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The CBD and inner Sydney suburbs are geographically within a relatively small area, however there are many sub-markets at play within these regions, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at what things traditionally matter to property markets and how current crisis is playing into decision making. 
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As a generalisation, the report suggests some of the big- picture elements that impact on the market include interest rates, availability and ease of finance, affordability, changes to overseas purchasing and oversupply of new units in certain areas.
Interest rate cuts and improving general market sentiment along with a limited supply of established stock in many inner city areas have been some of the main drivers of strengthening market conditions and property prices over the past few months.
"With proximity to the CBD, public transport and lifestyle amenities, the inner city is a popular choice for first home buyers," the valuation firm said. 
This market segment is urrently performing well, with lenders favouring owner-occupiers over investors, interest rates at record lows and first home buyer incentives available from the government.
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Upgraders were hit hard when lending was tightened last year, however as interest rates have dropped and APRA regulations have been relaxed, buyers have returned to properties within the $2 million to $3 million bracket, the report notes. 
A parkside residence at <a href="https://www.realestate.com.au/sold/property-house-nsw-five+dock-132908398" target="_blank">2 Heath Street, Five Dock</a> (pictured below) recently sold for $3.555 million (PriceFinder) after 26 days of its auction campaign (source: RP Data).
The property is built to a high standard with basement parking and enjoys views over the adjoining park.
<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/2020/4/14/five%20dock.jpg" alt=""> 
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"Downsizers are also cashing in on the rising market, selling large suburban homes or inner city terraces and often entering the premium unit markets within the inner city, such as Jackson’s Landing at Pyrmont or Darling Point," the valuation firm said.
The properties typical of the downsizer market are often tightly held, causing increased competition when one is offered to market.
Investor activity is improving due to relaxing APRA regulations and decreases to interest rates.
 However, the recovery occurring within this market segment is generally more limited, even more so within modern medium and high density precincts.
The report notes some aspects are having noticeable effects on certain areas however, for example, interest rate reductions appear to be encouraging more activity and price growth particularly within the owner-occupier inner east and inner west suburbs, however this has not been as noticeable within higher density investor-focused suburbs such as Zetland and Waterloo in particular.
The number of new unit developments has slowed, largely as a response to tighter finance for developers. 
"Sales agents are also reporting limited numbers of buyers for off the plan units due to the loss of confidence in the construction of such complexes after multiple incidents of major defects across Sydney. 
"That being said, many complexes are under construction with existing pre-sales and this relatively concentrated supply pipeline of generic or investor grade stock is also causing the recovery within this market segment to be slower," the valuation firm said. 
The slow down within this market segment is driving larger developers (with more financial clout) to improve their product offerings, such as Crown Group which has placed significant emphasis on the architectural features of recently settled complexes in Green Square and the CBD.
Unfortunately some developers have been forced to cut costs and have delivered products that have underwhelmed their off-the-plan purchasers.
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"Infrastructure projects are also significant within these areas; the recent completion of the light rail from Circular Quay to Randwick, which has caused an uptick in interest throughout the CBD and Surry Hills, is translating to higher auction clearance rates and price growth," the valuation firm said. 
Furthermore this is spurring growth in the neighbouring bridesmaid suburbs of Redfern and Darlinghurst.
A two bedroom apartment has recently been sold for $875,000.
Located at <a href="https://www.realestate.com.au/sold/property-apartment-nsw-redfern-133317118" target="_blank">93/146 Pitt Street</a>, the 96sqm apartment comes with open plan lounge/dining area, undercover balcony and kitchen with breakfast bar. 
It's situated a stroll to village shops, bars and eateries as well as Redfern Station. 
<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/2020/4/14/redfern.jpg" alt="">
Furthermore, development around the Barangaroo precinct at the northern end of the CBD has improved the marketability of units in neighbouring Millers Point and Dawes Point.
The WestConnex Motorway project is also having some negative connotations for certain inner west suburbs such as Rozelle and Lilyfield in particular due to construction sites, interchanges, ventilation facilities and the unknown associated impacts for properties nearby.
 
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j.ballantyne1990-6AQqhLzZaK

Inner Sydney property market sees limited numbers of buyers for off the plan units: HTW residential 

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Downsizers are playing a significant part in driving the local market in the Sutherland Shire, as they sell their larger family homes for smaller three- bedroom units or duplex homes, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at what things traditionally matter to property markets and how current crisis is playing into decision making. 
"These types of properties appeal to the downsizer market as they cash in on their large family home for a more modern and low maintenance alternative," the valuation firm said. 
Prestige units located in central areas near transport and shops have always been popular with the empty nester demographic and more recently, low maintenance duplexes with a lift, minimal stairs or the ability to have a bedroom and bathroom on the ground floor are also proving popular.
A one bedroom apartment with parkland views in Miranda has recently been sold for $531,500.
Situated at <a href="https://www.realestate.com.au/sold/property-apartment-nsw-miranda-133200262" target="_blank">74/7-15 Jackson Avenue</a> (pictured below), the apartment is close to Miranda Station, shops, cafes and restaurants.
It comes with kitchen with gas appliances, enclosed balcony, sleek bathroom and lock up garage. 
<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/2020/4/14/miranda%201.jpg" alt="">
"We have also noticed a trend in the downsizer market to demolish the existing family home and build a duplex pair, staying in one and selling or renting the other," the valuation firm said. 
The report notes upgraders have also been active in the market over the past six months, with young families moving from a unit or townhouse to a detached dwelling or duplex.
"Upgraders are looking for something near transport, schools and shops, and often prefer modern or renovated properties so that they can move in with nothing to do.
"This is a change to what we have seen in the past as this demographic tended to prefer a dwelling they could renovate themselves and therefore increase the value," the valuation  firm continued. 
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First home buyers are generally attracted to two- bedroom units along the railway line, particularly from Sutherland to Cronulla.
A two bedroom apartment in Sutherland is currently on the market with a price guide of $600,000 - $650,000.
The two bedroom, one bathroom apartment is situated at <a href="https://www.realestate.com.au/property-apartment-nsw-sutherland-133409382" target="_blank">17/76 Auburn Street </a>(pictured below). 
It comes with open plan living and dining area, covered balcony, modern kitchen and double garage. 
<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/2020/4/14/sutherland.jpg" alt="">
However the recent increase in new unit complexes around the Miranda, Kirrawee and Caringbah areas created an oversupply with developers having to implement incentives such as cash back or stamp duty rebates to clear the remaining stock, the report notes. 
"This oversupply issue has started to ease in recent months as the number of complexes under construction has reduced. Despite this we are still seeing examples of units that were completed mid 2019 for sale, with developers offering incentives to clear the remaining stock," the valuation firm said. 
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Sutherland Shire property market driven by downsizers: HTW residential 

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The first home buyer market is more sensitive to general economic factors such as interest rate movement and fiscal policy, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at what things traditionally matter to property markets and provided some take on how current crisis is playing into decision making. 
The report suggests that Localised factors such as supply levels also play a part, with affordability being a key market driver. 
Brookvale is a popular sublrb for first home buyers, having one of the lowest median unit prices of $745,000 as at December 2019, in comparison to the Northern Beaches median of $875,000 (source: CoreLogic).
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"The area has seen strong development over the course of the past decade, resulting in a healthy level of stock that has consequently placed downward pressure on values," the valuation firm said. 
<a href="https://www.propertyobserver.com.au/images/2020/4/20/northern%20beaches%20.jpg" target="_blank">Click here </a>to enlarge: 
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Northern Beaches building approvals dropped drastically in 2018/2019 and are tracking at similar levels for the 2019/2020 financial year.
"There is a clear correlation between volume levels and building approvals and we would anticipate these factors to impact the first home buyer unit market," the valuation firm said. 
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"For the upgrader market, we’ve seen strong demand from buyers outside of the Peninsular really driving this level of the market," the valuation firm continued. 
Realestate. com.au reported that 2019 was the first time more outside buyers were searching for properties on the Northern Beaches than those within.
The inner-west and eastern suburbs were key regions, with factors such as infrastructure upgrades including the B-line providing faster commuting options to the CBD, increase in flexible working arrangements allowing individuals to work from home more frequently, and the affordability of the area in relation to other Sydney regions proving key factors in this shift.
At the prestige end, Palm Beach is synonymous with prestige and a large number of these properties are owned by high net worth individuals from outside of the Northern Beaches, however there is also a strong local prestige market along the coastline, the report noted. 
<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/2020/4/20/Collaroy%20Plateau.jpg" alt="">
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<a href="https://www.realestate.com.au/property-house-nsw-collaroy-133077790" target="_blank">67 Edgecliffe Boulevard, Collaroy Plateau</a> (pictured above) is currently on the market through Knight Frank with a reported initial guide of $10 million, roughly $5 million above the suburb record.
According to the HTW report, this brand new luxury asset is sure to appeal to both local and international markets due to the ultra-modern finishes, unique position and unbeatable views.
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"Whilst we have not seen any recent change in market sentiment and values to date, the outlook for the prestige sector remains rather uncertain.
"If the current global economic turmoil continues, we consider this will likely have a negative impact on demand and value levels," the valuation firm concluded. 
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Northern Beaches prestige sector remains uncertain in the time of COVID-19 pandemic: HTW residential 

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The past five years have provided good evidence of the factors that drive the Sydney property market, according to the latest Herron Todd White (HTW) residential report.
The valuation firm took a look at what things traditionally matter to property markets and how current crisis is playing into decision making.
The report suggests fiscal, regulatory and monetary policies have all played their parts as the wider Sydney market went from strong growth to its largest decline in three decades before rebounding so quickly that the Sydney median price is already knocking on the door of the previous peak.
"Whilst traditional drivers such as employment levels and the national economic outlook do play a part, these have been fairly stable throughout that five year period as the market fluctuated wildly (in Sydney property price terms anyway).
"The current COVID-19 epidemic is going to have a negative impact on both of these drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term," the valuation firm said.
Low interest rates were a big driver in the market climbing until mid-2017, despite growing affordability issues as many first home buyers were either priced out of the market or had to reconsider the type of property or the suburb they could afford to buy.
"We then experienced tighter lending policies as a result of APRA regulation and the banking Royal Commission which saw the market drop by around 15 percent across Sydney, with some areas dropping by more than 20 percent," the valuation firm said.
Houses were harder hit than units, while the top quartile, excluding the prestige end, experienced the largest falls.
There was a triple boost to the property market in mid-2019, as APRA weakened lending restrictions, the Reserve Bank lowered interest rates three times within a few months and the Coalition government was returned in the federal election.
The report notes the unexpected election result meant that the planned changes to capital gains tax and negative gearing policy proposed by the Labor opposition, would not eventuate.
These three factors saw the Sydney market stabilise between June and August and then rise quickly between September and December, recovering around two-thirds of the median price decline experienced during the downturn. Houses and those areas that saw larger decreases during the decline were generally those that rebounded the quickest.
First home owner incentives introduced in January have also seen these buyers re-enter the market in greater numbers, providing a boost to the lower quartile of the property market.
This was also the experience during the aftermath of the Global Financial Crisis as low interest rates and significant first home owner incentives saw this part of the market grow quickly at a time when the wider economy was struggling.
"The unit market in Sydney has had some additional challenges to deal with over the past couple of years. Whilst prices did not decline as fast as they did for houses, issues around flammable cladding and the highly publicised structural issues of several buildings throughout Sydney have meant increased buyer caution in the new unit market," the valuation firm said.
Certain suburbs also had a large supply of new units reaching settlement at the bottom of the market after being purchased off the plan at the height of the market.
More recently, the supply of new units has slowed and remaining developer stock in completed buildings is now more readily selling, in some cases at prices close to what they were achieving off the plan.
It should be noted though that some developers are resorting to incentives or rebates to clear this stock.
Infrastructure spending has also increased in Sydney over the past few years with a number of large projects still underway or planned for completion by the end of the decade. This has helped fuel the local economy and provide a boost to those suburbs which directly benefit from these infrastructure upgrades.
"Although clearance rates have remained high in recent weeks, there is no doubt that the COVID-19 outbreak will lead to a short term softening in market activity," the valuation firm said.
According to CoreLogic, there were 749 auctions in the wider Sydney region for the week ending 15 March, down 28 percent from the 1045 auctions held in the week ending 1 March. They also reported that the preliminary auction clearance rate has dropped from 82.6 percent to 74.6 percent over the past two weeks.
"Despite this, median prices have continued to increase throughout this period.
"It is likely that potential sellers will hold off listing their properties in the next few months as Australia goes through an increase and (hopefully) peak in COVID-19 cases. This lack of new stock on the market will likely help hold up property prices," the valuation firm said.
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Sydney median prices continue to increase in the time of coronavirus crisis: HTW residential 

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GUEST OBSERVATION
What began as a global health crisis in the form of COVID-19 is now also an economic crisis of <a href="https://www.theaustralian.com.au/business/economics/coronavirus-worst-year-since-great-depression-says-imf/news-story/0e9976bdbd46ebae16d19f8190241467">historic proportions</a>. Much of the housing policy focus during the pandemic has rightly centred on the plight of people who are <a href="https://theconversation.com/homelessness-and-overcrowding-expose-us-all-to-coronavirus-heres-what-we-can-do-to-stop-the-spread-134378">insecurely housed or homeless</a>. Another strand of commentary has focused on a likely <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-04-01/national-house-prices-march-coronavirus-property-corelogic/12109434">fall in property values</a>.
But what does the pandemic mean for housing market inequalities in Australia? And what are the policy implications?
The renter-owner gap will widen
Despite concerns about house prices plummeting, the spread of COVID-19 is exposing a widening gap in housing markets between those who own zero housing wealth (renters) and those with substantial housing wealth (owners).
Australians with little to no housing wealth were already experiencing at least three key types of vulnerabilities before the pandemic in the form of work insecurity, financial stress and ill-health.
The charts below show the comparisons between renters and home owners in these three categories of vulnerability, using data from the <a href="https://melbourneinstitute.unimelb.edu.au/hilda">HILDA Survey</a>. Owners are ranked in quintiles by housing equity, from the bottom 20% (Q1) to the top 20% (Q5).
Renters were much more likely to be unemployed or in casual jobs than people with high housing wealth.
<a href="https://images.theconversation.com/files/328282/original/file-20200416-140719-139mm6a.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/328282/original/file-20200416-140719-139mm6a.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Note: Sample includes all persons aged 25+ no longer living in their parents’ homes. Housing equity is defined as family home value minus mortgage debt. Population weights have been applied. Author's calculations from 2017 Household, Income and Labour Dynamics Survey data, Author provided
Both renters and owners with low housing equity were more likely to have difficulty paying their rent, mortgage and utility bills on time. They were less likely to be able to raise emergency funds when needed.
<a href="https://images.theconversation.com/files/328285/original/file-20200416-140706-q8u8wo.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/328285/original/file-20200416-140706-q8u8wo.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Note: Sample includes all persons aged 25+ who are no longer living in their parents’ homes. Housing equity is defined as family home value minus mortgage debt. Population weights have been applied. Author's calculations from 2017 Household, Income and Labour Dynamics Survey data, Author provided
Renters were also more likely to report poorer physical and mental health.
<a href="https://images.theconversation.com/files/328286/original/file-20200416-140697-1nqojfc.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/328286/original/file-20200416-140697-1nqojfc.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Note: Sample includes all persons aged 25+ who are no longer living in their parents’ homes. Housing equity is defined as family home value minus mortgage debt. Population weights have been applied. Author's calculations from 2017 Household, Income and Labour Dynamics Survey data, Author provided
The spread of coronavirus has added to these existing vulnerabilities. Casual workers have been <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-03-26/coronavirus-centrelink-unemployment-canberra-jobseeker-casuals/12089532">particularly vulnerable to job loss</a>.
The <a href="https://www.who.int/social_determinants/thecommission/finalreport/key_concepts/en/">social gradient in health</a> is well-known. People on the bottom rungs of the socioeconomic ladder tend to be in poorer health. They are then more likely to develop serious <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/triplej/programs/hack/coronavirus-is-exposing-whats-broken-in-australia/12081812">health problems from the coronavirus</a>.
Post-pandemic markets will add to inequalities
COVID-19 is making existing economic inequalities worse. And even in a post-pandemic world it can be expected to slow down wealth accumulation among renters.
<a href="https://www.propertyobserver.com.au/https://www.rba.gov.au/publications/bulletin/2014/sep/2">Hysteresis</a> is a term used to describe an economic event that persists into the future, after the factors that led to the event have disappeared. In labour markets, the long-term unemployed also suffer long-term damage to their job prospects as their skills deteriorate and they are regarded as less employable.
This hysteresis effect will likely spill over into housing markets. Any crisis-driven falls in house prices may be short-term as <a href="https://www.domain.com.au/advice/is-property-still-safe-as-houses-947518/?utm_campaign=strap-masthead&amp;utm_source=the-age&amp;utm_medium=link&amp;utm_content=pos5&amp;ref=pos1">housing values remain relatively insulated</a> by record low interest rates. People who are exposed to job loss, insecure work or ill-health during the crisis will face a greater struggle to regain their economic footing after the pandemic than those from more affluent backgrounds.
This means the wealth-accumulating capacity of people with little to no housing equity is further compromised during and after the pandemic. In short, renters could fall further behind in their ability to buy a home. The gap between the haves and have-nots will grow.
3 principles for post-pandemic policy
An even more unequal housing future for Australia is undesirable. The post-crisis housing debate will need to be conducted with three key elements in mind: equity, solidarity and security.
Equity in access to housing opportunities must not slide off policymakers’ radar. It is not a debatable fact that governments have long provided <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2018-05-10/budget-2018-housing-affordability-first-home-owners-millennials/9745672">generous concessions</a> for property buyers. These measures include <a href="https://theconversation.com/why-politicians-hate-the-idea-of-taxing-the-homes-of-the-rich-52973">capital gains tax discounts</a>, family home exemptions from <a href="https://theconversation.com/a-land-value-tax-could-fix-australasias-housing-crisis-49997">land tax</a> and <a href="https://www.propertyobserver.com.au/https://www.servicesaustralia.gov.au/individuals/topics/assets/30621">income support means tests</a>, and <a href="https://theconversation.com/the-game-of-homes-how-the-vested-interests-lie-about-negative-gearing-112222">negative gearing for investors</a>.
These preferential tax treatments have <a href="https://melbourneinstitute.unimelb.edu.au/assets/documents/hilda-bibliography/other-publications/pre2010/Wood_Stewart_and_Ong_Housing_Taxation.pdf">far exceeded government spending on renters</a>. Notwithstanding the <a href="https://www.propertyobserver.com.au/https://www.tandfonline.com/doi/abs/10.1080/14036090120617">benefits commonly associated with home ownership</a>, restoring some balance in the distribution of subsidies between owners and renters is essential to narrow the widening chasm between them.
Solidarity between generations will be more crucial than ever before to preserve Australia’s social and economic fabric. The <a href="https://theconversation.com/vital-signs-scott-morrison-is-steering-in-the-right-direction-but-were-going-to-need-a-bigger-boat-135209">surge in national debt</a> created in response to the crisis will likely be a multi-generational burden.
Some might be tempted to return to pitting the young against the old in housing debates. Policy thinking that encourages solidarity, rather than stoking tensions between generations, will be increasingly important. For instance, <a href="https://www.ceda.com.au/CEDA/media/General/Publication/PDFs/HousingAustraliaFinal_Flipsnack.pdf">abolishing stamp duty together with levying land tax on all land</a> will remove a key financial barrier to home purchases for both young first-time buyers and older downsizers.
The formation of the national cabinet to oversee the response to COVID-19 also provides a post-pandemic forum to forge federal-state cooperation on the required reforms. Federal support will be needed to help cover state revenue shortfalls in a <a href="https://www.taxinstitute.com.au/australian-tax-forum/stamp-duties-land-tax-and-housing-affordability-the-case-for-reform">gradual transition to land tax</a>. On the other hand, the release of housing equity by older downsizers should ease <a href="https://theconversation.com/fall-in-ageing-australians-home-ownership-rates-looms-as-seismic-shock-for-housing-policy-120651">pressures on the federal retirement incomes system</a>.
Finally, it is time to reprioritise <a href="https://www.ohchr.org/documents/publications/fs21_rev_1_housing_en.pdf">housing security as a foundation for fostering good health and economic participation</a>. Critical public health measures to avoid the spread of disease, such as social distancing and staying at home, are inherently shelter-related. These measures are rarely achievable for <a href="https://theconversation.com/homelessness-and-overcrowding-expose-us-all-to-coronavirus-heres-what-we-can-do-to-stop-the-spread-134378">people who are homeless or in overcrowded housing</a>.<img src="https://counter.theconversation.com/content/135808/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/rachel-ong-viforj-113482">Rachel Ong ViforJ</a>, Professor of Economics, School of Economics, Finance and Property, <a href="https://theconversation.com/institutions/curtin-university-873">Curtin University</a>
This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/as-coronavirus-widens-the-renter-owner-divide-housing-policies-will-have-to-change-135808">original article</a>.
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As coronavirus widens the renter-owner divide, housing policies will have to change

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EXPERT OBSERVER
In recent weeks a growing chorus of Australian commentators has called for social distancing measures to be eased or radically curtailed.
Some have <a href="https://www.theaustralian.com.au/business/economics/coronavirus-lockdown-hysteria-is-ruining-10-million-lives/news-story/fd5307f58302cf1ab928decb07b2619c">claimed </a>the lives saved by the lockdowns are not worth the damage they are causing to the economy.
Others have <a href="https://www.smh.com.au/national/baby-boomers-won-t-like-it-but-next-step-after-lockdown-is-herd-immunity-20200415-p54k0t">claimed</a> the case for easing is strengthened by the fact many of the hardest hit by COVID-19 are elderly or suffering from other conditions.
Some might expect economists, of all people, to endorse this calculus.
But as economists we categorically reject these views, and we believe they do not represent the majority of our profession.
We believe a callous indifference to life is morally objectionable, and that it would be a mistake to expect a premature loosening of restrictions to be beneficial to the economy and jobs, given the rapid rate of contagion.
It is wishful thinking to believe we face a choice between a buoyant economy without social distancing and a deep recession with social distancing.
In a world with COVID-19, there are no good choices.
The best we can do is limit the spread of COVID-19 as much as practicable and rely on the strength of the government’s balance sheet to cushion the impact on the workers and businesses hardest hit.
Our success to date is a direct result of the measures taken, but we cannot afford to be complacent.
We recognise there are trade-offs on some margins, but we urge the government to work closely with public health experts to carefully determine at what time, in what ways, and in which sectors, to begin lifting restrictions.
There should be no doubt the cost of getting this wrong is very high.
Open Letter from Australian Economists
19 April, 2020
Dear Prime Minister and Members of the National Cabinet,
The undersigned economists have witnessed and participated in the public debate about when to relax social-distancing measures in Australia. Some commentators have expressed the view there is a trade-off between the public health and economic aspects of the crisis. We, as economists, believe this is a false distinction.
We cannot have a functioning economy unless we first comprehensively address the public health crisis. The measures put in place in Australia, at the border and within the states and territories, have reduced the number of new infections. This has put Australia in an enviable position compared to other countries, and we must not squander that success.
We recognise the measures taken to date have come at a cost to economic activity and jobs, but believe these are far outweighed by the lives saved and the avoided economic damage due to an unmitigated contagion. We believe strong fiscal measures are a much better way to offset these economic costs than prematurely loosening restrictions.
As has been foreshadowed in your public remarks, our borders will need to remain under tight control for an extended period. It is vital to keep social-distancing measures in place until the number of infections is very low, our testing capacity is expanded well beyond its already comparatively high level, and widespread contact tracing is available.
A second-wave outbreak would be extremely damaging to the economy, in addition to involving tragic and unnecessary loss of life.
Sincerely,
<a href="https://theconversation.com/profiles/alison-booth-153308">Professor Alison Booth</a>, Australian National University
<a href="https://theconversation.com/profiles/jeff-borland-1079">Professor Jeff Borland</a>, University of Melbourne
<a href="https://theconversation.com/profiles/lisa-cameron-986169">Professorial Research Fellow Lisa Cameron</a>, Melbourne Institute, University of Melbourne
<a href="https://theconversation.com/profiles/efrem-castelnuovo-145615">Professor Efrem Castelnuovo</a>, University of Melbourne
<a href="https://theconversation.com/profiles/deborah-ann-cobb-clark-729631">Professor Deborah Cobb-Clark</a>, University of Sydney
<a href="https://scholar.harvard.edu/ashley-craig/home">Assistant Professor Ashley Craig</a>, University of Michigan
<a href="https://theconversation.com/profiles/chris-edmond-673265">Professor Chris Edmond</a>, University of Melbourne
<a href="https://nisvanerkal.net/">Professor Nisvan Erkal</a>, University of Melbourne
<a href="https://theconversation.com/profiles/john-freebairn-90">Professor John Freebairn</a>, University of Melbourne
<a href="https://theconversation.com/profiles/renee-fry-mckibbin-673270">Professor Renée Fry-McKibbin</a>, Australian National University
<a href="https://theconversation.com/profiles/joshua-gans-399">Professor Joshua Gans</a>, University of Toronto
<a href="https://theconversation.com/profiles/jacob-k-goeree-562903">Professor Jacob Goeree</a>, UNSW Business School
<a href="https://theconversation.com/profiles/quentin-grafton-1941">Professor Quentin Grafton</a>, Australian National University
<a href="https://www.rse.anu.edu.au/about-us/our-people/people/?profile=Simon-Grant">Professor Simon Grant</a>, Australian National University
<a href="https://theconversation.com/profiles/pauline-grosjean-343133">Professor Pauline Grosjean</a>, UNSW Business School
<a href="https://theconversation.com/profiles/jane-hall-1280">Distinguished Professor Jane Hall</a>, University of Technology Sydney
<a href="https://theconversation.com/profiles/steven-hamilton-155869">Assistant Professor Steven Hamilton</a>, George Washington University
<a href="https://theconversation.com/profiles/ian-harper-8628">Professor Ian Harper</a>, Melbourne Business School
<a href="https://theconversation.com/profiles/richard-holden-118107">Professor Richard Holden</a>, UNSW Business School
<a href="https://research.monash.edu/en/persons/david-johnston">Professor David Johnston</a>, Monash University
<a href="https://theconversation.com/profiles/flavio-menezes-4124">Professor Flavio Menezes</a>, University of Queensland
<a href="https://theconversation.com/profiles/warwick-mckibbin-9129">Professor Warwick McKibbin</a>, Australian National University
<a href="https://economics.uchicago.edu/directory/simon-mongey">Assistant Professor Simon Mongey</a>, University of Chicago
<a href="https://theconversation.com/profiles/james-morley-9918">Professor James Morley</a>, University of Sydney
<a href="http://www.josephlyonmullins.com/">Professor Joseph Mullins</a>, University of Minnesota
<a href="https://findanexpert.unimelb.edu.au/profile/140028-abigail-payne">Professor Abigail Payne</a>, Melbourne Institute, University of Melbourne
<a href="https://theconversation.com/profiles/bruce-preston-452859">Professor Bruce Preston</a>, University of Melbourne
<a href="https://theconversation.com/profiles/sue-richardson-552530">Emeritus Professor Sue Richardson</a>, Flinders University
<a href="https://theconversation.com/profiles/stefanie-schurer-333154">Professor Stefanie Schurer</a>, University of Sydney
<a href="https://fbe.unimelb.edu.au/our-people/staff/economics/kalvinder-shields">Professor Kalvinder Shields</a>, University of Melbourne
<a href="https://theconversation.com/profiles/john-quiggin-2084">Professor John Quiggin</a>, University of Queensland
<a href="http://www.simonrquinn.com/">Associate Professor Simon Quinn</a>, Oxford University
Economic Advisor James Vickery, Federal Reserve Bank of Philadelphia
<a href="http://tomwilkening.com/">Professor Tom Wilkening</a>, University of Melbourne
<a href="https://theconversation.com/profiles/justin-wolfers-429743">Professor Justin Wolfers</a>, University of Michigan
<a href="https://lens.monash.edu/@yves-zenou">Professor Yves Zenou</a>, Monash University
<hr>
Full list of signatories available on the economists open letter <a href="http://covid19openletter.net/">website</a>.<img src="https://counter.theconversation.com/content/136686/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/steven-hamilton-155869">Steven Hamilton</a>, Visiting Fellow, Tax and Transfer Policy Institute, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a>; <a href="https://theconversation.com/profiles/bruce-preston-452859">Bruce Preston</a>, Professor of Economics, <a href="https://theconversation.com/institutions/university-of-melbourne-722">University of Melbourne</a>; <a href="https://theconversation.com/profiles/chris-edmond-673265">Chris Edmond</a>, Professor of Economics, <a href="https://theconversation.com/institutions/university-of-melbourne-722">University of Melbourne</a>, and <a href="https://theconversation.com/profiles/richard-holden-118107">Richard Holden</a>, Professor of Economics, <a href="https://theconversation.com/institutions/unsw-1414">UNSW</a>
This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/open-letter-from-174-australian-economists-dont-sacrifice-health-for-the-economy-136686">original article</a>.
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Open letter from 174 Australian economists: don’t sacrifice health for the economy

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EXPERT OBSERVER
<div id="post-body-4827528758440754749" class="post-body entry-content">
<div>Australia's recent figures on COVID-19 have been nothing short of remarkable.</div>
<div> </div>
<div>Lest you think that's an exaggeration, think back to what the medical experts were forecasting only one month ago, which was a tragically similar path to the worst hit countries. </div>
 <div>Yesterday, Australia ramped up the daily total in testing to a much larger 14,980, of which 42 tested positive, or 0.3 per cent. </div>
<div> </div>
<div>More than 411,000 tests have now been carried out nationwide. </div>
<div>
 Encouragingly the rate testing positive has continued to fall very consistently from 2.8 per cent on March 30 to just 0.3 per cent yesterday. </div>
<div>
 Greg Hunt noted this morning that total new confirmed cases have increased by under 1 per cent for each of the past seven days, resulting in a 'genuine and sustained flattening of the curve'.</div>
 <div class="separator"><a href="https://1.bp.blogspot.com/-XDEE0SHWHfM/XpuhfCrmNsI/AAAAAAAA1TY/Ilk9aBeQHF08UX8-dm6DThw4sleJO5ItwCNcBGAsYHQ/s1600/CV2.jpg"><img src="https://1.bp.blogspot.com/-XDEE0SHWHfM/XpuhfCrmNsI/AAAAAAAA1TY/Ilk9aBeQHF08UX8-dm6DThw4sleJO5ItwCNcBGAsYHQ/s640/CV2.jpg" width="640" height="366" data-original-height="805" data-original-width="1406"></a></div>
 <div>There were 10 new confirmed cases yesterday in New South Wales relating to two known clusters (Anglicare at Caddens in Western Sydney, and the Ruby Princess cruise ship). </div>
<div> </div>
<div>That result was from a very substantial 5,152 tests.</div>
<div> </div>
<div>Today Victoria reported just 9 new cases from 3,000 tests, and Queensland had only five new confirmed cases. North-west Tasmania has seen a cluster of cases related to hospitals, while elsewhere in the country numbers have fallen to zero, or very close to zero in recent days. </div>
 <div class="separator"><a href="https://1.bp.blogspot.com/-nqTokFlFV44/XpuhfAF0frI/AAAAAAAA1Tc/uG-qTZK6MgQMRfh6X_l8_4L7CqvcknDnQCNcBGAsYHQ/s1600/CV1.jpg"><img src="https://1.bp.blogspot.com/-nqTokFlFV44/XpuhfAF0frI/AAAAAAAA1Tc/uG-qTZK6MgQMRfh6X_l8_4L7CqvcknDnQCNcBGAsYHQ/s640/CV1.jpg" width="640" height="364" data-original-height="801" data-original-width="1407"></a></div>
 <div>Recoveries have comfortably exceeded new cases over the past week, and the number in ICU has almost halved, down by another 6 today to just 49 (versus the planned expanded capacity of 7,000), with 31 presently on ventilators. </div>
<div>
 Greg Hunt reported today that Australia has received some 60 million masks, which is 6 million than anticipated, and two weeks early than expected.</div>
<div> </div>
<div>Australia is 'the envy of the world' according to the government reports; let's hope it stays that way.</div>
<div> </div>
<div>
PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.
</div>
</div>
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Miraculous improvement in COVID-19 cases: Pete Wargent

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EXPERT OBSERVER
A payment of $750 will be made from the end of this month to about 6.5 million people as part of the government’s $17.6 billion stimulus package aimed at keeping Australia out of a recession caused by the impact of the coronavirus.
The one-off tax free payment will go to pensioners and others who receive income support, including those who get the family tax benefit - with pensioners numbering about half the beneficiaries.
The payment will cost $4.8 billion, and go out from March 31. Almost all payments are expected to be made by the middle of April, in an attempt to boost spending for the vital June quarter, which will be hit hard by the fallout from the virus.
<a href="https://theconversation.com/newsletter"><img src="https://images.theconversation.com/files/320030/original/file-20200312-116261-a6ugi0.png?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=90&amp;fit=crop&amp;dpr=2" alt="Sign up to The Conversation" width="100%"></a>
Putting cash in the hands of lower income earners is considered the fastest way to stimulate the economy, because they are most likely to spend it – although the health scare makes it trickier to predict how much people could save.
The wide-ranging package is skewed to helping small and medium sized businesses, with the government’s priority being to keep people in jobs. Three out of four dollars will be spent on initiatives to assist business.
These include payments of up to $25,000 for small and medium-sized enterprises (costing $6.7 billion), wage subsidies to support apprentices ($1.3 billion), a widening of the instant asset write off ($700 million), and the acceleration of depreciation deductions ($3.2 billion).
<img src="https://images.theconversation.com/files/320073/original/file-20200312-111253-lk2w82.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
 
A $1 billion fund will be directed to help for severely-affected regions and communities. This will include measures such as the waiver of fees and charges for tourism businesses that operate in the Great Barrier Reef Marine Park and Commonwealth National Parks. There will also be assistance for businesses to identify alternative export markets and supply chains.
To help people who need to access government sickness payments or are thrown out of work and require unemployment benefits, waiting times will be waived.
Scott Morrison highlighted the availability of the existing Commonwealth sickness payment, saying a casual employee who for medical reasons had to self-isolate, or who contracted the virus, and was unable to work, could access it.
Notably, the package does not contain anything for the tertiary education sector, despite it being severely affected by the travel ban on non-Australians from China, which sees tens of thousands of students stranded offshore. The government believes the universities generally have strong enough balance sheets to meet the situation.
The package will amount to 1.2% of GDP. Treasurer Josh Frydenberg said Treasury estimated the measures will add 1.5% to growth in the June quarter. Some $11 billion will go out before the end of June. The duration of measures is limited.
But Treasury has not yet been able to estimate the likely impact of the virus in the June quarter so, with the March quarter expected to be negative, it is unknown whether the economy will experience two quarters of negative growth, which would put it into recession.
The government now acknowledges the budget will be in deficit for this financial year. Finance Minister Mathias Cormann was blunt. “When you deliver a stimulus package of this size, I think people can add up the numbers. They can add up what it means in terms of the budget surplus. … This is not going to be a surplus year in 2019-20,” he told the ABC.
The package comes as the World Health Organisation declared the coronavirus a pandemic - something the Australian government had anticipated a fortnight ago - and the United States banned travellers arriving from Europe for the next 30 days.
Scott Morrison said the measures were “designed to support cash flow, boost investment and provide immediate demand stimulus to the Australian economy”.
The package has marked similarities to the Rudd government’s $10 billion first tranche stimulus in the global financial crisis, notably with its “cash splash” elements, although it is more targeted to business.
The prime minister will make an “address to the nation” at 7pm on Thursday.
The Australian Industry Group said the stimulus measures “will reduce the risk of a more severe downturn and the much worse budget outcome that it would bring”.<img src="https://counter.theconversation.com/content/133512/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/michelle-grattan-20316">Michelle Grattan</a>, Professorial Fellow, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a>
This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/cash-handout-of-750-for-6-5-million-pensioners-and-others-receiving-government-payments-133512">original article</a>.
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Cash handout of $750 for 6.5 million pensioners and more

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A Chermside West, Queensland mortgagee home has been sold for $450,000
It was most recently listed as a mortgagee sale for $475,000.
Last sold for $512,500 back in 2015, the latest sale price represents a $62,500 loss.
Zac McHardy of Harcourts marketed the property.
Situated at <a href="https://www.realestate.com.au/property-townhouse-qld-chermside+west-132954694" target="_blank">15/397 Trouts Road</a>, it is a three bedroom, two bathroom townhouse.
It is located in 'Hamilton 853', a "boutique complex of contemporary modern townhomes which... sold out very quickly when released in 2015," according to the marketing material.
Set on 155 sqm, the home was previously listed for a year starting in August 2018 for $498,000 - $520,000 which was reduced to "mid $400,000's" by the end of the campaign.
<a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><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/2019/1/Subscriber%20strip%20ad.jpg" alt=""></a>
The median price for a house in Chermside West is $585,000, according to CoreLogic data.
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Chermside West, Queensland mortgagee home sold for $60,000 loss

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A Gosnells, West Australia mortgagee home has been sold for $225,000.
It was last listed for $250,000 before receiving an offer following an unsuccessful two year campaign.
The home was listed for $399,000 to $439,000 during the 2017-2019 marketing campaign.
Rick Rispoli of LJ Hooker marketed the three bedroom, two bathroom house.
Situated at <a href="https://www.realestate.com.au/property-house-wa-gosnells-132472226" target="_blank">22A Bert Street</a>, the home last sold for $380,000 in 2015.
Set on 935 sqm, the listing described the home as "suited for the savvy investor/developer" as it is zoned R30/R40.
Built in 1956, the home was listed as a rental seeking $220/pw in 2018.
<a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><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/2019/1/Subscriber%20strip%20ad.jpg" alt=""></a>
The median price for a house in Gosnells is $276,000, according to CoreLogic data.
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Gosnells, WA mortgagee home sold for $150,000 loss

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.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/N_FowNW0wu8?si=vb25XFq1wZ-iufAW" title="YouTube video player" width="560"></iframe>

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.

[smartcode_project:default project_id=28384 project_image_fid=372542]

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.

[smartcode_project_cta:default project_id=28384]

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.

[smartcode_project:default project_id=143337 project_image_fid=374768]

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."

[smartcode_project:default project_id=143337 project_image_fid=374767]

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.

[smartcode_project:default project_id=143337 project_image_fid=374761]

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.

[smartcode_project_cta:default project_id=143337]

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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