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Not much more can be said about Steve Jobs – he was the man who invented the future. He allowed consumers to move into the digital world where today we as individuals and businesses are much better off for that experience. One quote really stood out in my mind “Jobs concerned himself with making computers work the way people expected them to rather than making people learn how the computer wanted them to work.”
We marvelled at his creations: the MacBook, the iPod, the iPhone and the iPad – never before have we see such technologies that would change the way we conduct our day-to-day business. One only has to drive by a bus stop, or observe the day-to-day behaviours on a train platform in peak hour, where his legacies are connected in some shape or form to us every day, and we’re addicted.
Rupert Murdoch once said, “The internet has been the most fundamental change during my lifetime and for hundreds of years. Someone the other day said, ‘It’s the biggest thing since Guttenberg.’ And then someone else said, ‘No, it’s the biggest thing since the invention of writing’.”
In May this year Google broke the all time online record of reaching 1 billion in that month. Comscore, which collates this data, recorded that Google’s sites rose by 8.4% from 931 million (in May 2010) to just over a billion – 1,009,699,000.
In Australia our online trending is also changing – the Australian Bureau of Statistics released the latest June 2011 internet activity revealing that for the first time wireless is more popular than copper as the most preferred form of broadband in Australia.
<img src="/images/stories/simeonoct10.jpg">
At the end of June 2011, there were 10.9 million internet subscribers in Australia (excluding internet connections through mobile handsets). This represents annual growth of 14.8% and an increase of 4.4% since the end of December 2010. 
The phasing-out of dial-up continued, with 95% of internet connections being broadband.
Australians continued to access increasingly faster download speeds, with 87% of access connections offering a download speed of 1.5 Mbps or greater.
Mobile wireless internet (excluding mobile handset) connections (44%) now exceed Digital Subscriber Line (DSL) connections (41%) in Australia. Mobile wireless (excluding mobile handset connections) was the fastest-growing internet access technology in actual numbers, increasing from 4.2 million in December 2010 to 4.8 million in June 2011.
Overall, the number of Australians using some form of fixed-line service for their broadband connections remained just ahead of wireless once cable services were included.
It is becoming most obvious that we feel the need for speed, with Telstra just announcing its new mobile broadband network 4G. Unfortunately it is only available in capital cities, airports and some regional areas – those outside will have to stick with the 3G. Download speeds on the new network fluctuates from 2 megabits per second (Mbps) to 40 Mbps, which is 25 times faster than the previous speeds available on the 3G network. The number of consumer subscriptions for wireless and modem broadband jumped from 6.7 million to 9.6 million for the year to June 2011. Again wireless was the star performer with subscriptions jumping from 6.7 million to 9.6 million in 12 months.
This trending makes it difficult to see how the NBN Co will ever be able to break even (it requires a 71% consumer subscription to break even) for its fibre-optic installation costing taxpayers $49.5 billion.
Real estate businesses have benefited enormously from the Steve Jobs legacy, as the iPhone and iPad launches forced (most) real estate businesses to develop mobile and iPad websites so consumers could enjoy a happier experience. The most notable changes are that consumers have developed an increasing love for mobile phone apps and tablets (iPads), which explains why wireless has overtaken fixed line, and I can’t see this changing anytime soon.
The next big thing in the real estate world will be real estate agents and agencies engaging with their demographic markets on their very own .tv channels (some in Australia have already started rolling out this platform). Steve Jobs’ vision was all about delivering the visual presentation by using online to electrify your audiences. 
Yes – Steve Jobs invented the future, where today real estate agencies are now expected to be media companies as well. The new online lifestyle is challenging everyone today – I hope that the Steve Jobs legacy will provide more clues on where we need to be heading and how we get there. For the real estate industry it is becoming very clear that video is now a must with agency and property presentations. 
We keep reading “Comparing a Steve Jobs presentation to most presentations is impossible — he’s in a league all his own. Apple’s chief executive is arguably the most charismatic pitchman in business today. His presentations are brilliant demonstrations of visual story telling that turn customers, employees, and the entire computer industry into evangelists.” 
We can only learn from the best.
Robert Simeon is a director of <a href="https://www.rwm.com.au/" target="_blank" title="RWM">Richardson  Wrench Mosman and Neutral Bay </a>and has been selling residential real estate in Sydney since 1985. He has also been writing real-estate blog <a href="https://www.rwm.com.au/news/" target="_blank" title="Virtual Realty News">Virtual Realty News</a> since 2000. The RWM real estate model has sold in excess of $1 billion in database sales globally.
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robertsimeon-hRNTwJyXkQ

Steve Jobs legacy: Real estate agencies now media companies

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Andrew Wilkie backed the Gillard government on the proviso that it would support his poker machine legislation, which now looks like never seeing the light of day. Independents Tony Windsor and Rob Oakeshott wanted a tax summit, which was supposed to be convened by June 30, 2011 – (better late than never) it will now be held over October 4 and 5. The taxing topics for discussion are state taxes, business tax, personal tax, social and environmental taxes and governance of the tax system. The federal government ducked and weaved on whether the GST would be included in the discussions, as too the proposed mining tax.
Yet again the 135 recommendations contained in the Henry review will be regurgitated, although the government had previously rejected them all – or let’s say conveniently placed in the “too hard basket.” Henry noted in his review that “Australia has too many taxes and too many complicated ways of delivering multiple policy objectives through the tax transfer system.”  In a nutshell Henry suggested just four tax bases: personal income, business income, private consumption and economic rents from resources and land. For this to eventuate: payroll, stamp duty, insurance, superannuation contributions taxes and income taxes on all pensions, allowances and benefits would be abolished.
Windsor suggested that the GST should rise by 1% to allow 115 “inefficient” taxes to be abolished but let’s not forget that when that GST was introduced in 2000 the platform was these “inefficient” taxes would be abolished – that promise never saw the light of day. Mr Windsor and fellow crossbencher Tony Crook also called for the GST to be closely examined at next month’s forum given Treasury warnings that the tax has now become increasingly inefficient.
It is clearly evident today that consumers are taking advantage of the high Australian dollar and spending much more via online tax-free items. Back in 2000 the government could be excused for not embracing this conundrum, but a decade on consumers moved their retail consumption to online models where today, retail in Australia is struggling to survive given it simply can’t compete.
So why, does the GST still remain a notable absentee from the forum’s discussion papers? A tax forum for –um, nothing, it would appear.
It is inevitable that our GST rate will eventually be increased to probably 12.5% given New Zealand has lifted its rate from 10% to 12.5% and it is now 15%. Britain will move its GST to 20% from January 2012. Lifting the GST to 12.5% would raise an extra $12 billion, climbing to $15 billion in three years’ time.
Treasury is forecasting exclusions from the GST this year to be $18.3 billion – of which $5.9 billion is because there is no GST on most food – and it reports that this will surge to $22.3 billion by 2013. As a direct result of these exclusions there is less available to the states and territories for crucial infrastructure spending – which is blatantly obvious today.
Australian Treasury head <a href="https://www.propertyobserver.com.au/tax/stamp-duty-still-unpopular-at-treasury-post-henry/2011092351665" target="_blank">Martin Parkinson has backed a move to wind back or abolish real estate stamp duties</a>. Parkinson noted that stamp duty (NSW property buyers paid $3.9 billion last year) makes buying and selling houses more expensive.  The Australian Housing and Urban Research Institute (AHURI) believes that by abolishing stamp duties in favour of a broad-based land tax – as suggested in the Henry review – would reduce land prices by up to 10%.
According to the National Housing Supply Council, Australia currently has a cumulative net shortfall of 200,000 dwellings (and growing annually). Housing in Australia this has become the biggest cost of living issue for Australians to such an extent that it is now a crisis – otherwise known as housing affordability.
In May this year the Australian government released a new national urban policy, Our Cities, Our Future to industry support. The only problem is this urban policy just like the Henry Review will also be filed in that congested too hard filing cabinet. In the last 10 years <a href="https://www.propertyobserver.com.au/residential/house-prices-outstrip-income-nearly-three-fold-affordable-housing-group/2011091951592" target="_blank">house prices have risen by 147% while incomes have risen by only 57%</a> and in the last five years rents have risen at twice the rate of inflation. In Sydney, it now takes 8.1 times the average income to afford the median house, up from 5.6 times in 2001.
Last week the Australians for Affordable Housing (AAH) reported that new home starts in NSW have plummeted 20.1%, which was worse than the 16.3% recorded earlier this year by flood-hit Queensland.
So I wouldn’t hold out for next week’s tax forum achieving anything so long as the GST is excluded from discussions.
Last week, an article in The Australian, “<a href="https://www.theaustralian.com.au/news/opinion/another-chance-on-tax-policy/story-e6frg71x-1226141172285" title="The Australian" target="_blank">Another chance on tax policy</a>”, noted: “The summit still looks like an exercise in tax reform avoidance rather than engagement with a policy area that is so central to prosperity.”
Yes – it is all for – um, nothing, just like the Henry Review was all for – um, nothing. But it will keep two independents happy and the government can’t afford that type of avoidance. 
Robert Simeon is a director of <a title="RWM" target="_blank" href="https://www.rwm.com.au/">Richardson  Wrench Mosman and Neutral Bay </a>and has been selling residential real estate in Sydney since 1985. He has also been writing real-estate blog <a title="Virtual Realty News" target="_blank" href="https://www.rwm.com.au/news/">Virtual Realty News</a> since 2000. The RWM real estate model has sold in excess of $1 billion in database sales globally.
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Tax summit is much ado about nothing

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Finally some good news for NSW, with the newly elected government recognising that infrastructure spending is priority number one. For well over a decade infrastructure investment in NSW has all but been ignored, so last week’s budget announcement signals a much brighter future for an ailing NSW economy. Past governments have continually ignored that NSW was suffering from an inadequate supply of new homes, which in turn forced young families to relocate to other states in search of affordable housing and a better standard of living.
In the 2011-12 budget the government has committed $62.6 billion over the next four years, which they described as the biggest such commitment in the state’s history. A surplus of $292 million is forecast for 2012-13, and $156 million for 2013-14, with 2014-15 delivering a surplus of $152 million.
Finally NSW has an infrastructure map where not only the government but businesses and families can plan for their futures. All it took was an infrastructure vision.
Delivering his first budget Treasurer Mike Baird said: “A key part of rebuilding NSW is building the infrastructure our communities so desperately need. Nowhere in Labor’s infrastructure backlog felt more than in our hospitals which is why we have committed a record $1.08 billion to the health capital works program, along with $343 million set aside for new works.”
The budget invests $6.3 billion in infrastructure investment in roads and transport. Baird said: “The NSW government has increased spending on transport and roads infrastructure by nearly 10% on Labor’s last budget and we have invested more than $600 million on the northwest and southwest rail links. Since the election we have made good on our promise to fast-track the northwest rail link and today, we have backed those actions up with real money, with $314 million allocated this year to develop the line between Epping and Rouse Hill, including $222 million for land acquisition.”
Obviously this is a very expensive infrastructure spend, which explains the establishment of Infrastructure NSW, which has been set up to improve the way that infrastructure is assessed and delivered. Legislation has been passed to establish Restart NSW, the NSW Government’s key infrastructure fund of which one-third of all funding will be quarantined to deliver infrastructure in the regions.
The government has established Waratah Bonds, which are government-backed securities.  The aim is to attract the mum and dad investors, which is excellent timing given what’s currently happening to world financial markets. Instead of selling public assets, Sydney’s Port Botany shipping terminal will be leased for 99 years as will the desalination plant at Kurnell.
To kick-start the floundering construction industry <a href="https://www.propertyobserver.com.au/residential/nsw-scraps-stamp-duty-concessions-for-existing-homes-from-2012/2011090651441" target="_blank">the stamp duty exemption will be limited to newly built homes only</a> – as against the previous carrot for first home buyers where exemptions applied to all properties worth up to $600,000.
The last time Sydney had a big infrastructure announcement was back on September 23, 1993, when International Olympic Committee president Juan Antonio Samaranch announced from Monte Carlo that Sydney would be host for the 2000 Olympics. Our bid organisers budgeted $2.3 billion to run the Games, including $674 million on facilities and venues. In addition, the federal and NSW governments allocated $4.1 billion for transportation projects.
The $860 million makeover of Star City, which will now be called The Star, is Sydney’s first new five- star hotel since the Olympics which highlights the extent to which infrastructure in Sydney has frozen. I could add the Cross City and Lane Cove Tunnels which have turned out to be financial infrastructure disasters.
Finally, NSW has a structured infrastructure plan, and as they say in the movies, “I love it when a plan comes together.” Let’s hope that NSW becomes a box office hit again! 
Robert Simeon is a director of <a href="https://www.rwm.com.au/" target="_blank" title="RWM">Richardson  Wrench Mosman and Neutral Bay </a> and has been selling residential real estate in Sydney since 1985. He has also been writing real-estate blog <a href="https://www.rwm.com.au/news/" target="_blank" title="Virtual Realty News">Virtual Realty News</a> since 2000. The RWM real estate model has sold in excess of $1 billion in database sales globally.
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NSW infrastructure announcement a step in the right direction

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They’re at it again, yet another tax under the guise of the new green taxes for Australia. Little wonder governments at state and federal levels usually end up in Struggle Street when it comes to explaining the need for yet another new tax on property. It reminds me of a speech President George W. Bush made at a Gridiron dinner in 2001 when he said “you can fool some of the people all of the time, and those are the ones you need to concentrate on.”
As if a carbon tax is not enough to contend with, the federal government is proposing to introduce in 2012 a mandatory energy star rating for homes being sold or rented out. The Minister for Carbon Tax Greg Combet says “it will allow buyers and renters to better compare different properties, making it easier to identify a property which uses less energy or water and thereby save money.”
So vendors and landlords will have to pay around $200 to have their property assessed, the cost to home owners and property investors is approximately $1.1 billion over the next 10 years.
The Age reported last week Australian homes still the world’s biggest, and the latest figures show that the average new home built in Australia is still 10% bigger than its counterpart in the United States and 9% bigger in New Zealand. NSW still builds bigger houses than Northern Territory, Queensland then Victoria, at 246 square metres per residence. Maybe the Minister for Carbon Tax should watch the movie The Castle – “tell him he’s dreaming”. Australia currently has a dramatic shortage of housing evidenced by record low rental vacancy rates, which is driving up rents to all-time record highs. All an energy star rating for houses will achieve is a disincentive for investors, which contradicts the government’s affordable housing commitments.
To put this into perspective let me find another George W. Bush quote: “There’s a huge trust. I see it all the time when people come up to me and say, ‘I don’t want you to let me down again’.”
If there was a television show ‘Australia’s Dumbest Property Taxes’ the past NSW Labor government would be nominated for a Logie. A catastrophic government that resulted in annihilation at the March 2011 election, given its policy implementation was usually followed up with another backflip.
Let’s look at some of NSW’s worst property taxes (not in order of stupidity).
Premium Property Stamp Duty (still alive), where homes sold for more than $3 million will be taxed at 7% on the amount above $3 million. The Vendor Exit Tax, where investors were charged a 2.5% tax on the sale of investment properties (introduced 2004, axed 2005). The Premium Property Tax (abolished), where all properties with a land value above $1.97 million (including the family home) pay an annual speeding fine because their land value is increasing. The NSW Ad Valoreum Tax (introduced 2010 and abolished by the new Liberal government in 2011), a land transfer charge of 0.2% on sales between $500,000 and $1 million and 0.25% above $1 million.
In my opinion, state and territory governments have well and truly exceeded their use-by dates. When the Howard government introduced the GST in 2000, it was sold on the basis that the much-despised ongoing state stamp duties would be abolished. This has been obviously not the case given the much-awaited Henry Tax Review in 2009 was dismissed and placed into that politically convenient “too hard basket”. On August 19, Henry told an Economic Society forum in Sydney there was almost unanimous agreement submissions to his Australian Future Tax System  review that state-imposed stamp duties were bad and should be abolished.
Why, are property taxes charged as an upfront – when council and water rates are levied quarterly?
“I’ll be long gone before some smart person even figures out what happened inside the Oval Office.” – President George W. Bush, Washington, D.C., May 12,2008.
Sound familiar?
Remove local and state governments and bring in big business to drive infrastructure and make it accountable. Get superannuation funds to invest in Australia’s growth and development. Just because you own a property, propping up a government that struggles to make ends meet is a no-brainer.
Alternative business models would be very interesting to say the least – time to challenge Australia.
Robert Simeon is a director of <a title="RWM" target="_blank" href="https://www.rwm.com.au/">Richardson &amp; Wrench Mosman &amp; Neutral Bay </a> and has been selling residential real estate in Sydney since 1985. He has also been writing real-estate blog <a title="Virtual Realty News" target="_blank" href="https://www.rwm.com.au/news/">Virtual Realty News</a> since 2000. The RWM real estate model has sold in excess of $1 billion in database sales globally.
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Stupid property taxes should not be a revenue stream for weak governments

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Website developers in Australia have never been busier thanks to the insatiable consumer desire to shop online.
With the strong Australian dollar, local big-brand retailers have been caught asleep behind the counter given until recently online branding had been largely ignored. As a consequence, Australian retailers quickly observed significant drops in profits which have now prompted the battle of the homepage. Make no mistake: the online economy is booming with revenues increasing by up to 40% in 2010.
Apple recently reported that more than 15 billion applications have been downloaded for the iPhone, iPad and iPod Touch. Latest statistics show that in early 2010, about 25% of mobile phone users were shopping via their phones.
The online doubters now find themselves in a denial freefall given the total revenue from electronic payment systems in Australia was estimated at about $3.8 billion in 2010. When compared to 2009, virtual spending increased by 40% in 2010. The 2011 retailing results keep getting worse, and now they have been told that unless they quickly adapt, they will perish given consumers are sending out a clear message that their preference now is to shop online from home.
The latest findings by Macquarie Equities Research confirmed that 18% of shopping centre visitors are only there to check out prices and sizes before going home to complete the purchase online. In an amazing admission of defeat, Australia’s largest retailers are now turning their attention to finally building vast online platforms, but the question begs: what took them so long given the real estate industry has been selling real estate on property portals since the early 1990s?
With interest I have been reading a fascinating (and scary) <a href="https://www.business2.com.au/2011/07/project-rebellion-reas-problems-continue-with-accc-investigation-underway/">blog</a> on Business2, the real estate news and technology website, which follows up a recent story that appeared in the Australian Financial Review which investigated a revolt by real estate agencies across Australia against realestate.com.au. In short, some of Australia’s largest real estate groups are looking at starting up a combined property portal, which has been called Project Rebellion. While I support the concept of an industry website – I can also see many of the same mistakes in this concept that retailers are making at the moment. Aside from the reality that such a venture would require at least $1 million dollars to get it up and running, it certainly appears to me that such an exercise lacks vision. Simply put: the agent sentiment of dissatisfaction is built on the past, not the future.
Building websites if you don’t know what you are doing can be costly mistakes. Just look at the City of Sydney council, which is now spending a massive $1 million of ratepayers’ money tweaking their website – just six years after it was constructed. Anyone with the slightest online knowledge would see this as an embarrassing waste of money – given in another six years’ time they will be back at it again. Everything may be now moving to digital, however, the answer is providing clients with the best online experience that separates your online model ahead of your competitors.
The secret to search engine marketing (SEM) is not having the best-looking website. It is about having the best database. One vital component that has not changed over the past decade is that for any online platform to perform to its best ability, it must be connected to a database. This flows through to search engine optimisation (SEO) where the content on that particular website is collected by the search engines. The more content, the higher the search engine ranking. It should be every website’s goal to appear on page one of a Google keyword search.
There are many great success stories in Australia where amazing growth strategies are on display where we are only talking a few short years. Online shopping club Ozsale launched in 2007. Last week it reached two million members. More than 5,500 new members are signing up each day and exponential sales growth saw revenue grow by more than 300% last financial year.
In the real estate industry, businesses need to take ownership of their very own online models, rather than rely on third-party assistance. We measure our business growth on competing with the two major property portals: Domain.com.au and realestate.com.au. As this graph identifies, you need to be your first point of contact to your demographic market. Here is a typical report that we sent a vendor showing the first week’s activity for their apartment.
<img src="/images/stories/simeon-cropped.png">
Successful SEM and SEO allow a business to take ownership of their demographic markets where they become the online voice for that market. It does require a lot of work and dedication – blogging, database management, social media and constant email alerts. This is the new online platform for the real estate industry which explains why website developers have never been busier.
The choice of letting competitors control your market online is self-explanatory – they will make your market their new market, which is otherwise known as capturing market share. In this modern era, if you are not running your own website, you run the risk of being irrelevant – the internet already has made many businesses irrelevant, where via natural attrition, they have now closed – not by choice.
That is why your homepage must be your online ‘home sweet home.’
Robert Simeon is a director of <a href="https://www.rwm.com.au/" target="_blank" title="RWM">Richardson &amp; Wrench Mosman &amp; Neutral Bay </a>(RWM) and has been selling residential real estate in Sydney since 1985. He has also been writing real-estate blog <a href="https://www.rwm.com.au/news/" target="_blank" title="Virtual Realty News">Virtual Realty News</a> since 2000. The RWM real estate model has sold in excess of $1 billion in database sales globally.
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Why online presence has never been more important for estate agents

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Sydney has well and truly lost its X-factor, thanks to more than a decade of infrastructure paralysis where the vision was blinded by government incompetence and bureaucratic blunders. More ironic the name – New South Wales – given that nothing “new” has happened and a master plan is well overdue. The New South Wales economy is ranked last among the state and territories, according to the latest CommSec survey. The Australian Bureau of Statistics reported that final demand grew by just 0.4% in the March quarter of 2011. To make matters worse, the state coffers won’t be returning to surplus anytime soon – so where did all the money go, given the previous government has left very little to show following 15 years in office?
It was evident at the March 2011 state election that the constituents had had enough when the Coalition recorded a two-party preferred vote of 64.2%, an overall swing of 16.5%. Both the vote and swing are likely to be records for the post-war period. The Liberal Party polled 50.6% of the first preference voter in greater a Sydney, as opposed to 28.3% for Labor.
The late Joh Bjelke-Petersen once said “the strength of the state’s economy could be gauged by counting the cranes on the Brisbane skyline.” I don’t see many cranes in this 2011 aerial shot by <a target="_blank" title="Tim Mooney Photography" href="https://timmooneyphotography.com/">Tim Mooney</a>.
<img src="/images/stories/sydney-simeon.jpg" style="outline-style: none; outline-width: initial; outline-color: initial; padding: 2px; border: 0px initial initial;">
The latest ABS report has Sydney’s population at 4,575,532 and climbing yet, NSW infrastructure remains in the doldrums. NSW keeps falling behind the other states and territories, growing just 1.2% last year to 7,272,200. Last year 94,668 NSW residents decided to relocate to another state while 83,425 moved into NSW – a net loss of 11,243. Quite amazing that in this day and age NSW now finds itself in with more departures than arrivals.
The tools have been laid down, as construction in Sydney is well behind the other Australian cities – it is becoming quite clear that we no longer have a culture for construction. The ABS reports that last year 27,655 houses and apartments were constructed in NSW. Victoria recorded 50,700 (nearly double NSW), 31,611 in Queensland and 22,315 in Western Australia. To make matters worse just 16,118 new houses were built in 2010, Victoria led the way again with 37,218, Queensland with 21,764 and Western Australia constructed 18,442. Sydney has the lowest vacancy rate for rental properties in Australia, at just 1% – the general rule of thumb is that this figure should sit between 2% and 3%. The rental vacancy rate will continue to decline, forcing rents up further, given just 19,111 dwellings were approved for construction in Sydney between July 2010 and May 2011. Spiralling rents are forcing families further west as they seek rental relief affordability.
Bennelong MP John Alexander recently wrote in The Australian: “The national cost of traffic congestion through productivity and efficiency losses is estimated to be over $10 billion each year and growing exponentially. Sydney’s population has grown at a staggering rate. Policies of ‘urban infill’ with minimal additional infrastructure have led to additional cars forced onto congested local roads with no real plan to increase capacity. Australia’s largest capital city finds itself in a sad state as a result of a failure to plan for future growth compounded by sky-rocketing property acquisition costs to build necessary infrastructure.
“By example, a crucial heavy rail line to service the burgeoning north west of Sydney, the North-West Rail Link, was planned in 1998 and costed at $360 million. Thirteen years later, without a sod turned, and needing to include a few extra stations due to population growth, the cost is now estimated to be north of $7 billion and rising.”
So why is the Gillard government spending $50 plus billion on the NBN Co? Obviously the government believes that faster internet speeds are more important than faster transport infrastructures.
<img src="/images/stories/darling-harbour-simeon.jpg">
Darling Harbour was opened in 1988 (I’m hard pressed to think of another infrastructure initiative, aside from freeways), and the Sydney Olympics were in September 2000. Since the Olympics in 2000 it looks very much like it was not only the crowds and participants who left. Throw in GST receipts and the most expensive real-estate stamp duties in Australia – yet nothing to show.
Just like the NSW budget black hole – the once-named Premier State is now in a state of disrepair requiring the biggest drawing board in Australia’s history.
Robert Simeon is a director of <a target="_blank" title="RWM" href="https://www.rwm.com.au/" style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;">Richardson &amp; Wrench Mosman &amp; Neutral Bay </a>(RWM) and has been selling residential real estate in Sydney since 1985. He has also been writing real-estate blog <a target="_blank" title="Virtual Realty News" href="https://www.rwm.com.au/news/" style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;">Virtual Realty News</a> since 2000. The RWM real estate model has sold in excess of $1 billion in database sales globally.
<a href="https://timmooneyphotography.com/index.php" title="Tim Mooney" target="_blank">Tim Mooney</a> specialises in aerial photography, and he has a particular passion for property photography. 
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Nothing new about New South Wales

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The GDP contraction by 1.2% in the March quarter will, over time, be seen as either an economic blip or a sign that the Australian economy is no longer the star student at the World College for Economics. While the Queensland floods and Cyclone Yasi were unavoidable, it is becoming most clear that Australia’s annual growth rate is struggling to break through the 1% barrier (not to be construed as a natural disaster, rather an economic disappointment that requires greater scrutiny).
Although it is just not property prices that are caught up in this winter stew, it’s relevant to note that Australia’s housing market has a $4.2 trillion capital value. For this reason it is important that property remains on the boil, or at the very least, appetising to consumers. From 1985 to 1998, house prices doubled, then more than doubled from 1998 to 2007 (then the Global Financial Crisis arrived).
A recent report by RP Data-Rismark identified that property prices had been declining in “real terms” since 2004. CPI had been running at 3%, although housing growth in Sydney was recorded at just over 2.1%. Households are doing it tough. Spending is on the decline and savings rates are on the increase, moving to 11.5% from 9.7% in the March quarter (a clear consumer confidence indicator).
Household electricity bills are expected to skyrocket by up to 30% by mid-2013 (not including a carbon tax). An estimated $33 billion is the required spend on our ageing and inadequate power distribution networks. NSW is the worst offender. The previous government spent next to nothing in terms of upgrades to the extent that now, NSW electricity infrastructure is in a critical condition. This explains why we are now paying for it again.
Council rates are capped at annual increases of 2.8%, although the Independent Pricing and Regulatory Tribunal approved applications from 23 of the 152 councils to increase rates above the cap rate. North Sydney Council received approval to raise rates by 5.5% until 2018 – the only council to receive a seven-year increase approval.
If you are positioned within the mining economy, the future looks very bright, although in the non - mining sector it is looking very ill. No better example than households having greater concern over power bills than interest rates – an all-time first. Anecdotal data reveals that although households are using less power, bills are much higher.
Discretionary spending has not been under greater pressure since Australia’s last recession in the early 1990s.
Much is written about the Australian residential property markets, which are actually defined in three very different categories. Australia is no different from the rest of the world – you can rent, own with a mortgage and own without a mortgage. For years I have been somewhat mystified as to why these three key indicators are bundled together and not addressed separately. It will be interesting to see how this pie graph changes after this year’s latest census is conducted in August. We are working from data released after the last census in 2007 – for all Australian households.
<img src="/images/stories/rpgraphjune14.jpg">
The Reserve Bank of Australia meets on the first Tuesday of every month (except January) to discuss all things pertaining to monetary policy (an independent body removed from political spin). It should be noted that the RBA and Treasury have not seen eye- to- eye on all things economic for quite some time.
A big week ahead with the release of car sales, lending data and housing. RBA governor Glenn Stevens will discuss economic conditions and prospects at an Economic Society of Australia luncheon in Brisbane, where the RBA’s June quarter economic bulletin will be released.
Will there be any mention of a second June quarter GDP contraction and, if so, what will this do to the Reserve Bank’s interest rate outlook?
The latest Business Spectator Accenture CEO Pulse survey shows a 22% drop in optimism about the domestic economy. Surveyed chief executives who run companies with an average turnover of $100 million or more reported a decline in optimism to 51%, compared with 73% in the first quarter of 2011.
The CEOs' estimation of the government’s performance in managing the economy continues its downward trend, with an overall rating of 3.3 out of 10 – the lowest since the CEO Pulse was established.
It may just be a coincidence that freshly retired Treasury head Ken Henry has accepted a position as economic adviser to the Gillard Government. Given all that’s happening within the Australian economy, it remains to be seen if the NBN rollout and a carbon tax are economically (and emotionally) justifiable at this juncture.
Henry is reportedly the architect of the carbon tax, which is proving much harder to sell than real estate!
<div>
Robert Simeon is a director of <a target="_blank" title="RWM" href="https://www.rwm.com.au/">Richardson &amp; Wrench Mosman &amp; Neutral Bay </a>(RWM) and has been selling residential real estate in Sydney since 1985. He has also been writing real-estate blog <a target="_blank" title="Virtual Realty News" href="https://www.rwm.com.au/news/">Virtual Realty News</a> since 2000. The RWM real estate model has sold in excess of $1 billion in database sales globally.
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Real estate needs to stay on the boil

The new <a href="https://www.apartments.com.au/new-apartments/yarraville-green-42-stephen-street-yarraville-vic-3013">Yarraville Green</a> development in Melbourne's inner west is showing that landscaping can be just as influential as architecture, with buyers responding strongly to the garden-first approach adopted from the outset by developer Excelon Projects and the project's design team.

Excelon appointed Six Degrees Architects and landscape architects SBLA to work collaboratively on the development, with a brief to create "a sustainable, design-led building with a focus on community."

That approach has resonated with buyers. According to Next Chapter Director Tom Hirini, who is leading the sales campaign, the landscaped communal garden has become one of the project's defining features, alongside its boutique scale and European-inspired cluster housing concept.

Local downsizers, right-sizers and established families already living in Yarraville and surrounding suburbs have accounted for the majority of purchasers.

[smartcode_project:default project_id=144913 project_image_fid=297740]

Yarraville Green will comprise 53 homes, including apartments and townhomes, arranged around the shared central garden to maximise connections to the landscaped open space. Parking has been moved underground, allowing the ground plane to be dedicated to greenery, pedestrian movement and communal spaces.

The landscape extends well beyond passive planting. Productive garden beds, a pergola, communal gathering spaces, garden sheds and a pet wash have all been integrated into the masterplan, creating spaces designed to encourage everyday interaction between residents.

[smartcode_project:default project_id=144913 project_image_fid=297741]

The interiors continue Excelon's focus on craftsmanship, incorporating bespoke elements by Melbourne artisans including leadlight detailing by Adadaz, hand-turned timber hardware by Auburn Woodturning and blown-glass lighting by Ruth Allen.

Sustainability has also been embedded throughout the project, with Yarraville Green targeting an average 7-star NatHERS energy rating through passive design principles, rooftop solar servicing common areas and rainwater harvesting for landscape irrigation.

[smartcode_project:default project_id=144913 project_image_fid=297735]

Construction continues to progress at Yarraville Green, with structural works well underway and framing works approaching completion under builder Balmain &amp; Co. The project remains on track for completion in mid-2027.

Apartments at Yarraville Green are currently priced from $625,000, while townhomes start from $1.4 million.

[smartcode_project_cta:default project_id=144913]

Joel Robinson

Garden-led design drives buyer demand at Yarraville Green

National diversified developer Fortis has officially launched Crest &amp; Walker, its latest Brisbane apartment development, with construction now underway on the 20-storey Newstead project.

Award-winning builder BINAH has commenced construction on the Bureau^Proberts-designed building, which will deliver a limited collection of 65 two and three-bedroom apartments on Kyabra Street.

[smartcode_project:default project_id=145922 project_image_fid=373556]

The project marks Fortis' fourth active residential development in Brisbane, following River House, which is nearing completion, alongside projects in New Farm and Hamilton as the national developer continues to expand its South East Queensland pipeline.

Fortis General Manager – Development Queensland Dan Boman said Crest &amp; Walker reflects the developer's long-term commitment to delivering design-led residential projects in Brisbane's established inner-city suburbs.

"We're proud to be strengthening our presence in Brisbane with Crest &amp; Walker, particularly in such a sought-after lifestyle destination as Newstead," Boman said.

"Every Fortis project is shaped by its context, and we approach each one with the respect and care it deserves.

"Our focus is always on creating places that feel connected to their neighbourhood and elevate the everyday experience for residents. Newstead continues to evolve as one of Brisbane's most sought-after urban communities, and Crest &amp; Walker reflects our ambition to contribute meaningfully to that story."

[smartcode_project:default project_id=145922 project_image_fid=373559]

Positioned between Gasworks Plaza and James Street, <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> has been designed as a boutique residential address offering privacy and generous living spaces within one of Brisbane's most established lifestyle precincts.

The building features a contemporary brick podium softened by integrated landscaping, while the upper levels are characterised by restrained architecture and enduring materiality. Interiors have been designed to maximise natural light, acoustic performance and long-term liveability.

[smartcode_project:default project_id=145922 project_image_fid=373583]

Residences comprise spacious two and three-bedroom floorplans, with two-bedroom apartments priced from $1.55 million and three-bedroom, half-floor residences from $3.95 million.

Residents will have access to a wellness-focused rooftop featuring a swimming pool, sauna, steam room, landscaped dining spaces and outdoor lounge areas overlooking Newstead and the Brisbane CBD.

[smartcode_project:default project_id=145922 project_image_fid=373571]

Sales are being managed by Slaite Projects, with Fortis expecting strong demand from owner-occupiers seeking a high-quality, design-focused apartment in one of Brisbane's most tightly held inner-city suburbs.

Completion of Crest &amp; Walker is slated for late 2028.

[smartcode_project_cta:default project_id=145922]

Fortis expands Brisbane pipeline with launch of Crest & Walker in Newstead

The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.

It has taken the best part of a decade since plans for Chevron One were first unveiled, but the 41-storey tower is now complete, with residents collecting their keys and moving into what has become one of the Gold Coast's most recognisable new landmarks.

Rising 127 metres above Chevron Island, Chevron One stands almost twice as high as any other building on the island. Its scale places it alongside the trio of towers at Jewel, arguably the last truly significant addition to the central Gold Coast skyline when they were completed around six years ago.

While there are several developments underway around a similar height to Chevron One, they are more concentrated within clusters of the highest towers in the city. The fact Chevron One sits within a developing precinct, looking back at the other high-rise developments in Surfers Paradise and Broadbeach, makes it a different proposition altogether. It will certainly become a reference point on the Gold Coast skyline.

[smartcode_project:default project_id=6515 project_image_fid=68833]

Developer Bensons Property Group is behind the 41-storey tower, which has 229 apartments, along with an exhaustive list of resident amenity spread across what is the largest development site ever assembled on Chevron Island.

The tower has been the talk of the town for years, says Ray White Projects Gold Coast agent Caitlin Rosenboom, who is selling the remaining apartments.

"People have been watching Chevron One go up for years," Rosenboom says, adding that many prospective buyers have been surprised by the scale of the views once they step inside.

"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.

"The views are jaw-dropping. Whether you're looking east over the ocean, across Surfers Paradise, along the river systems or out to the hinterland, every level offers something different but equally impressive."

[smartcode_project:default project_id=6515 project_image_fid=360215]

One of Chevron One's defining advantages is its location on the eastern side of Chevron Island on Stanhill Drive, a position which protects the views forever.

"There's only one row of houses between Chevron One and the water, and the height restrictions along the river means views from Chevron One can never be built out,"&nbsp;Rosenboom says.

While new apartment developments continue to emerge across the Gold Coast, Rosenboom says opportunities to secure a completed apartment with this level of outlook are becoming increasingly rare.

"The size of the site is something that would be incredibly difficult to replicate today," she says.

"That's allowed Chevron One to deliver the sort of amenity, open space and resident facilities that very few projects can offer. There are not many completed apartment buildings on the Gold Coast right now that can compete with the combination of scale, quality and amenity."

[smartcode_project:default project_id=6515 project_image_fid=68839]

There's around 2,000 sqm of amenity solely for the use of residents of Chevron One. Club One features a uniquely shaped swimming pool that mirrors the footprint of the building itself, set within a extensively landscaped gardens. There's also an indoor pool and spa, a fully equipped gym with a Pilates room, a yoga garden, a bookable private dining area and lounge that can host up to 30 people, and a 24-hour concierge service.

As for the buyers, Rosenboom is fielding enquiry from everywhere: Sydneysiders and Melburnians looking at the new and off-the-plan market following the changes in the Federal Budget, as well as those looking to relocate, through to South East Queenslanders seeking either a permanent home or a weekender bolthole.

"The Gold Coast lifestyle continues to resonate with people relocating from the southern states, and when they see the views and the quality of what's been delivered at Chevron One, it becomes very easy for them to understand the appeal," Rosenboom says.

A diverse mix of one, two and three-bedroom apartments remain available, with each offering "something a little different", be it the orientation and views, configuration, or level, to suit a wide variety of buyers.

The remaining apartments are ready to inspect in person, by appointment.

[smartcode_project_cta:default project_id=6515]

A decade in the making: Residents to move into Chevron One as construction wraps up

A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> has taken the opposite approach.

Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.

The philosophy has reached its most ambitious expression at <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.

[smartcode_project:default project_id=150017 project_image_fid=374053]

"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."

[smartcode_project:default project_id=150017 project_image_fid=374052]

The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

[smartcode_project:default project_id=150017 project_image_fid=372547]

The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.

The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.

[smartcode_project:default project_id=150017 project_image_fid=374054]

Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.

Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

It began with <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.

Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.

[smartcode_project:default project_id=146527 project_image_fid=366550]

That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.

Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.

[smartcode_project_cta:default project_id=150017]

Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.

At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.

[smartcode_project:default project_id=426 project_image_fid=359199]

The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.

Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.

In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.

[smartcode_project:default project_id=426 project_image_fid=360299]

The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.

Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.

This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.

[smartcode_project:default project_id=426 project_image_fid=360300]

What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.

The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.

Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.

[smartcode_project_cta:default project_id=426]

Robert Simeon

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