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<p>GUEST OBSERVER</p>
<p>The Asia-Pacific alternative finance market grew 323 percent to $102.8 billion in 2015, led by four-fold growth to more than $100 billion in China, finds first regional benchmarking report</p>
<p>Survey was conducted by a research team from the Cambridge Centre for Alternative Finance, the Tsinghua University Graduate School at Shenzhen and the University of Sydney Business School, in collaboration with KPMG and with the support of ACCA (the Association of Chartered Certified Accountants) and CME Group Foundation.</p>
<p><span>The Asia-Pacific online alternative finance market including peer-to-peer lending and crowdfunding grew 323 per cent in 2015 to $102.8 billion, led by a four-fold increase in China to $101.7 billion, according to the first comprehensive study of the Asia-Pacific online alternative finance market.</span></p>
<p><span>“The Asia-Pacific online alternative finance market is fluid, diverse, increasingly complex and growing at a rapid pace,” said the report issued today, entitled Harnessing Potential – The 2015 Asia-Pacific Alternative Finance Benchmarking Report.</span></p>
<p><span>Outside of China, the rest of the Asia-Pacific region recorded alternative finance volume of $1.12 billion in 2015, up 313% from the $271.9 million raised in 2014. The largest markets in 2015 beyond China were Japan ($360 million), Australia ($348 million), New Zealand ($268 million), South Korea ($41 million) and India and Singapore (each about $40 million).</span></p>
<p><span>China is the world’s largest alternative finance market based on the researchers’ global dataset, the report said. While there have been reports on China’s alternative finance market by Chinese companies, this is the first study to benchmark the Chinese market with a set of comparable international standards.</span></p>
<p><span>“The Chinese online alternative finance market grew from a relatively low base of $5.56 billion in 2013 to reach $24.30 billion in 2014 and then went on to reach $101.7 billion in 2015,” the report said. Peer-to-peer consumer lending ($52 billion) and peer-to-peer business lending ($40 billion) are by far the largest market segments in China. Reasons cited in the report for the rapid growth of alternative finance in China include the country’s global leadership in Internet user base and smartphone connections, and the fact that alternative finance has “been mostly unrestricted and unchecked” until recent guidelines by regulators.</span></p>
<p><span>The alternative finance market includes peer-to-peer consumer and business lending, equity-based and reward-based crowdfunding, and other provision of finance to individuals and businesses through alternative channels via online marketplaces outside of the banking system.</span></p>
<p><span>Other key findings of the report included:</span></p>
<ul>
<li><span>More than half surveyed platforms in China (with the exception of equity-based crowdfunding) deemed existing regulation to be inadequate or too relaxed, or recognized the need for specific regulation to be introduced. </span></li>
<li><span>In per-capita terms, the largest alternative finance markets in Asia-Pacific in 2015 were China ($74.54), New Zealand ($59.37) and Australia ($14.83). </span></li>
<li><span>The institutional funding of online alternative finance is notably higher in the wider Asia-Pacific region outside of China, at 63 percent for peer-to-peer consumer lending outside China and 10 per cent in China. </span></li>
<li><span>The institutional ownership of alternative finance platforms is far higher for China, at 23 per cent majority interest for banks or other institutional owners compared to 6 per cent in the Asia-Pacific region outside of China. </span></li>
<li><span>Outside of China, peer-to-peer business lending has been the largest alternative finance funding segment for three consecutive years, but peer-to-peer consumer lending is the fastest-growing sector with average year-on-year growth rate of 653% between 2013-2015.</span></li>
<li><span>The Asia-Pacific region appears to have relatively high rates of female participation in online alternative finance markets, at 33 per cent for peer-to-peer consumer borrowers outside China and 19 per cent in China. </span></li>
</ul>
<p><span>The survey involving 20 research partners was based on data from 503 leading alternative finance platforms in 17 Asia-Pacific countries and regions, of which, 376 were from mainland China. The study captured an estimated 70 per cent of the visible market, yielding the estimates contained in the report.</span></p>
<p><span>The report described the regulatory environment for alternative finance across the Asia-Pacific region as “diverse and rapidly changing.” While some countries such as Singapore have chosen to regulate alternative finance within pre-existing frameworks, others including New Zealand have created bespoke regulation. And while surveyed platforms in New Zealand and Malaysia generally felt existing regulation is “adequate and appropriate,” platforms in Japan and South Korea were more concerned that regulation is too strict and Chinese platforms generally felt regulation was too lax.</span></p>
<p><span>“The opportunities for the world's most populous region to harness the potential of alternative finance for innovation, economic growth, market efficiency, and creativity are abundant,” the report said. “The present challenge is how to best nurture the alternative finance industry, grow the market in a sustainable manner and develop an appropriate and proportionate regulatory regime that strikes the right balance between encouraging financial innovation and protecting the interests of consumers and investors.”</span></p>
<p><span>The survey was conducted by an international research team from the Cambridge Centre for Alternative Finance at Cambridge Judge Business School, the Tsinghua University Graduate School at Shenzhen and the University of Sydney Business School, in partnership with KPMG and with the support of ACCA (the Association of Chartered Certified Accountants) and CME Group Foundation.</span></p>
<p><span>This article was written by the <em>University of Cambridge Judge Business School. </em></span></p>
<p><em>To download a full copy of the report, <a href="https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/harnessing-potential/#.VunQeOnvhUE" target="_blank">click here</a>.</em></p>
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Property 101: Asia-Pacific alternative finance market grew 323 percent in 2015

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<p>Melbourne recorded the largest monthly residential vacancy fall nationwide over February, down 0.5 percentage points with a vacancy rate of 2.3 percent, according to SQM Research.</p>
<p><span style="line-height: 1.3em;">Canberra, Sydney and Darwin fell 0.2 percentage points over February. </span></p>
<p><a href="/images/2016/03/16/Screen%20Shot%202016-03-16%20at%2012.13.32%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/03/16/Screen%20Shot%202016-03-16%20at%2012.13.32%20PM.png" alt=""></p>
<p><span style="line-height: 1.3em;">SQM Research m</span><span style="line-height: 1.3em;">anaging director Louis Christopher said o</span><span style="line-height: 1.3em;">verall there was a noticeable fall in vacancies for the month driven by Melbourne and Sydney.</span></p>
<p>"However, year on year vacancies are still edging up for the country and we think this will still be the trend going forward," he said.</p>
<p>"The cities and townships most exposed to the commodities downturn are causing this yearly rise. On the flip side Melbourne, Hobart and Canberra are all recording downward trends in vacancies now and this is resulting in upward pressure in rents for these three cities.</p>
<p><span style="line-height: 1.3em;">"Perth has recorded ongoing falls in asking rents of 10.5% for houses and 9.1% for units over the past 12 months. Yearly falls have also been recorded in Darwin, with asking rents down 10.3% for houses and a considerable 11.2% for units. </span></p>
<p><span style="line-height: 1.3em;">"Hobart continues to record the most affordable rental accommodation with rents for houses at just $337 a week, while units on average rent for $286 a week."</span></p>
<p><a href="/images/2016/03/16/Screen%20Shot%202016-03-16%20at%2012.13.47%20PM.png" target="_blank" style="line-height: 1.3em;">Click to enlarge</a></p>
<p><img src="/images/2016/03/16/Screen%20Shot%202016-03-16%20at%2012.13.47%20PM.png" alt=""></p>
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Melbourne takes largest monthly residential vacancy fall in February: SQM Research

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<p>The pace of home value growth across Brisbane has been improving, with dwelling values rising by 4.1 percent over the past twelve months.</p>
<p>The latest NAB housing insights report noted due to the higher pace of growth recorded in Sydney and Melbourne since 2009, Brisbane home values have become comparatively very affordable with the typical Brisbane house now showing a median value that is approximately $441,000 lower than Sydney’s and $144,000 lower than Melbourne’s. </p>
<p><a href="/images/2016/03/10/Screen%20Shot%202016-03-10%20at%201.50.44%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/03/10/Screen%20Shot%202016-03-10%20at%201.50.44%20PM.png" alt=""></p>
<p>The slower conditions compared with the larger states of New South Wales and Victoria can likely be attributed to softer economic conditions as the mining sector winds down. More recently though we have seen consistent improvements in the services sector of the Queensland economy, <span style="line-height: 1.3em;">with rising tourism numbers and retail spending providing support for coastal and lifestyle based housing markets as well as the Brisbane housing market. </span></p>
<p>The regional areas of the state have shown a weakening in the rate of home value growth, dragged lower by value falls in the region’s most heavily dependent on mining related activities. Values in Mackay were 8.6 percent lower over last year, while Fitzroy values had fallen 3.7 percent and values across the Central West region were down 6.2 percent. Conversely, key lifestyle oriented markets such as the Gold Coast and Sunshine Coast are seeing home values trending higher.</p>
<p><a href="/images/2016/03/10/Screen%20Shot%202016-03-10%20at%201.48.47%20PM.png" target="_blank">Click to enlarge</a></p>
<p><strong><img src="/images/2016/03/10/Screen%20Shot%202016-03-10%20at%201.48.47%20PM.png" alt=""></strong></p>
<p> </p>
<p>The Brisbane housing market has been somewhat undersupplied in previous years’, yet housing price performance has lagged notably behind that of Sydney and Melbourne. Consequently, the comparative affordability makes the Brisbane market an enticing alternative for foreign investors, while pent up demand will keep local buyers in the market. An improving outlook for the Queensland economy will be another factor supporting prices as low interest rates and AUD depreciation help to jump start non-mining segments of the economy, feeding into better labour market outcomes. </p>
<p>However, population growth is expected to continue slowing in Queensland, while the unemployment rate is likely to remain above 6% over the near-to-medium-term, which will limit gains in property prices. Also, similar to Sydney and Melbourne, residential construction is picking up rapidly in Brisbane, which should address some of the pent-up demand and cool the market. </p>
<p><a href="/images/2016/03/10/Screen%20Shot%202016-03-10%20at%201.52.25%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/03/10/Screen%20Shot%202016-03-10%20at%201.52.25%20PM.png" alt=""></p>
<p>Similar to what was seen across all three of the major eastern markets, the NAB Property Survey showed a sharp deterioration in market sentiment in Queensland for Q4 2015, although forward expectations suggests the weakness may be only temporary. Nevertheless, respondents downgraded their house price expectations significantly, as well as their rental expectations – in contrast to NSW and Vic where rental expectations rose. </p>
<p>NAB expects house price growth in Brisbane to outperform other capital cities, but to slow to 3 percent in 2016 (from 4.3 percent in 2015).</p>
<p>On a more positive note, foreign buyers are responding as expected to the relative affordability (and availability) of Brisbane property, with demand apparently picking up in the quarter according to the Survey. Overall, NAB expects house price growth in Brisbane to outperform other capital cities, but to slow to 3 percent in 2016 (from 4.3 percent in 2015).</p>
<p>However, there are a number of risks stemming from the uncertainty around foreign demand and the impending spike in housing supply. These risks are particularly prevalent in the unit/apartment market, where prices are already expected to fall 0.6 percent in 2016 (from 1.8 percent in 2015).</p>
<p> </p>
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Brisbane house values to increase by 3 percent, units to fall by 0.6 percent: NAB

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<p><span>Balmain’s renowned Town Hall Hotel is the latest asset to test the strength of Sydney’s hotel market, with the prominent venue snapped up for $7 million.</span></p>
<p><span>The Balmain Pub Group secured the Balmain landmark, which was established in 1879.</span></p>
<p><span>Set on the corner of Montague and Darling streets on a prominent 445sqm site, the two-level hotel features a ground floor bar, bottle shop and upstairs dining area with second bar, as well as a seated balcony overlooking Darling Street.</span></p>
<p><span>CBRE Hotels’ National Director, Daniel Dragicevich negotiated the freehold sale of the prominent inner-western Sydney venue in conjunction with Knight Frank on behalf of brothers, David and Phillipe Du Maurier.</span></p>
<p><span>“This transaction also highlights the depth of buyers currently active in the sub-$10 million metropolitan hotel market, reinforcing that market buoyancy is not just limited to the top end of town," he said.</span></p>
<p><span>The sale takes Balmain Pub Group’s stable of assets to five, following their acquisition of the Greenwood Hotel in North Sydney last year. </span></p>
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Town Hall Hotel, Balmain sold for $7 million

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<p><span> </span></p>
<p><span>New amendments to the regulations that will give homebuyers of properties with swimming pools 90 days to rectify non-compliant swimming pool barriers are a sensible approach, according to the Real Estate Institute of New South Wales. <br><br> Minister for Local Government Paul Toole announced on Friday (11 March, 2016) the new regulations applying to the sale of properties with swimming pools to take effect from 29 April 2016. <br><br> “From 29 April 2016, vendors will need to attach to the contract of sale a Certificate of Compliance, or a Certificate of Non-Compliance outlining what needs to be fixed,” REINSW President John Cunningham said.<br><br> “This is a sensible approach given the ongoing issues and delays over the last three years in regard to these important regulations.<br><br> “It is great to see that amendments have been made to allow these regulations the ability to be successfully implemented and help make our backyards safer,” Mr Cunningham said.<br><br> As part of the regulations, every new tenancy application to the Residential Tenancy Tribunal must also have a compliance certificate if the property has a swimming pool.</span></p>
<p><span lang="EN-US"> </span></p>
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Property 101: Amendments to NSW backyard pool regulations applauded

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<p><span>A total of 135 industrial properties were sold over the year to December 2015 with a total value of $,1,894 million, with Melbourne's North West region netting the greatest dollar volume, according to Savills.</span></p>
<p><span>According to Savills, Melbourne’s South East recorded the most number of transactions in the year to December 2015 with 74 (55 percent of all sales), with North West region having the greatest dollar volume with 52 percent of the total transaction value for the year.</span></p>
<p><span>Foreign investors and institutions represented the largest buyer categories in the North West by value of all stock, at 24 percent and 56 percent respectively.</span></p>
<p><span>Private investors made up 11 percent of total sales volume.</span></p>
<p><a href="/images/2016/03/14/Screen%20Shot%202016-03-14%20at%204.15.15%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/03/14/Screen%20Shot%202016-03-14%20at%204.15.15%20PM.png" alt=""></p>
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Melbourne's North West sees high industrial property transactions

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<p><span style="line-height: 1.3em;">The latest research from Canberra Cityscope shows property sales decreased in the past three months. </span></p>
<p><span style="line-height: 1.3em;">Sales recorded in the quarter ending December 2015 totalled $87.7 million, a decrease from the $92.5 million recorded in the three months to September 2015, and a decrease from the $149.8 million recorded in the three months to June 2015. This data brings the 12 month total to $336 million, an increase from the $314.6 million recorded the same time last year.</span></p>
<p>The table below shows sales recorded for the past eight updates of Canberra Cityscope.</p>
<p><img class="aligncenter size-large wp-image-6162" src="https://blog.corelogic.com.au/wp-content/uploads/2015/12/Pulse-CASalesGrid-580x311.gif" alt="Canberra Cityscope Quarterly Sales" width="580" height="311"></p>
<p> </p>
<p><strong>Recent standout sales in Canberra include:</strong></p>
<ul>
<li>The AusAID Building at 255 London Circuit, City; an 11 level, 8,972 sqm office building with parking for 134 cars, was bought for $70,025,000 in a sale handled by JLL Sydney and JLL Canberra.</li>
<li>33 Egan Court Belconnen, a single level, 1,725 sqm medical centre with parking for 60 cars, was bought for $8,650,000 in a sale handled by Burgess Rawson.</li>
<li>Guilfoyle House at 151 Oakden Street, Tuggeranong; a single storey, 1,500 sqm office and warehouse with parking for 130 vehicles, was bought for $4 million in a sale handled by Colliers International.</li>
</ul>
<p><strong>Properties for sale in Canberra in December 2015 include:</strong></p>
<ul>
<li>40 Cameron Avenue, Belconnen, a 5 storey A-grade office building with parking for 221 vehicles; is for sale through Colliers International Canberra. Book value of the building was at $42.5 million in December 2014.</li>
<li>Eclipse House at 197 London Circuit, City; a 10 storey, 6,567 sqm office building is for sale through Colliers International Canberra. The building last traded at $11.8m in April 2002.</li>
<li>14 Wales Street, Belconnen, a 2 storey, 3,800 sqm high-clearance warehouse building with parking for 25 vehicles, is for sale through CBRE.  The building was built as a secure facility for the then Commonwealth Department of Civil Aviation and last traded at $6.4m in January 2010.</li>
</ul>
<p><img class="aligncenter size-full wp-image-6163" src="https://blog.corelogic.com.au/wp-content/uploads/2015/12/Pulse-CASalesChart.gif" alt="Canberra Cityscope Quarterly Sales graph" width="532" height="321"></p>
<p><strong>Significant leasing opportunities in Canberra in December 2015 include:</strong></p>
<ul>
<li>40 Cameron Avenue, Belconnen, a 5 storey A-grade office building with parking for 221 vehicles; has office space of 500 to 9,470 sqm through Knight Frank and JLL Canberra.</li>
<li>33 Allara Street, City, an 8 storey, 9,900 sqm commercial building with retail on the ground floor and basement parking for 131 vehicles; has office space of 650 to 9,215 sqm for lease through Knight Frank and Colliers International.</li>
<li>14 Moore Street, City, a 14 storey, 11,100 sqm B-grade office building with basement parking for 79 cars; has office space of 6,060 sqm through Colliers International and Raine &amp; Horne Commercial Canberra.</li>
</ul>
<p> </p>
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Canberra property sales decrease in three months: CoreLogic RP Data Cityscope

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<h1>Minutes of the Monetary Policy Meeting of the Reserve Bank Board</h1>
<p>Sydney – 1 March 2016</p>
<h2>Members Present</h2>
<p>Glenn Stevens (Governor and Chair), Philip Lowe (Deputy Governor), John Edwards, Kathryn Fagg, John Fraser (Secretary to the Treasury), Allan Moss AO, Heather Ridout AO, Catherine Tanna</p>
<p>Members granted leave of absence to John Akehurst in terms of section 18A of the Reserve Bank Act 1959.</p>
<h2>Others Present</h2>
<p>Guy Debelle (Assistant Governor, Financial Markets), Christopher Kent (Assistant Governor, Economic), Alexandra Heath (Head, Economic Analysis Department), Ivan Roberts (Senior Economist, Economic Analysis Department)</p>
<p>Anthony Dickman (Secretary)</p>
<h2>Domestic Economic Conditions</h2>
<p>Members began their discussion of the domestic economy by noting that the December quarter national accounts would be released the day after the meeting. Based on the data available and in line with earlier expectations, growth appeared to have been slightly below average in the December quarter and over 2015 as a whole. There had been further indications of a rebalancing of activity towards the non-mining sectors of the economy. More recent data had suggested that the economy had continued to grow at a moderate pace in early 2016.</p>
<p>As expected, mining investment had fallen further in the December quarter as more large projects reached completion. The latest ABS capital expenditure (capex) survey of firms' investment intentions had pointed to further large falls in mining investment in 2015/16 and again in 2016/17, in line with the forecasts presented in the February Statement on Monetary Policy. Members noted that non-mining investment appeared to have been little changed over 2015. Although the capex survey had pointed to declines in 2015/16 and 2016/17, roughly half of non-mining investment was not covered by the capex survey and in the past there had been differences between signals provided by the capex survey and what was measured in the national accounts data. At the same time, members noted that survey measures of business conditions and capacity utilisation had remained at above-average levels and business credit growth had increased a little further over recent months.</p>
<p>Members observed that there had been only modest growth in resource export volumes in the December quarter. They noted that more production capacity – particularly for liquefied natural gas, but also iron ore – was expected to come on line over 2016. Chinese iron ore imports had increased over the past year, although by less than earlier years, and Australia's share of that had remained at a high level. The volume of coal exports had fallen, partly because Chinese demand for coal had eased. Meanwhile, iron ore prices had increased over the past month, while coal prices had fallen slightly. Notwithstanding the recent increases in iron ore prices, bulk commodity prices were still about 20 per cent below levels of a year earlier. Oil prices had been volatile over recent months, rising somewhat since the previous meeting but still lower than late last year, which largely reflected the ongoing strength of supply.</p>
<p>Members noted that household demand had continued to be supported by low interest rates and above-average employment growth. Consumption growth was expected to have been close to its average over 2015 and in early 2016. Survey measures of households' perceptions of their own finances had remained at above-average levels into early 2016. Information from the Bank's retail liaison suggested that there had been an improvement in trading conditions around the Christmas–New Year period.</p>
<p>While growth in dwelling investment had been strong over 2015, there were indications that it would gradually moderate over the course of this year. The level of building approvals had declined over 2015, but remained high. Conditions in the established housing market had eased since late 2015. Housing price growth in Sydney and Melbourne was lower than in September last year. Meanwhile, housing credit growth overall had remained around 7½ per cent, after having risen through to the middle of 2015. Members noted that growth in lending to investors in housing had slowed significantly over that period and, more recently, housing loan approvals overall had declined a little.</p>
<p>The unemployment rate rose to 6 per cent in January, from around 5¾ per cent in November and December, and employment had declined slightly. Nevertheless, conditions in the labour market had clearly improved since early 2015. Employment growth had been above average, the unemployment rate had declined by a little more than ¼ percentage point and the participation rate had been on an upward trend. Members noted that there was some uncertainty around the future trajectory of the participation rate. This was partly because the degree to which people had been encouraged to enter the labour force over the course of the past year had been unexpected, and partly because it was difficult to assess the net effect on the participation rate of population ageing (which tends to reduce participation rates). The fact that each generation has tended to have a higher participation rate than the one preceding it also contributed to uncertainty around the trajectory of the participation rate. Meanwhile, leading indicators of employment had increased recently, consistent with employment growth in the months ahead.</p>
<p>Data from the wage price index had confirmed that wage growth was low across all industries over 2015. Although wage growth had continued to slow in a number of mining-exposed industries, it appeared to have stabilised in some industries where employment growth had been relatively strong over the course of the past year. Members observed that ongoing low wage growth was consistent with there being some spare capacity in the labour market, though they also noted that this was not unique to Australia, which suggested that a common global factor, such as the increasingly globalised nature of the labour force, could have been playing a role.</p>
<h2>International Economic Conditions</h2>
<p>Growth in Australia's major trading partners had eased in the December quarter, although it had been little changed over the past year at slightly below its decade average. Labour market conditions had improved in a number of economies, which was consistent with ongoing consumption growth, particularly in the United States and the euro area. Aggregate growth had also been supported by low oil prices. Although measures of core inflation had edged higher over the second half of 2015 in Japan and the euro area, they had shown some signs of declining in the early part of 2016. There had been a more noticeable increase in core inflation in the United States over this period. However, inflation remained below most central banks' targets and monetary policies had remained very expansionary.</p>
<p>Growth in the US economy had been close to trend over 2015, despite slowing late in the year. Employment had continued to grow more rapidly than the working-age population, and the unemployment rate was around its long-run average level. While nominal wage growth had remained relatively modest, growth in unit labour costs was above its long-run average. Measures of core inflation had picked up, but remained below the inflation objective of the Federal Reserve Board. The euro area economy had continued to expand at an above-trend rate over 2015, driven by domestic demand, although industrial activity had remained weak. There had been a further gradual decline in the unemployment rate, but there was considerable spare capacity and wage growth had drifted lower. Inflation had remained low relative to the European Central Bank's target.</p>
<p>GDP had contracted in Japan in the December quarter, driven by a decline in consumption. Despite recent weakness in economic activity, labour market conditions had remained tight and nominal wage growth had been positive. Core inflation had picked up to close to 1 per cent by the end of 2015, but had eased a little in early 2016. Headline inflation had been low, reflecting the effect of lower oil prices. In the rest of east Asia, GDP growth had been a bit below average, particularly for the economies with larger exposures to the slowing in China through their direct trade links. Recent exchange rate depreciations, low oil prices and monetary and fiscal stimulus measures had been providing some support for activity in the east Asian region.</p>
<p>Recent Chinese data had pointed to continued weakness in the industrial and real estate sectors, although members noted that the variable timing of the Chinese New Year holidays made it difficult to interpret data in the early part of the calendar year. Overall, housing prices had increased a little over the past year, but prices had still declined in the smaller cities. Total sales had declined since mid 2015 and the stock of unsold housing remained substantial. In February, the authorities took further steps to support the demand for housing, particularly in markets where housing prices had been weakest. The downward trend in both exports and imports had continued in January, while the trade surplus remained at a high level.</p>
<p>Members spent part of the meeting discussing some issues relevant to China's longer-run economic performance and the risks to growth. They observed that demographic changes and strong productivity growth had been key drivers of economic growth in China for some time, but these forces were now reversing and were likely to weigh on future growth as a result. In particular, China's growth had been supported by an increase in the size of the working-age population and the migration of many agricultural workers to urban areas, where they had been more productive. The working-age population had started to fall but the urban workforce was still growing because of continued urbanisation. China's urbanisation rate was still relatively low by international standards, which suggested that this process had further to run, with the pace of reform to the urban registration system (hukou) likely to have some effect on how rapidly the growth of the urban workforce would moderate. Structural reform was also important for the future trajectory of productivity growth, which had slowed over the past decade.</p>
<p>China's economic development had been characterised by very strong investment growth, which had been funded to a significant extent by high saving rates in the household sector. An element of the policy response to the global financial crisis had been to increase the credit available to the non-financial corporate and government sectors, which had led to sizeable increases in the debt held by these sectors. Slowing aggregate growth and excess capacity in some industries had raised the risk that some firms would find it more difficult to make repayments on their debt, which could, at some point, be associated with more widespread financial problems. Notwithstanding this, members noted that household debt-to-income ratios and the share of debt denominated in foreign currency were both low. The low level of foreign currency debt, in particular, differentiated China from other emerging economies that had previously experienced financial crises. While the overhang of residential housing inventory and excess capacity in the industrial sector would affect demand for Australia's resource exports and their prices, the scope for Chinese household incomes to rise over time created long-run potential for Australia to increase exports of rural produce and services, including tourism, to China.</p>
<h2>Financial Markets</h2>
<p>Members commenced their discussion of financial markets with a review of movements in a range of markets following the Bank of Japan's unexpected lowering of the interest rate for some deposits held at the central bank in order to provide further stimulus. This decision led to significant movements in fixed income and foreign exchange markets in particular, and had also highlighted concerns over bank profits in an environment of low or negative interest rates. Members noted that implementation of the policy decision had been designed to minimise the adverse effect on the Japanese banking system; although the negative rate is effectively the marginal rate on excess funds and therefore had pushed other short-term rates lower, most central bank deposits continued to be remunerated with a positive rate.</p>
<p>Expectations of further increases in the US federal funds rate had been pushed out over the past month, with markets now pricing in only a 70 per cent chance of a further rate rise in 2016 and some market participants expecting a reduction in the federal funds rate this year. In contrast, expectations for additional monetary easing by the European Central Bank this year had increased over the past month, including at the next policy meeting later in the month.</p>
<p>Recent policy developments had contributed to further falls in sovereign bond yields. Members noted that the Japanese government bond yield curve was very flat, with the 10-year bond yield below zero. Almost two-thirds of Japanese government bonds and one-third of short-term bonds issued by euro area governments were currently trading at yields below zero. Australian government bond yields had moved broadly in line with US sovereign bonds.</p>
<p>The sharp declines in global share prices in early February, led by financial sector shares, had, more recently, been partly retraced by price rises. Australian equity prices declined by 2 per cent over February, with movements in prices closely linked to changes in commodity prices. Members noted the generally solid profit reports of Australian listed companies and discussed recent developments in relation to dividend policies.</p>
<p>Share prices of banks in the advanced economies, including Australia, had fallen significantly since early January. The declines had been largest in Europe and Japan. Globally, there had been concerns about the effect of the prevailing low or negative interest rates on interest margins and yields on banks' high-quality liquid asset holdings and, ultimately, on bank profits and business models. These concerns had been compounded in the euro area by specific issues in particular countries as well as uncertainty about the operation of the new European bank resolution regime.</p>
<p>In foreign exchange markets, volatility increased over the previous month alongside the changing current and prospective stance of monetary policy in the major economies. The US dollar had depreciated slightly on a trade-weighted basis, while the euro was little changed. Since the policy announcement by the Bank of Japan, the yen had appreciated by 5 per cent on a trade-weighted basis. The Chinese authorities had emphasised their intention to preserve stability in the trade-weighted value of the renminbi, which had moved in only a narrow range over the past year. The People's Bank of China had continued to sell foreign currency reserves in January in response to net private capital outflow. The Australian dollar was little changed on a trade-weighted basis and against the US dollar since the previous meeting.</p>
<p>Bond issuance by Australian banks had been solid in the first quarter to date, despite volatility in global financial markets in the period. Wholesale funding costs for Australian banks had continued to edge higher, but for long-term funding the cost of issuing new paper was still below the average cost of the existing stock on issue. The rise in short-term wholesale bank funding costs had been passed through to some business lending rates.</p>
<p>Pricing in domestic financial markets indicated that there was no expectation of a change in the cash rate at the present meeting.</p>
<h2>Considerations for Monetary Policy</h2>
<p>In considering the stance of monetary policy, members noted that the recent data on the international and domestic economies had been largely consistent with the outlook presented at the previous meeting. Growth in Australia's major trading partners had remained a little below average in year-ended terms and commodity prices were still significantly lower than they had been a year earlier. Meanwhile, global financial markets had been volatile in the aftermath of the Bank of Japan's decision to implement negative interest rates and generally there appeared to be more uncertainty about the direction and potency of monetary policy in the major jurisdictions. However, given the usual lags in the data, it was still too early to assess whether the bout of financial market volatility since the turn of the year foreshadowed or would lead to a weakening in global economic conditions. Globally, monetary policy remained very accommodative.</p>
<p>The available data suggested that the domestic economy had continued to grow at a slightly below-trend pace. There had also been further signs of a rebalancing of activity towards non-mining sectors of the economy, aided by the low level of interest rates and the depreciation of the exchange rate over the past couple of years, which had responded to the evolving economic outlook. There was a small decline in employment in January and a modest rise in the unemployment rate, following a run of much better-than-expected outcomes in the December quarter. Leading indicators of employment had increased further and were consistent with employment growth in the months ahead. Wage growth had remained at quite low levels.</p>
<p>Conditions in the established housing market had eased somewhat since September 2015, in part reflecting the effect of supervisory measures implemented in that year. In addition, after rising for some time, the growth in aggregate housing credit had stabilised over the past six months or so, with a significant easing in growth in lending to investors.</p>
<p>Members judged that there were reasonable prospects for continued growth in the economy and that it was appropriate to leave the cash rate unchanged at an accommodative setting. Over the period ahead, new information should allow the Board to assess whether the improvement in labour market conditions was continuing and whether the recent financial turbulence presaged weaker global and domestic demand. Members noted that continued low inflation would provide scope to ease monetary policy further, should that be appropriate to lend support to demand.</p>
<h2>The Decision</h2>
<p>The Board decided to leave the cash rate unchanged at 2.0 percent.</p>
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Dwelling price growth easing: Minutes of March 2016 Monetary Policy Meeting of the Reserve Bank Board

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<p><span>Across Darwin over the three months to September 2015, 16.9 percent of homes resold at a loss compared to 17.2 percent at the end of the previous quarter and 9.4 percent a year ago, according to the most recent CoreLogic RP Data Pain &amp; Gain report. </span></p>
<p><span>The relatively less developed Litchfield region has recorded no loss-making resales over the quarter compared to 15.9 percent in Palmerston and 19.5 percent in Darwin. </span></p>
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Darwin's Litchfield survives loss-making quarterly resales: CoreLogic RP Data Pain & Gain

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<p>GUEST OBSERVER</p>
<p>Australia is well regarded internationally as one of the world’s most liveable places. Australians continue to think so too with 99 percent of us agreeing that this is a great place to live! </p>
<p>In our second annual survey, we take another look at what makes this country such a special place to live. Relative safety &amp; security, general lifestyle &amp; friendliness and access to quality healthcare continue to be valued most highly, with open spaces, climate and environment also important drawcards. Our people, an acceptance of diversity and love of sport have also become bigger drawcards, but the economy and education are contributing less.</p>
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<div class="column"><span style="line-height: 1.3em;">Our relative safety &amp; security (36 percent) and general lifestyle &amp; friendliness (35 percent) continue to be cited as the key factors making Australia such a great place to live. They also resonated with more Australians in 2016 than in last year’s survey (33 percent and 32 percent respectively). Access to quality healthcare was also viewed as key positive for 30 percent of Australians, albeit less than in 2015 (33 percent).</span></div>
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<br><span style="line-height: 1.3em;">Access to open spaces, beaches and parks, climate, clean environment &amp; unique natural wonders continued to be highly valued by around 1 in 4 Australians.</span>
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<br><span style="line-height: 1.3em;">It was however notable that a strong and stable economy (18 percent) contributed less to liveability in Australia in the 2016 survey (21 percent in 2015), which is perhaps not surprising given weaker economic growth outcomes last year. There was also a notable fall in the number of Australians (15 percent) citing access to quality education as a driver of liveability (19 percent in 2015).</span>
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<br><span style="line-height: 1.3em;">On a positive note, our people and their acceptance of diversity was recognised as a bigger drawcard by 17 percent of Australians (up from 13 percent in 2015), while the number who valued our love of sport climbed to 11 percent (8 percent in 2015).</span>
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<br><span style="line-height: 1.3em;">The national results hide some big differences between states. For example, safety &amp; security was valued most highly in SA/NT (43 percent) and contributed least in WA (31 percent) and Victoria (31 percent). Climate was a much stronger drawcard in WA (29 percent) and Queensland (28 percent) than in Victoria (17 percent) and Tasmania (14 percent). </span>
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<div class="column"><span style="line-height: 1.3em;">People and an acceptance of diversity was most highly valued in NSW/ACT (21 percent), but access to quality education (17 percent), a love of sport (14 percent) and entertainment options (9 percent) resonated most with Victorians, while general lifestyle &amp; friendliness was a much bigger factor for Tasmanians (54 percent).</span></div>
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<p><span>New South Wales / ACT </span></p>
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<p><span>In NSW/ACT, relative safety &amp; security (40 percent), general lifestyle &amp; friendliness (35 percent) and access to quality healthcare (29 percent) were the most commonly identified factors making Australia a great place to live. It was however, notable that safety &amp; security was valued more highly in NSW/ACT than in all other states bar SA/NT. </span></p>
<p><span>People and acceptance of diversity (by gender, race and religion) also resonated higher in NSW/ACT than in any other state (21 percent), but it was also notable that a love of sport (8 percent) played a much smaller role relative to the national average. </span></p>
<p><span>For all other factors, residents of NSW/ACT were broadly in line with the average Australian. </span></p>
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<p><span>Victoria </span></p>
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<p><span>General lifestyle &amp; friendliness (35 percent), quality healthcare (33 percent) and safety &amp; security (31 percent) were the most commonly identified factors in Victoria. Victorians valued healthcare equal highest with WA among the states, but safety &amp; security contributed equal least along with WA. </span></p>
<p><span>Victorians led the country in terms of access to quality education (17 percent), their love of sport (14 percent), entertainment options such as restaurants and cinemas (9 percent) and for transport and other public infrastructure (6 percent). </span></p>
<p><span>Victorians were however notably below the Australian average when it came to a clean environment and natural wonders (19 percent), climate (17 percent) and social welfare system (15 percent). </span><span style="line-height: 1.3em;"> </span></p>
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<p><span>Queensland </span></p>
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<p><span>Safety &amp; security (33 percent), general lifestyle &amp; friendliness (32 percent) and access to quality healthcare (32 percent) were the main factors making Australia a great place to live according to Queenslanders - albeit contributing less than average except for healthcare. </span></p>
<p><span>Queenslanders (28 percent) rated climate notably higher than in most other states. They also valued access to open spaces, beaches &amp; parks (26 percent) and a strong and stable economy (20 percent) slightly more than the average Australian. </span></p>
<p><span>It was however notable that employment and job prospects (1 percent) contributed less in Queensland than for the average Australian, as did transport &amp; other public infrastructure (1 percent). </span></p>
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<p><span>South Australia / Northern Territory </span></p>
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<p><span>Safety &amp; security (43 percent) was valued higher in SA/NT than in any other state. General lifestyle &amp; friendliness (33 percent), access to open spaces, parks &amp; beaches (26 percent) and climate (24 percent) were the next biggest drawcards. </span></p>
<p><span>Housing and housing affordability (7 percent) was valued higher than all other states - likely due to lower median house prices. Love of sport (14 percent) was also a much bigger draw card in SA/NT. </span></p>
<p><span>In contrast, healthcare (22 percent) and a clean environment &amp; unique natural wonders (19 percent) contributed much less than it did for the average Australian. Not surprisingly given the economic challenges facing SA, a strong &amp; stable economy (15 percent) also contributed less. </span></p>
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<p><span>Western Australia </span></p>
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<p><span>West Australians placed the highest emphasis on general lifestyle &amp; friendliness (36 percent), access to quality healthcare (33 percent) and safety &amp; security as key factors making Australia a great place to life, albeit safety&amp; security rated equal lowest of all states. </span></p>
<p><span>West Australians did however value access to open spaces, beaches &amp; parks (30 percent) and climate (24 percent) highest in the country. Social welfare (21 percent) was also valued somewhat more. </span></p>
<p><span>In contrast, people &amp; acceptance of diversity (14 percent), love of sport (7 percent) and entertainment options (e.g. restaurants, dining out) contributed less to their notion of what makes Australia a great place to than any other state. </span><span style="line-height: 1.3em;"> </span></p>
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<p><span>Tasmania </span></p>
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<p><span>Significantly more Tasmanians valued general lifestyle &amp; friendliness (54 percent) higher than Australians living in any other state. </span></p>
<p><span>Notably more Tasmanians also highlighted safety &amp; security (42 percent), clean environment &amp; natural wonders (40 percent), social welfare system (24 percent) and (perhaps somewhat surprisingly given the under-performance of the local economy) a strong &amp; stable economy (24 percent) higher than in any other state. </span></p>
<p><span>In contrast, access to quality healthcare (18 percent), climate (14 percent), access to open spaces, beaches &amp; parks (14 percent) and education (9 percent) contributed much less than in any other state. </span></p>
<p>For more information, <a href="https://www.nab.com.au" target="_blank">click here</a>.</p>
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NAB Special Report: What makes Australia a great place to live?

<p>Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.</p>

<p>The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.</p>

<p>The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.</p>

<p>The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.</p>

<p><img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" /></p>

<p>SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.</p>

<p>“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.</p>

<p>The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.</p>

<p>“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.</p>

<p><img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" /></p>

<p>The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.</p>

<p>Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.</p>

<p>The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.</p>

<p>COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.</p>

<p><img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" /></p>

<p>“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.</p>

<p>The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.</p>

<p>The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.</p>

<p>Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.</p>

<p><em>Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a></em></p>


Joel Robinson

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<p><a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.</p>

<p>The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.</p>

<p>The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.</p>

<p><img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" /></p>

<p>Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.</p>

<p>SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”</p>

<p>The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.</p>

<p><img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" /></p>

<p>The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.</p>

<p>A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.</p>

<p>Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.</p>

<p><img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" /></p>

<p>The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.</p>

<p>Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.</p>

<p>The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.</p>


First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

<p>Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;</p>

<p>Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;</p>

<p>The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;</p>

<p>The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;</p>

<p>Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;</p>

<p>Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;</p>

<p>“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;</p>

<p>“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."</p>

<p>Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;</p>

<p>"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;</p>


Bottega House secures landmark riverfront site in St Lucia 

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<p data-end="157" data-start="0">The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.</p>

<p data-end="459" data-start="159"><a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.</p>

<p data-end="459" data-start="159">[smartcode_project:default project_id=112661 project_image_fid=359603]</p>

<p data-end="651" data-start="461"><a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.</p>

<p data-end="950" data-start="653">Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.</p>

<p data-end="1081" data-start="952">“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.</p>

<p data-end="1081" data-start="952">[smartcode_project:default project_id=112661 project_image_fid=355935]</p>

<p data-end="1307" data-start="1083">Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.</p>

<p data-end="1522" data-start="1309">The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.</p>

<p data-end="1522" data-start="1309">[smartcode_project:default project_id=112661 project_image_fid=361052]</p>

<p data-end="1714" data-start="1524">Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.</p>

<p data-end="1945" data-start="1716">The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.</p>

<p data-end="1945" data-start="1716">[smartcode_project:default project_id=112661 project_image_fid=359607]</p>

<p data-end="2220" data-is-last-node="" data-is-only-node="" data-start="1947">More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.</p>
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<p>[smartcode_project_cta:default project_id=112661]</p>


SIERA kicks off construction at Northcliffe tower Exhale

<p data-end="320" data-start="79">Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.</p>

<p data-end="638" data-start="322">The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.</p>

<p data-end="864" data-start="640">Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.</p>

<p>[smartcode_project:default project_id=112343 project_image_fid=352689]</p>

<p>Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.</p>

<p><a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."</p>

<p>“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.</p>

<p>[smartcode_project:default project_id=112343 project_image_fid=352687]</p>

<p><a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.</p>

<p>“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”</p>

<p>[smartcode_project:default project_id=112343 project_image_fid=352690]</p>

<p>The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.</p>

<p>“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.</p>

<p><a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.</p>

<p>[smartcode_project_cta:default project_id=112343]</p>


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