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Sydney office landlords will be encouraged to undertake more environmentally friendly office refits under a new “green loans” program.
The program is a joint initiative between the City of Sydney and independent government-backed consultants Low Carbon Australia Ltd (LCAL).
The program has $100 million in initial funding set aside following agreements with NAB and Eureka Funds Management. Under the program, the building owner will sign an environmental upgrade agreement with the LCAL and the City of Sydney for an approved sustainable refit.
The funding is then paid by the city council, with the building owner paying back the cost of the refit as a levy on council rates.
The LCAL is now embarking on an education program for landlords, with the first upgrade agreement expected to be signed within months.
“Any decisions on building upgrades are really two- to three-year time frames, so we are really trying to get to as many of the building owners who are at that stage so they can see this as an option that might allow them to undertake a bigger upgrade than they had originally planned,” LCAL chief executive Meg McDonald told the Australian Financial Review.
The program is part of the City of Sydney’s own plan to cut carbon emissions by 70% by 2030.
City of Sydney chief executive Monica Barone says the city already has close ties with the owners of 60% of the city’s existing buildings through the Better Buildings Partnership, an initiative aimed at improving the sustainability performance of existing commercial and public sector buildings across Sydney's local government area.
Barone says there is already a high level of interest and commitment from commercial landlords.
Buildings are responsible for about 80% of greenhouse gas emissions in urban environments, according to City of Sydney sustainability director Chris Derksema.
 
 
 
 
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lschlesinger-FZcF9M3vE6

Green loans on offer for Sydney office refurbishments

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Myer will make decisions about the future of each of its stores when it discusses lease renewals with landlords in 2012, the department store group has said as part of its interim results announcement to January 28. 
“In the current environment it is not unexpected that our discussions with landlords highlight adjustments in the timing of new stores and redevelopments,” said Myer chief executive Bernie Brookes. 
“We have recently taken the decision not to proceed with a planned new store at Watergardens [Victoria], as significant delays in this development led to Myer exercising its right to exit the agreement. 
“We will continue to provide updates on new store openings when we have certainty from developers. 
“We will continue to review the merits of all new and existing stores particularly in the context of lease renewal discussions,” says Brookes. 
Myer will open two new stores at Fountain Gate (Victoria) and Townsville later this year, and construction is also underway at a new store at Shell Harbour (NSW). 
Over the six-month reporting period ending January 28, Myer closed its store at Forest Hill (Victoria), and more recently Tuggeranong (ACT) as the leases at these stores expired. 
Brookes identified “improved store lease terms” as factors that Myer can influence over the next six month to improve the business in what will be a “challenging trading environment”. 
Myer profits fell 17.5% in the second half of fiscal year 2012 with the retailer reporting net profit of $88 million. 
The retail giant recorded sales of $1.43 billion in the six-month period – a 1.7% reduction on the previous period. Comparable store sales were down 3%. 
 
 
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Myer looking for improved lease terms from landlords as it reviews store viability  

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Auction activity will pick up significantly in Melbourne this weekend and to a smaller degree in Sydney, with just two weekends to go until super Saturday on March 31.
The Real Estate Institute of Victoria says there are 700 auctions planned in Melbourne compared with just 183 last weekend, but still fewer than the 956 auctions listed for the same weekend last year, which had a clearance rate of 64%.
The highest number of auctions will be in Hawthorn, with 15 homes on offer followed by 12 each in Northcote and Richmond.
The REIV expects auction numbers to reach to 1,000 by the March 31 weekend.
“The number of homes on offer at auction so far this year is comparatively low, so the increase stock levels should be welcomed by buyers,” says the REIV.
“A review of clearance rates shows a clear regional trend emerging of the inner city, inner east, inner south and north eastern areas performing above trend.”
Australian Property Monitors says there are 466 auctions planned for Sydney this weekend compared with the 380 scheduled for last weekend. However, this is still 15% fewer than the same weekend last year. 
Strathfield is again a popular auction location, with eight listings. Abbotsford, Leichhardt and Turramurra have seven listings each. 
There are 432 auctions scheduled for the following weekend (March 24th) with a “big weekend” in store for March 31st (the week before Easter) with 732 listings.
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Melbourne and Sydney auctions pick up in countdown to Easter super Saturday

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A Queensland real estate agent caught by a widow taking photos of her house one day after her husband died has sparked outrage and slew of stories from other people about similar heartless behaviour.
The story, which aired on ABC Brisbane radio yesterday, followed an email sent to talk show host Spencer Howson detailing what had happened:
“My husband passed away in hospital on 24th January, 2012. The afternoon of 25th January I caught a real estate agent taking photos of my house,” wrote the widow.
“When I went to approach her to find out why she was taking photos, she ran to her car, jumped in and took off at speed.
“On telling this tale to friends because I was so upset by the whole incident, other stories emerged – apparently the agents have someone on the inside at the hospital who feeds them information about the properties of newly deceased.
“My problem is with the estate agents who act on this information immediately, especially preying on the vulnerable older widows. Since when did this become acceptable behaviour in Australia? Surely they can wait a month at least before trying to get their business. I hadn't even contacted a funeral director to make any arrangements, so no notices were in the paper,” she says.
The widow is not selling the house.
The ABC did not reveal the name of the agent, or the agency she worked for. The widow reported that she knew it was an agent because her neighbour saw the woman get into a car that had an agency’s brand painted on it.
Following the airing of the program (<a href="https://blogs.abc.net.au/queensland/2012/03/real-estate-death-knock-or-misunderstanding?site=brisbane&amp;program=612_breakfast" target="_blank">listen here in full</a>), other people have written in to describe similar behaviour from other unscrupulous agents.
“Soon after my dad died, we got a phone call from a real estate agent, wondering whether my mum would be selling the house,” wrote Helen.
“I wrote a strong letter to the manager of the real estate agency, but did not receive any apology,” she added.
Jeff blogged:  “I live next door to a real estate agent and witnessed a similar incident as was described on your program. The agent noticed that relatives were cleaning out a house across the road and they approached them to list the property.
“They then purchased the property themselves and immediately subdivided it into two lots. When they were showing people the house for re-sale they would drive their car the 50 metres from their own house so the prospective buyer was unaware they lived so close.”
Silvija blogged: “When we had a garage sale, we were approached by an estate agent asking if this was a deceased estate ... also when my father passed away my mother went through the same as [another commentator], but she was contacted by phone and was talked into selling and buying a smaller home without having time to grieve.”
Real Estate Institute of Queensland CEO Anton Kardash told ABC Radio Brisbane that he was “bemused and distressed” by the incident.
“Such behaviour by an agent is clearly in breach of the ethical standards that we operate on,” he said.
However, he said did not understand why an agent would photograph a house she was not selling.
Kardash says Thomson and anyone else who has been the victim of such behaviour should contact the REIQ’s complaints line, which last year received about 13,000 calls.
For tips on how to secure listings the right way, download our free eBook <a href="http://propertyobserver.com.au/ebooks/free-ebook-50-smart-tips-for-real-estate-agents-to-sell-more-in-a-tough-2012" target="_blank">50 smart tips for real estate agents to sell more in a tough 2012</a>.
 
 
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Dodgy estate agent with heartless motives slammed for casing Brisbane widow’s home before husband’s death notice

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Renters are growing increasingly concerned about their job prospects, analysis of the results of the March Westpac- Melbourne Institute Consumer survey has revealed.
Unemployment fears among tenants have been on the rise since about March last year.
Over the same period fears about the job market have subsided among those already in the property market – those who own their homes outright or have a mortgage.
As a result, the outlook about employment prospects between the two groups (renters versus property holders) is diverging.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/westpacmarch151.gif"><img src="/images/stories/westpacmarch151thumb.gif"></a>
Renters are most likely more sensitive to modest job growth due to feeling less financially secure then those who already accumulated wealth through property ownership. This graph shows how total employment has slowed recently:
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/westpacmarch152.gif"><img src="/images/stories/westpacmarch142thumb.gif"></a>
The survey also revealed that all sectors of the economy are worried about their job prospects.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/westpacmarch153.gif"><img src="/images/stories/westpacmarch153thumb.gif"></a>
And that concerns about employment have spread beyond Sydney and Melbourne to include states benefiting from the mining boom.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/westpacmarch154.gif"><img src="/images/stories/westpacmarch154thumb.gif"></a>
 
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Renters increasingly fearful of unemployment: Westpac

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Shareholders of Charter Hall Office REIT have today voted in favour of the privatisation bid by a consortium of institutional investors including Singapore government affiliate Reco Ambrosia Pte Ltd, The Public Sector Pension Investment Board of Canada, and a member of the Charter Hall Group.
The vote was 96% in favour of the takeover.
Goldman Sachs REIT analyst Peter Zuk says the deal is not yet over the line with a number of conditions still to be met.
“[These include] completion of US asset sales by the end of March 2012. Second Judicial Advice has now been delayed and will not be obtained until after the last US asset sale has completed.
“The proposal will not proceed unless all conditions precedent are satisfied by 17 May 2012 – or such later date as the parties may agree,” he says.
Under the agreement shareholders will receive $2.49 per share comprising a cash consideration of $1.84 per share and implementation distributions of $0.65 per share.
Shareholders will also receive 96c per share for US sales distributions, 49c of which has already been paid.
Should everything proceed as per the agreement, the trust will delist from the ASX in mid-April.
In its December 31 interim results released in February, Charter Hall Office REIT had an Australian office portfolio valued at $1.85 billion with an occupancy rate of 97%.
The trust reported a statutory loss of $59.9 million, “significantly impacted by offshore asset sales and various non-cash items”.
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Charter Hall Office REIT shareholders vote in favour of privatisation

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Borrowers who choose heavily discounted home loans are at risk of being caught up in a “bait and switch” manoeuvre, according to Aussie Home Loans chief executive Stephen Porges.

Porges hit out at lenders offering home loans at “underwater” interest rates as part of a panel discussion on mortgage competition at the AB+F Mortgage Innovation Forum 2012 Sydney this week.

Porges said Aussie welcomed competition but expressed concerns about this form of “unhealthy competition”, which would force lenders to push up rates in the future to protect margins.

“Healthy competition is based around capabilities, and long-term relationship and actually valuing what the customer is trying to achieve in a holistic focus. It's not just trying to get a cheap rate,” he said.

He said some lender practices were very close to bait–and-switch tactics, which came to prominence in light of the US sub-prime mortgage crisis, when borrowers were enticed by advertisements of cheap rates and low fees but then pressured to sign up for more expensive loans by being told they did not qualify for the special offer.
Porges said he expected APRA would start to show an interest at some point in some of these discounted mortgage offerings.

Also speaking on the same panel discussion, Yellow Brick Road CEO Matt Lawler said much of the industry had moved beyond just offering a cheap rate and was now focused on how to add value after the product is sold.

“A very cheap rate on a certain day may not be the cheapest rate later on, so we have to do something to add value,” he said.

The major banks are among those offering (and advertising in their branch windows) discounts of up to one percentage point off the standard variable rate.

At the same time the same banks are warning borrowers to expect more independent rate announcements, with <a href="https://www.propertyobserver.com.au/economy/mark-bouris-takes-aim-at-rba-as-gail-kelly-warns-of-frequent-independent-bank-rate-rises/2012030853747" target="_blank">Westpac boss Gail Kelly warning last week of frequent incremental rate rises in the future</a>.

In an earlier address at the conference, Steven Münchenberg, chief executive of the Australian Bankers’ Association (ABA), admitted that the most of the public viewed banks as powerful and greedy.

“We will always struggle to persuade people that higher funding costs justify rate changes, or that our profits are reasonable and necessary, when their starting point is that we are all-powerful and greedy.

“People see us this way because there is a big and possibly growing gap, between what they expect of the industry and what they see us deliver,” he said.
 
 
 


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Home borrowers warned to avoid ‘bait and switch’ tactics: Aussie Home Loans CEO

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Rental vacancies in the Perth metro region dropped to 2.3% in February, according to Real Estate Institute of WA figures for the three months to February. 
This is down from 2.8% at the end of last year. 
As a result of the tighter market median asking rent for units, apartments, villas and townhouses increased by $10 a week to a median of $390 per week. 
Rents for houses remained steady at $420 per week. 
Demand for rental accommodation was particurlarly high along Perth's north coastal market from Scarborough upwards, which recorded a vacancy rate of just 1.2% for February and 1.5% for the three months to February. 
In the western suburbs the rate remained steady at 2.3%. 
“The vacancy rate has tightened in Perth's outer southwest corridor where the monthly vacancy rate for Kwinana-Rockingham has fallen one percentage point from 2.5% in January to 1.5% in February, which means that in the three months to February the vacancy rate was 2.2%,” says REIWA president David Airey. 
Airey says the fall in the vacancy rate is not surprising because the volume of property listed for rent has fallen 24% since the start of the year, from 2,900 homes to 2,200 at the end of February. 
“It’s also the case that there is strong seasonal demand for rental property in the March quarter,” he says. 
Airey the rental pressure is coming from those who are opting to rent rather than buy and from the growing demand for accommodation from new migrants flowing into WA, which caused a solid upturn in rents in 2011. 
“The long term equilibrium vacancy rate in Perth is 3%, and the lowest point we have recorded was just 0.8% in the March quarter of 2007,” he says. 
Metropolitan rents could tighten further in the coming months with the “volatile” month-only reading for February showing a vacancy rate of just 1.6%. The last time a reading of 1.6% was recorded was four years ago for the December quarter of 2007.
Property Observer readers can secure free tickets for the Perth Home Buyer and Property Investor Show by<a target="_blank" href="https://www.homebuyershow.com.au/special-offers/propertyobserver-ticket-offer/"> clicking here</a>.
 
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Perth unit rents rise as vacancies tighten to 2.3%

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On the back of yesterday’s news that consumer confidence has fallen to levels last seen before the November and December rate cuts CommSec chief economist Craig James says Australians “risk talking ourselves into a growth recession”.
“[This is] a period of sub-trend economic growth, which feels in many respects like a recession but doesn’t involve the economy actually going backwards,” says James.
The <a target="_blank" href="https://www.propertyobserver.com.au/trends/slight-improvement-in-housing-sentiment-defies-drop-in-consumer-confidence-in-march-westpac-index/2012031453826">March Westpac–Melbourne Institute Index of Consumer Sentiment</a> showed a slight increase in housing sentiment but an overall five-point drop in consumer confidence to a level of 96.1, meaning pessimists outweigh optimists.
It also revealed that tenants were a lot more pessimistic (down 10.8%) than households with a mortgage (down 6.8%) and those who own their homes outright (flat).
“Then there is the weak housing market with new home sales at 11-year lows, dwelling starts slumping almost 7% in the December quarter and home loans falling in January,” James says.
“And then there is retail spending – up just 0.3% in January with chain store sales up only 2% on a year ago,” he says.
Adding to the gloom will be the release of new US home sales for February on Friday, which James forecasts will continue “bumping along the bottom” although the annual rate is tipped to rise from 321,000 to 327,000 in February.
To turn things around, James suggests: “Better times abroad would help, lifting our share market, and causing us to re-assess our conservative attitudes. “Aussies need to focus again on the opportunities, not the risks. And a rate cut from the RBA wouldn’t go astray either. Inflation is not a threat and the economy is stagnating.
“So there are few risks about trimming rates another quarter of a percent. And if conditions started to lift quicker than expected, a rate cut could always be reversed,” he says.
“It gets down to the fact that the majority of Australians live outside the areas that are affected by the mining boom. And in those non-mining areas, the news flow has been overwhelmingly negative, not positive,” he adds.
Commonwealth Bank economist James McIntyre says the consumer sentiment index shows the economy to be “muddling along” at a below-average level, though some parts of the economy remain “very bright”.
“The RBA has recently highlighted the importance of developments in the labour market for the course of interest rates whilst the current level of structural change and economic shocks are rendering other readings of the economy less useful.
“In that vein, there is little new information between now and the April RBA board meeting.  Our expectation is that the RBA will remain on hold in April, with the first-quarter CPI figures (due April 24) the next major marker for monetary policy,” he says.
 
 
 
 
 
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Inflation not a threat and another interest rate cut needed: CommSec’s Craig James

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The Macedon Ranges town of Woodend is perhaps most famous for its close proximity to eerie Hanging Rock, but that has not spooked Melburnians seeking a lifestyle change, with strong house price gains over the past 12 months.
Location and demographics
Woodend is located about 70 kilometres north of Melbourne just off the Calder Freeway and forms part of a corridor of Macedon Ranges country towns, which starts with Gisborne and runs all the way to Bendigo.
Woodend had a population 0f 3,170 at the time of the 2006 census and is estimated to be home to 3,600 currently. It expected to reach about 5,000 residents by 2036, with nearly half (47%) of Woodend’s population expected to be 65 or older by this time, according to forecasts by the Macedon Ranges Shire Council.
“There will be considerable growth in small one- and two-person households for example, and a greater proportion of older people in the population,” says the council report.
<img src="/images/stories/woodendtown.jpg">
The ageing population could result in an “increase in volunteerism and in vibrancy of community life”.
“However, it is a shift that requires appropriate resources, especially to meet the needs of the growing number of frail aged. Infrastructure, service and community planning also will need to consider the requirements of an ageing population. There will also be a need to ensure enough housing stock exists in Woodend that can meet the changing needs of its ageing residents,” says the report.
Key property data
Data compiled by the Real Estate Institute of Victoria (REIV) shows that Woodend house prices grew by 8.2% in 2011 to a median of $595,000 and have risen 77% over the past five years.
This is better than regional Victoria, where the median house price increased by 3.6% over 2011 to $315,000 and by 27% over the past five years.
In comparison, the Melbourne median house price contracted by 1.8% to $540,383 in 2011, though prices are still up 46% over the past five years.
According to research by property investor group Investar, Woodend had the fastest-growing house prices in 2011, with the price of a four-bedroom house appreciating by 38% to $580,000
Woodend vs other country Macedon ranges towns and Melbourne
<table style="width: 470px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="123" valign="top">
 
</td>
<td width="123" valign="top">
Median house price
</td>
<td width="123" valign="top">
Change over past year
</td>
<td width="123" valign="top">
Weekly rent
</td>
<td width="123" valign="top">
Gross yield
</td>
</tr>
<tr>
<td width="123" valign="top">
Woodend
</td>
<td width="123" valign="top">
$518,750
</td>
<td width="123" valign="top">
8.2%
</td>
<td width="123" valign="top">
$340
</td>
<td width="123" valign="top">
3.4%
</td>
</tr>
<tr>
<td width="123" valign="top">
Gisborne
</td>
<td width="123" valign="top">
$437,500
</td>
<td width="123" valign="top">
6.7%
</td>
<td width="123" valign="top">
$350
</td>
<td width="123" valign="top">
4.2%
</td>
</tr>
<tr>
<td width="123" valign="top">
Kyenton
</td>
<td width="123" valign="top">
$377,000
</td>
<td width="123" valign="top">
21.6%
</td>
<td width="123" valign="top">
$290
</td>
<td width="123" valign="top">
4%
</td>
</tr>
<tr>
<td width="123" valign="top">
Melbourne 
</td>
<td width="123" valign="top">
$465,000
</td>
<td width="123" valign="top">
-5.4%
</td>
<td width="123" valign="top">
*$340
</td>
<td width="123" valign="top">
3.5% (H)
4.3% (U)
</td>
</tr>
</tbody></table>
Source: RP Data, *sourced from REIA
What the town has to offer:
A walk down the Woodend High Street reveals a modern rural village, with a mix of cafes, bookstores, expensive restaurants as well as a disproportionate number of real estate offices advertising properties for sale, most in rural settings.
Famous landmarks include the Holgate Brewhouse with its artisan beers, which stands in a restored 19th-century hotel and the 1920s Campaspe Country House on Goldies Lane, with its Edna Walling-designed gardens and natural bushland grounds.
Woodend’s most famous nearby landmark is the striking outcrop of rocks formed by ancient volcanic action known as Hanging Rock and the setting for the novel Picnic at Hanging Rock by Joan Lindsay about a group of Victorian school girls who go missing while on a picnic, later made into an acclaimed film by Peter Weir.
There is a direct V-Line train service from Melbourne’s Southern Cross to Woodend, which takes just over an hour, while a commute along the Calder Freeway takes about 45 to 50 minutes.
Nearby schools include Braemar College and Woodend Primary. Supermarkets include Coles and an IGA.
Current state of the market
Local agent Peter Mussared from Town, Coast and Country Realty Macedon tells Property Observer he is getting a good level of enquiries at the more affordable end of the market – properties priced between $400,000 and $600,000 – but not as much interest for those at the higher end of town.
He says most interest comes from Melburnians looking for a lifestyle property within an easy commute to the city.
Mussared is currently selling <a target="_blank" href="https://www.realestate.com.au/property-house-vic-mount+macedon-109727656">this three-bedroom country home on Waterfalls Road in nearby Mount Macedon</a> with a price tag of $465,000 targeted at first-home buyers, investors or “for those scaling down”.
<img src="/images/stories/woodend1.jpg" width="470">
“I have had 10 to 12 enquiries and two have come from investors. Most are from Melbourne buyers,” he says.
Mussared says the property could rent for around $370 to $380 per week, equating to a yield of around 4.2%.
According to the REIV’s Robert Larocca the growth in Woodend house prices is “part of a clear trend for above-normal prices for towns along a corridor north of the city, from Melbourne to Bendigo”.
Larocca says Woodend and other towns in the corridor have a lot more affordable options than what’s available in Melbourne
“Not every house is going to be that price but there are Melbourne-type house prices in that corridor ... and that really stands out when compared to many other parts of regional Victoria,” he says.
He also says the area has managed to retain its country charm despite its increasing popularity and has not gone down the route of sea-change beneficiaries like Torquay, which have responded to increased housing demand by developing “suburban-type homes”.
"I think part of the character and beauty of those towns along the Calder is that they still have very much that town feel about them,” says Larocca.
He expects house prices in the corridor to continue to rise beyond what is usually expected in regional Victoria.
"Location is critical in real estate and that's really obvious here, and I think you'll see them continue in strength over the coming years because all the things that make them popular and in demand at the moment are not going anywhere in a hurry."
The demand for housing in Woodend has prompted the release of 25 prime housing allotments on Washington Lane currently being market by Joan Gladman-Woodend. They allotments have an average land size of 600 square metres with prices ranging from $215,000 to $235,000.
Reasons to buy:
<ul>
<li>Affordable country living </li>
<li>Good transport connections to Melbourne</li>
<li>Town has retained country charm</li>
<li>Regular picnics at Hanging Rock</li>
</ul>
Reasons not to buy:
<ul>
<li>Investment in infrastructure required further down the line to manage growing and ageing population</li>
<li>An ageing population will not appeal to younger buyers.</li>
</ul>
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Hotspots: Tree-changing retirees driving up property prices in Woodend

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.

[smartcode_project:default project_id=150017 project_image_fid=372547]

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."

[smartcode_project:default project_id=149670 project_image_fid=360975]

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.

[smartcode_project:default project_id=112024 project_image_fid=343235]

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."

[smartcode_project:default project_id=108274 project_image_fid=365786]

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."

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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.

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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.

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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.

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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."

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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.

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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.

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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.

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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.

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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.”

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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.”

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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.

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“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.

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Larry Schlesinger

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