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Up and coming chefs are lining up for the opportunity to show case their cooking skills in a new concept food hall, with eateries constructed out of old shipping containers.
There are 11 colourfully painted shipping containers in The General Assembly food hall, a refurbished former cargo shed at Melbourne’s South Wharf promenade, across from Docklands.
The project has been developed by Melbourne Convention Centre owners the Plenary Group, with the aim of turning the precinct into an eating and entertainment destination.
Each shipping container is fitted with brand new kitchen equipment specifically designed to accommodate 11 different cuisines alongside communal bars and dining spaces.
Fitzroys agent Mitchell Humphreys who along with colleague James Lockwood has handled the marketing campaign, says the project has attracted more than 70 expressions of interest.
The campaign closes today.
The chosen chefs and entrepreneurs will receive two-year licences to operate their restaurants.
There is no cost involved.
“The Plenary Group is fitting and running the General Assembly at a substantial loss,” Humphreys tells Property Observer.
“The idea is to draw people to the South Wharf Precinct and give young up and coming chefs an opportunity run something at low risk to them.
Humphreys says the food hall should be and running in six to eight weeks.
“Young up-and-coming operators typically don’t have the capital to invest in setting up at a site long-term and completing their own fit-out,” he says.
They also want to remain independent and don’t want to be swallowed by larger corporations.
“We’re giving young, energetic people the chance to come in at no cost to them to serve their own cuisine.
The South Wharf precinct takes in the Melbourne Convention &amp; Exhibition Centre, the Hilton South Wharf and surrounding retail offerings.
It receives over six million visitors throughout the year, as well as having 2,500 on-site workers and tens of thousands within a one kilometre radius.
The Plenary Group is an infrastructure and property development business with operations in the Americas and the Asia Pacific region.
It works on public–private partnership (PPP) projects with its current most noteworthy project being the $1 billion Victorian Comprehensive Cancer Centre being built by Grocon for the Victorian government.
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Plenary Group attracts budding chefs to shipping container food hall concept at Melbourne's South Wharf

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Twenty four out of twenty five economists polled by Bloomberg expect the RBA to leave the cash rate on hold in June when it meets on Tuesday (June 4).
AMP Capital Investors chief economist Shane Oliver is the only economist who expects the cash rate to fall to a new low of 2.5%.
Last week Oliver and Westpac’s Bill Evans were the only two economists polled who tipped a rate cut in June.
Evans has returned to market consensus, arguing that financial market and real economy developments since the May 7 meeting, when the cash rate was cut by 25 basis points to 2.75%, “have, on net, not been supportive of an immediate follow-up move”.
“As a consequence, we now anticipate that the next move is likely to be delivered in August,”he says.
Oliver says he expects another 25 basis point rate cut next week, but admits that it's "another close call as the RBA may decide that having cut in May and with the fall in the Australian dollar it will wait and assess for now”.
“Against this though, the Australian dollar hasn't really fallen enough to provide a big stimulus to the economy (it’s just at the low end of the range its been in for two years), the latest business investment readings confirm that mining investment has peaked and that non-mining investment is likely to remain weak, readings for business and consumer confidence have been poor, forward looking jobs indicators are soft and the toughish Budget and Ford's decision to quit manufacturing seem to have added to the sense of gloom surrounding the Australian economy. 
“As a result, with low inflation providing plenty of scope to ease the RBA should act again on its easing bias and on balance we think that it will,” he adds. 
<a target="_blank" href="/news">HSBC Australian and New Zealand chief economist Paul Bloxham</a> expects a rate hold in June with his principle argument being the 6% weakening of the Australian dollar against the US dollar since the RBA cut the cash rate on May 7. 
He says the recent depreciation of the dollar has had the effect of adding to 0.1% to Australia’s GDP – “which is around the same as the estimated effect of a 25 basis point rate cut”. 
The odds of a rate cut rise in the third quarter of the year with 10 out of 25 economists favouring a downward move by the RBA.
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AMP’s Shane Oliver the lone economist out of 25 tipping the RBA to cut rates next week: Bloomberg

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An upturn in the building of new houses and apartments is now “well entrenched” in NSW and WA, says Westpac senior economist Matthew Hassan.
There is a more gradual upturn in Queensland, but approvals are still trending down in Victoria, he says.
<img alt="westpac_building_approvals" height="322" width="470" src="/images/stories/2013/may23abelesauction/westpac_building_approvals.jpg">
Hassan's comments follow <a target="_blank" href="https://www.propertyobserver.com.au/residential/dwelling-approvals-rise-by-a-stronger-than-anticipated-91-in-april-abs/2013053061786?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">yesterday’s ABS dwelling approvals data</a>, which showed a greater than expected 9.1% bounce in approvals in April following a 5.5% fall in March.
Hassan points out that total building approvals in NSW rose 33% led by a 57% jump in unit approvals but with a strong 6.6% rise for private sector house approvals as well.
“Victoria also posted a strong 9.3% gain with a more evenly balanced mix (private sector house approvals up 8.2%).
“Queensland approvals fell overall but led by units with private sector house approvals up 8.8%.
“Approvals rose 4.3% in WA although private sector house approvals were down 10%,” he says.
“Stepping back from the monthly volatility, the upturn is well entrenched in WA and NSW but coming through more gradually in Queensland with trend approvals still falling  1% per month in Victoria,” he says.
Renovation activity is also improving with the value of renovation approvals rising 1.5% in April "continuing its improvement from a soft run earlier in the year".
Overall, Hassan says the housing construction recovery, “which began early last year but seemed to lose its way in late 2012 and early 2013 is showing signs of regaining momentum”.
“After trending lower through the first three months of the year, dwelling approvals rose 9.1% in April, well above market expectations of a 4% rise,” he says. Hassan adds that the strong 18% rise in private sector units in April – a traditionally less reliable number often skewed by the launch of new high rise and medium density projects – “showed fairly broad gains”.
“Both 'high rise' and 'low to mid-rise' sub-categories drove the rise. The more granular geographic detail also shows a broad gain rather than one driven by individual projects,” he says.
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Housing construction recovery “well entrenched” in WA and NSW: Westpac’s Matthew Hassan

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Ten suburbs have been added to the list of Sydney suburbs with a median house price above $1 million, but property owners and investors might hold off cracking open a bottle of Penfold’s Grange.
They may wish to open a more modest drop with APM senior economist Andrew Wilson estimating there are now around 100 Sydney suburbs with a million-dollar median house price. There are about 656 suburbs across Sydney.
Given these numbers, Dr Wilson suggests there is nothing all that prestigious about joining the million-dollar median house price.
Indeed he's calling it the “meat and potatoes of Sydney housing," in comments to Fairfax Media.
''It's as certain as death and taxes that the number of million-dollar suburbs in Sydney will rise," he adds.
Lane Cove North, Manly Vale, Connells Point, Concord, Chatswood West, Gladesville, Little Bay, Crows Nest, Abbotsford and Avalon all have medians just above $1 million based on Australian Property Monitors’ (APM) median house price data over the past six months.
<table cellspacing="0" cellpadding="0" border="0" frame="box" style="width: 370px;">
<colgroup>
<col width="62">
<col width="71">
</colgroup>
<tbody>
<tr height="51">
<td width="62" height="51">Lane Cove North</td>
<td width="71" align="right">$1,004,500</td>
</tr>
<tr height="34">
<td width="62" height="34">
<div>Manly Vale</div>
</td>
<td align="right">$1,005,000</td>
</tr>
<tr height="34">
<td width="62" height="34">
<div>Connells Point</div>
</td>
<td align="right">$1,005,000</td>
</tr>
<tr height="20">
<td width="62" height="20">
<div>Concord</div>
</td>
<td align="right">$1,007,500</td>
</tr>
<tr height="34">
<td width="62" height="34">
<div>Chatswood West</div>
</td>
<td align="right">$1,007,000</td>
</tr>
<tr height="34">
<td width="62" height="34">
<div>Gladesville</div>
</td>
<td align="right">$1,051,000</td>
</tr>
<tr height="34">
<td width="62" height="34">
<div>Little Bay</div>
</td>
<td align="right">$1,055,000</td>
</tr>
<tr height="34">
<td width="62" height="34">
<div>Crows Nest</div>
</td>
<td align="right">$1,055,000</td>
</tr>
<tr height="34">
<td width="62" height="34">
<div>Abbotsford</div>
</td>
<td align="right">$1,055,000</td>
</tr>
<tr height="20">
<td width="62" height="20">
<div>Avalon</div>
</td>
<td align="right">$1,062,000</td>
</tr>
</tbody>
</table>
<div>Among the best performing of the new million dollar suburbs is Manly Vale, just west of Manly but without the beach at its front door, where the median house price has risen 10% over the past year to a median of $1,005,000.</div>
Wilson says that house priced above $2 million have come back a bit but that those priced between $1 million and $2 million are rising.
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Ten new suburbs join Sydney’s "meat and potatoes” million dollar housing club: APM

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The Reserve Bank will leave the cash rate on hold at 2.75% when it meets on Tuesday, says HSBC Australia and New Zealand chief economist Paul Bloxham.
His principle argument in favour of a rate hold is the 6% weakening of the Australian dollar against the US dollar since the RBA cut the cash rate from 3% to 2.75% on May 7.
He says the recent depreciation of the dollar has had the effect of adding to 0.1% to Australia’s GDP – “which is around the same as the estimated effect of a 25 basis point rate cut”.
“So the Australian dollar fall could be thought of as already delivering another rate cut,” says Bloxham.
The Australian dollar is currently trading around 96 cents against the American dollar having traded at just below $1.03 prior to the May 7 announcement.
Bloxham says the depreciation of the dollar means progress is being made on the “great rebalancing” of the Australian economy.
“As the RBA acknowledged at the beginning of the month, the economy was already showing signs of rebalancing.
“Retail sales are up, housing prices are rising, and new lending to households is picking up.
“Yesterday's capital expenditure survey reminded us that mining investment is slowing down - not collapsing - and that investment intentions for firms outside of the mining sector are still for a lift in capital spending next year.
Bloxham says future decisions about the cash rate will be “highly dependent on where the Australian dollar heads from here”.
He says last month’s decision by the RBA to cut the cash rate by 25 basis points was “in our view, largely because of the persistent strength of the Australian dollar”.
“The high Australian dollar had put more downward pressure on inflation than expected, which left the door open for the RBA to cut rates, which it did,” he says.
“Since then, the Australian dollar has depreciated 6% against the US dollar and 5% on a trade-weighted index (TWI) basis.
Bloxham says the Australian dollar fall would be welcomed by the RBA.
“Indeed, had the Australian dollar been at its current level when the RBA met last month, we suspect it may not have cut rates,” says Bloxham.
“For this reason, he expects the RBA to leave the cash rate on hold next week.
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RBA to leave cash rate on hold next week as “great rebalancing” of Australian economy makes progress: HSBC's Paul Bloxham

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Victoria’s Supreme Court has awarded an interim injunction to Melbourne wholesale fruit and vegetable stallholders preventing the Melbourne Market Authority from forcing them to sign new leases at the new market being built at Epping by May 31.
An interim injunction has been awarded until June 18.
It prevents traders having their stall allocations stripped and orders that the two parties seek a mediated solution, reported The Australian Financial Review.
It follows <a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/victoria/west-melbourne-wholesale-fruit-and-veg-stallholders-seek-lease-injunction-over-site-relocation-growers-market-wholesale/2013052961754" target="_blank">The Melbourne Market Authority </a>preparing to relocate the Footscray Road market to a new site in Cooper Street, Epping but with tenants facing rents almost double what they are currently paying.
Prior to the interim injunction, the Melbourne Market Authority required that traders sign new leases by May 31 or risk losing their stall allocation when the leases go to national tender in June.
Supreme Court judge Peter Vickery in his judgement said the authority “has placed the stallholders in an invidious position where they cannot make a rational commercial decision between the two choices on offer”.
The tenants, represented by Nunzio Lucarelli QC, accused the Melbourne Market Authority of “unconscionable conduct” under consumer law by pressuring them to sign at much higher rents, The Australian Financial Review reported.
They told Justice Peter Vickery rents will rise from $273 per square metre annually to $478 per square metre annually and tenants who also require warehouse space are being asked to sign leases without knowing the details of the storage space.
But the MMA, represented by Michael Wyles SC, said the dispute was not open for the court to decide as the market was implementing government policy.
He said even a short injunction could delay the market opening until 2015.
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West Melbourne fresh produce traders win lease signing injunction until June 18

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Of the five Brisbane suburbs identified as ‘top picks’ by property investment adviser Sam Saggers just over a year ago, just one has to date been a solid performer, Property Observer analysis reveals.
Saggers identified South Brisbane, Stafford, Newmarket, Annerley and Clayfield as his 'best buy' suburbs in the March 2012 issue of Smart Property Investment magazine based on annual RP Data figures to December 2011.
Saggers said at the time that from 2013 Brisbane would experience "double digit price growth" with a market high in 2016/2017 and with the five-year forecast “looking good”.
Currently, RP Data has Brisbane property values up 1.2% for the first four months of the year, suggesting double digit annual growth could be some way off.
However, he was not the only one to forecast a turnaround for the Brisbane market.
Researchers BIS Shrapnel anticipating, in late 2011, a moderate improvement in prices from January 2012 as the market entered a “consolidation phase” following a decline exacerbated by the December 2010 floods.
Of Saggers' five suburb picks, Stafford, six kilometres north of the CBD, is showing the best long-term prospects.
Stafford median house prices appear to have bottomed out after a 2% fall over 2012 to be 2% up over the 12 months to March 2013 from 84 sales.
Apartments in Stafford are performing even better with median prices up 7% based on 118 sales over the 12 months to March 2013.
House prices in Newmarket, five kilometres north west of the Brisbane CBD, appear to be close to bottoming out having declined by 6% in 2012 they are now just 1% down over in March based on annualised sales data.
In Annerley, six kilometres south of the CBD, both house and unit median prices have fallen substantially.
House prices are down 5% and unit prices are down 7% based on more than 114 house sales and 130 unit sales.
Clayfield is another poor performer to date with a 9% drop in the median house price from 86 sales and a more modest (but declining) 2% drop in unit prices based on 167 sales.
The South Brisbane unit market has also yet to fire. 
HOUSES
<table cellpadding="0" cellspacing="0" border="1" style="width: 470px;"><tbody>
<tr>
<td width="111" valign="top">
 
</td>
<td width="76" valign="top">
Median house price Dec 2011
</td>
<td width="76" valign="top">
Median house price March 2013
</td>
<td width="66" valign="top">
12 month change to Dec 2012
</td>
<td width="66" valign="top">
12 month change to March 2013
</td>
</tr>
<tr>
<td width="111" valign="top">
<a target="_blank" href="/news">Annerley</a>
</td>
<td width="76" valign="top">
$552,500
</td>
<td width="76" valign="top">
$525,000
</td>
<td width="66" valign="top">
-3%
</td>
<td width="66" valign="top">
-5%
</td>
</tr>
<tr>
<td width="111" valign="top">
<a href="/news">Clayfield</a>
</td>
<td width="76" valign="top">
$860,000
</td>
<td width="76" valign="top">
$800,500
</td>
<td width="66" valign="top">
-7%
</td>
<td width="66" valign="top">
-9%
</td>
</tr>
<tr>
<td width="111" valign="top">
<a href="/news">Newmarket</a>
</td>
<td width="76" valign="top">
$658,000
</td>
<td width="76" valign="top">
$644,000
</td>
<td width="66" valign="top">
-6%
</td>
<td width="66" valign="top">
-1%
</td>
</tr>
<tr>
<td width="111" valign="top">
<a href="/news">Stafford</a>
</td>
<td width="76" valign="top">
$452,500
</td>
<td width="76" valign="top">
$447,250
</td>
<td width="66" valign="top">
-2%
</td>
<td width="66" valign="top">
+2%
</td>
</tr>
<tr>
<td width="111" valign="top">
<a href="/news">South Brisbane</a>
</td>
<td width="76" valign="top">
$805,000
</td>
<td width="76" valign="top">
N/A
</td>
<td width="66" valign="top">
-17.3%*
</td>
<td width="66" valign="top">
N/A**
</td>
</tr>
</tbody></table>
*From only seven sales **Just one sale recorded in 2013
 Source: RP Data
UNITS
<table cellpadding="0" cellspacing="0" border="1" style="width: 470px;"><tbody>
<tr>
<td width="111" valign="top">
 
</td>
<td width="76" valign="top">
Median house price Dec 2011
</td>
<td width="76" valign="top">
Median house price March 2013
</td>
<td width="66" valign="top">
12 month change to Dec 2012
</td>
<td width="66" valign="top">
12 month change to March 2013
</td>
</tr>
<tr>
<td width="111" valign="top">
<a href="/news">Annerley</a>
</td>
<td width="76" valign="top">
$399,000
</td>
<td width="76" valign="top">
$369,000
</td>
<td width="66" valign="top">
-5%
</td>
<td width="66" valign="top">
-7%
</td>
</tr>
<tr>
<td width="111" valign="top">
<a href="/news">Clayfield</a>
</td>
<td width="76" valign="top">
$415,000
</td>
<td width="76" valign="top">
$357,500
</td>
<td width="66" valign="top">
+3%
</td>
<td width="66" valign="top">
-2%
</td>
</tr>
<tr>
<td width="111" valign="top">
<a href="/news">Newmarket</a>
</td>
<td width="76" valign="top">
$370,000
</td>
<td width="76" valign="top">
$380,000
</td>
<td width="66" valign="top">
-1%
</td>
<td width="66" valign="top">
-4%
</td>
</tr>
<tr>
<td width="111" valign="top">
<a href="/news">Stafford</a>
</td>
<td width="76" valign="top">
$346,000
</td>
<td width="76" valign="top">
$389,080
</td>
<td width="66" valign="top">
+7%
</td>
<td width="66" valign="top">
+7%
</td>
</tr>
<tr>
<td width="111" valign="top">
<a href="/news">South Brisbane</a>
</td>
<td width="76" valign="top">
$456,000
</td>
<td width="76" valign="top">
$460,000
</td>
<td width="66" valign="top">
-2%
</td>
<td width="66" valign="top">
-3%
</td>
</tr>
</tbody></table>
Source: RP Data
Image of jacaranda tree by Richard Fisher, courtesy of Flickr.
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Stafford blooms but four out of five Sam Saggers Brisbane hotspots yet to show promise

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Australia has ranked as the sixth most overvalued OECD housing market behind Belgium, Norway, Canada, New Zealand and France, but with prices falling.
It is the only non-European country included in a category “where houses appear overvalued but prices are falling” released as part of the OECD's latest global economic update.
“This category is the largest as it includes many European countries where the post-crisis housing market correction is still ongoing, most notably Spain, but also the United Kingdom, Belgium, Denmark, Finland, the Netherlands and one non-European country, Australia,” says the OECD.
“While price corrections in these countries are necessary, they are also concerning as they weaken households’ financial health and potentially fragilize banking sectors.”
It follows The Economist magazine ranking <a target="_blank" href="https://www.propertyobserver.com.au/news/australia-moves-up-to-fourth-most-overvalued-housing-market-but-bubble-risk-subsides-the-economist/2013051761451">Australia the fourth most overvalued housing market behind France, the Netherlands and Canada</a> earlier this month.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/05/oecdmay30one.gif"><img src="/images/stories/2013/05/oecdmay30onethumb.gif"></a>
The OECD determines the fair value of a housing market based on two measures: the price-to-rent ratio (a measure of the profitability of owning a house) and the price-to-income ratio (a measure of affordability).
If the two measures are above their long-term averages, house prices are said to be overvalued, and vice-versa.
On a price-to-rent ratio Australian house prices are about 35% overvalued while on a price-to-income ratio they are about 20% overvalued.
The figures were released as part of the OECD’s latest global economic update, where it said the global economy was moving forward but with divergence between countries and regions reflecting “the uneven progress made toward recovery from the economic crisis”.
It projects Australian GDP growth of 2.6% in 2013 rising to 3.2% in 2014 outperforming other OECD countries with GDP projected to rise by 1.2% this year and by 2.3% in 2014.
“The expected weakening of the boom in mining investment will be only gradually offset by the sector’s increasing export capacity and the strengthening of the non-mining sector,” notes the OECD in its May economic forecast summary.
“The persisting high exchange rate and still fragile confidence are inhibiting the emergence of new drivers of growth. “In the absence of inflationary pressures, monetary policy should remain accommodative in order to underpin activity.
“The authorities need to gradually balance the public budget so as to restore fiscal leeway. Should activity worsen significantly, however, there is scope for fiscal policy to be relaxed to support demand. A tax reform to improve the effectiveness of housing taxation and lower corporation tax by means of an increase in VAT would enhance efficiency.”
The OECD anticipates the world real gross domestic product (GDP) is projected to increase by 3.1% this year and by 4% in 2014.
Across OECD countries, GDP is projected to rise by 1.2% this year and by 2.3% in 2014, while growth in non-OECD countries will rise by 5.5% this year and 6.2% in 2014.
In the US, activity is projected to rise by 1.9% this year and by a further 2.8% in 2014.
GDP in the euro area is expected to decline by 0.6% this year and then rebound by 1.1% in 2014, while in Japan GDP is expected to grow by 1.6% in 2013 and 1.4% in 2014.
“The global economy is strengthening gradually, but the upturn remains weak and uneven,” said OECD secretary-general Angel Gurría.
“Supportive monetary policies, improving financial market conditions and a gradual restoration of confidence are at the root of the recovery. Also, the fiscal adjustment of the last few years is beginning to pay off. Several countries are close to stabilising their government debt-to-GDP ratios and ensuring a gradual decline in indebtedness over the longer term,” he said.
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Australia’s housing market sixth most overvalued but prices falling: OECD

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The total number of new houses and apartments approved for construction in April lifted by a stronger than expected 9.1% to 13,774 dwellings with private sector house approvals trending up strongest in WA, NSW and Victoria, according to the latest ABS data.
This followed a fall of 5.5% in March on a seasonally-adjusted basis.
April’s result was well above economists median expectations of a 4% rise in building approvals in April, according to last week’s Bloomberg survey.
Building approvals are forward indicators of future demand for new houses and apartments and are also factored into RBA decisions about the cash rate.
Private sector housing approvals lifted 2.5% over April and have risen for four months.
In the more volatile apartment market, approvals lifted by 18% following a fall of 9.9% in the previous month.
Year-on-year private total dwelling approvals are up 27.3% with private sector housing approvals up 18.9% and apartment approvals up 37.2%.
Economists had tipped a 22.5% year-on-year total dwelling rise.
Looking at the longer-term trend, the ABS notes that the total number of dwellings approved have risen in April, in trend terms, for the first time in 2013.
Dwelling approvals increased in the Northern Territory (8.7%), Tasmania (2.9%), Western Australia (2.5%), New South Wales (0.7%) and Queensland (0.5%) in trend terms.
They declined in the ACT (-2.2%), Victoria (-1.1%) and South Australia (-0.8%). Dwelling approval trends have been rising for more than one year in both Western Australia and Queensland (15 months each) while falling for the last nine months in Victoria says the ABS.
Western Australia (1.9%), New South Wales (1.3%) and Victoria (1.1%) experienced the largest rises in private sector house approvals.
In New South Wales the trend has been rising since April last year (13 months). Private sector house approvals rose in Queensland (0.2%) for the first time since February 2012.
"The rebound in April was broad-based, reflecting an increased number of approvals in six of eight states and territories, Queensland and the Australian Capital Territory proving the exceptions,” said HIA chief economist, Dr Harley Dale.
“Over the three months to April 2013 approvals were up everywhere except New SouthWales and Victoria.
"In 2012 we had four out of eight new home building markets in Australia in recession. In that context the recovery implied by the profile for building approvals is very modest, a fact reinforced by the effectively flat trend evident in recent months.
“It is nevertheless vital to be seeing some signs of improvement – approvals suggest an increase in housing starts in the current fiscal year in the order of 7%, which is HIA’s forecast.
“The concern is that the new home building activity implied by a range of leading indicators, including building approvals, does not provide evidence of a durable recovery and certainly does not provide evidence of a recovery commensurate with the requirements of the Australian economy as it transitions away from a disproportionate reliance on resources-related investment
"This situation represents a challenge for state and federal government policy makers. Lower interest rates are delivering some traction for new residential construction. However, a recovery of the magnitude and duration required by the Australian economy will not be forthcoming without regulatory and taxation reform to reduce the excessive and inefficient cost base embedded in the new homebuilding sector,” said Dale.
In value terms, building approved fell 2.7% in April following a rise of 6.1% in the previous month.
The value of residential building rose 3.8% following a fall of 6.4% in the previous month. The value of non-residential building fell 10.3% following a rise of 25.2% in the previous month.
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Dwelling approvals rise by a stronger than anticipated 9.1% in April: ABS

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Investors in collapsed mortgage lender Provident Capital’s monthly income fund (MIF) have received further distributions as liquidators from PPB Advisory continue to dispose of loans.
MIF unit holders received nine cents per unit on May 17 following distributions totalling 61 cents per unit since December last year.
Unitholders in Provident Capital’s high yield fund (HYF) have received 66 cents per unit in total distributions, with the last payment of 14 cents per unit in February.
Creditors voted to <a href="https://www.propertyobserver.com.au/news/provident-capital-s-creditors-vote-to-liquidate/2012102457415">liquidate the $130 million subprime lender</a> in October.
Provident Capital acted as a lender of last resort on risky development, charging very high interest rates and fees.
It collapsed in July last year following an application by Australian Executor Trustees Limited (AET), a trustee for Provident Capital debenture holders. It then emerged that 85% of loans were six months or more in arrears.
“The timing and amount of any further payments from the fund will depend on how the wind up process proceeds and the extent to which the remaining assets continue to earn income,” said Marcus Ayres, Tony Sims and Philip Carter receivers and liquidators from PPB Advisory.
“Income distributions may be made at the same time as payments arising from the realisation of the fund's assets.
“Investors will receive a tax statement in respect of their income distributions at the end of the financial year
To date distributions to unitholders totalling 66 cents in every dollar invested have been made.
</body></html>

Provident Capital investors receive further distributions

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

Larry Schlesinger

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