="https://www.apartments.com.au/developers/hg-developments">HG Developments</a> is doubling down on Maud Street in Newstead, filing plans for a new apartment tower just a few doors down from its under-construction Aire Newstead development.

Recently submitted to Brisbane City Council, the proposal is for an 18-storey building designed by bureau^proberts, which has drawn heavily on Brisbane's subtropical design principles while referencing the suburb's industrial heritage.

A total of 64 apartments are planned for the amalgamated 1,518 sqm site at <a href="https://www.apartments.com.au/new-apartments/17-21-maud-street-newstead-qld-4006">17–21 Maud Street</a>, a short walk from the Brisbane River and Newstead Riverwalk.

<img alt="First look: HG Developments plans 18-storey subtropical apartment tower for Newstead" data-entity-type="file" data-entity-uuid="a400c7fd-bd15-48f8-a63b-10ede92efe00" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Maud%20st%20bldg.png?VersionId=.0vPmjpbC7CNP7kqGWa6L7rGIwsNExaw" />

"The building is defined by a series of vaulted motifs that reinterpret the arches, colonnades and layered facades evident throughout Newstead's historic built fabric," the Urban Design Report states.

"Combined with recessed glazing and generous balconies, these elements create a layered building envelope that provides shade, weather protection and opportunities for natural ventilation whilst establishing a distinctive architectural identity."

The proposal comprises 64 two, three and four-bedroom apartments across 18 residential levels, positioning it alongside a growing number of taller residential projects transforming Newstead's northern precinct. The tower incorporates extensive subtropical landscaping, with cascading planter boxes, deep planting at street level and a landscaped rooftop recreation area.

<img alt="First look: HG Developments plans 18-storey subtropical apartment tower for Newstead" data-entity-type="file" data-entity-uuid="1d8140f4-8b98-45cd-b1b8-1efe8c8e266b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Maud%20st%20podium.png?VersionId=VAZtbCoD44YCJ57N99fQCAKeSJx7ldZs" />

Bureau Proberts has prioritised passive environmental design throughout the project, with generous balconies, recessed glazing and operable façades helping reduce solar heat gain while maximising natural ventilation. River views become available from the upper levels, while the building has been orientated to capture prevailing breezes from both the Brisbane River and the west.

The architects say landscape is intended to be integral to the building rather than an applied element.

"Vertical greenery, cascading planter boxes and elevated gardens are woven throughout the architecture, softening the built form and strengthening the connection between residents and the subtropical environment."

"Through the integration of landscape, high-quality materials and passive design principles, the development delivers a refined residential address that celebrates Newstead's heritage character while contributing positively to Brisbane's evolving subtropical identity."

Newstead has remained one of Brisbane's most active apartment markets in recent years, with a number of developers continuing to back the inner-city suburb.

HG Developments is currently delivering the 40-apartment Aire Newstead at 25 Maud Street. Fortis recently launched the 65-apartment <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> on Kyabra Street, while builder-developer BPG and Don O'Rorke's Consolidated Properties are both expected to launch their respective Newstead projects before the end of the year.

HG Developments doubles down in Newstead with second Maud Street apartment development

Walk past a new apartment development promoting its sustainability credentials and it's easy to picture rooftop gardens, mature trees, landscaped courtyards and residents surrounded by nature.

But in many cases, that's not actually what those sustainability ratings guarantee.

Australia's leading environmental rating tools have played a significant role in improving the energy efficiency and environmental performance of buildings. Yet despite their focus on reducing emissions, many don't require developers to include trees, biodiversity or meaningful green space.

In other words, a building can achieve one of the country's highest sustainability ratings while containing little more than concrete, glass and hard landscaping.

That disconnect has led to the emergence of a new movement across Australia's property industry: nature-based cities.

The concept goes beyond designing buildings that consume less energy. Instead, it encourages developers to treat nature as essential infrastructure, integrating biodiversity, tree canopy, living landscapes and green spaces into projects from the earliest stages of planning.

Research has consistently linked access to nature with better physical and mental health, cooler neighbourhoods, improved biodiversity, stronger climate resilience and more connected communities. As Australia's cities continue to become denser, advocates say those outcomes should be considered just as important as energy efficiency.

Nature Based Cities (NBC) was established in 2022 to help accelerate that shift.

Founded by Hamton Executive Chairman Paul Hameister OAM, the not-for-profit was created after research highlighted a significant gap in Australia's sustainability framework. While existing environmental rating tools rewarded energy performance and emissions reductions, they placed little emphasis on the inclusion of 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."

Since its launch, NBC has developed independent design guidelines and accreditation frameworks that encourage developers to prioritise ecology, biodiversity, tree canopy, walkability and living landscapes alongside traditional sustainability measures. The organisation first focused on medium and high-density residential developments before recently expanding into precinct-scale communities and masterplanned neighbourhoods.

Jan Talacko, founder of sustainability consultancy Ark Resources and a member of the Nature Based Cities Advisory Council, says the initiative addresses an area that has largely been overlooked by the property industry.

"Throughout my 25 years of working collaboratively with all stakeholders in the property sector, I've always favoured a pragmatic approach to sustainable design which encourages initiatives that not only meet environmental expectations but also improve amenity," Talacko says.

"Whilst we are making steady progress in relation to energy and carbon emissions from buildings, there has been much less emphasis on encouraging biodiversity and tackling the urban heat island effect.

"The Nature Based Cities initiative responds to a gap in the suite of tools currently used by the property development sector, which don't provide sufficient incentive, or recognition, for the integration of landscaping and greenery."

For apartment buyers, the shift is also changing the questions worth asking.

Rather than assuming a sustainable building will naturally include abundant green space, buyers are increasingly being encouraged to look beyond environmental ratings and ask what nature is actually being delivered. How much tree canopy will the development create? Has biodiversity been considered? Are landscaped spaces designed for people as well as appearance?

As Australia's cities continue to grow upwards and outwards, the next generation of sustainability may not simply be measured by lower emissions, but by how successfully developments bring nature back into everyday urban life.

What does it really mean for a building to be 'green'?

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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Jonathan Chancellor

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