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Australia has set itself up for a classic property crash - and potentially take the economy with it - if our luck doesn't hold, the expatriate Professor Steve Keen has forecast.
Chinese buyers had given Australia's debt-booze-addled gamblers a possible out.
"Australians are now gambling on whether the fallout from China's crash will prick their own bubble, or inflate it once more," he suggested.
"In everywhere but Australia, I'm famous for predicting the 2008 crash," the UK based former Sydney professor told his recent Irish audience ahead of a conference next month.
"In Australia, I'm famous for being wrong about house prices - they rose after the crash, when I expected them to fall."
He says he partly got the cause right, but the direction of the cause wrong with his 2008 forecast.
"As the Irish know only too well, what really causes house prices to rise rapidly is too much mortgage debt, rising too quickly.
"House prices exploded here in the "Celtic Tiger" days, only to collapse when the mortgage bubble burst - bringing the economy down with it," <a href="https://www.independent.ie/world-news/asia-pacific/listen-is-that-the-sound-of-a-bubble-bursting-down-under-34137299" target="_blank">he wrote in the Irish Independent</a>.
Keen wrote that Australians avoided the nasty hangover "by the classic Antipodean method: they went for the 'Hair of the Dog' cure.
"Whereas the rest of the world unwound its mortgage debt, Australians piled into it - first in 2008 when the government turbocharged the market by doubling the grant it gave to first-home buyers, and then since 2012 when falling interest rates encouraged Baby Boomers to throw their so-called retirement savings into the housing market casino.
he said the Australian hangover cure worked, but at the expense of mortgaging Australia to the hilt.
When the crisis hit in 2008, Australian mortgage debt was already higher than in the USA: mortgage debt peaked at 72pc of GDP in America then, but Australia's level was 10pc higher again.
"Today, mortgage debt in the USA has fallen to 53pc of GDP-what wimps!
"The hard-drinking Australians now have a mortgage debt level of 91pc of GDP and rising."
"As any fan of the 'Hair of the Dog' cure knows, it only works if you keep drinking.
"So can Australians maintain their record for insobriety and keep imbibing from the Bar of the Banks?
Left to their own devices, I have little doubt that my ex-countrymen could keep knocking back the 4X of mortgage debt forever.
But as 'Hair of the Dog' devotees also know, one danger of this cure is that the bartender will eventually refuse to serve you.
"And that seems to be happening in Australia now ....with the policeman (the "Australian Prudential Regulation Authority") finally awoken from his slumber, and is now insisting on less alcohol in the brew-otherwise known as a lower loan to valuation ratio.
Kenn says these moves seem to be have blown the froth off the Australian market.
In the boom days, more than 80pc of properties were sold at auction, and frequently for well over their reserves.
Steve Keen noted the auction clearance rate appears to be heading further south.
"Prices are still rising, but the rate of price increase has slowed. 
As fans of rugby will appreciate, Australians can win on luck as well as talent.
"But it's only luck now that is keeping Australia from tasting the bitter brew that Ireland was forced to sip when the myth of the Celtic Tiger was exposed as a debt-drunkard's delusion.
"Australia has set itself up for a classic "Marsupial Tiger" crash.
"As the growth rate of mortgage debt slows, the market will come down and potentially take the economy with it.
"But Australians are relying on their other secret weapon: luck.
"Chinese buying of Australian real estate-partly as insurance against things going bad in China, partly to buy blue skies, which can't be bought in China for love nor money - has given Australia's debt-booze-addled gamblers a possible way to walk away from it all and appear sober rather than sozzled.
"However, China itself is going through its own property market crash, and there's no external force that will rescue its speculators from that fate.
"So Australians are now gambling on whether the fallout from China's crash will prick their own bubble, or inflate it once more."
Professor Steve Keen is just one of the many big names from the world of economics appearing at <a href="https://www.kilkenomics.com/" target="_blank">Kilkenomics</a>, called Davos with jokes, in two weeks' time.
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jchancellor-FAypfDUnLy

Australia faces property crash - taking the economy with it - if luck doesn't hold, Professor Steve Keen

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GUEST OBSERVER
The Urban Development Institute of Australia commends the State Government for introducing new strata laws that bring the NSW scheme into the 21st century.
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Strata managers, developers and property legal professionals have been working with the government over the past four years to reach an outcome that reflects modern day society. 
The strata laws under which we have been operating are the oldest in the world so the system was in desperate need of an upgrade. 
The exponential growth in the popularity of strata ownership means that reform was essential to bring strata line with modern life. 
This is a fantastic outcome that will give owners of apartments more flexibility to renew dilapidated apartment buildings which are costly to maintain. 
And these new laws will give owners the opportunity to make more profit from the collective sale of a strata development then if they were to go it alone. 
As the Bills do not apply to existing strata schemes, only future strata schemes with current strata owners having the option to opt in, so it will take time to see material change in the NSW system. 
And in reality any collective sale of the strata development is complex and will take up to two years to achieve. The sale would have to go through courts and those in opposition will have the opportunity to argue their case. 
 
Stephen Albin is the Chief Executive Officer of the Urban Development Institute of Australia NSW and can be contacted <a href="https://www.udiansw.com.au/pages/home" target="_blank">here</a>.
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New strata laws bring NSW into modern day: UDIA's Stephen Albin

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A seven-fold increase in infrastructure spend around Hobart is creating affordable real estate hotspots for investors and owner-occupiers, according to PRDnationwide Research. 
Especially houses and apartments in areas such as Howrah, Rokeby and Glenorchy, PRD's latest Hotspots report shows.
"With great affordability and major support in the form of large upcoming infrastructure spend, Hobart will become a hotspot for first time home buyers and investors alike," PRDnationwide national research manager Asti Mardiasmo anticipates.
Hobart is often considered the perennial under-performer of the Australian property market.
"In Hobart and its surrounding metro area, positive median price growth is evident for both house (5.2%) and units (2.7%)," Asti Mardiasmo said.
The median price of Hobart CBD and its immediate areas range between $500,000 - $800,000, with most expensive suburbs to be found south of the CBD and on the eastern shore.
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Earlier this month SQM Research director Louis Christopher said Hobart would be one of Australia's best-performing property markets in 2016.  
Price growth of houses in Howrah, a suburb across Derwent River and 12km from the CBD, was achieving annualised 2.8% growth in the year to September, up from just 0.5% six months earlier, the PRD report shows. 
Neighbouring Rokeby has had a 5.6% annualised boost to prices. Just six months ago, they were falling 5.3% a year.
"Historically an overlooked suburb, Rokeby is looking to gain future benefit from $13.6M of developments completed over the past financial year, and an additional $6.8M of projects in the next 12 months. Investors will do well in Rokeby with an average rental yield of 6.5%," the report said.
Claremont growth has pushed ahead to $253,750 median, up 6.4%. "Home of the Cadbury chocolate factory and located north of the Hobart CBD, Claremont affords a more quiet lifestyle alternative to inner city living at an affordable entry price. With a 10.1% growth in median price over the past 12 months and 6.3% rental yield, it is a highly desirable area," the report says.
In Glenorchy in the city's north unit prices, which were falling at an annual pace of 7.1% six months ago, have turned around and are now gaining at an annualised 5.1%. The median unit price in Glenorchy is $205,000. 
Bridgewater on Greater Hobart's northern edge, where units that six months earlier were growing at a pace of 0.5%, are rising at 9.9% rate with the median unit price at $155,000, the PRD report shows as one of the strongest market segments. 
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"Bridgewater offers an affordable alternative to the inner city markets, yet also recording high growth of 15.7% over the past 12 months.
"There is a wide range of dwelling types within the area suiting both investors and first home buyers.
"Investors do well in Bridgewater with an average yield of 7.5%."
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Is Hobart the next hotspot? PRD think so

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GUEST OBSERVER
Prime Minister Malcolm Turnbull has created a new ministry for cities and the built environment. Announcing his decision last month, he said:
Liveable, vibrant cities are absolutely critical to our prosperity. (They are) where the bulk of our economic growth can be found … (and they are) economic assets. (M)aking sure that Australia is a wonderful place to live in, that our cities and indeed our regional centres are wonderful places to live, is an absolutely key priority of every level of government. Because the most valuable capital in the world today is not financial capital … (it’s) human capital.
While the question of what is a “liveable city” inspires endless debate, less thought has been given to making urban planning a more democratic process.
Natural evolution and the birth of urban planning
In the 18th century, one of London’s pioneer police magistrates, Henry Fielding, strove to keep the streets of the city clear of crime and vice. But in the course of his work Fielding also went out of his way to help prostitutes and petty criminals. He understood that the city was made up of all sorts of people with different values and cultures.
Fielding was living in a period when London was experiencing a population boom, going from just over 500,000 in 1700 to 900,000 in the 1801 census.
Today, 54% of the world’s population lives in cities, which have historically drawn people from myriad economic, social and cultural backgrounds. Cities have always been places of integration, intense population pressures, migration flows, cultural interactions and variations in socioeconomic positioning and values.
Fielding was interested in making London a liveable city, although the term would have been anachronistic to him. Yet it appears almost ubiquitous in contemporary policymaking, urban planning and in the public imagination. A liveable city has become the highest form of praise we can give to a city space.
But liveable for whom? The implication is that ordinary people should be able to inhabit cities. Yet how governments generate affordable housing, and even who is allowed to have a say in the planning and development of a city, is often badly developed.
Where does democracy fit in?
Is a liveable city a democratic city? Who gets to participate in the process of governing and shaping a city?
In the early 20th century, modern cities were thought to evolve according to “natural” processes, combining migration, growth and the urban form. Urban sociologists from the Chicago School outlined how cities evolved like living social organisms balancing conflict and co-operation, density, heterogeneity and tolerance. Ernest Burgess even suggested that the very form of the modern city developed in predictable fashion as a set of “concentric rings”, with production and workers’ cottages in a singular inner centre and more affluent suburbs at the extremities.
Such ideas have given way to a more complex depiction of post-modern cities, incorporating multiple (or no) centres, historical communities, development interests and urban planning. Urban planning is seen as an essential technical science. A failure to plan is associated with dystopian images of suburban sprawl, of the “exopolis” without facilities or a civic centre, or of “edge cities” growing like lichen along the intersections of major highways.
Appropriate planning is aimed at building the best cities to enhance quality of life and attract the elite of the global workforce. We strive to find a formula for the most liveable city and potentially top the EIU’s Global Liveability Ranking (which Melbourne achieved in 2015).
Urban planners explore how cities can be sustainable and how a continuous food and water supply can be ensured, but they also deal with concerns about over-population, migration and what happens when poverty is concentrated in certain areas, which can increase the potential for crime.
Cities as economic sites or liveable places
Soon after his appointment, the new cities minister, Jamie Briggs, conveyed his vision of cities as economic sites:
Cities are one of the great drivers of our economy. Most Australians live in our cities and the majority of businesses are based in or around them. They are the engine room of commerce, infrastructure, innovation, the arts, science and development.
While it’s true that historically people have been drawn to cities because of the economic opportunities they offered, such claims disguise both the difficulties for urban migrants and environments that economic opportunities have created, as well as the negative implications for those remaining in rural areas.
Before 1871, migrants from across France settled in Paris as a consequence of its economic opportunities and political importance. The social disconnection implicit in such movement became evident in Emile Durkheim’s 1897 study of French suicide rates and the breakdown in traditional forms of social solidarity.
Migration also played out broader social inequalities across the nation in urban space. People grouped in neighbourhoods based on shared languages and dialects that related to their home regions. Within those districts, rich and poor shared the same buildings, their wealth demarcated by their positioning in the building.
Perhaps this was better for social integration than many modern environments, but a focus on the city as an economic space can lose sight of how cities are made liveable. Social relationships are key to central ideas of safety, belonging and ownership.
In 1903, Georg Simmel described the metropolis as a blasé, rationalised space that alienates people from people and feelings, in that:
… punctuality, calculability, exactness are forced upon life by the complexity and extension of metropolitan existence.
Sixty years later, however, Jane Jacobs defended the city as a myriad of communities in that:
… the trust of a city street is formed over time from many, many little public sidewalk contacts.
What makes the ideal Australian city?
Is it Canberra, which divides public opinion with its low density, its roundabouts and planned streets? Is it Sydney or Melbourne with their high-density cultural vibrancy? Or is it the small country towns, which often appear communal in ways larger cities do not?
We often think of the attachment we have towards cities in emotional terms; we love or hate a place, we feel comfortable or settled in some spaces but not in others. We instinctively speak about cities in terms of their emotional impact on our lives.
Even Wordsworth, renowned for his love of nature and solitude, spoke of his emotional attachment to the city. Reflecting on his first sight of London, he wrote: 
A weight of ages did at once descend
Upon my heart – no thought embodied, no
Distinct remembrances, but weight and power,
Power growing with the weight…
For Wordsworth, as for others then and now, the city inspired a complex set of emotions.
What the new ministry needs to do
First, it needs to recognise the cultural, aesthetic and emotional elements of cities. It needs to acknowledge the importance of cultural activity ahead of the pursuit of commerce and the idea of cities as “economic assets”.
The aesthetic qualities of space are crucial to the notion of a liveable city. These became important in the 18th century with a growing appreciation of the ways that environment shaped the self and emotional behaviours.
To produce “civilised” behaviours in their populace, urban planners laid out wide streets, introduced sewage and flowing water, added street lamps and began to police both the behaviour and cleanliness of the urban environment. This was not just about practical benefits to the population, but reflected a strong belief that surrounding yourself with beauty enabled people to be better versions of themselves.
 
Such ideas remain important to the present. Historians of emotions spend a lot of time thinking about how cities and spaces create emotions, historically but with implications for modern spaces. Urban planning (or its lack) can produce emotions in inhabitants, whether that is the disgust at poor sewage and disease that inspired reform in 18th-century Copenhagen or 20th-century Sydney, the anger and tensions caused by ghettoisation of minority groups, or the political unrest caused by poor housing and overcrowding.
Perhaps most famously, cities have provided “outcast” individuals, such as gay men and lesbians, with a space to create a community, to find affirmation of their feelings and to build pride and political identity. A narrow focus on the city as a driver of the economic, without an appreciation of how the urban shapes those who live within it can act as a challenge to social stability and personal wellbeing.
Historically, the use of space in cities has been a matter of pride, displaying important cultural and architectural landmarks, but also an issue of public health and safety, preventing the spread of diseases, fires and crime. Our historical knowledge of cities can be enormously helpful in informing current ideas about city planning by showing how people have reacted emotionally to city spaces in the past.
The answer to the question of what makes a city liveable is complex and constantly evolving. Because of this we should be insisting on answers about what will be happening to Australia’s cities in the next few decades.
 
<a href="https://theconversation.com/profiles/merridee-l-bailey-196598" target="_blank">Merridee L. Bailey </a>is senior research fellow, ARC Centre of Excellence for the History of Emotions, University of Adelaide. <a href="https://theconversation.com/profiles/amy-milka-200753" target="_blank">Amy Milka </a>is postdoctoral research fellow, Australian Research Council Centre of Excellence for the History of Emotions, University of Adelaide  <a href="https://theconversation.com/profiles/craig-lyons-200755" target="_blank">Craig Lyons </a>MSc candidate in human geography, School of Geosciences, University of Sydney  <a href="https://theconversation.com/profiles/david-lemmings-200749" target="_blank">David Lemmings </a>is professor of history, University of Adelaide  <a href="https://theconversation.com/profiles/gordon-raeburn-143098" target="_blank">Gordon Raeburn </a>is postdoctoral fellow in the History of Emotions, University of Melbourne  <a href="https://theconversation.com/profiles/katie-barclay-200751" target="_blank">Katie Barclay</a><a href="https://theconversation.com/profiles/katie-barclay-200751"> </a>is research fellow, ARC Centre of Excellence for the History of Emotions, University of Adelaide  <a href="https://theconversation.com/profiles/roger-patulny-94836" target="_blank">Roger Patulny </a>is lecturer in Sociology, University of Wollongong  <a href="https://theconversation.com/profiles/thomas-bristow-92779" target="_blank">Thomas Bristow </a>is postdoctoral research fellow, University of Melbourne.
All are authors for The Conversation.
 
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Liveable cities: who decides what that means and how we achieve it?

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Frasers Property, formerly Australand, is relocating from West Leederville to West Perth after securing space at 1 Havelock Street.
The new lease deal in West Perth will accommodate its Western Australian headquarters. 
Frasers Property has signed an eight-year lease on the 1,236sqm office located on the second level of <a href="https://www.realcommercial.com.au/property-offices-wa-west+perth-5665011" target="_blank">1 Havelock Street</a>. 
CBRE Office Services Director Luke Bray, who negotiated the deal on behalf of lessor Ascot Capital, said the quality offering of the property was a key factor underpinning the deal. 
“Frasers Property was attracted to the quality refurbished space on offer, the high car bay allocation and the prime West Perth location which is walking distance to the CBD,” Mr Bray said. 
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Frasers head to West Perth office space

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BMW Australia Finance Limited (BMW AF) has taken a tenancy in the final stage of Mulgrave Office Park located in the Monash precinct in Melbourne’s South East. 
The park is jointly owned by Frasers Property Australia (formerly known as Australand) and Commercial Industrial Property Group (CIP).
Situated at <a href="https://www.realcommercial.com.au/property-offices-vic-mulgrave-501507223" target="_blank">211 Wellington Road</a>, the three hectare business park will create over $145 million in commercial office assets when completed in the third quarter of 2016.
BMW AF has secured the top two and a half floors of building C comprising 4,792sqm and 290 car bays over a five year period with two options to extend for a further five years.
The building also includes 5,353sqm of speculative office space, a 150sqm café and an additional 308 car spaces over another two and a half levels.
The new building is valued at $51 million.
Anthony Maugeri, general manager southern region C&amp;I for Frasers Property said tenants have welcomed the 5 star green star initiatives, an end to end development platform, internal construction capability, pre- approved master planned permits, integrated fit-outs, affordable rental rates and high car space ratios.
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BMW Australia Finance take Mulgrave Office Park tenancy

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Over the June 2015 quarter, 9.6% of Adelaide resales were at a gross loss, which was up from 9.3% at the end of the first quarter of 2015 but lower than the 10.9% over the same quarter last year.
The proportion of loss-making resales was relatively lower in the Prospect (2.0%), Holdfast Bay (2.7%) and Norwood Payneham and St Peters (2.7%) council areas, according to CoreLogic RP Data.
The highest proportions of loss-making resales over the quarter were recorded in Playford (28.3%), Mallala (20.0%) and Gawler (19.8%). 
 
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Charles Sturt, Onkaparinga and Port Adelaide still feeling property pain: CoreLogic RP Data Pain & Gain

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Macquarie has joined the big four and St George Bank in increasing their variable rates for owner-occupiers and investors.
With a 20 basis points rise, Macquarie’s standard variable rate will be 5.70% for home owners, and 5.97% for investors.
St George opted for a 15bp rise, which will bring their owner-occupied variable rate to 5.69% and investment rate to 5.94%.
Their rate increases come into effect November 20.
Macquarie operates on the same APRA controlled internal risk-weighting model as Australia’s four major banks.
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Macquarie to raise rates by 20 bps

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Villa Igiea, best remembered as the long-time Vaucluse home of the late TNT transport tycoon Sir Peter Abeles, is these days Sydney's finest short term rental property.
Stevie Nicks, here for the Fleetwood Mac reunion tour, is the latest to take up residence.
Words must have spread as the magnificent European style villa above Hermit Bay has increasingly become the must-stay Sydney base of visiting international stars.
The imposing mansion had enough space to host Angelina Jolie, Brad Pitt and their six children when Jolie was here in Australia in 2013 to shoot the World War II drama Unbroken.  
Beyoncé and JayZ have enjoyed the picture perfect postcard views gunbarreling across the harbour to the Harbour Bridge and Opera House.
Ditto Katie Perry.
Inspired by a grand 1908 villa in Palermo, Sicily, Villa Igiea dates back to the 1920s when built by the retailing Grace family to a design by Neville Hampson, the architect who designed Boomerang at Elizabeth Bay.
Villa Igiea was built in the Riviera Liberty style, featuring strong Italianate art nouveau influences before getting a refreshing update during the McWilliam family’s ownership during the early 2000s and then under the current Burt family ownership a total contemporary refurbishment worthy of a Vogue spread. 
Of course Point Piper's Altona ruled the rental roost until its $52 million sale in 2013 and Barford, the seven-bedroom Georgian style mansion at Bellevue Hill, has been another private estate for celebrity renters.
Bono has rented both Altona and Barford. 
Fleetwood Mac's tour includes two Hope Estate, Hunter Valley concerts, where all five original band members, Mick Fleetwood, Christine McVi, John McVie, Lindsey Buckingham and Stevie Nicks are back togther after a 16-year absence.
This article was first published by the Sunday Telegraph.
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Villa Igiea, Sydney's finest private short term rental property

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Author Ann James has sold Bellamy, her grand old Middle Park home for $5.2 million.
It has been for decades an artistic hub for many of Australia’s best known authors and illustrators as Ann James and partner Ann Haddon ran their business Books Illustrated at <a href="https://www.realestateview.com.au/Real-Estate/300-beaconsfield-parade-middle-park/Property-Details-sold-residential-9505676" target="_blank">the 300 Beaconsfield Parade house</a>.
James's artist mother Joan James purchased Bellamy in the mid-1980s for $206,000. It is an Edwardian era house with Victorian features as well. 
Agent Michael Szulc from Cayzer Real Estate passed it in at a recent weekend auction, then sold on the following Monday.
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Edwardian Beaconsfield Road, Middle Park sale at $5.2 million

The Gold Coast economy has grown by 25 per cent since 2020/21 to surpass $55 billion, but perhaps the more significant story is what sits behind the headline number.

For decades, the Gold Coast has been viewed through the lens of tourism, lifestyle and population growth. The latest State of the City Report suggests that perception is increasingly out of step with reality.

Released by Invest Gold Coast, the report ranks the Gold Coast as Australia's largest non-capital city economy and, perhaps more notably, second nationally behind Sydney for Economic Complexity, a measure that assesses the diversity and sophistication of an economy.

It's a result that places the Gold Coast ahead of Melbourne, Brisbane, Perth and Adelaide, highlighting the extent to which the city's economic base has broadened beyond its traditional industries.

Today, the Gold Coast supports more than 350,000 jobs, is home to over 83,000 businesses and generates $19 billion in annual exports. Manufacturing now accounts for 62 per cent of international export growth, while sectors including health, education, advanced manufacturing, technology and professional services are becoming increasingly important contributors to the local economy.

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Gold Coast Mayor Tom Tate said the report confirmed the city's evolution into one of Australia's most significant economies.

"The Gold Coast economy continues to grow at an incredible pace. This is no surprise to those of us who have watched the evolution up close," Mayor Tate said.

"As one of the most entrepreneurial, investment driven and opportunity focused economies in the country our ambition has been realised and possibilities are endless.

"The Gold Coast has built a reputation as the city that says yes. We say yes to investment, yes to opportunity and yes to people who want to build something.

"It's this mindset helping us drive major growth across health, advanced manufacturing, screen production, marine, technology and the knowledge economy."

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While population growth has been one of the defining stories of the past decade, the report points to a broader economic transformation taking place.

The city's knowledge economy now contributes $7.9 billion annually and supports around 31,000 jobs, while the health and wellbeing sector contributes $5.2 billion and employs more than 42,000 people. Together, the six priority sectors identified in the report account for almost $24 billion in economic output and more than 145,000 jobs.

One of the strongest examples is the Gold Coast Health and Knowledge Precinct at Southport. The 200-hectare precinct now contains more than $5 billion worth of health, education, research and innovation infrastructure and supports over 16,000 jobs.

The report also highlights the growing role of advanced manufacturing, particularly in aerospace, defence and modular construction.

Gold Coast-based Gilmour Space Technologies recently became the first Australian commercial company to attempt an orbital launch, while companies including Modscape and ModnPods are helping establish the Yatala-Stapylton corridor as one of Australia's fastest-growing advanced manufacturing hubs.

The city's entrepreneurial culture is also translating into business growth.

Since 2019/20, the number of businesses operating on the Gold Coast has increased by 22 per cent, while firms employing more than 200 people have grown by 80 per cent. The report suggests the next challenge is converting more local start-ups and medium-sized businesses into nationally significant companies.

Development activity remains another key indicator of confidence.

There are currently more than $23 billion worth of major projects underway across the Gold Coast, supported by a record 75 active cranes, a figure that now exceeds Brisbane and represents a 150 per cent increase since 2016.

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Importantly, the report notes the next phase of investment will need to extend beyond residential development.

While 93 per cent of crane activity is currently tied to housing, Invest Gold Coast argues future investment will increasingly need to focus on cultural, civic, infrastructure and industry-enabling projects that strengthen the city's long-term economic resilience.

Invest Gold Coast Chair Will Hodgman said the city was now benefiting from years of economic diversification.

"What is happening on the Gold Coast is the result of the city's economic base broadening, fuelled by industries with long-term, high-growth potential," Mr Hodgman said.

"This is no longer a secondary Australian economy, the Gold Coast is becoming a globally connected city with deeper capability across health, knowledge and creative industries, advanced manufacturing, technology and exports."

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Looking ahead, the Gold Coast's population is projected to exceed one million residents by 2046.

For a city that was once largely defined by tourism and lifestyle, the latest figures suggest the Gold Coast is becoming something more significant, one of Australia's most diverse and economically sophisticated urban economies, and increasingly one that national and international investors can no longer afford to overlook.

Joel Robinson

75 cranes, $23 billion pipeline and a $55 billion economy: Inside the Gold Coast economic boom

Ron Bakir's Homecorp has sold more than 75 per cent of the apartments in its wellness-driven Florence Residences in Surfers Paradise following its first weekend release.

The <a href="https://www.apartments.com.au/new-apartments/florence-residences-24-monte-carlo-avenue-surfers-paradise-qld-4217">26-storey project on Monte Carlo Avenue</a>, which commenced construction earlier this year, has seen a flurry of buyers secure their slice of the Gold Coast's latest wellbeing-focused offering in one of the nation's most competitive property markets.

Since the pandemic, the Gold Coast's population has grown by more than 11 per cent, a rate approximately four times faster than Sydney's, driven largely by lifestyle changes and interstate migration. While buyer activity has moderated in some markets nationally, demand for newly built dwellings on the Gold Coast continues to gain momentum as purchasers increasingly prioritise lifestyle, amenity, wellbeing, liveability and long-term investment potential.

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Homecorp CEO Ron Bakir says buyers today are looking for more than just a home.

"What we are seeing is a shift in how people define value in property," Bakir says.

"What attracts residents to new developments is a desire for more than just a residence. They are looking for a place that complements their lifestyle, supports their wellbeing and reflects the way they want to live into the future.

"Lifestyle, longevity, proactive health, wellbeing, connection and a sense of community are increasingly shaping purchasing decisions, particularly on the Gold Coast, where these factors continue to be a major drawcard."

[smartcode_project:default project_id=150414 project_image_fid=372744]

Bakir says Homecorp is responding to this shift through an approach that places greater emphasis on design, amenity and experience working together to create places that feel considered, connected and enduring in value.

Inspired by Eastern European design, Florence Residences will comprise 120 apartments alongside a private residents-only wellness club featuring a resort-style rooftop pool, hot and cold plunge pools, a spa retreat, contemporary gymnasium, and a spacious yoga and Pilates studio.

The development will also feature a residents-only lounge with private dining facilities and a rooftop bar, premium outdoor entertaining areas, a hotel-style lobby lounge, generous bike parking, and pet-friendly amenities including a heated dog wash.

[smartcode_project:default project_id=150414 project_image_fid=372742]

A limited number of apartments remain available, with an exclusive collection of four-bedroom sub-penthouses set to be released in the coming months.

Florence is one of the latest additions to Homecorp's expanding multi-billion-dollar property portfolio, which also includes plans for a <a href="https://www.apartments.com.au/news/qld/homecorp-lodges-plans-for-260-million-moroccan-bathhouse-inspired-tower-in-budds-beach">$260 million development in Budds Beach</a> tailored to the growing wellness market.

A development application has been lodged for a 27-storey, 156-residence tower at 8–10 Acacia Avenue and 25–27 Oak Avenue, featuring a residents-only Moroccan spa-inspired sanctuary.

Apartments at Florence Residences are priced from $1,249,000, with construction expected to be completed by late 2027.

[smartcode_project_cta:default project_id=150414]

Buyers rush to Homecorp's Florence Residences as Gold Coast wellness trend gains momentum

The NSW Government has expanded its $1 billion Pre-sale Finance Guarantee program, broadening access for affordable housing providers and smaller residential developments as it seeks to accelerate housing delivery across the state.

The Minns Government says the program has already helped bring forward more than 600 homes across Sydney and regional NSW since launching in September 2025, with similar models now adopted in South Australia and Western Australia.

The latest changes, announced by Treasurer Daniel Mookhey and Minister for Planning and Public Spaces Paul Scully, are designed to improve access to finance for projects that have planning approval but are struggling to secure funding.

Among the key changes is an expansion of support for community housing providers. The program will now support up to 100 per cent affordable housing projects valued at up to $30 million when delivered by not-for-profit providers, while support for larger affordable housing developments will increase for projects worth up to $80 million.

The government says the changes will help accelerate the delivery of housing for low-income workers, older people, people living with disability, and those at risk of homelessness, while reducing reliance on direct grants or subsidised loans to bridge funding gaps.

The eligibility criteria for smaller residential developments have also been broadened. The previous $5 million minimum project value threshold has been removed and replaced with a requirement that projects deliver at least four homes.

Support has also increased for projects delivering fewer than 20 homes, with the guarantee now able to cover up to 75 per cent of dwellings in a development, capped at $30 million per project.

The changes are expected to particularly benefit smaller-scale and regional developments, which often face greater challenges meeting pre-sale requirements imposed by lenders.

Treasurer Daniel Mookhey said the scheme demonstrates how government can use its balance sheet to stimulate housing supply without relying solely on taxpayer-funded grants.

"The Pre-sale Finance Guarantee shows how this Government is using its balance sheet to reduce risk and unlock private investment, enabling new homes to move from design to construction faster," Mookhey said.

"This landmark reform allows us to deliver homes for working families at a lower cost to taxpayers, while also maintaining strong financial discipline."

Planning Minister Paul Scully said the program had already proven effective in bringing stalled projects to market.

"The Pre-sale Finance Guarantee has already proven it can unlock stalled projects and accelerate housing delivery by giving lenders the confidence they need to back good developments," Scully said.

"These changes will allow more affordable housing and smaller developments to access support so more homes can be built faster where communities need them most."

Housing Minister Rose Jackson said the expansion would help community housing providers overcome financing barriers that often delay projects.

"We know community housing providers are ready to build more homes, too often they're held back by barriers to finance," Jackson said.

"Expanding the Pre-sale Finance Guarantee helps remove those barriers so more affordable homes can get off the ground sooner."

The announcement was welcomed by the Property Council of Australia, which has long advocated for measures aimed at improving project feasibility and access to finance.

Property Council NSW Executive Director Katie Stevenson described the expansion as a practical intervention that addresses one of the most immediate constraints on housing delivery.

"This is exactly the kind of practical intervention we need right now, focused on getting projects out of the ground, not just approved," Stevenson said.

"It builds on a model the Property Council has worked closely with government to develop following calls for such a scheme ahead of last year's NSW Budget, so it's great to see it being expanded."

Stevenson said the reforms would help unlock projects that are ready to proceed but have been delayed by financing challenges. However, she noted that broader feasibility issues remain a significant barrier to increasing housing supply.

"The biggest challenge in NSW housing today is delivery. Too many projects have planning approval but are simply not financially viable to proceed under current settings," she said.

Speaking at the Property Council's NSW Housing Summit, Housing Minister Rose Jackson acknowledged that feasibility and financing pressures continue to constrain housing delivery, while reaffirming the government's commitment to work with industry on solutions.

Stevenson said the government's recognition of those challenges was encouraging ahead of next week's state budget.

"It's positive to see the government clearly recognising that feasibility pressures are now a binding constraint on supply," she said.

"With the Budget just days away, the focus must be on backing delivery, making sure projects stack up, finance can flow, and more homes can move from approval to construction."

The expanded Pre-sale Finance Guarantee forms part of the NSW Government's broader housing agenda, which also includes planning reforms, the NSW Housing Pattern Book, and a series of rezonings intended to increase housing capacity across the state.

NSW expands Pre-sale Finance Guarantee to unlock more affordable and regional housing

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

&nbsp;

[smartcode_project:default project_id=146717 project_image_fid=372212]

Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

[smartcode_project:default project_id=146717 project_image_fid=372227]

Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

[smartcode_project:default project_id=146717 project_image_fid=372225]

While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

[smartcode_project:default project_id=146717 project_image_fid=372222]

The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

[smartcode_project_cta:default project_id=146717]

Lowe Living launches Jardin House in Camberwell

As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.

Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.

At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.

[smartcode_project:default project_id=134323 project_image_fid=6395]

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project takes advantage of the site’s natural topography and elevated position above the harbour. Rather than relying on density alone, the architecture focuses on outlook, orientation, and spatial flow, with every apartment occupying a corner position to maximise natural light and cross ventilation.

Rothelowman says the site itself shaped much of the architectural response.

“The site has a long history in terms of its inevitable transformation and when we came in, we took inspiration from the idea of reestablishing a sense of the site’s natural terrain and fall. Our scheme aims to integrate with the terrain and the landscape, using the undulating site to slowly reveal glimpses and views of the harbour. The rotation of the tower off grid means every apartment has a view and is naturally cross ventilated. The building's colour palette is quintessentially Sydney, with bronze and sandstone and a luminescent green colour in the glass, making it very earthy and grounded in its location.”

[smartcode_project:default project_id=134323 project_image_fid=6399]

Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

[smartcode_project:default project_id=134323 project_image_fid=353235]

A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

[smartcode_project:default project_id=134323 project_image_fid=6390]

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

[smartcode_project_cta:default project_id=134323]

Jonathan Chancellor

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