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GUEST OBSERVATION
Research shows public playgrounds don’t have the negative effect on property prices that some residents apparently fear. 
If you live near a public playground it can be a convenient outdoor destination for short excursions and a life-saving source of pressure relief when the kids are too surly to bear inside the house. But in <a href="https://crawford.anu.edu.au/files/uploads/crawford01_cap_anu_edu_au/2018-04/playgrounds_wp_march2018.pdf" target="_blank">research</a>, <a href="https://www.sciencedirect.com/science/article/pii/S0169204618301294" target="_blank">published in the Journal of Urban Landscape and Planning</a>, we found having a playground nearby can also add value to your property.
The presence of a playground added about A$20,000 (4.6%) to the average property price of A$439,000.
Importantly, we can reject the idea that a playground has no effect or a negative effect on property prices.
That’s something residents should consider if they fear a new playground to be built in their neighbourhood could lower property prices, as <a href="https://www.theage.com.au/national/victoria/no-screaming-kids-mount-eliza-residents-rise-up-against-new-playground-20180702-p4zp24" target="_blank">they did at Mount Eliza</a>, Victoria, last year.
What planners need to know
Local councils need to know the costs and benefits of building a playground when making decisions about investment in local infrastructure. If playgrounds are undesirable, they might avoid them altogether or place them far from where people live.
We wanted to know what value local residents might place on playgrounds using data from Moreland City Council in the north Melbourne metropolitan area.
One way to assess the value of playgrounds is simply to ask people. But we didn’t do that. We know people often over- or understate the value or cost of things in surveys because there is no real cost to pay.
We used ten years of every property price transaction in Moreland to try to measure the value people place on playgrounds. Property prices reflect the value people place on the attributes of a place they are buying.
These attributes include location (location, location) and things about the property such as the number of bedrooms and bathrooms. Prices also include the value people place on local amenities such as shops nearby or a train station within walking distance.
So how could we possibly work out the little bit of all that that’s about the distance to a playground?
Let’s build a model
First, we estimate a very detailed model of the determinants of property prices. This includes the type of dwelling, size, bedrooms, bathrooms, the presence of 19 different features such as balconies or spas, year and quarter of sale, and suburb.
We control for distance to a wide range of amenities including shops, schools and golf courses. Finally, we control for the distance to 14 different types of open space, including shared trails and community horticulture.
Moreland City Council provided us with the data on amenities and open spaces. With this model, we are able to explain about 70% of the variation in house prices.
With the help of Melbourne Water, we identified two empty green spaces (in Coburg North and Pascoe Vale) that were suitable for building a small local playground. These are the smallest of the five categories of playgrounds in Moreland City Council. They generally consist of a swing set, a slippery dip (slide) and small rocking animals. They are targeted at young children, ages three to six.
The second step is to match properties that are near the empty green spaces with properties that are similarly close to a playground.
After matching properties in this way and accounting for all of the determinants of property price in our model, we attribute any unexplained difference in the prices of the matched properties to the presence of the playground.
We found a consistently positive effect of local playgrounds on property prices. The benefit of a playground is larger when properties are closer, as the effect falls with distance from the playground.
For example, the presence of a playground within 300 metres adds about A$20,000 (4.6%) to the average property price. But our estimate is somewhat imprecise with the calculations showing it could be as low as A$10,000 or as high as A$30,000.
If we look at houses only the increase is A$32,000 (6.4% of the median house price of A$499,000), but again within a plausible range of A$8,000 to A$46,000.
A note of caution
Given the potential variation, are these price increase effects realistic?
My personal feeling is that A$20,000 seems on the large side. We may be picking up other unpriced attributes of properties that differ in the matched samples.
But we are dealing with a very rich set of characteristics and property attributes. We took several walks around the area to see whether anything was affecting our results. We could not identify anything.
Councils should see the need to consider the value of playgrounds in property prices as an important input into any cost-benefit analysis of investing in playground infrastructure.
Likewise, homeowners should not be worried (and object) to the construction of new playgrounds as they do not lower housing prices, rather they add to home value.<img src="https://counter.theconversation.com/content/127910/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/robert-breunig-167291">Robert Breunig</a>, Professor of Economics and Director, Tax and Transfer Policy Institute, <a href="http://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a>
This article is republished from <a href="http://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/that-public-playground-is-good-for-your-kids-and-your-wallet-127910">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

Public playgrounds are good for your kids and your wallet: Robert Breunig

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GUEST OBSERVATION
The Australian Bureau of Agricultural and Resource Economics and Sciences 'farmpredict model' finds that changes in climate conditions since 2000 have cut farm profits by 22% overall, and by 35% for cropping farms.
The current drought across much of eastern Australia has demonstrated the dramatic effects climate variability can have on farm businesses and households.
The drought has also renewed longstanding discussions around the emerging effects of climate change on agriculture, and how governments can best help farmers to manage drought risk.
A new <a href="https://www.agriculture.gov.au/abares/publications/insights/effects-of-drought-and-climate-variability-on-Australian-farms" target="_blank">study</a> released this morning by the Australian Bureau of Agricultural and Resource Economics and Sciences offers fresh insight on these issues by quantifying the impacts of recent climate variability on the profits of Australian broadacre farms.
The results show that changes in temperature and rainfall over the past 20 years have had a negative effect on average farm profits while also increasing risk.
The findings demonstrate the importance of adaptation, innovation and adjustment to the agriculture sector, and the need for policy responses which promote – and don’t unnecessarily inhibit – such progress.
Measuring the effects of climate on farms
Measuring the effects of climate on farms is difficult given the many other factors that also influence farm performance, including commodity prices.
Further, the effects of rainfall and temperature on farm production and profit can be complex and highly location and farm specific.
To address this complexity, ABARES has developed a model based on more than 30 years of historical farm and climate data—<a href="https://www.agriculture.gov.au/abares/research-topics/working-papers/farmpredict">farmpredict</a> — which can identify effects of climate variability, input and output prices, and other factors on different types of farms.
Cropping farms most exposed
The model finds that cropping farms generally face greater climate risk than beef farms, but also generate higher average returns.
Cropping farm revenue and profits are lower in dry years, with large reductions in crop yields and only small savings in input costs.
<hr>
Effect of climate variability on rate of return
<a href="https://images.theconversation.com/files/307011/original/file-20191216-123998-16ibp5s.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/307011/original/file-20191216-123998-16ibp5s.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a> <a class="source" href="https://www.agriculture.gov.au/abares/publications/insights/effects-of-drought-and-climate-variability-on-Australian-farms"> </a>
<hr>
In contrast, drought has a smaller immediate effect on beef farm revenue, because in dry years farmers can increase the quantity of livestock sold.
However, drought also <a href="https://www.mla.com.au/globalassets/mla-corporate/prices--markets/documents/trends--analysis/cattle-projections/august-update-australian-cattle-industry-projections-2019.pdf">lowers herd numbers</a>, which lowers farm profit when herd value is accounted for.
Higher temperatures, lower winter rainfall
Australian average temperatures have <a href="http://www.bom.gov.au/state-of-the-climate/">increased by about 1°C since 1950</a>.
Recent decades have also seen a trend towards lower <a href="http://www.bom.gov.au/state-of-the-climate/">average winter rainfall</a> in the southwest and southeast.
This drying trend has been linked to <a href="http://www.bom.gov.au/state-of-the-climate/">atmospheric changes associated with global warming</a>.
However, while global climate models <a href="http://www.bom.gov.au/state-of-the-climate/">generally predict</a> a decline in winter season rainfall across southern Australia and more time spent in drought, there is still much uncertainty about what will happen in the long term, particularly to rainfall.
Climate shifts have cut farm profits
ABARES has assessed the effect of climate variability on farm profits over the period 1950 to 2019, holding all other factors constant including commodity prices and farm management practices.
We find that the shift in climate conditions since 2000 (from conditions in the period 1950-1999 to conditions in the period 2000-2019) has had a negative effect on the profits of both cropping and livestock farms.
<hr>
Effect of 2000 - 2019 climate conditions on average farm profit
<a href="https://images.theconversation.com/files/307013/original/file-20191216-124031-15wtqlo.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/307013/original/file-20191216-124031-15wtqlo.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a> 
<hr>
We estimate that the shift in climate has cut average annual broadacre farm profits by around 22%, which is an average of $18,600 per farm per year, controlling for all other factors.
The effects have been most pronounced in the cropping sector, reducing average profits by 35%, or $70,900 a year for a typical cropping farm.
At a national level this amounts to an average loss in production of broadacre crops of around $1.1 billion a year.
Although beef farms have been less affected than cropping farms overall, some beef farming regions have been affected more than others, especially south-western Queensland.
Like <a href="https://www.agriculture.gov.au/abares/research-topics/climate/farm-performance-climate">previous ABARES research</a> this study finds evidence of adaptation, with farmers reducing their sensitivity to dry conditions over time.
Our results suggest that without this adaptation the effects of the post-2000 climate shift <a href="https://agriculture.gov.au/effects-of-drought-and-climate-variability-on-Australian-farms">would have been considerably larger, particularly for cropping farms</a>.
<hr>
Effect of post-2000 climate on average annual farm profits
<a href="https://images.theconversation.com/files/307022/original/file-20191216-124027-s6o7s0.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/307022/original/file-20191216-124027-s6o7s0.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a> <a class="source" href="https://www.agriculture.gov.au/abares/publications/insights/effects-of-drought-and-climate-variability-on-Australian-farms"> </a>
<hr>
Risk and income volatility have also increased
The changed climate conditions since 2000 have also increased risk and income volatility.
This is particularly so for cropping farms, where we find the chance of low-profit years has more than doubled as a result of the change in climate conditions.
<hr>
Effect of climate variability on typical cropping farm
<a href="https://images.theconversation.com/files/307023/original/file-20191216-124036-6vmj0y.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/307023/original/file-20191216-124036-6vmj0y.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a> <a class="source" href="https://www.agriculture.gov.au/abares/publications/insights/effects-of-drought-and-climate-variability-on-Australian-farms"> </a>
<hr>
Handle with care – the drought policy dilemma
Drought policy faces an almost unavoidable dilemma, that providing relief to farm businesses and households in times of drought risks slowing industry structural adjustment and innovation.
Adjustment, change and innovation are fundamental to improving agricultural productivity; maintaining Australia’s competitiveness in world markets; and providing attractive and financially sustainable opportunities for farm households.
For these reasons, the strategic intent of drought policy has shifted away from seeking to protect and insulate farmers towards the promotion of drought <a href="https://www.agriculture.gov.au/ag-farm-food/drought/drought-policy/history">preparedness and self‑reliance</a>.
The best options for reconciling the drought policy dilemma focus on boosting the resilience of farm businesses and households to future droughts and climate variability, including through action and investment when farmers are not in drought.
The government’s <a href="https://www.agriculture.gov.au/ag-farm-food/drought/future-drought-fund">Future Drought Fund</a>, which will support research and innovation, is a good example of this approach.
Developing new insurance options is one worthwhile avenue of research which could provide farmers a way to self-manage risk. It would require investments in data and knowledge to support viable weather insurance markets: where farmers pay premiums sufficient to cover costs over time.
Supporting farm households experiencing hardship is legitimate and important, but for the long term health of the farm sector this needs to be done in ways that promote resilience and improved productivity and allow for long term adjustment to change.<img src="https://counter.theconversation.com/content/128860/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/neal-hughes-360453">Neal Hughes</a>, Senior Economist, <a href="http://theconversation.com/institutions/australian-bureau-of-agricultural-and-resource-economics-and-sciences-abares-3697">Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES)</a> and <a href="https://theconversation.com/profiles/steve-hatfield-dodds-202833">Steve Hatfield-Dodds</a>, Executive Director, <a href="http://theconversation.com/institutions/australian-bureau-of-agricultural-and-resource-economics-and-sciences-abares-3697">Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES)</a>
This article is republished from <a href="http://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/new-study-changes-in-climate-since-2000-have-cut-australian-farm-profits-22-128860">original article</a>.
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Changes in climate since 2000 have cut Australian farm profits 22%

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GUEST OBSERVER
National, state and city governments aspire to increase prosperity through globally competitive and more liveable cities. Through “world class” infrastructure, buildings and public spaces they aim to increase a city’s competitive advantage in attracting investment and talent. <a href="http://www.pmjournal-digital.com/pmjournal/december_2017___january_2018/MobilePagedArticle.action?articleId=1244171#articleId1244171" target="_blank">Research</a> shows city governments, not states, nearly always deliver these projects overseas. The controversies in the Australian examples are largely the result of excluding local government.
Globally, mixed-use megaprojects have increasingly been seen as vehicles to make cities competitive as well as responding to local transport and housing issues. <a href="http://www.pmjournal-digital.com/pmjournal/december_2017___january_2018/MobilePagedArticle.action?articleId=1244171#articleId1244171" target="_blank">My research</a> for a forthcoming book, Mixed-Use Megaprojects and the Competition for Capital, examines such projects on government land in Sydney, Melbourne, New York and Copenhagen.
What do Australian cities do differently?
The research examined projects in terms of governance, narrative, urban form, connectivity and public benefit. The findings underscore the argument that <a href="https://www.sgsep.com.au/publications/whats-new/sgs-contributes-to-important-new-book-on-metropolitan-governance" target="_blank">state governments lack the structural capacity or nimbleness</a> to manage the subtle interplay of various place-based programs necessary to coordinate enablers of modern competitiveness.
Compared to developments overseas, the Australian examples have several things in common:
1. More property industry influence. 2. Less strategic coordination with other land assets and transport projects. 3. Less public benefit outcomes. 4. Less commitment to legislated planning frameworks. 5. Less engagement with local knowledge.
The Barangaroo development in Sydney is perhaps the archetype of these patterns.
Despite much <a href="https://theconversation.com/au/topics/barangaroo-4255" target="_blank">controversy over Barangaroo</a>, one thing can be agreed. The poor relationship between the city and state governments has contributed to a loss of trust in planning.
Excluding the city is not good policy
Firstly, this is a skills mistake. The city council has sophisticated capabilities and consistent place-based planning, design and approvals processes. These have been developed over decades.
The city also has established consultation processes and deep experience dealing with a range of stakeholders involved in inner-city development.
When the state intervenes to deliver a project and excludes the city, these processes and their advantages disappear.
Secondly, this is a political mistake. A sophisticated enemy is created that has working relationships with local stakeholders and constituents. With decades of planning work and expert knowledge disregarded, city governments are compelled to scrutinise the process and criticise the state from the sideline.
The City of Sydney appears to be winning the political, if not material, battle of Barangaroo. The <a href="https://meetings.cityofsydney.nsw.gov.au/mgUserInfo.aspx?UID=118">lord mayor</a> has outlasted seven state premiers in the project’s lifetime along with numerous measures intended to reduce lord mayoral efficacy.
But the battle is the problem and it’s sure to continue under current patterns of (non)rules. Consider the following examples.
The minister for planning is <a href="https://webarchive.nla.gov.au/awa/20110817021058/http://pandora.nla.gov.au/pan/142226/20130814-1220/www.barangaroo.com/media/43967/barangaroo+review+final+report+31+july+2011+compressed.pdf">free to make major changes to the plan without reference to any process</a>. This includes approving the <a href="https://www.theguardian.com/australia-news/2015/sep/30/the-rise-and-rise-of-barangaroo-how-a-monster-development-on-sydney-harbour-just-kept-on-getting-bigger">hotel-in-the-harbour</a> proposal even though it contravened state planning policy.
This ministerial power makes projects highly sensitive to political fluctuations. <a href="https://theconversation.com/all-the-signs-point-to-our-big-cities-need-for-democratic-metro-scale-governance-92417">Longer-term planning objectives</a> can be destabilised as a result.
The unsolicited proposal process has been another trust-breaker. Traditionally, government established the need for infrastructure within a metropolitan plan. It would call for tenders from the private sector, then evaluated those tenders in a competitive process. Now private sector participants are encouraged to approach government with development “ideas”.
A prime example <a href="https://www.parliament.nsw.gov.au/researchpapers/Documents/unsolicited-proposals/unsolicited%20proposals.pdf">involves the Crown Casino complex</a> at Barangaroo. This proposal required major changes to the approved plan. It more than doubled the allowable floor space of the previous hotel-in-the-harbour proposal it had been encouraged to replace <a href="https://webarchive.nla.gov.au/awa/20110817021058/http://pandora.nla.gov.au/pan/142226/20130814-1220/www.barangaroo.com/media/43967/barangaroo+review+final+report+31+july+2011+compressed.pdf">to restore trust in planning</a>.
What might city involvement look like?
The <a href="https://www.brookings.edu/research/copenhagen-port-development/">Copenhagen City &amp; Port Development Corporation</a> is an arm’s length delivery authority, owned 95% by Copenhagen municipality and 5% by the state. It is responsible for delivering a number of mixed-use megaprojects.
As with all city areas, Copenhagen municipality develops the “<a href="https://www.kk.dk/artikel/lokalplaner-trin-trin">Lokalplan</a>” for precincts under standard processes and approves individual buildings and public spaces. <a href="https://byoghavn.dk/nordhavn/">North Harbour</a> has been delivered as adopted in 2009.
In New York, a private developer has delivered the Hudson Yards project above state railyards under the city’s standard planning process (<a href="https://www1.nyc.gov/assets/planning/download/pdf/applicants/applicant-portal/lur.pdf">ULURP</a>). The state’s involvement is limited to the air rights lease.
This did not protect the Hudson Yards project from criticism. Nevertheless, it went through the lengthy standard consultative process and has been delivered according to the rezoning since 2005.
As an aside, the city governments of both European and US cases have adopted mandatory affordable housing laws. They are now delivering 25% in their megaprojects.
As an indulgence, let’s say we were in Copenhagen or New York. The <a href="https://www.theguardian.com/australia-news/2015/sep/30/the-rise-and-rise-of-barangaroo-how-a-monster-development-on-sydney-harbour-just-kept-on-getting-bigger">casino complex, hotel-in-the-harbour, or doubling of the site’s floorspace</a> would require revisiting the city’s Lokalplan or ULURP. This process would include public review and approvals by multiple city government agencies. In Sydney, one person, the state minister, decides on major changes to the plan.
This research shows the approaches needed to improve city competitiveness and fairness tend to be done better by city governments than by state governments. Yet in Australia the state has absolute control of these complex, city-based projects. Whether as part of a <a href="https://theconversation.com/metropolitan-governance-is-the-missing-link-in-australias-reform-agenda-55872">new metropolitan sphere of governance</a> or not, it is time to empower local city governments in the transformation of our cities.
<a href="https://theconversation.com/profiles/mike-harris-576619" target="_blank">Mike Harris</a>, Lecturer in Landscape Architecture and Urban Design, <a href="http://theconversation.com/institutions/unsw-1414" target="_blank">UNSW</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/australian-cities-pay-the-price-for-blocking-council-input-to-projects-that-shape-them-127017" target="_blank">original article</a>.
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Australian cities pay the price for blocking council input to projects: Mike Harris

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GUEST OBSERVATION

A Victorian court decision that an Airbnb agreement had the status of a lease has profound implications for guests and hosts.

With summer holidays around the corner, many Victorians may be thinking about offering their homes through a home-share platform, such as Airbnb, while they get away themselves. Airbnb’s terms of service describe home-share arrangements as a “<a href="https://www.airbnb.com.au/terms" target="_blank">licence</a>”. Legally, a licence can be terminated at any time and a guest who does not leave is a trespasser.

However, in 2016 the <a href="https://www.propertyobserver.com.au/http://www6.austlii.edu.au/cgi-bin/viewdoc/au/cases/vic/VSC/2016/313" target="_blank">Victorian Supreme Court decided</a> home-share arrangements may constitute a lease. This decision indicates residential tenancy law may apply to all home-share arrangements where the host is away from the premises.

This would impose significant legal obligations on hosts, who would be regarded as landlords. Guests, if considered tenants, would have all the associated legal protections.

[smartcode_project:default project_id=8032]

For example, if a guest refuses to leave the premises, the host/landlord would have to follow the eviction process required by tenancy law. This has happened in <a href="https://www.businessinsider.com/airbnb-host-cant-get-squatter-to-leave-2014-7/commerce-on-business-insider/?r=AU&amp;IR=T" target="_blank">California</a>. Australian courts will eventually have to decide this issue.

How did the court arrive at its decision?

The court’s decision involved a tenant who offered the premises to guests on Airbnb. The court decided the tenant had breached the terms of the lease by subletting the premises. The tenant was evicted, as tenants cannot sublet without the landlord’s consent under <a href="http://www6.austlii.edu.au/cgi-bin/viewdoc/au/legis/vic/consol_act/rta1997207/s81" target="_blank">tenancy law</a>.

The court focused on the relationship between the tenant and the guest and determined that the host had given “exclusive possession” of the premises to guests. In Victorian tenancy law, exclusive possession is required to create a lease.

The court said it did not matter that each guest’s stay was only a few days, or that the Airbnb terms described the arrangement as a “licence” rather than a lease.

Although the court’s decision applied to tenants in this case, logically the decision applies to all whole-of-premises home-share arrangements, including where the host owns the premises. This is because the legal test for creating a lease is the same as that for creating a sublease.

The decision is controversial because home sharing on Airbnb is similar to boarding arrangements (where the host provides accommodation and services such as cleaning), hotel rooms and serviced apartments. These arrangements are usually regarded as a licence, not a lease. This is because the host has access to the property during the guest’s stay (for example, to do cleaning), so exclusive possession is not given to the guest.

In fact, Airbnb arrangements are unlike typical tenancy agreements. They specify check-in and check-out times, furniture, linen and towels are usually provided, and “house rules” (for example, on noise levels and smoking) may restrict the guest’s use of the premises.

In addition, Victorian residential tenancy laws <a href="http://www5.austlii.edu.au/au/legis/vic/consol_act/rta1997207/s10" target="_blank">do not apply to premises ordinarily used for holidays</a>. Potentially, this could exclude premises used for home sharing.

The situation may be different in other Australian states and territories, which, unlike Victoria, exclude from residential tenancies legislation agreements for the purpose of a holiday. However, not all home sharing is done for holiday purposes. For example, it’s also used for travel for business.

Legal uncertainty remains

The court’s decision means tenants who provide rented premises on Airbnb without the landlord’s consent may breach their own tenancy agreement and be evicted. However, the court stated that the particular circumstances of each case must be examined.

For example, hosts who provide only part of the premises (such as a bedroom and shared used of a kitchen) but who continue to reside in the premises will not be subletting. This is because they have not provided exclusive use of the premises.

However, if the host is away from the premises, then residential tenancy law may regulate home-share arrangements. This would give guests (now considered a tenant) stronger legal protections, including protection from eviction. The decision shows a court can ignore the description of the arrangement in an agreement if it determines exclusive possession has been provided.

Airbnb provides support to hosts and guests in the case of a dispute over a stay. It also provides compensation to hosts (akin to insurance) if guests damage the property or cause the host financial loss. However, if a host is found to have obligations under residential tenancy law, these obligations belong to the host/landlord, not to Airbnb.

The contentious aspect of the Supreme Court’s decision is its treatment of short-term hotel-like accommodation as a lease. However, it strongly suggests that <a href="https://www.propertyobserver.com.au/http://classic.austlii.edu.au/au/journals/AdelLawRw/2018/10">residential tenancy law may regulate</a> whole-of-premises home-share arrangements. That’s likely to come as a shock to Airbnb hosts - owners and renters alike.<img alt="The Conversation" height="1" src="https://counter.theconversation.com/content/128051/count.gif?distributor=republish-lightbox-basic" 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;" width="1">

<a href="https://theconversation.com/profiles/bill-john-swannie-161231">Bill John Swannie</a>, Lecturer in College of Law and Justice, <a href="http://theconversation.com/institutions/victoria-university-1175">Victoria University</a> and <a href="https://theconversation.com/profiles/chris-martin-203935">Chris Martin</a>, Research Fellow, City Futures Research Centre, <a href="http://theconversation.com/institutions/unsw-1414">UNSW</a>

This article is republished from <a href="http://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/your-airbnb-guest-could-be-a-tenant-until-the-law-is-cleared-up-hosts-are-in-limbo-128051">original article</a>.
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Airbnb guests could be tenants: Until the law is clear hosts are in limbo

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The ACCC has announced an update on the timeline for the implementation and launch of the Consumer Data Right (CDR) in the banking sector, deferring the launch of certain aspects from February to July 2020.
Consumers will be able to direct major banks to share their credit and debit card, deposit account and transaction account data with accredited service providers from 1 July 2020. Consumers’ mortgage and personal loan data will be able to be shared after 1 November 2020.
The ACCC has formed the view that this updated timeline for these aspects of the CDR reforms will allow additional implementation work and testing to be completed and better ensure necessary security and privacy protections operate effectively.
“The CDR is a complex but fundamental competition and consumer reform and we are committed to delivering it only after we are confident the system is resilient, user friendly and properly tested,” ACCC Commissioner Sarah Court said.
“Robust privacy protection and information security are core features of the CDR and establishing appropriate regulatory settings and IT infrastructure cannot be rushed.”
The ACCC will make the CDR Rules in January 2020 that reflect this adjustment to the timetable, and will conduct further consultation regarding any consequential changes to other phases of the CDR.
The Consumer Data Right will give consumers the right to safely access data about them, held by businesses, and direct this information be transferred to trusted third parties of their choice.
Banking will be the first sector to which the CDR applies. The CDR will subsequently be rolled out sector-by-sector, with banking being followed by energy and telecommunications.
Data portability increases competition, particularly for more complex products and services, and allows businesses to make more tailored offerings to consumers.
The ACCC has been working closely for several months with the big 4 banks and the 9 entities selected to be the initial data recipients to test and refine the CDR ecosystem.
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Start date for bank sharing of consumer data details delayed

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Stockland has spent about $105 million for a house and land site in the Donnybrook precinct in Melbourne’s north.
Stockland chief executive of communities, Andrew Whitson, said the acquisition extended the company’s long-term presence in the northern growth corridor of Melbourne, one of the fastest expanding in Australia.
“The northern corridor will play a key role in the future economic and employment growth of Melbourne, and is expected to be home to over 260,000 people over the next 30 years.”
<a href="https://www.bigginscottland.com.au/975-donnybrook-road-vic-donnybrook-4998958/" target="_blank">It is an 89.5 hectare land parcel </a>one kilometre east of the train station, some 30 kilometres from the Melbourne CBD.
Stockland could expect about 1400 new homes, along with a school.
It is within the approved Donnybrook Woodstock Precinct structure plan.
Some of Australia’s largest developers including Mirvac, Stockland, Satterley &amp; Dennis family have nearby holdings.
The 975 Donnybrook Road holding is about five kms from Stockland's 1100 hectare Lockerbie sheep station, Kalkallo purchase in 2010 which is now emerging as Cloverton, Melbourne’s largest master-planned community, set to have 11,000 dwellings.
 
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Stockland spend $105 million on Donnybrook house and land site

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The creditors of collapsed apartment developer Ralan Group have voted to put its Arncliffe project into liquidation.
But off the plan buyers in its Ruby, Gold Coast towers have accepted a controversial plan that could see the company founder William O’Dwyer back in action. 
Under the proposal, Mr O’Dwyer and a yet-to-be-disclosed developer, will take control of the Ralan companies involved with the Gold Coast apartment projects. 
Ralan’s voluntary administrator, Grant Thornton’s Said ­Jahani advised against adopting the proposed revival.
At yesterday's final creditors’ meeting for The Ralan Group, Grant Thornton announced the results of the poll to either liquidate or accept the Deed of Company Agreement (DOCA) proposed by the director, Mr William O’Dwyer.
Class action lawyer Matthew Bransgrove twas reported by The Australian as noting O’Dwyer had been allowed to put forward a DOCA that was “vague in the ­extreme” and required the creditors to trust him yet again.
The majority of creditors voted in favour of the DOCA for the Gold Coast companies. The Ruby Collection in Surfers Paradise was proposed as 1600 apartments across four towers, along with the the nearby 670-unit Sapphire development. 
These companies now have 15 days to sign the Deed of Company Arrangement giving effect to the outcome of the vote.  
“As the creditors of the DOCA Entities (ie Gold Coast projects) have voted in favour of the DOCA, the onus will now be on the director, Mr O’Dwyer who proposed the DOCA to reveal the identity of the mystery developer, the location of future development sites and details of the discount mechanics for creditors to consider whether they wish to enter into new sale contracts,” Said Jahani, National Managing Partner Financial Advisory, stated.
It was a close vote.
For the 7 DOCA entities (relating to the Gold Coast projects), there were a majority in both value and number for DOCA and against liquidation for six of the entities. 
However, for one of the DOCA entities, Ralan Paradise No 2 Pty Limited there was a split vote meaning the chairman (Said Jahani) had a casting vote. 
For this entity: 112 creditors owed $60,307 voted for the DOCA but 103 (ie less) creditors owed $87,720 (ie more) voted against the DOCA. 
This vote was swayed by a single creditor with a claim of $63,000 who voted against the DOCA. 
Whilst Said Jahani recommended against the DOCA’s in the report to creditors, the Chairman’s casting vote was used to pass the resolution for the DOCA for this entity because:
1.      On a stand-alone basis there will not be any recoveries available to creditors in a liquidation for this entity.
2.      The total value of creditors in this entity are c. $382K and this equates to the value of unreleased deposits by purchasers in this entity. We currently hold in a trust account, cash of a similar value relating to the quantum of unreleased deposits from purchasers. Once these funds are returned (after allowing for costs), there will be a very small amount of creditor claims left in a liquidation. These funds will be returned regardless of whether this entity enters a DOCA or into liquidation.
3.      In casting a vote for the DOCA, the creditors who voted against the DOCA are not precluded from bringing a claim against Mr William O’Dwyer.
Jahani was conscious that the majority of creditors in the combined DOCA entities voted for the proposal - $93m (703 votes) versus $60m (570 votes).
“The Gold Coast entities all needed to vote in favour of the DOCA for it to proceed.
"Regardless of the case we made for liquidation it is the clear wish of the majority of creditors in these entities to proceed with the proposed DOCA.
"To allow this to happen, and in the knowledge that the creditors of the entity with the split vote will be no worse off, I cast my vote in favour of the DOCA for this single entity with the split vote,” Said Jahani, National Managing Partner Financial Advisory, stated.
The arrangement provides for a creditor who is owed $50,000 to purchase an apartment valued at $500,000 for $450,000.
Mr Jahani said the Australian Securities &amp; Investments Commission had been presented with Grant Thornton’s full report to assess any steps “in terms of disciplinary action or charges related to the sole director, William O’Dwyer”.
The majority of creditors voted in favour of liquidation for the Arncliffe company (Ralan Arncliffe Pty Limited). This company is now in liquidation, but is being built to completion.
The Ralan Group <a href="/news/william-odwyers-ralan-hits-voluntary-administration">went into administration in July</a> with debts of $500 million and five unfinished projects, with its mostly Australian-Chinese off the plan investors having signed contracts that released their deposits to the company in return for 15 per cent annual interest during construction.
It emerged the company had been <a href="/news/collapsed-ralan-group-was-insolvent-in-2014">trading insolvent since 2014.</a>
 
 
 
 
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Ralan Arncliffe liquidated but Ruby, Surfers Paradise lives on 

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The design for the relocated Powerhouse Museum has been selected with Moreau Kusunoki and Genton being the architects chosen to establish the first major museum to be based in Western Sydney.
The architectural vision for the museum has been selected following an international design competition which commenced in January 2019.
Minister for the Arts Don Harwin Geoff Lee said, to make the announcement. “the relocated Powerhouse Museum represents the largest investment in arts and culture infrastructure since the Sydney Opera House. Once this museum is built – there simply will not be another building like it in Australia – it will be a leading cultural institution in the South Pacific."
“The new Powerhouse will be a museum of applied arts and sciences that exemplifies how Sydney and Australia thinks about itself, its culture and our communities," 
The new museum will attract leading researchers, scientists and creatives from across Australia and around the world, while also providing ongoing opportunities for students from across NSW.
Moreau Kusunoki and Genton said, “We envisage the new Powerhouse Museum as a hyper-platform, a building with many functions and limitless potential."
"The building will tread lightly on the site, with the architecture opening up towards the river, providing generous public space and creating an open 24-hour precinct.”
The international architectural competition saw more than 74 entries received from 20 countries.
The SMH reports the Powerhouse Museum will need to raise $75 million from private philanthropists and corporations to meet the multi-million dollar cost of its new home.
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Moreau Kusunoki and Genton new Powerhouse Museum design chosen

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Housing data is continuing to show improvement from the low point was reached in April to May 2019, according to the ABS Lending to Households and Businesses data for October 2019 
Lending for the purchase or construction of a new home rose by 3.4 per cent in October.
Despite the improvement, lending remains 3.4 per cent lower than in the three months to October compared with the same time in 2018.
Tim Reardon, HIA’s Chief Economist said, "lending data and new home sales data both suggest that the market has improved since the middle of 2019."
“First home buyer activity remains strong despite the increase in house prices. First home buyer commitments rose by 1.4 per cent for the month of October and they now account for nearly 30% of all buyers."
“Stimulus measures, including interest rate cuts, tax cuts and the easing of APRA’s lending restrictions are having a positive impact on the housing market."
“If these conditions remain, the market will stabilise during 2020, at levels well below those experienced in recent years,” concluded Mr Reardon.
The number of owner occupier loans relating to new homes reached a 14-month high during October 2019.
 
<img src="https://www.urban.com.au/images/2019/12/17/ABS%20Lending.JPG" alt="">
Shane Garrett, Chief Economist, Master Builders Australia said, "there is also solid evidence that confidence has is returning to the investor side of the market with the value of lending on that side of the market up by 1.4% during October. Having declined for 11 straight months since mid-2018, investor lending has turned around registering increase during four of the past five months"
“Based on recent results around building approvals, house prices and lending, it does seem that people are optimistic about the prospects for the housing market in 2020. Activity is going to get a further boost in January with the activation of NHFIC’s First Home Loan Deposit Scheme,” he said.
“Managed properly, the clear improvement in housing market sentiment could help re-ignite confidence amongst consumers more widely and across the business community. The absence of optimism amongst these players is one of the main stumbling blocks for economic growth at the moment."
“The best way to build momentum is for the government to do everything it can to get new infrastructure projects rolling as early as possible. Building and construction projects are highly visible and represent the best way to signal to everyone that we are gearing up for a bright economic future,” Shane Garrett concluded.
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Housing finance market continues to strengthen: ABS

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A retail site on Burke Road in Camberwell has sold for $4,415,000.
The 205 sqm building at 769-771 Burke Road was purchased by a South Australian investor following a competitive auction that attracted six bidders.
The shop is located between the intersection of Burke, Riverside and Camberwell Roads and Camberwell train station, and adjacent to the Camberwell Place Shopping Centre.
It is currently leased to apparel retailer Lululemon Athletica.
CBRE’s Mark Wizel, Rorey James, Nick Hage and JJ Heng managed the campaign, with the property attracting a mix of domestic and international interest.
The purchase price translates to a building rate of $21,536 sqm, and follows the sales of 755 Burke Road for $5.05 million and 509-513 Riverside Road for $4.65 million.
Mr Wizel said, "we are expecting similar levels of demand and confidence in CBRE’s remaining retail opportunities in the build-up to Christmas."
“The current low interest rates and reduced supply of quality retail opportunities through the first half of 2019 has resulted in a flight to quality from investors seeking an alternative to declining term deposit rates,” he concluded
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Burke Road, Camberwell shop sold for $4.4 million

For most new apartment buildings, the Owners Corporation starts life with little more than a bank account and the first quarterly strata levies.

At <a href="https://www.apartments.com.au/buildings/9-gay-street-castle-hill-9-gay-street-castle-hill-nsw-2154">9 Gay Street</a> in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>, it starts with around $7 million in reserve.

It's an unusual legacy of what was once one of Sydney's highest-profile apartment remediation projects. When the development, originally known as Skyview and built by disgraced developer Top Place, came under scrutiny by then NSW Building Commissioner David Chandler, an $11 million remediation bond was negotiated to ensure any building defects could be fully rectified.

The building underwent an 18-month remediation program, during which around $4 million of that bond was spent bringing the building up to the standard it should have been in from the outset.

After extensive inspections, all active rectification orders have been lifted. What's more, around $7.2 million remains secured for the Owners Corporation for the next 15 years.

In a twist few would have predicted, what began as a significant concern for purchasers has left the building with something almost unheard of in the apartment market: a multi-million-dollar financial reserve from day one.

[smartcode_project:default project_id=147685 project_image_fid=359136]

<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a> Executive Chairman Greg Huxley said the structure offers buyers a level of certainty that is difficult to replicate.

"The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers," Huxley said.

"Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind."

The apartments themselves have been designed with a focus on practical, contemporary living. Interiors feature Smeg appliances, stone benchtops, tiled living areas, carpeted bedrooms, 2.7-metre ceilings, floor-to-ceiling glazing, and ducted heating and cooling throughout.

Residents also have access to a range of shared amenities, including two rooftop barbecue areas, a swimming pool, children's playgrounds, secure building access, storage cages, and visitor parking.

The location continues to be one of the project's strongest drawcards. Castle Hill Metro Station sits virtually on the doorstep, providing direct connections across Sydney's expanding Metro network, while Castle Towers offers extensive retail, dining, entertainment, and service amenities within walking distance.

[smartcode_project:default project_id=147685 project_image_fid=359127]

The building, now named after its location at 9 Gay Street, comprises a diverse mix of one-, two-, and three-bedroom apartments starting from just under $600,000.

Equitifund National Sales Director Ben Hamblett said demand in the Hills District continues to be driven by buyers seeking convenience and connectivity.

"Interest from both owner-occupiers and investors in Castle Hill remains exceptionally strong, with buyers consistently prioritising developments in close proximity to the Metro station and Castle Towers Shopping Centre," Hamblett said.

"There is a clear trend in the market, with purchasers seeking convenient access to transport and lifestyle amenities that support a seamless, low-maintenance way of living."

On top of the long-term protection afforded by the remaining $7.2 million bond, Equitifund is offering a limited-time stamp duty rebate on selected apartments.

Eligible purchasers can also secure finance options, including a 3.99 per cent two-year variable rate, loan-to-value ratios of up to 90 per cent, and interest-only lending options through EquitiCredit.

[smartcode_project_cta:default project_id=147685]

Joel Robinson

Why this Castle Hill apartment building starts with a $7 million advantage

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

[smartcode_project:default project_id=1979 project_image_fid=363268]

Equitifund isn't just commenting on Melbourne's property market, it's investing in it.

The Sydney-headquartered capital partner has taken over the remaining apartments at <a href="https://www.apartments.com.au/buildings/victoriana-melbourne-20-queens-road-melbourne-vic-3004">Victoriana</a>, the recently completed glass-encased development opposite Albert Park Lake in Melbourne's tightly held St Kilda Road precinct.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and built by <a href="https://www.apartments.com.au/builders/hickory">Hickory</a>, Victoriana places residents between one of Melbourne's most recognised parklands and the CBD, offering oversized two and three-bedroom apartments aimed at owner-occupiers seeking a genuine alternative to a traditional family home.

The development comprises 232 completed residences alongside a suite of resident amenities, including a 25-metre indoor swimming pool, gymnasium, landscaped entertaining areas, resident lounges, EV charging, secure basement parking and a concierge-style arrival experience.

[smartcode_project:default project_id=1979 project_image_fid=363229]

The apartments have been designed with owner-occupiers firmly in mind.&nbsp;Open-plan living and dining areas flow onto generous balconies framing views across Albert Park Lake, Fawkner Park, the Royal Botanic Gardens and the Melbourne skyline.

Kitchens feature Gaggenau appliances, stone benchtops and generous preparation space. Bedrooms include built-in robes, while bathrooms feature full-height textured tiling. Hardwood flooring and ducted air conditioning complete residences designed for long-term living.

Rothelowman's architecture takes its cues from the landscape opposite the site. Sweeping horizontal glazing references the movement of Albert Park Lake, while generous balconies and expansive glazing strengthen the connection between the apartments and the surrounding parklands. The result is a building designed to deliver the scale and amenity expected of luxury apartment living, while offering the larger floorplans increasingly sought by owner-occupiers.

[smartcode_project:default project_id=1979 project_image_fid=363284]

The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

[smartcode_project:default project_id=1979 project_image_fid=363228]

According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

[smartcode_project_cta:default project_id=1979]

Why now is the time to buy in Melbourne's premium apartment market

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

[smartcode_project_cta:default project_id=151449]

Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

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La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

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<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

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