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EXPERT OBSERVER
As Australia begins to relax its COVID-19 restrictions there is understandable debate about how quickly that should proceed, and whether lockdowns even made sense in Australia in the first place.
The sceptics arguing for more rapid relaxation of containment measures point to the economic costs of lockdowns and appeal to the cold calculus of <a href="https://www.investopedia.com/terms/c/cost-benefitanalysis.asp" target="_blank">cost-benefit analysis</a> to conclude that the lives saved by lockdowns don’t justify the economic costs incurred to do so.
Their numbers don’t stack up.
To be able to weigh the value of a life against the economic costs of forgone output from lost jobs and business closures, requires placing a dollar value on one person’s life. This number is called the value of a statistical life.
In Australia, the Government generally uses a value of A$<a href="https://www.pmc.gov.au/sites/default/files/publications/Value_of_Statistical_Life_guidance_note.pdf" target="_blank">4.9 million</a>. The United States uses a value of <a href="https://www.bloomberg.com/graphics/2017-value-of-life/" target="_blank">US$10 million</a>.
What are the benefits of the shutdown? This is the value of lives saved plus any indirect economic or health benefits. Lives saved are those excess lives that would be lost if government relied on a strategy that allowed enough people to get infected to result in so-called <a href="https://www.webmd.com/lung/what-is-herd-immunity#1" target="_blank">herd immunity</a>.
How many extra lives would be lost under this second strategy?
To answer this, we need assumptions about the virus.
<h2>The lives lost if we let it rip</h2>
The <a href="https://www.nytimes.com/2020/04/23/world/europe/coronavirus-R0-explainer?referringSource=articleShare" target="_blank">initial reproduction rate</a> of the virus, R0, was thought to be about 2.5. This means that every 2 people infected were likely to infect another 5; producing an average infection rate per person of 2.5.
Herd immunity for COVID-19 is estimated to require roughly 60% of the population be infected before the <a href="https://www.livescience.com/coronavirus-flatten-the-curve" target="_blank">curve begins to flatten</a> and the peak infections fall.
This happens when the reproduction rate, R0, falls below one. Because of subsequent new infections, the total number infected over the course of the pandemic is closer to 90%.
Given a population of 25 million people and assuming a fatality rate of 1%, this would produce 225,000 deaths.
An assumption of a 1% fatality rate is low from the perspective of those making decisions at the onset of the pandemic, at a time when crucial and reliable data were missing.
<h2>Those lives are valued at $1.1 trillion</h2>
Converting those fatalities to dollars using the Australian value of a statistical life of A$4.9 million per life yields a cost of A$1.1 trillion.
In rough terms, that’s the amount we have gained by shutting down the economy, provided deaths do not skyrocket when lockdown measures are relaxed and borders re-open.
It is about three fifths of one year’s gross domestic product, which is about A$1.9 trillion.
What are the costs of the shutdown?
These are the direct economic costs from reduced economic activity plus the indirect social, medical, and economic costs, all measured in terms of national income.
A starting point is to take the lost income that occurs from the recession that has probably already begun.
<h2>What will the shutdown cost?</h2>
Let’s assume that the downturn results in a 10% drop in gross domestic product over 2020 and 2021 – about $180 billion – consistent with IMF forecasts of a fall in GDP of 6.7% in 2020 and a sharp rebound of 6.1% growth in 2021, and comparable to the Reserve Bank of Australia’s forecasts in the latest <a href="https://www.rba.gov.au/publications/smp/2020/may/" target="_blank">Statement on Monetary Policy</a>.
Comparing this cost from shutting down – about $180 billion – to the benefit of $1,103 billion – makes the case for shutdown clear.
But this calculation grossly overestimates the costs of the shutdown.
The recession is a consequence of both the shutdown and the pandemic.
We need to attribute costs to each.
Most of the economic costs of the recession are likely to be due to the pandemic itself rather the shutdown.
<h2>Many costs would have been borne anyway</h2>
Even before the shutdown, economic activity was in decline.
Both in Australia and internationally air travel, restaurant bookings and a range of other activities had fallen sharply.
They were the result of a “private shutdown” that commenced before the mandated government shutdown.
Even in a country such as Sweden, where a shutdown has not been mandatory, there has been a more than 75% reduction in movement in central Stockholm and a more than 90% reduction in travel to some domestic holiday destinations.
To be generous, let’s assume the costs attributable to the government-mandated part of the shutdown are half of the total costs, making their cost A$90 billion.
In reality, they are likely to be less, one important study suggests <a href="https://arxiv.org/pdf/2005.04630.pdf" target="_blank">much less</a>.
It is hard to imagine a much bigger private shutdown not taking place had the government decided to simply let the disease rip until its spread was slowed by herd immunity.
<h2>Support is not a cost</h2>
It is also important to note that the government’s spending of A$214 billion to support the economy during the shutdown is a transfer of resources from one part of society to another rather than a cost.
It creates neither direct costs nor benefits for society as a whole, other than the economic distortions coming from raising the revenue to service the spending.
With long-term government bond rates near 1% (less than inflation), the total cost of distortions is likely to be tiny.
Of course, this discussion simplifies what are incredibly complex social, health and economic questions. There are clearly further costs, from both relaxing restrictions and keeping them in place.
<h2>Other costs are not that big</h2>
These costs are worthy of serious study and should rightly be part of a comprehensive public policy discussion. But looked at through the lens of a cost-benefit analysis these combined effects are likely to be small relative to the value of preventing mass death.
Among them are the incidence of mental health problems and domestic violence under lockdowns. They are important concerns that should be addressed by targeted and well-designed programs.
Weighing against that is evidence that economic crises are associated with <a href="https://voxeu.org/article/economic-crises-and-mortality" target="_blank">declines</a> in overall mortality rates. 
While suicides rise, total mortality, including deaths from heart attacks and workplace and traffic accidents, <a href="https://www.politico.com/news/magazine/2020/04/02/coronavirus-economy-reopen-deaths-balance-analysis-159248" target="_blank">falls</a>.
In the specific case of this pandemic there is <a href="https://psyarxiv.com/3kfmh" target="_blank">survey evidence</a> based on respondents from 58 countries suggesting that strong government responses to the pandemic have been reducing worry and depression.
Also, we have to acknowledge that recessions and educational disruption have health and economic costs that are unequally spread.
The shutdown disproportionately impacts more-disadvantaged people including short-term casual workers, migrant workers, those with disabilities and the homeless.
<h2>The most-disadvantaged suffer, either way</h2>
This skewing will also be present in the herd immunity option. As New York City makes clear, a rapid spread of the disease also disproportionately impacts disadvantaged communities. One can only speculate about the disease burden should some of our remote indigenous communities get exposed.
To this we should add further achievements of the shutdown:
<ul>
<li>
elimination of mental trauma and grief from losing our loved ones
</li>
<li>
avoiding the costs of possible longer-term implications of the disease, which we still know little about
</li>
<li>
avoiding a collapse in the capacity of the health system to deal with other emergencies through the sheer numbers of COVID-19 infected combined with staff shortages due to illness
</li>
</ul>
Those advocating cost-benefit analysis of this kind have to apply the principle systematically. It is difficult to see how the total of these sorts of considerations on each side of the ledger could compare to the benefit of lives saved. They will be an order of magnitude, if not two, smaller.
<h2>$90 billion, versus $1.1 trillion</h2>
In the cold calculus of cost-benefit analysis, a highly pessimistic view of the economic costs of Australia’s shutdown comes to around $90 billion.
It is a small price to pay compared to the statistical value of lives the shutdown should save, around A$1.1 trillion.
It produces a simple message. The shutdown wins.
The question we now face is how quickly to relax restrictions. Here, too, there are costs and benefits, and we need to be mindful of the economic cost of a second-wave outbreak, plus mortality costs of disease spread before effective treatments or vaccine become available.
And in all of this bean counting, we should remember that putting a price tag on human life is sometimes unavoidable – such as when a doctor with access to only one ventilator has to choose between two patients.
But we shouldn’t mistake necessity for desirability. We should seek to avoid needing to make such wrenching choices whenever possible.
Dr Jen Schaefer of the Royal Children’s Hospital Melbourne assisted with the preparation of this piece.<img src="https://counter.theconversation.com/content/138303/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/richard-holden-118107" target="_blank">Richard Holden</a>, Professor of Economics, <a href="https://theconversation.com/institutions/unsw-1414" target="_blank">UNSW</a> and <a href="https://theconversation.com/profiles/bruce-preston-452859" target="_blank">Bruce Preston</a>, Professor of Economics, <a href="https://theconversation.com/institutions/university-of-melbourne-722" target="_blank">University of Melbourne</a>
This article is republished from <a href="https://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/the-costs-of-the-shutdown-are-overestimated-theyre-outweighed-by-its-1-trillion-benefit-138303" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

Costs of the shutdown are overestimated, they’re outweighed by its $1 trillion benefit

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EXPERT OBSERVER
New forecasts released today say new home building will fall by almost 50 per cent, putting half a million jobs at risk over the next year.
In 2018/19 the industry engaged over 1 million people to commence building almost 200,000 new homes. Next year we expect to start just 112,000 new homes leaving up to 500,000 jobs at risk.
The shock to the economy from the halting of overseas migration, the absence of student arrivals and uncertainty over the domestic economy will see the market at a lower point in December 2020, than it was during the 1990’s recession.
It will then continue to decline though 2021, even with the return of overseas students and migration.
This shock will reverberate through the residential building industry, up and down the supply chain. Employment in the sector is not expected to recover within the next two years.
The loss of the international students and migration creates a temporary imbalance in demand for rental accommodation. The 625,000 overseas students enrolled in Australian education institutions equates to demand for the past two years of apartment construction. It is not clear how many of these left in March or how many will return.
For the past 20 years Australia’s economic growth has been underscored by stable population growth.
The nature of this shock requires significant and ongoing support from policymakers in Australia and amongst our trading partners. The risk that insufficient support will produce a decade of deflation, depression and human hardship, is present.
This means that of all the concerns facing government right now, debt should not be at the top of the list.
JobKeeper plays a very important role in supporting workers directly impacted by industry shutdowns. The building industry has been fortunate to continue operating.
Many small builders will not be eligible for the program as the downturn will impact the sector most significantly from September 2020 when the majority of projects under construction are completed.
Restarting the economy and allowing students to return are also necessary steps to a full recovery.
Drawing forward housing demand can also play a role in alleviating the emerging shock to new home construction and the wider economy. Traditionally, Australia has done this through empowering consumers to build new homes.
With the caveat that there is a high degree of uncertainty around the outlook, the disruption to migration and the elevated rate of unemployment will weigh heavily on demand for residential building beyond 2020. In financial year terms, dwelling starts in 2019/20 are now expected to be down by 18.3 per cent compared with 2018/19, and starts are forecast to decline by a further 30.5 per cent in 2020/21.
If this transpires, the commencement of new homes will have fallen nearly 43 per cent from last year, to next.
Graham Wolfe is the Managing Director of the Housing Industry Association (HIA).
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Half a million Australian jobs are at risk: HIA's Graham Wolfe

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A Seville Grove, Western Australia mortgagee home has been sold for $205,000.
Shane Denniston of Armadale Real Estate marketed the property.
Situated at <a href="https://www.realestate.com.au/sold/property-house-wa-seville+grove-133423594" target="_blank">15 Silverhill Loop,</a> it comprises three bedrooms, one bathroom and there car parking spaces. 
Set on 691 sqm, the home is freshly painted and has new floor covering throughout the home. 
It also features two separate living areas renovated kitchen, full length patio and backyard. 
The property last sold for $82,000 back in 1992.
The median price for a house in Seville Grove is $285,000, according to CoreLogic data.
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Seville Grove, Western Australia mortgagee home sold for $205,000

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A Warwick, Queensland mortgagee home has been sold for $120,000. 
The sale marks a loss of $35,000 since the house last sold for $155,000 in 2010. 
Robert Finlay of LJ Hooker Warwick marketed the property.
Situated at <a href="https://www.realestate.com.au/sold/property-house-qld-warwick-132804266" target="_blank">51 Stewart Avenue</a>, it comprises three bedrooms, one bathroom and double garage. 
The home also features guest house, open space for potential kitchen and water tank. 
The home is situated on a 845sqm block and has close proximity to the CBD. 
The median house price in Warwick sits at $265,000, according to CoreLogic. 
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Warwick, Queensland mortgagee home sold for $35,000 loss

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A Cranbourne, Victoria mortgagee unit has been sold for $321,000.
Darren Saxon of LJ Hooker Cranbourne marketed the property.
Situated at <a href="https://www.realestate.com.au/sold/property-unit-vic-cranbourne-133374110" target="_blank">1/17 Fairfield Street</a>, the home comprises three bedrooms, one bathroom, and single lock up garage plus additional two parking spots. 
It features spacious lounge room, kitchen with new gas stove, and good size yard area.
The home is located close to public transport, schools, and shopping centre. 
The property last sold in 2010 for $255,000.
The median unit price in Cranbourne sits at $365,000, according to CoreLogic. 
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Cranbourne, Victoria mortgagee unit sold for $321,000

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A mortgagee house in Kogarah, built almost 100 years ago, has come onto the market via an expressions of interest campaign.
Located at 18 Rocky Point Road, it features four bedrooms, two bathrooms, a carport, and a lawn.
The house is in a medium-to-poor condition.
The total block comprises of 446 square metres.
Built in 1925, the residence last sold in 2004 for $488,000.
Kogarah’s median house price is $1.175 million.
Trent Tarbey and Bill Tsounias, from McGrath Sans Souci, have the listing.
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Kogarah, NSW mortgagee house listed for sale

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The number of house sales in Tasmania fell by 27 percent in April compared with March, with property prices in Hobart down 14 per cent, according to figures from the state's Real Estate Institute.
<h2 class="zT1nT _4Zpdk SelAj _1t9H3 _2-MxD lxkD- mSYxO age8P" data-component="Heading">House prices were down 2.2 per cent statewide, but by 14 per cent in Hobart, over the same period.</h2>
THE Real Estate Institute of Tasmania (REIT) president Mandy Welling said she was not surprised given the restrictions and challenges of the COVID-19 pandemic.
"These are the least productive figures since July 2013," Ms Welling advised.
The April sales figures showed in Hobart the turnover decline was 37 per cent, Launceston 39 per cent and the north-west 12 per cent.
There was an easing of sales for properties in the $500,000 and above price bracket, but these properties were still selling on average 1.7 per cent above their listed price.
"There were certainly not as many people out there thinking about putting their property on the market and, indeed, buyers out there to purchase."
REIT chief executive officer Mark Berry said the price drop overall was not as significant as predicted.
"House prices haven't really seen the downward effect that the mainland commentators have been reporting that may happen in Melbourne and Sydney," he said.
"The Tasmanian market has held very firm."
<div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">
The first case of COVID-19 was confirmed in Tasmania on March 2.
Over the March 2020 quarter Tasmania experienced a total of 1870 house sales, a 1.2 percent decrease State-wide on the previous quarter and 4.9 percent increase over the previous year.
In the March quarter Sandy Bay in the south achieved the highest median sale price at $948,888. 
The median sale price in Sandy Bay was down 9.6 percent on the previous quarter.
Across the State the two most expensive postcodes for the quarter were 7005 and 7004 and the postcodes with the highest turn over of property were 7250 and 7310. 
In addition to this, Sandy Bay was crowned the most expensive suburb with 29 sales, a median sale price of $948,888 and an increase in sale price of 21.7 percent over the previous year.
 
</div>
</div>
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Tasmanian real estate turnover falls 27 percent in April

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EXPERT OBSERVER
When live auctions were banned due to the health crisis, the number of auctions dropped dramatically with a double hit coming from a broader drop in listing volumes.
Yesterday, there were 137 auctions scheduled in Sydney and 110 scheduled in Melbourne, representing a significant drop compared to this time last year – and auction numbers were already very low due to the 2019 federal election.
While clearance rates only look at a very small portion of the market, the big spike in the New South Wales clearance rate last weekend to 77% is perhaps proof that buyer activity remains strong and that buyers are more comfortable buying in-person than online. This theory is also supported by increased levels of buyer enquiry and search activity on <a href="https://www.realestate.com.au/buy" target="_blank" rel="noopener noreferrer">realestate.com.au.</a>
This weekend, the clearance rate hit 72% in New South Wales and 70% in Victoria.
Restrictions on overseas travel could be a boon for domestic tourism
Australians love overseas travel, spending more money overseas ($58.3 billion) in 2019 than foreign tourists spent in Australia ($44.6 billion).
With borders shut due to the COVID-19 pandemic, that $58.3 billion will stay in Australia and it’s likely a fair proportion of it will be spent on domestic travel. Once domestic travel is up and running again, we may even get close to the $80.7 billion spent on domestic overnight travel last year, or perhaps even exceed that figure.
Tourism Research Australia provides a high level of detail on where both domestic and overseas tourists like to travel. In every part of Australia, domestic tourists spend more than overseas tourists except in one location – Sydney.
If our travel patterns remain consistent, then the area that will benefit most from a domestic tourism boom will be Melbourne, followed by Sydney and Brisbane. The regional areas that will benefit include the northern coast of New South Wales, Gold Coast and Sunshine Coast.
Domestic tourism could surge on Queensland’s Sunshine Coast after COVID-19.
There is a lot of uncertainty about whether domestic travel patterns will remain consistent. Can Melbourne continue to offer the sporting and cultural events it is so famous for in this environment? Will some states continue to maintain border closures?
The rate of domestic tourism will also depend on marketing expenditure – big campaigns may get us all travelling to the outback, the Limestone Coast or the Fleurieu Peninsula.
Banks are flush with cash but access to funding isn’t easy
The one positive in this downturn is that we are not in a financial crisis. Our banks are well capitalised and, at this stage, are not weighed down by bad debt.
Nevertheless, according to mortgage brokering business Smartline, the banks are being very cautious and taking measures to:
1.Tighten lending policies including discounting of non-core income such as bonuses, casual income and overtime and;
2. Introduce more questions and forms to mitigate losses from people who have been impacted by COVID-19;
3. Meanwhile, Smaller lenders who are less able to weather the storm are being even more cautious – some have even lifted interest rates – and service levels are now varying greatly – those that have relied on off-shore lending operations seem far more heavily impacted. Insurers are also being much stricter.
While access to funding isn’t easy, it hasn’t dented demand for home loans and many people are looking to refinance to get a better deal. Total submissions for home loans through Smartline have increased 21% while settlements have increased by 8%.
NERIDA CONISBEE <a href="https://www.realestate.com.au/news/author/nerida-conisbee/" target="_blank">is the chief economist for the REA Group</a>
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Return of live auctions is great news for Australian property: REA's Nerida Conisbee

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A three-bedroom house in the Melbourne suburb of Mernda has been sold for $740,000, setting a new suburb record. 
It has been sold by Ray White South Morang Sales Agent and Auctioneer Steve Gruevski. 
The three bedroom, two bathroom home is sitting in an elevated position at <a href="https://www.realestate.com.au/sold/property-house-vic-mernda-133317150" target="_blank">77 Waterview Drive</a>.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/18/77-Waterview-Dr-Mernda-06%201.jpg" alt="">
The home comes with open plan living and meals, covered alfresco deck, under house cellar and manicured garden. 
It also features open fireplace, high ceilings, and secure parking with remote access.
The home is situated within close proximity to schools, parklands, public transport, cafes and restaurants. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/18/77-Waterview-Dr-Mernda-08%201.jpg" alt="">
The vendors had purchased the land for $197,000 ten years ago and built this home. 
“Given the current climate and the perceived negativity around property prices – being able to achieve a suburb record is quite an achievement," Gruevski said. 
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South Morang trophy home sale sets new suburb record

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A mortgagee sale of a modern style townhouse in Pacific Pines has been listed for auction on May 30. 
Located at <a href="https://www.realestate.com.au/property-townhouse-qld-pacific+pines-133538114">17/2 Sangster Crescent</a>, 'Parkview on Sangster' offers open plan living and dining with beautiful views. 
<img src="https://www.urban.com.au/images/Screen%20Shot%202020-05-14%20at%202.38.51%20pm.png" alt="">
The three-bedroom, two-bathroom home features a private courtyard and central park area with BBQ and swimming pool. 
The home is listed by PRD’s Andrew Turner.  
The median unit price for Pacific Pines is $326,000, according to data from CoreLogic. 
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Pacific Pines mortgagee townhouse listed

Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.

Off the plan purchasers have started moving into the 49-apartment project on Pier Street, with the remaining move-in-ready one-, two- and three-bedroom apartments starting from just over $500,000.

Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.

[smartcode_project:default project_id=112195 project_image_fid=372638]

The completed apartments feature open-plan living and dining areas which extend onto private balconies and terraces, while full-height glazing maximises natural light throughout the interiors.&nbsp;

Hybrid timber-look flooring, stone benchtops, Miele appliances, porcelain-tiled bathrooms and generous storage feature throughout the building which also features landscaped communal areas, expansive shared terraces, lift access and secure on-grade parking.

Drawing inspiration from its bayside setting, Voyage adopts a restrained palette of warm neutral tones and textured finishes. Many of the apartments take advantage of views across Port Phillip Bay, while the indoor-outdoor living spaces have been designed to make the most of the coastal outlook.

[smartcode_project:default project_id=112195 project_image_fid=3286]

Voyage was developed to address what Spacious Group identified as an undersupply of higher-quality apartment product in Altona, with a focus on owner-occupiers looking to remain within the bayside community.

"Voyage responds to very strong local buyer demand for quality, owner-occupier-focused product," says Barry Plant Projects Director Jarrod Farey, who has handled sales since the project's launch.

"The project delivers an elevated lifestyle proposition, with its design and quality of finish far exceeding anything previously produced in the area, as well as its proximity to Pier Street Village and the beach."

The majority of purchasers have been local downsizers and owner-occupiers looking to stay within the Altona community but who previously had limited opportunities to buy a brand-new apartment.

[smartcode_project_cta:default project_id=112195]

Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

Homecorp has secured approval for a $360 million apartment development at Budds Beach, paving the way for one of the Gold Coast's most amenity-rich residential projects to launch later this year.

Gold Coast City Council has approved Lýon Residences, a 32-level tower that will deliver 178 two and three-bedroom apartments across a prominent corner site at 8-10 Acacia Avenue and 25-27 Oak Avenue.

The approval comes as developers continue to invest in premium lifestyle-driven apartment projects on the Gold Coast, where owner occupiers are increasingly prioritising amenity as much as apartment size and location.

<a href="https://www.apartments.com.au/new-apartments/l-on-residences-25-27-oak-avenue-surfers-paradise-qld-4217">Lýon Residences</a> has been designed around a resort-style wellness offering, headlined by a Moroccan-inspired spa precinct featuring treatment rooms, a Nordic sauna and steam room, hot and cold plunge pools, a soaking pool and a residents-only juice bar.

The rooftop will include a heated infinity pool and spa, residents' lounge with private kitchen and bar, gymnasium, yoga and Pilates studio, outdoor entertaining areas and barbecue facilities overlooking the Surfers Paradise skyline.

<img alt="Lyon" data-entity-type="file" data-entity-uuid="2d3e29af-8793-486e-a684-52cef862241f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-15%20at%204.32.26%E2%80%AFPM.png?VersionId=ayG2zpLf3SS6Zy8XmKDcQods4kVWb0gm" />

Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.

"Budds Beach represents one of the most unique and sought-after pockets of the Gold Coast, and Lýon Residences has been designed to reflect that sense of rarity and refinement," Bakir said.

The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.

The latest Global Wellness Institute figures show wellness real estate remains the fastest-growing segment of the global wellness economy and is forecast to exceed $1.8 trillion by 2030. Australia continues to rank among the world's 15 largest wellness real estate markets, with developers increasingly integrating health, recreation and community facilities into apartment projects.

Queensland is also experiencing strong population growth, with the Gold Coast continuing to outperform many other Australian cities as demand for new housing remains elevated ahead of the 2032 Olympic and Paralympic Games.

Bakir said the project had been designed to respond to that shift in buyer expectations.

"Strong population growth and sustained demand across the Gold Coast continue to highlight the need for well-designed new housing supply. Lýon Residences responds directly to this demand while setting a new benchmark for residential living," he said.

Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.

Located just minutes from Surfers Paradise beach and the Broadwater, the development also offers easy access to the light rail network, Broadbeach and Burleigh Heads.

Early site works are underway, with construction expected to commence later this year.

Homecorp approved for Budds Beach apartment tower, Lýon Residences

New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.

Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.

Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.

[smartcode_project:default project_id=28384 project_image_fid=3823]

Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.

The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.

"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.

"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."

[smartcode_project:default project_id=28384 project_image_fid=3826]

The rarity of the development hasn't been lost on prospective buyers, McSweeney says.

For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.

"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."

The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.

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A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.

The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.

At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.

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The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.

Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.

Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.

"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."

Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.

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North-facing Swan River views drive demand at Rivière Residences in Applecross

Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.

The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.

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McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.

"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.

"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."

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A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.

The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.

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Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.

Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.

"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."

Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.

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Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.

"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.

She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.

Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.

Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.

Construction is underway, with completion expected in the second half of 2027.

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More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Staff reporter

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