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Hotel mogul Jerry Schwartz has bought the Paradise Resort for $43 million from the abandoned Ralan empire.
It is $32 million less than what the Ralan Group purchased it for in 2015.
Ralan paid $75 million for the hotel and had plans to bulldoze the resort for three towers of Ruby apartments, until they went into administration in August 2019.
Dr Schwartz indicated that a major refurbishment program would be introduced for the 360-room hotel (picture provided by Schwartz Family Company)
“I know that previous owners planned to knock down the resort and redevelop it for apartments, but we believe there is tremendous demand for quality family-friendly resorts, especially in such prime locations as Surfers Paradise,” he added.
The Schwartz Family Company also acquired the Hilton Surfers Paradise for $70 million earlier in the year.
</div>
<div class="_1pYHE" data-pb-type="st"><a class="_1rOIN _2MxLq" href="https://www.afr.com/property/residential/global-prestige-property-markets-slump-20191112-p539pk"><source media="(min-width: 1180px)" srcset="https://static.ffx.io/images/$zoom_0.126%2C$multiply_0.291%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_85%2Cf_auto/ccbe1857e6c46fedd39a00540030238175f65e29, https://static.ffx.io/images/$zoom_0.126%2C$multiply_0.582%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_42%2Cf_auto/ccbe1857e6c46fedd39a00540030238175f65e29 2x" data-pb-im-config='{"aspectRatio":1.5,"type":"landscape3x2","width":220,"urls":["https://static.ffx.io/images/$zoom_0.126%2C$multiply_0.291%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_85%2Cf_auto/ccbe1857e6c46fedd39a00540030238175f65e29"," https://static.ffx.io/images/$zoom_0.126%2C$multiply_0.582%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_42%2Cf_auto/ccbe1857e6c46fedd39a00540030238175f65e29 2x"]}'></source><source media="(min-width: 1020px)" srcset="https://static.ffx.io/images/$zoom_0.126%2C$multiply_0.291%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_85%2Cf_auto/ccbe1857e6c46fedd39a00540030238175f65e29, https://static.ffx.io/images/$zoom_0.126%2C$multiply_0.582%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_42%2Cf_auto/ccbe1857e6c46fedd39a00540030238175f65e29 2x" data-pb-im-config='{"aspectRatio":1.5,"type":"landscape3x2","width":220,"urls":["https://static.ffx.io/images/$zoom_0.126%2C$multiply_0.291%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_85%2Cf_auto/ccbe1857e6c46fedd39a00540030238175f65e29"," https://static.ffx.io/images/$zoom_0.126%2C$multiply_0.582%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_42%2Cf_auto/ccbe1857e6c46fedd39a00540030238175f65e29 2x"]}'></source><source media="(min-width: 768px)" srcset="https://static.ffx.io/images/$zoom_0.0945%2C$multiply_0.2116%2C$ratio_1%2C$width_378%2C$x_185%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_85%2Cf_auto/ccbe1857e6c46fedd39a00540030238175f65e29, https://static.ffx.io/images/$zoom_0.0945%2C$multiply_0.4233%2C$ratio_1%2C$width_378%2C$x_185%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_52%2Cf_auto/ccbe1857e6c46fedd39a00540030238175f65e29 2x" data-pb-im-config='{"aspectRatio":1,"type":"square1x1","width":80,"urls":["https://static.ffx.io/images/$zoom_0.0945%2C$multiply_0.2116%2C$ratio_1%2C$width_378%2C$x_185%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_85%2Cf_auto/ccbe1857e6c46fedd39a00540030238175f65e29"," https://static.ffx.io/images/$zoom_0.0945%2C$multiply_0.4233%2C$ratio_1%2C$width_378%2C$x_185%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_52%2Cf_auto/ccbe1857e6c46fedd39a00540030238175f65e29 2x"]}'></source></a></div>
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j.ballantyne1990-6AQqhLzZaK

Ralan's Paradise Resort at Surfers Paradise sold for $43 million to Jerry Schwartz

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EXPERT OBSERVER
We have pushed out our expected timing of the next cash rate cut by the RBA to February 2020, where we expect a further reduction of 25bps to a new low of 0.5%.
It is at this level of the cash rate where the RBA has previously stated it would outline a ‘package’ of unconventional policies if further monetary easing is required to support growth, full employment and the return of inflation to target.
The RBA Governor is speaking on “Unconventional Monetary Policy” on November 26th.
To be clear, we think that the RBA should actually provide a further interest rate cut next month with private sector growth remaining weak and little evidence to date that prior easing or the tax rebates has done enough to offset the weakness in the economy.
However, for now, the RBA appears to be in a holding pattern, while it assesses the impact of prior rate cuts and ‘the gentle turning point’.
We see an improvement in growth over time but not to a sufficiently strong rate of growth to prevent the unemployment rate beginning to rise.
At the same time, the Government does not seem to be inclined to provide material fiscal stimulus in the near term, which increases the need for the RBA to ease further (including a further rate cut and unconventional policy) should our forecast of a deteriorating labour market materialise.
<div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">We now expect the RBA to cut the cash rate by 25bps to 0.5% in February 2020 – and potentially announce a package of unconventional policy should there be a need to provide further stimulus to the economy going forward.</div>
<div class="column"> </div>
<div class="column">Previously we had pencilled in a cut for December (the fourth this year) – and still consider this the best course of action – but the RBA has signalled it is in ‘wait and see’ mode.</div>
<div class="column">
 Growth looks to have remained weak in Q3, with our expectation for quarterly growth now 0.3% (1.5% y/y) – a small slowing from the previous two quarters. This deterioration comes despite the support provided by tax cuts which look to have provided little offset to the weakness in consumption with retail sales declining in Q3 – though it is likely too early to see the impact of recent rate cuts.</div>
<div class="column"> </div>
<div class="column">In addition, NAB’s internal modelling suggests that the services component of consumption was also weak in Q3.</div>
<div class="column"> </div>
<div class="column">In the business sector, both business confidence and conditions have remained below average in the first month of Q4 – though encouragingly have not deteriorated further.</div>
<div class="column"> </div>
<div class="column">The forward-looking indicators suggest little significant signs of a turnaround.</div>
<div class="column">
 Further out we have broadly maintained the shape of our growth forecasts.</div>
<div class="column"> </div>
<div class="column">We expect growth of 1.6% this year, before a small improvement to 2.1% in 2020 and 2.4% in 2021. These below average rates of growth lead to a small rise in the unemployment rate.</div>
<div class="column"> </div>
<div class="column">Inflation is expected to remain weak and only reach the bottom of the target band by the end of our forecast horizon.</div>
<div class="column"> </div>
<div class="column">The key dynamics behind our assessment of the economy continue to be headwinds from a weak consumer and a significant downturn in housing construction.</div>
<div class="column"> </div>
<div class="column">We have also lowered our business investment forecasts a touch. These weak outcomes in private domestic demand continue to be partly offset by strong public sector spending and growth in exports – preventing a more troublesome slowing of growth. Our global outlook remains broadly unchanged.</div>
<div class="column"> </div>
<div class="column">While we think that fiscal policy could be used to effectively support the economy and the recent easing in monetary policy – this increasingly appears unlikely to occur in the required time frame.</div>
<div class="column"> </div>
<div class="column">We think the government should act to bring forward infrastructure investment (where constraints allow) and that an earlier introduction of planned tax cuts could usefully bolster household income growth and spending.</div>
<div class="column"> </div>
<div class="column">In addition, investment allowances to support and bring forward investment may help, as would lifting Newstart payment rates.</div>
<div class="column"> </div>
<div class="column">The risk of fiscal policy remaining on the sidelines for too long, increases the chance that the RBA will ease further than otherwise (including both further rate cuts and the use of QE) though both of the latter see longer lags in boosting growth.</div>
<div class="column"> </div>
<div class="column">As previously outlined we see the risk of a move to unconventional policy by mid-next year without material support from fiscal policy.</div>
<div class="column"> </div>
<div class="column">We think that initially the RBA could flag a package of options at around a 0.5% cash rate and would begin to implement these as rates are cut further in this scenario.</div>
<div class="column"> </div>
<div class="column">Initially, we think it is highly likely the RBA would shift to an explicit form of forward guidance and purchase government bonds.</div>
<div class="column"> </div>
<div class="column">Other unconventional measures could include a broader range of asset purchases and increasing liquidity in the short-term money market.</div>
<div class="column"> </div>
<div class="column">Long-dated repurchase agreements to banks are another option.</div>
<div class="column"> </div>
<div class="column">The choice of instruments and size of the package is likely to reflect both economic conditions and financial market circumstances at the time of implementation.</div>
</div>
</div>
<div class="page" title="Page 2">
<div class="layoutArea">
<div class="column">
ALAN OSTER is the NAB Group Chief Economist
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</div>
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NAB pushes next rate cut out to February 2020: NAB's Alan Oster 

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Kylie Kwong will open a daytime workers' eatery late next year at Mirvac's South Eveleigh work and lifestyle precinct.
It is the precinct previously known as Australian Technology Park.
Kwong, a leading fixture of the Sydney dining scene for two decades, closed her Macleay Street, Potts Point restaurant earlier this year.
Her Sydney restaurant Billy Kwong closed in June.
Kylie Kwong has since taken on a new job as the ambassador of Mirvac's South Eveleigh work and lifestyle precinct, where the Commonwealth Bank is the major tenant.
Mirvac and its consortium partners, AMP Capital, Sunsuper and Centuria Property Funds recently opened the first two buildings completed at Sydney’s newest technology hub
The anchor tenant Commonwealth Bank are located in the building known as Axle.
CBA also leases Building 2, The Foundry, which is still under construction.
The bank will have 10,000 employees at the precinct when it is completed in 2020.
Kwong will open a "small, simple" eatery late next year, the Australian Financial Review reported.
She said she didn't want to manage 40 people in her next endeavour.
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Kylie Kwong to open workers' eatery at Mirvac's South Eveleigh 

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The quick turnaround in the housing market looks to be more prolonged than many forecast according to new research from SQM Research.
In the new 'Christopher's Housing Boom and Bust Report 2020', Melbourne house markets could climb up to 15 per cent.
The report offers four scenarios that could play out over 2020, with the base case the most likely.
Should the cash rate remain at 0.75 per cent and there be a recovery in the economy, as well as no intervention from APRA until late 2020, then house prices in Melbourne will return to the peaks of late 2017.
Sydney gains are likely to be slightly more modest, with <a href="/expert-insights/buying/sydney-house-prices-could-jump-14-per-cent-in-2020-sqm-research">gains forecast up to 14 per cent</a>.
<div><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/2019/11/14/SQM%20sceanrio%20forecasts.jpg" alt=""></div>
<div>
“The Sydney and Melbourne housing markets have recorded a sharp turnaround in the 2nd half of 2019 following on from the surprise result of the Federal Election, interest rate cuts, the loosening of credit restrictions and ongoing strong population growth rates," SQM Research boss Louis Christopher says.
"These factors are expected to drive the national housing market into 2020. In a close call, APRA is expected to not immediately intervene despite the strong price rises."
Christopher notes however he has some misgivings on the sustainability of the new recovery.
"Sydney and Melbourne are rising from an overvalued point. Long term, our two largest housing markets look vulnerable and forever reliant on cheap credit. Housing debt, while falling compared to GDP over 2019, is still very high.
"Better value can definitely found elsewhere such as Perth and Brisbane”, said Christopher.
Nationally SQM believe dwellings will rise between seven per cent and 11 per cent.
At the most unlikely end of the scale, scenario four, if rates were cut to 0 and quantitative easing begins, then house prices in Sydney and Melbourne could be flat, or see marginal gains.
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Melbourne house prices tipped to rise by up to 15 per cent: SQM Research

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Newcastle retail activity has been defined by an unusual dichotomy where yields are at or near all-time lows, meaning values remain high, while the number of sales transactions has been very low compared to activity in peak market conditions from 2015 to 2018, according to the latest retail report from valuation firm Herron Todd White.
The property valuation firm found that some further discussion on the state of yields is required at this point. Well tenanted property with tenants that show strong trading history and long lease terms is still very strong and recent interest rate reductions by the Reserve Bank have helped underpin this strong market.
The report authors said, "we have seen, however, a (small) number of sales that indicate we have come back from peak market conditions, especially for those non-core retail properties that may reflect a higher degree of risk for the investor."
"Factors such as a secondary location, short lease expiry profile or partial vacancies were not being factored into yields during the market boom and the yield differential between core and non-core retail investment properties was not being adequately built into sale prices."
"We have seen a number of retail sales of such properties where yields have increased somewhat to reflect these risks. We see further adjustment required in this space, which is happening, albeit at a slow pace given the limited number of retail sales this year"
"We also anticipate this sales rate to increase somewhat in 2020 with a further easing of lending policy from major lenders. Now that the light rail has been up and running for some time, we see that a number of retailers on Hunter Street have suffered. Not only during the construction phase, but now with no parking available where the light rail runs along Hunter Street, many retailers have been forced to shut up shop or landlords are now in a position where they either accept lower rental returns or face extended letting up periods."
"We see these areas being converted from retail to office in coming years," they concluded.
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Newcastle retail property yields are at all time lows: HTW Retail

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The retail market in Sydney has seen moderate growth over the past twelve months as a result of increased demand for good investment assets, growth in rental income and generally lower vacancy rates, according to the latest report from valuation firm Herron Todd White (HTW).
They found that some retail precincts and shopping centres are working hard to keep up the levels of foot traffic and as such are adapting to changes in the market and demand. This has helped to retain vacancy in some areas.
The HTW report authors said, "we are of the opinion that those landlords who adapt to the changes in the market may fare best."
"Food and beverage outlets have certainly been popular this year. This part of the market has been driving tenant demand."
"As a result of adaptation and increase in demand from food and beverage retailers, we have seen rental rates remain generally stable this year following a general increase in 2018."
Despite the continued threat of online shopping and generally negative perception of the retail market, The Sydney CBD remains strong, as infrastructure improvements and new development continue and speculation about the impact of these continues to drive areas of the market.
Within the CBD, tenant demand originates from high end and luxury goods as well as food and beverage, with retailers keen to secure their positions within the CBD as infrastructure improvements, mainly the light rail, get closer to being completed and the pedestrian shopping areas of the CBD are revitalised.
Retail assets with good lease covenants have seen capital growth over the past twelve months.
Demand from investors was the driving force in the market this year.
The valuers noted, "properties with well-established retail tenants and those with underlying future development potential were the most popular."
"We saw an increase in capital values in the early part of the year and some strong sales with relatively low capitalisation rates."
"We caution however that from around July this year we have started seeing a decline in the fringe and secondary markets, in particular a slight increase in capitalisation rates, indicating that demand is slowing and that capital values are declining," they concluded.
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Sydney retail market continues to grow without peaking: HTW Retail

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GUEST OBSERVATION
The growth of the human population over the last 70 years has exploded from 2 billion to nearly 8 billion, with a compounding net growth of over 30,000 per day. We all breathe out carbon dioxide with every breath. That equates to about 140 billion CO₂ breaths every minute. Isn’t it logical that atmospheric carbon will continue to increase with the birth rate regardless of what we do about fossil fuel reduction?
This question touches on the core of our impact on planetary change. It highlights the exponential growth in the human population, but also homes in on the potential direct input of carbon dioxide from humans, through respiration.
As I explain in more detail below, our breathing does not contribute to the net accumulation of carbon dioxide in the atmosphere. But population growth, combined with an increase in consumption, is now seen as the <a href="https://www.stockholmresilience.org/research/research-news/2015-01-15-new-planetary-dashboard-shows-increasing-human-impact" target="_blank">main driver of change in the Earth system</a>.
Humans: a moment in geological time
Earth has been around for 4.56 billion years. The <a href="https://www.livescience.com/1804-greatest-mysteries-life-arise-earth" target="_blank">earliest evidence for life on Earth</a> comes from fossilised mats of cyanobacteria that are about 3.7 billion years old.
From around 700 million years ago, and certainly from 540 million years ago, life exploded into its present myriad forms, from molluscs to lung fish, reptiles, insects, plants, fishes and mammals – culminating in hominids and finally Homo sapiens. Genetic studies suggest <a href="https://www.nature.com/scitable/knowledge/library/overview-of-hominin-evolution-89010983/" target="_blank">hominids evolved from primates around 6 million years ago</a>, with the oldest hominid fossil dating from 4.4 million years ago in East Africa.
Our species appeared around 200,000 to 300,000 years ago, a blink of an eye in geological terms. From Africa, Homo sapiens migrated through Europe and Asia and spread across the world, at lightning speeds.
Part of the question is about a putative link between human biological functions and climate. Homo sapiens is <a href="https://journals.plos.org/plosbiology/article?id=10.1371/journal.pbio.1001127" target="_blank">one of more than 28 million living species today</a>, and some <a href="https://link.springer.com/chapter/10.1007/978-94-011-5874-9_7" target="_blank">35 billion species that have ever lived on Earth</a>. There has always been a link between life and Earth’s atmosphere, and perhaps the clearest indicator is oxygen.
Life, carbon and climate
Cyanobacteria were the first organisms to master photosynthesis and <a href="https://www.propertyobserver.com.au/https://www.pnas.org/content/96/20/10955" target="_blank">began adding oxygen to Earth’s early atmosphere</a>, producing levels of 2% by 1 billion years ago. Today oxygen levels are at 20%.
While people inhale oxygen and exhale carbon dioxide (billions of tonnes each year), this does <a href="https://slate.com/news-and-politics/2009/08/are-you-heating-the-planet-when-you-breathe" target="_blank">not represent new carbon in the atmosphere</a>, but rather recycled carbon that had been taken up by the animals and plants we eat. Furthermore, the hard parts of human skeletons are potential carbon stores, if buried sufficiently deep.
There is a constant cycling of carbon between geological, oceanographic and biological processes. Homo sapiens is part of this carbon cycle that plays out at the Earth’s surface. Like all living organisms, we derive the carbon we need from our immediate environment and give it up again through breathing, living and dying.
Carbon is only added to the atmosphere if it is taken out of long-term geological stores such as carbon-rich sediments, oil, natural gas and coal.
Planetary impact of humans
But the <a href="https://ourworldindata.org/world-population-growth" target="_blank">remarkable growth in human population</a> is surely the critical issue. Ten thousand years ago, there were 1 million people on Earth. By 1800, there were 1 billion, 3 billion by 1960 and almost 8 billion today.
When these figures are plotted on a graph, the growth line looks almost vertical from the 1800s onwards. <a href="https://www.pewresearch.org/fact-tank/2019/06/17/worlds-population-is-projected-to-nearly-stop-growing-by-the-end-of-the-century/" target="_blank">Population growth may eventually flatten out</a>, but only at around 10-11 billion.
Alongside the unprecedented population growth of humans has been the <a href="https://www.ipbes.net/news/million-threatened-species-thirteen-questions-answers" target="_blank">loss of many non-human species</a> (10,000 extinctions per million populations per year, or <a href="https://www.theguardian.com/environment/2018/oct/30/humanity-wiped-out-animals-since-1970-major-report-finds" target="_blank">60% of animal populations since 1970</a>), the rapid loss of wilderness habitat and consequent growth in farmed land, over-fishing (with up to <a href="http://blogs.edf.org/edfish/2012/07/11/fao-reports-87-of-the-worlds-fisheries-are-overexploited-or-fully-exploited/" target="_blank">87% of fisheries fully exploited</a>), and a staggering growth in global car numbers (from zero in the 1920s to 1 billion in 2013 and a projected <a href="https://www.weforum.org/agenda/2016/04/the-number-of-cars-worldwide-is-set-to-double-by-2040" target="_blank">2 billion by 2040</a>).
The <a href="https://www.usgs.gov/centers/nmic/copper-statistics-and-information" target="_blank">world production of copper</a> is an instructive proxy for human global impacts. As with many commodity curves, the trend from 1900, and particularly from the 1950s, is exponential. In 1900 around half-a-million tonnes of copper was produced worldwide. Today it is 18 million tonnes per year, with no sign of lowering consumption rates. Copper is the feedstock for much of modern-day and future green technologies.
Most parts of the world now experience material consumption as never before. But serious inequality remains, with over <a href="https://www.worldbank.org/en/news/press-release/2018/10/17/nearly-half-the-world-lives-on-less-than-550-a-day" target="_blank">3 billion living on less than US$5.50 a day</a>, and a <a href="https://www.oxfam.org/en/press-releases/just-8-men-own-same-wealth-half-world" target="_blank">tiny percentage who own so much</a>.
Some argue that it is not the numbers of people on Earth that count, but rather the way we consume and share. Whatever the politics and economics, the gross consumption level of billions of humans is, surely, the main cause of planetary change, especially since 1950. Present-day atmospheric levels of carbon dioxide are one of many symptoms of human impact.<img src="https://counter.theconversation.com/content/126671/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;">
Michael Petterson, Professor of Geology, Auckland University of Technology.
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/climate-explained-how-growth-in-population-and-consumption-drives-planetary-change-126671" target="_blank">original article</a>.
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Climate explained: how growth in population and consumption drives planetary change

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GUEST OBSERVATION 
Myer is the in the clear, sort of, after Australia’s first judicial ruling on a securities class action.
It centred around allegations that Myer misled the market about its projected earnings.
The court found Myer had been misleading, but that because shareholders didn’t believe it, it didn’t harm them.
The ruling established <a href="https://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2019/2019fca1747" target="_blank">important principles</a> that will guide future judgments.
It isn’t enough for shareholders to show that there was a relevantly false or misleading statement or omission.
They need to also show it hurt them.
What Myer did
On September 11 2014, Myer’s chief executive Bernie Brookes indicated that he believed the net profit after tax for the 2015 financial year was likely to beat the previous year’s profit of A$98.5 million.
Five months later Brookes resigned, and on March 19 Myer cut the forecast to between $75 million and $80 million.
The class action alleged that Myer engaged in misleading conduct either because the initial September 11 2014 guidance was misleading or because - even if it was not misleading at the time - Myer allowed it to stand without correcting it.
It argued the statement inflated the share price, causing buyers to pay too much for the shares and to lose money when the true state of affairs became known.
Myer argued it had no obligation to update the market after Brooke’s statement.
It said the market had already realised the profit would be lower than what he said. And, in any event, what he said was not misleading.
What Myer was obliged to do
The <a href="http://www.austlii.edu.au/cgi-bin/viewdoc/au/legis/cth/consol_act/ca2001172/s1041e" target="_blank">Corporations Act Section 1041E</a> states that people must not make a false or misleading statement that is likely to (among other things) influence trading activity or market prices when that person knows, or ought to know, that the statement is not correct, or does not care whether the statement is correct.
Similarly, <a href="http://www.austlii.edu.au/cgi-bin/viewdoc/au/legis/cth/consol_act/ca2001172/s1041h" target="_blank">Section 1041H</a> asserts that a person must not engage in misleading or deceptive conduct, which could include failing to correct erroneous statements.
Indeed, <a href="http://www.austlii.edu.au/cgi-bin/viewdoc/au/legis/cth/consol_act/ca2001172/s769c" target="_blank">Section 769C</a> says if a statement is made without reasonable grounds, it is deemed to be misleading.
<a href="http://www.austlii.edu.au/cgi-bin/viewdoc/au/legis/cth/consol_act/ca2001172/s1041i" target="_blank">Corporations Act Section 1041I</a> says anyone who has suffered loss or damage by a contravention of the aforementioned rules can recover the amount of that loss or damage.
Also, <a href="http://www.austlii.edu.au/cgi-bin/viewdoc/au/legis/cth/consol_act/ca2001172/s674" target="_blank">Corporations Act Section 674</a> says firms must comply with continuous disclosure requirements, which include disclosing material price-sensitive information. The provision gives legislative force to the Securities Exchange continuous disclosure guidelines.
There are two overarching elements involved in securities litigation, both of which were issues in the Myer case:
<ul>
<li>
the defendant makes a false or misleading statement
</li>
<li>
that false statement causes the plaintiff to suffer loss or damage.
</li>
</ul>
Each needs exploring.
False or misleading?
At first glance, a statement is false or misleading merely if it is incorrect, especially so if it is about something currently known. But things are less clear when the statement is about the future or a forecast.
Under <a href="http://www.austlii.edu.au/cgi-bin/viewdoc/au/legis/cth/consol_act/ca2001172/s769c" target="_blank">Section 769C</a>, forecasts are held to be misleading if they are not based on reasonable grounds. Omitting information, or failing to correct information, can also be misleading if it creates or maintains a false impression.
Loss or damage?
Historically, in fraud type cases, the plaintiffs need to show that they “relied” on the false statement in making a decision. That is, they need to show they were directly misled.
Myer argued that the shareholders needed to show they actively “relied” on its statements when deciding to purchase shares.
The shareholders argued that the legislation does not require active reliance. They argued that it was enough to show that the false statement inflated the share price and that they bought at a price that was too high.
It was a win and a loss…
The court sided with the plaintiffs, finding that it was enough for them to show that the false statement (or misleading omission) inflated the share price, that they bought at a price that was too high, and they suffered a loss when the truth was revealed.
And it found Myer had been misleading by failing to correct a forecast it knew was erroneous. It had also violated the Exchange’s continuous disclosure standards.
But it found that Myer’s September 11 2014 forecast was not misleading at the time. It was in line with analysts’ forecasts, and in September 2014 Myer had reasonable grounds to make it.
Damages would normally reflect the difference between what the shareholders paid and what they would have paid if the true state of affairs had been known.
But given the market, notwithstanding the statement form the Myer chief executive, knew about Myer’s declining profitability and given that that information was reflected in the price, shareholders weren’t damaged.
…with implications for the future
The judgment will make future shareholder class actions easier. They will know what they have to prove.
An unanswered question is whether Myer will simply get away with having misled the market, given that it prevailed in the case.
It may not. Regulators - such as the Australian Securities and Investments Commission - still have penalty mechanisms they can use to punish officers and directors for misleading conduct, even if shareholders don’t prevail in court.<img src="https://counter.theconversation.com/content/125925/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;">
Mark Humphery-Jenner, Associate Professor of Finance, UNSW.
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/why-australias-first-securities-class-action-judgment-sort-of-cleared-myer-125925" target="_blank">original article</a>.
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Why Australia’s first securities class action judgment (sort of) cleared Myer

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GUEST OBSERVATION 
The plight of Australia’s dairy farmers is on the political agenda this week, after One Nation leader Pauline Hanson narrowly failed in her Senate bid for a minimum milk price. But getting fair payment for their goods is far from the only challenge dairy farmers face.
Pressure has been mounting on the industry for the past decade. Existing milk alternatives are growing their market share, helped by a rise in veganism and public concern around animal welfare. The agriculture sector is under pressure to reduce its contribution to climate change, and technology advances mean milk may one day be produced without cows at all.
All this has been compounded by devastating and prolonged drought. So here’s the full story of the hurdles farmers face, now and in the future, to get milk into your fridge.
Fluctuating farm gate price
The rate at which processors pay farmers for milk is known as the <a href="https://www.dairyaustralia.com.au/industry/prices/farmgate-milk-price" target="_blank">farm gate price</a>. The prices are not regulated and are set by market forces.
In 2016 <a href="https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/FlagPost/2016/June/Dairy_industry_developments" target="_blank">the milk price crashed</a> when Australia’s two largest dairy processors, Murray Goulburn and Fonterra, lowered the price they would pay from about 48 cents a litre to as low as 40 cents.
This dramatically cut the incomes of milk suppliers. The number of dairy farmers in Australia fell by 600, or 9% <a href="https://www.dairyaustralia.com.au/industry/farm-facts/cows-and-farms" target="_blank">over four years</a>. This exit has been <a href="https://www.theguardian.com/food/2019/feb/24/drought-and-low-milk-prices-push-dairy-farmers-to-the-brink" target="_blank">exacerbated by drought</a>.
Since then, the farm gate milk price has increased and in 2019–20 is <a href="http://www.agriculture.gov.au/abares/research-topics/agricultural-commodities/sep-2019/dairy" target="_blank">expected to be 51 cents per litre</a>, due to a weaker Australian dollar and demand from export markets. But forecast global prices for butter, cheese and whole milk powder this financial year remain below that of previous years.
<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/2019/11/13/dairy%20milk.jpg" alt="">
Methane, and milk alternatives
Methane and other livestock emissions <a href="http://www.agriculture.gov.au/ag-farm-food/climatechange/australias-farming-future/livestock-emissions" target="_blank">comprise about 10%</a> of Australia’s greenhouse gas emissions.
As the Intergovernmental Panel on Climate Change made clear in its <a href="https://www.ipcc.ch/srccl-report-download-page/" target="_blank">land use report in August</a>, changes must be made across the food production chain if the world is to keep global warming below the critical 1.5℃ threshold. For beef and dairy livestock, this means changes such as land and manure management, higher-quality feed and genetic improvements. Meeting this challenge cost-effectively, while improving productivity, is no small task.
Technology may help in curbing greenhouse gas emissions from cows, but it also threatens to replace the dairy industry altogether. Advances in biotech may enable liquid analogous to milk to be <a href="https://theconversation.com/lab-grown-dairy-the-next-food-frontier-117963" target="_blank">produced through bioculture systems</a>, <a href="https://www.nationalgeographic.com/news/2014/10/141022-lab-grown-milk-biotechnology-gmo-food-climate/" target="_blank">without a cow in sight</a>.
Elsewhere, the rise of plant-based alternatives derived from soybeans, almonds, oats and other sources threatens traditional milk products. This can partly be attributed to increasing numbers of people adopting a vegan diet. 
Taking calves away from cows
For a mammal to produce milk, it must usually become pregnant and produce offspring. Female calves generally go into a farm’s pool of replacement animals, while male dairy calves are sold.
Pure-breed male dairy calves do not naturally lay down a lot of muscle and so do not generally make good beef livestock. Many are sent to the abattoir for slaughter, typically between 5 and 30 days of age. This practice has prompted welfare concerns and means the industry must carefully manage the handling and transport of vulnerable young calves.
Potential solutions include artificial insemination of cows using only semen that will produce female calves. The use of this technology is limited because it reduces conception rates.
There is also growing public concern about the separation of cows and calves not sent to the abbatoir. The calves are typically taken within the first 12-24 hours and reared together in a shed, where they are fed milk or milk replacer. This is thought to maximise the amount of saleable milk and minimise disease transfer from cow to calf, <a href="https://www.animalhealthaustralia.com.au/what-we-do/endemic-disease/johnes-disease/jd-and-dairy-cattle/three-step-calf-rearing-plan/" target="_blank">particularly Johne’s Disease</a>. However, <a href="https://www.sciencedirect.com/science/article/pii/S0022030219304175" target="_blank">recent research</a> has found <a href="https://www.sciencedirect.com/science/article/pii/S0022030219304369" target="_blank">little evidence</a> to support these practices.
<a href="https://www.sciencedirect.com/science/article/pii/S0022030219304369" target="_blank">Research has shown</a> that calf-cow separation in the first day of life causes lower distress than abrupt separation at a few weeks of age or older, when the bond is stronger. This is not to say that early separation is not a concern. Rather, in the face of consumer demands for certain ethical standards, simple fixes may be hard to implement.
The message for consumers
Challenges to the dairy industry will take time and effort to address. Some, such as drought, are out of farmers’ control. Dry conditions and high cost of water, fodder and electricity have <a href="http://www.agriculture.gov.au/abares/research-topics/agricultural-commodities/jun-2019/dairy" target="_blank">forced farmers to cull less productive dairy cows</a>, leading to a decline in production.
The pressures, and associated debt, create intense stress for farmers, increase family tensions, and have negative flow-on effects throughout rural communities.
Putting aside the political push for a regulated milk price, the key message for dairy consumers is clear. If we want our milk produced in a certain way, we must pay a fair market-based price to cover the costs to farmers of fulfilling our wants.<img src="https://counter.theconversation.com/content/124290/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;">
Andrew Fisher, Professor of Cattle &amp; Sheep Production Medicine, University of Melbourne.
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/the-milk-the-whole-milk-and-nothing-but-the-milk-the-story-behind-our-dairy-woes-124290" target="_blank">original article</a>.
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The milk, the whole milk and nothing but the milk: the story behind our dairy woes

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A two-level freehold within Toorak Village, one of Melbourne’s most tightly held retail shopping strips, has hit the market. 
The property will be auctioned November 29.
Located at 472 Toorak Road, the property comprises a 110 square metre building with ground floor shop front, commercial kitchen and rear courtyard.
The first floor, which can be separately accessed from the rear, includes an open-plan layout with a kitchenette and bathroom. 
The 139 square metre site zoned Commercial 1 has 4.6 metres frontage to Toorak Road and rear laneway access to a lock up garage with parking.
There is also a permit for an additional level at the rear.  
Commercial 1 zoning aims to create vibrant mixed use commercial centres for retail, office, business, entertainment, community and residential uses.
The property will be offered with vacant possession.
It is situated directly opposite the Vicland Property Group’s proposed $600 million commercial re-development of Village Way, which is set to house circa 12,000 square metres of office space and a ground floor Coles supermarket.
Teska Carson’s Luke Bisset and Jack Kelliher have the listing. 
"This property offers excellent investment credentials including a highly regarded retail and commercial location within Melbourne’s wealthiest suburb, with vacant possession and first rate access and exposure via Toorak Road frontage and a rear laneway," Bisset said.
Toorak Village has more than 270 shops and businesses including fashion boutiques, cafes, fine dining, and highly regarded medical and professional services.
It is well serviced by public transport facilities including Toorak and South Yarra railway stations, trams and major arterial routes.
Kelliher said the local retail sector thrived on the back of a predominantly young and affluent demographic.
He said the locality had been the beneficiary of major redevelopment over recent years including more than 3000 apartments, either currently under construction or recently completed. 
It is being offered vacant possession.
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Vacant two-level Toorak Village freehold on the market

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."

[smartcode_project:default project_id=134951 project_image_fid=358802]

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.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<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.

[smartcode_project_cta:default project_id=134951]

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