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<p><a href="https://www.propertyobserver.com.au/http://www.abs.gov.au/ausstats/abs@.nsf/mf/5206.0" target="_blank">Wednesday’s GDP figures</a> were good. Growth was up 0.9% in the June quarter and 3.4% over the past 12 months.</p>
<p>As they say in baseball: “You can’t boo a home run.” But you can ask how likely the batter is to do it next time. The detail behind the figures raises further questions.</p>
<h2>How good were they really?</h2>
<p>Even before we get to that, it’s worth noting than GDP <em>per capita</em> was up 0.5% in the quarter, amounting to a 1.8% increase over the year. That’s good, but half as much as headline growth. Per capita growth is what drives living standards.</p>
<p>Even on an annual basis per capita growth bounces around. The following chart shows it is usually less than 2% and only occasionally reaches 3%, but never too far from zero – even excluding the GFC.</p>
<p><iframe style="border: none;" src="https://datawrapper.dwcdn.net/M9J5L/1/" frameborder="0" width="100%" height="400"></iframe></p>
<p>Growth per capita is volatile in no small part because immigration is volatile.</p>
<p>Standard economic theory tells us that in the long run immigration has very little impact on GDP per capita unless it drives a shift in the population’s mix of skills.</p>
<p>But in the short run it depresses GDP per capita because the fixed capital (such as buildings and machines) has to be shared between more workers.</p>
<p>Since immigration is somewhat lumpy, and the skill mix is neither obvious nor constant, there can be pretty substantial swings in GDP per capita in a high-immigration economy. At 1.6% per annum, Australia’s population growth is roughly double the OECD average, so it’s best not to get too hung up on the quarterly numbers.</p>
<h2>Good for how long?</h2>
<p>The larger and more pressing question in whether this quarter’s good numbers will last.</p>
<p>There are reasons to be sceptical. First, household expenditure was a key component of the recent growth numbers. As ABS chief economist Bruce Hockman put it:</p>
<p>Growth in domestic demand accounts for over half the growth in GDP, and reflected strength in household expenditure.</p>
<p>We’ve been sustaining strong household expenditure by saving less, but that’s unlikely to continue.</p>
<div>Infographic currently not available</div>
<p>In an economy in which heavily indebted households face mortgage rate hikes from three of the big four banks (likely to be four soon) despite no official increase in interest rates, household spending will come under pressure.</p>
<p>Wages growth is still languishing at around 2% (<a href="https://www.propertyobserver.com.au/http://www.abs.gov.au/ausstats/abs@.nsf/mf/6345.0" target="_blank">the most recent wages price index came in at 2.1%</a>), meaning that households aren’t earning much extra income.</p>
<p><iframe style="border: none;" src="https://datawrapper.dwcdn.net/ZF9Ok/1/" frameborder="0" width="100%" height="400"></iframe></p>
<p>Add to this a lower Australian dollar putting pressure on the price of imports –such as mobile phones, iPads and computers, to name a few – and it seems brave to predict continued robust consumer spending.</p>
<h2>Special for how long?</h2>
<p>It is also worth being a bit cautious about the case for Australian exceptionalism. Yes, we’ve had a run of 27 odd years of continuous economic growth. Yes, we weathered the financial crisis better than most.</p>
<p>But we are also part of a global economy that is yet to see the full effects of the Trump trade war. And we are subject to the same sort of pressures that other advanced economies are facing: stubbornly low wages growth despite historically low unemployment, inflation that won’t grow, and an uncertain outlook for China – our most important trading partner.</p>
<p><iframe style="border: none;" src="https://datawrapper.dwcdn.net/E8STr/3/" frameborder="0" width="100%" height="400"></iframe></p>
<p>Can we really return to the trend growth rates of the 1990s while the countries we compare ourselves with struggle? I hope so, but I doubt it.</p>
<p>The newly minted treasurer, Josh Frydenberg, couldn’t help but take credit for this week’s good news. Fair enough. But he might want to be cautious. Quarterly numbers have a habit of reversing themselves. And with an election not too far away it’s politically risky to tie oneself too closely to the vagaries of the macroeconomy in general and the forecasts of Treasury and the Reserve Bank in particular.</p>
<p>Reserve Bank Governor Phil Lowe might have mentioned that to Frydenberg in their much photographed recent meeting.<img src="https://counter.theconversation.com/content/102717/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;"></p>
<p><span><a href="https://theconversation.com/profiles/richard-holden-118107" target="_blank">Richard Holden</a>, Professor of Economics and PLuS Alliance Fellow, <em><a href="http://theconversation.com/institutions/unsw-1414" target="_blank">UNSW</a></em></span></p>
<p>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/vital-signs-national-accounts-show-past-performance-no-guarantee-of-future-results-102717" target="_blank">original article</a>.</p>
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Past performance of national accounts no guarantee of future results: Richard Holden

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<p dir="ltr">Ray White Rural and Livestock has listed Tenterden Station, a 1500 ha Guyra holding.</p>
<p dir="ltr">The agency has suggested <a href="https://www.propertyobserver.com.au/http://raywhiteruralnsw.com.au/properties/rural/nsw/guyra-2365/mixed-farming/1954755" target="_blank">Tenterden Station</a> lends itself favourably for future subdivision as the current LEP for rural land permits 200ha minimum lot sizes.</p>
<p dir="ltr">Ray White Rural and Livestock has a new Sydney-based corporate sales and marketing entity to service large scale agribusiness transactions and divestments.</p>
<p dir="ltr">The team will be led by rural agent Andrew Starr and Bruce Birch, the organisation’s national livestock director.</p>
<p dir="ltr">It will partner with local specialists in the New South Wales network of Ray White Rural to handle large corporate deals and complex aggregation sales.</p>
<p dir="ltr">It will focus on selling major agribusiness transactions as well as livestock.</p>
<p dir="ltr"><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/2018/9/10/TENTERDEN1.jpg" alt=""></p>
<p dir="ltr">The new business was inspired by the long-term success of a corporate-grassroots entity in Brisbane, Ray White Rural Queensland, directed by Bruce Douglas and Jez McNamara.<br><br>The Brisbane-based business works collaboratively and exclusively with Ray White Rural's local agents in the sunshine state helping to facilitate rural property transactions.</p>
<p dir="ltr">The new business will be based out of Sydney, and will operate statewide, Andrew Starr explained.</p>
<p dir="ltr">"The strength of relationships with family offices, corporates and international contacts based out of a capital city coupled with the local knowledge, ease of local inspections and the reputation of our agents on the ground has proven an attractive option for many vendors with major agricultural assets to sell.</p>
<p dir="ltr">"This approach has worked well for vendors in Queensland for 25 years, and we anticipate it will be as attractive for clients in New South Wales,” he said.</p>
<p dir="ltr">The dual-agent approach exposes properties to a broader buyer pool, co-director Bruce Birch said.</p>
<p dir="ltr"><a href="https://www.propertyobserver.com.au/http://raywhiteruralnsw.com.au/properties/rural/nsw/guyra-2365/mixed-farming/1954755" target="_blank">Tenterden Station at Guyra</a> has <span>paddocks designed to facilitate a rotational grazing model aimed at maximising livestock production while maintaining pasture longevity.</span></p>
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Tenterden Station listed by Ray White Rural

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<p>New York-based investment adviser Anchorage Capital Group is set to sell its Victorian and NSW dairy farms.</p>
<p>There are expectations they could fetch $50 million.</p>
<p>The properties include two in the south-west in Victoria, two at Finley, NSW, and one in Gippsland. </p>
<p>PWC has been appointed to sell the five farms which are milking about 5000 head of cows.</p>
<p data-gtm-vis-first-on-screen-7770372_137="2473" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">Anchorage purchased the properties over three years from 2014 for about $40 million.</p>
<p>Fairfax Media suggest three or four groups pitched on a tender to sell the dairy portfolio, which is managed and operated by ACE Farming, founded by Jeremy Bayard.</p>
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<div class="cq-article-content-media section">The Australian Financial Review reported that ACE had purchased $15 million worth of farms including Balboora Farm at Finley as well as a large dairy farm at Blighty for a US client in 2017.</div>
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Anchorage Capital Group lists its dairy farms

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<p>Following an ASIC review, Prospa Advance Pty Limited (Prospa) has changed loan terms in its standard form small business loan contract to address terms being unfair under the unfair contract terms provisions of the ASIC Act.</p>
<p>The review of Prospa’s contract is part of a broader surveillance by ASIC to examine lenders' small business loan contracts to reduce the risk of unfair contract terms.</p>
<p>As a result of ASIC’s review, Prospa has made a number of changes resulting in improved terms for borrowers and guarantors. The changes include addressing problematic terms outlined in ASIC Report 565: <em>Unfair contract terms and small business loans</em>, and changes to other terms which could have operated unfairly for borrowers and guarantors.</p>
<p>Prospa has agreed that all customers who entered into or renewed contracts from 12 November 2016 will have the benefit of the changes agreed with ASIC. Prospa will be communicating these changes to its small business customers with the amended contract coming into effect in early October.</p>
<p>ASIC’s surveillance of small business loan contracts is ongoing, and will consider regulatory action where appropriate.</p>
<p><strong>Changes to Prospa’s loan contract</strong></p>
<p>Prospa has agreed to make the following changes to its standard form small business loan contract: </p>
<ul>
<li>amended the early repayment clause so that borrowers can now      prepay their loan early without requiring Prospa’s consent, and removed      Prospa’s absolute discretion whether to provide a discount for prepayment - Prospa will now apply a published Early Prepayment Policy so borrowers  can determine the discounts they they can expect to receive if they do pay back their loan early; </li>
<li>amended the ‘unilateral variation’ clause to significantly limit Prospa’s ability to unilaterally vary contracts to specific instances. Prospa has also extended the notice period to 60 days where Prospa intends to vary fees; </li>
<li>amended clauses defining events of default to add remediation periods and materiality thresholds and to permit changes to control of the Borrower with the lender’s consent (not to be unreasonably withheld); </li>
<li>removed a broad ‘cross-default’ clause which allowed Prospa to call a default under the loan contract due to any default under another finance document related to the loan (for example, guarantee or security document); </li>
<li>restricted the borrower’s indemnity to ensure that:</li>
</ul>
<p>–    the borrower is required to indemnify only Prospa, its employees and agents (and not third parties that are not parties to the contract such as receivers or contractors); and</p>
<p>–    the borrower is not required to indemnify Prospa for losses or costs incurred due to the fraud, negligence or wilful misconduct of Prospa, its employees, officers, agents, contractors or receivers appointed by Prospa; </p>
<ul>
<li>removed an ‘entire agreement’ clause which absolved Prospa from contractual responsibility for conduct, statements or representations made to borrowers about the loan contract; </li>
<li>limited the class of people who can provide guarantees under the loan contract to:</li>
</ul>
<p>–    people who are actively involved in the management of a borrower’s business;</p>
<p>–    if the borrower is a company, people who are directors or shareholders of the borrower; and</p>
<p>–    if a shareholder of the borrower company is a company, directors or shareholders of that company. </p>
<ul>
<li>inserted a 5-business-days’ notice provision to guarantors about:</li>
</ul>
<p>–    borrowers who are 30 calendar days behind their agreed repayment schedule; and</p>
<p>–    the commencement of legal proceedings against a borrower or the appointment of a receiver. </p>
<ul>
<li>limited the guarantor’s liability so that the guarantor is not liable for any increase in the amount of the loan principal and interest agreed at the start of the loan(but the guarantor is liable for fees and reasonable enforcement costs). </li>
<li>inserted a provision to obtain consent of the guarantor:</li>
</ul>
<p>–    where there is a discharge or release of any security held by Prospa given by the borrower or a guarantor; and</p>
<p>–    where there are multiple guarantors, before releasing a guarantor. </p>
<ul>
<li>limited the actions of lender-appointed attorneys where there is an event of default under the loan contract so that an appointed attorney cannot act in a way that prefers the interests of the attorney over the interests of the borrower or guarantor.</li>
</ul>
<p><strong>Prospa’s Interest Charges and Late Fees</strong></p>
<p>Prospa charges a factor rate for interest on its fixed term loans. The amount of interest, which can be considerably higher than bank loans, is fixed and disclosed at the outset and does not vary even if the loan term is extended.  The amount of interest is therefore part of the “upfront price” of the loan and is excluded from review under the unfair contract term provisions.</p>
<p>Late payment fees for missed payments are, however, subject to review under the unfair contract term provisions. ASIC will be undertaking further monitoring of Prospa’s charging of late payment fees to assess whether the manner in which the fees are being charged is unfair in practice.</p>
<h2><strong>Background</strong></h2>
<p>In March 2018, ASIC published REP 565, which outlines changes to small business loan contracts made by the big four banks to comply with the UCT law. This report also provides guidance to the broader small business lending industry.</p>
<p>At the same time ASIC announced that it will also examine other lenders' small business loan contracts to ensure that their contracts do not contain terms that raise concerns under the UCT law. ASIC is reviewing the contracts of bank and non-bank small business lenders, including Prospa, to check their compliance with UCT law.</p>
<p>Since publishing REP 565, ASIC is also monitoring the big four banks' compliance with the UCT law. In March 2017, ASIC and the ASBFEO completed a review of small business standard form contracts and called on lenders across Australia to take immediate steps to ensure their standard form loan agreements comply with the law (refer: 17-056MR).</p>
<p>In August 2017, ASIC and the ASBFEO welcomed the changes ASIC required to small business loan contracts by the big four banks (refer: 17-278MR) that have:</p>
<ul>
<li>ensured that the contract does not contain ‘entire agreement clauses’ which prevent a small business borrower from relying on statements by bank officers (for example, about how bank discretions will be exercised)</li>
<li>limited the operation of broad indemnification clauses</li>
<li>addressed concerns about event of default clauses, including ‘material adverse change’ events of default and specific events of non-monetary default (for example, misrepresentations by the borrower)</li>
<li>limited the circumstances in which financial indicator covenants will be used in small business loans and when breach of a covenant will be considered an event of default</li>
<li>limited their ability to unilaterally vary contracts to specific circumstances with appropriate advance notice.</li>
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Prospa drops unfair loan terms for small business loans

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<p><span>While there remains some positive sentiment in the rural property market across New South Wales, the ongoing drought is starting to have an impact on some buyers’ decisions to pursue rural property, according to the latest Herron Todd White rural report.</span></p>
<p><span>The valuation firm noted that, despite this, agents are still reporting higher levels of enquiry than they have experienced in the past several years, however a lack of supply is evident as landholders are waiting for improved seasonal conditions before trying to market and sell. </span></p>
<p><span>"We are seeing continued sales across most areas of New South Wales, particularly higher rainfall areas, however due to the negative climatic conditions encountered over the past 18 months there have generally been lower sales volumes. </span></p>
<p><span>"We expect this trend to continue while the area receives below average rainfall."</span></p>
<p><span>The HTW valuer, Angus Ross added, "the continued dry seasonal conditions across large parts of New South Wales are limiting the market’s enthusiasm for expansionary activities.</span></p>
<p><span>"It is our opinion that the positive cash flows generated in most areas during the past two years have been funnelled into debt consolidation rather than any expansionary movements."</span></p>
<p><span>Recently, Heathlea, a mixed farming property at Rannock, just a short drive from from the village of Coolamon NSW, has been sold for $2.69 million (picutured above).</span></p>
<p>Comprising 452 hectares of productive fertile farm land, Heathlea at <a href="https://www.realestate.com.au/sold/property-mixed+farming-nsw-rannock-7978134" target="_blank">2718 Ronnock Rd </a>comes with water security, stock and domestic water scheme, <span>61 ha of established Lucerne, and an additional 61 ha sown Autumn 2018.</span></p>
<p><span><span>Addtional features include three stand woolshed, sheep/cattle yards and spacious three bedroom brick home.</span></span></p>
<p>Another sale is a Mudgee rural lifestyle block which was sold for $330,000 on August 27 (pictured below).</p>
<p>Located at<a href="https://www.realestate.com.au/sold/property-other-nsw-mudgee-7982122" target="_blank"> 1243 Lower Piambong Rd</a>, the parcel of land <span>consisiting of 50.92 hectares or 125 acres has been fenced into three main paddocks.</span></p>
<p><span>It features three dams with ample water for stocks, timber cattle yards, and rural views.</span></p>
<p><span>It's only 20 mins drive from Mudgee. </span></p>
<p><span><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/2018/9/3/mudgee%20.jpg" alt=""></span></p>
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Ongoing drought impacts buyer's decision to pursue rural property in NSW: HTW rural

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<p><span>Concerns around the cost of water could reduce buyer demand for horticultural properties, however this will only become evident over the next six months or so, according to the latest Herron Todd White rural report.</span></p>
<p><span>The valuation firm noted that the ongoing dry conditions are creating challenges for a wide cross section of our rural community. </span></p>
<p><span>"This year is looking a lot like 1982, which is the last time grain growers in our regions faced the prospect of no harvest. </span></p>
<p><span>"With many farmers now running continuous cropping programs and with no livestock to fall back on, the next 12 months will prove a testing time."</span></p>
<p><span>"Many graziers in western New South Wales are fast running out of water as well as feed. Most have spent significant sums buying in hay, grain and pellets, but are now questioning whether to quit stock if they have sufficient condition to be saleable rather than keep buying in feed. </span></p>
<p><span>"Hay and grain are becoming very difficult to source and more expensive each month."</span></p>
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<p><span>"While this is a pessimistic outlook, we note that farmers in this region are bred to be resilient and we expect the majority will have sufficient capital or equity to ride out at least the next 12 months. </span></p>
<p><span>"History also shows that few people list their properties for sale during drought conditions and so we expect the number of sales to dry up over the next six to 12 months," according to Shane Noonan and Graeme Whyte, local experts.</span></p>
<p><span>The cost of leasing annual allocation is now stuck above $300 per ML, which will impact on the return for particularly wine grapes but also higher value crops such as almonds, citrus and table grapes. </span></p>
<p><span>There has been development of these crops over the past four to five years, much of which is reliant on leased water. </span></p>
<p><span>"Any rationing of water will flow through to lower yields, further exacerbating the current shortage of some wine grape varieties," t</span>he Herron Todd White valuers noted adding that they "expect that concerns around the cost of water could reduce buyer demand for horticultural properties, however this will only become evident over the next six months or so. Returns remain good for most commodities which will justify the cost of leasing water, even though it will reduce profit."</p>
<p>"There have been good snow falls in the Murray catchment area and we note that there is still time for any substantial rainfall event in September to create good run off and increased allocations,." it added</p>
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<p><span>A recent noteworthy sale is Cowra station (pictured above), a 4,300 hectare mixed farming operation located 25 kilometres west of Mildura and with extensive frontage to the Murray River. </span></p>
<p><span>The property has been primarily used for grazing and dryland cropping, however has some existing irrigation infrastructure and potential for expansion of this enterprise. </span></p>
<p><span>The property had been on the market for many years, waiting for a buyer intending to undertake some form of irrigation development.</span></p>
<p><span>Another recent sale at Mildura is a 3,823 hectare viticulture/vineyard property which was traded at $180,000 (pictured below).</span></p>
<p><a href="https://www.realestate.com.au/sold/property-viticulture-vic-mildura-7647151" target="_blank">The property at 792 Ontario Avenue</a> features low level irrigation and included water right. </p>
<p><span>It is within a short distance to major shopping centres.</span></p>
<p><span><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/2018/9/3/mildura%202.jpg" alt=""></span></p>
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Concerns around the cost of water could reduce buyer demand in Mildura: HTW rural

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<p><span>It’s been a pretty ordinary August in the south-east of the state with continued dry conditions, fires and the annual Ekka winter westerly winds turning up on cue, according to the latest rural report from Herron Todd White.</span></p>
<p><span> The valuation firm noted that dry seasonal conditions are firmly in place on both the inner and southern Downs farming regions. </span></p>
<p><span>Winter cropping within the normally secure </span>farming areas is very sparse.</p>
<p>"The concern now is looking ahead for this year’s summer cropping season with poor moisture profiles and limited water in storage for either planting or pre-watering."</p>
<p>For the Felton area, some 167 mm (6.7 inches) has been recorded for the year to date, about half that recorded in comparison to the same period last year.</p>
<p>For the 2017 year the overall total was still about 70% off the long term average. Overall market confidence in this area is still positive.</p>
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<p><span>In western Queensland, the season isn’t any better especially west of Morven. For example, Cheepie has received 65 mm (2.6 inches) for the year to date and m</span>any other farmers are now entering their sixth year of drought and have been running their businesses either on a retained skeleton breeder herd or have opted to drove cattle or seek alternative agistment.</p>
<p>The HTW valuers stated "the market in these areas has not seen the same value growth of country further east."</p>
<p>It indicated there have been some firming value trends particularly holdings that demonstrate a diversity of country of say Downs, alluvial frontage or Mulga.</p>
<p>"It’s also one area of the market that we have seen external influence impacting on values with the competition by carbon abatement brokers and proponents.</p>
<p>"One could also assume many of the landholders who have decided to register a carbon abatement project have done so under the pressures of seeking alternative income streams due to the drought.</p>
<p>"The significant capital investment in exclusion fencing has no doubt been viewed positively but the general feeling is that once the season breaks, those who have the ability to control wild dogs and vermin will be able to capitalise on improved productivity."</p>
<p>With the strengthening in the wool markets it’s likely to create opportunities for graziers wanting to diversify back into sheep or increase market demands from potentially existing southern producers seeking further country.</p>
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<p><span>Generally, every Shire west of the Dividing Range in the southern part of the state is drought declared with the exception of the Western Downs Shire. Between Wandoan and Taroom, between 350 mm to 490 mm have been recorded for the current year and broadly the country is reasonably pastured. </span></p>
<p><span>"This sector of the market has historically been </span>very strongly competed for by local producers, particularly those who have benefited from additional income streams created by the coal seam gas industry. With the current seasonal conditions, we are now seeing out of district buyers looking at buying country in the area as demonstrated by the sale of Loch Craig," stated Steven Cameron a local expert.</p>
<p>The property sold at auction in August for $3,446 per hectare ($1,394 per acre) with reports the sale result may have been influenced positively given the property was well grassed and the successful bidder had immediate access for 600 head. The auction had nine registered bidders and was sold under the hammer to a northern New South Wales angus stud producer.</p>
<p>A Calvert 100 acre mixed farming property was sold for $800,000 in July.</p>
<p>The property at <a href="https://www.realestate.com.au/sold/property-mixed+farming-qld-calvert-7952854" target="_blank">63-129 Bexleigh Lane, Calvert</a> (pictured above), features 100 acres with 25 acres of irrigated cultivation, diesel pump, two billabongs with permanent water and 6 horse paddocks plus day yards.</p>
<p>It comes with a three bedroom house and two bay shed. </p>
<p><span>This drought proof, versatile and productive property is located in the Calvert area on the outskirts of Rosewood and 20 minutes to Ipswich.</span></p>
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Southern Queensland drought hurting values after six years: HTW rural

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<p>The NSW North Coast is currently dry with cold nights, but has not yet suffered as severely as the more western areas, according to the Herron Todd White rural report.</p>
<p>The valuation firm took a look at the current seasonal conditions in the local area and the impacts on the local property markets.</p>
<p>"In terms of livestock there is still some cattle feed and adequate stock water generally in NSW North Coast.</p>
<p>"The feed gap in this location is traditionally during winter and early spring.</p>
<p>"It is a summer dominant rainfall location and graziers will be eagerly awaiting the late spring and early summer storms," the report stated.</p>
<p>Macadamia growers are mostly located near the coast and will be hoping for rain from September onwards for the flowering period.</p>
<p>Sugar cane growers on the lower peat soils will have just enough moisture to plant sugar cane when the soil temperature rises above 17 degrees Celsius.</p>
<p>The valuers noted "some heavy clay soils may be too dry to plant until some rainfall is received. Harvesting conditions are ideal given the dry conditions. CCS levels are very good for this time of the year with Condong Mill around 12.4, Broadwater Mill around 13.2 and Harwood about 12.9. This reflects the dry conditions and low ash levels (impurities such as soil etc)."</p>
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<p>They concluded that, irrigators who pump from rivers and streams will be getting nervous as almost all of the rivers and creeks relied on are unregulated (do not have a major storage dam) and when water flows, drop pumping restrictions are triggered which limit the water that can be taken.</p>
<p>"This may affect dairy farmers, blueberry growers and other intensive horticultural operations in particular," the report noted.</p>
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NSW North Coast irrigators getting nervous: HTW Rural

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<p>The season is precariously placed along the border region with many requiring significant falls to guarantee crops, according to the latest Herron Todd White rural report.</p>
<p>The valuation firm stated, historical management and resulting soil condition has never been more evident than the current season with paddocks either side of some roads showing substantially different vigour and harvest potential reflecting the organic matter content, sowing times and general management practices.</p>
<p>As one farmer in the Riverina said in the second week of August “if we don’t get rain in the next two weeks, the crop will be finished”.</p>
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<p>Valuer David Leeds concludes by noting "a sharp rise in allocation water prices will be likewise creating some difficult decisions for those with irrigation development weighing up the likely final commodity prices with the opportunity cost of irrigating versus selling their allocation on the market."</p>
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Echuca precariously rainfall reliant: HTW rural

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<p>The Reserve Bank of Australia could cut the official cash rate if banks raised their mortgage rates several times, economist Chris Caton has suggested.</p>
<p>So far this month, Westpac Banking Corporation, ANZ Banking Group and Commonwealth Bank of Australia have raised their mortgage rates by 0.14 to 0.16 percentage points citing increases on offshore funding costs.</p>
<p data-gtm-vis-first-on-screen-7770372_137="37239" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">The Reserve Bank of Australia has held the official overnight cash rate at 1.5 per cent for 25 months.</p>
<p>Dr Caton, a retired former chief economist with BT Financial group, told the Australian Institute of Superannuation Trustees conference in Cairns could cut the cash rate.</p>
<p>"Of course if the banks raised their variable rates again and again and the Reserve Bank was unhappy with that it would offset that – it would.</p>
<p>"There's no question about that.</p>
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<p>"But at the moment I think they're thinking, 'we're low enough, we've been low enough for long enough, we really don't want to cut any further, there is no case to raise, unemployment's coming down, growth's OK, let's keep it where it is."</p>
<p data-gtm-vis-first-on-screen-7770372_137="44246" data-gtm-vis-total-visible-time-7770372_137="2800">Dr Caton said he didn't expect a housing crash," Fairfax Media reported.</p>
<p data-gtm-vis-first-on-screen-7770372_137="44246" data-gtm-vis-total-visible-time-7770372_137="2800">Dr Caton said there are no bargains out there for investors in either housing or stocks "in part because interest rates have been as low as they have for as long as they have. But I don't see any risk of any crashes either". </p>
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RBA could cut official cash rate: Chris Caton

<p>A who's who of Australian surfing, business and entertainment has emerged on title records following the completion of Esprit Rainbow Bay, the latest boutique beachfront apartment development by former professional surfer Paul Gedoun's S&amp;S Projects.</p>

<p>The completed project has attracted an enviable collection of owners, many with long-standing ties to the southern Gold Coast and the surf culture that has helped define Rainbow Bay and neighbouring Kirra for generations.</p>

<p>Given Gedoun's own background in surfing, it perhaps comes as little surprise that some of Australia's most recognisable surfers have chosen to buy into the development overlooking one of the country's most celebrated stretches of coastline.</p>

<p>Pezet Matheson directors Jayde Pezet and Todd Matheson launched the project in late 2021, and have managed the sales campaign all the way through to its sell-out and recent completion.</p>

<p><img alt="Esprit" data-entity-type="file" data-entity-uuid="08fc6261-b84e-4b09-8a44-66d3067fd0d1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-29%20at%208.51.05%E2%80%AFAM.png?VersionId=4AOcb6ETZwNUnMPdTtz1B3pZAIB_jgZ2" /></p>

<p>Former world champion Mick Fanning, who grew up in Coolangatta, secured an apartment in 2023. He paid&nbsp;$2.07 million. Last year he sold his Bilinga home for over $16 million.</p>

<p>Three-time world champion Joel Parkinson also purchased in the development, alongside big wave surfer Mark Mathews. Mathews bought the most expensive apartment in the building, spending just over $4 million.</p>

<p>Joining them is Rip Curl founder Doug Warbrick, whose company helped shape Australia's global surfing industry over the past five decades.</p>

<p>The appeal of Rainbow Bay has extended well beyond the surfing community.</p>

<p>International DJ Paul Fisher purchased an apartment through his investment vehicle, YLB Developments, an abbreviation of his trademark phrase "You Little Beauty".</p>

<p>The purchase comes as Fisher and his wife Chloe are developing their own luxury apartment project further north in Palm Beach. Their boutique beachfront development, Pescado, comprises just seven apartments on Jefferson Lane, which start from just shy of $6 million. The couple intend to retain the two-level penthouse as their Australian base between international touring commitments.</p>

<p>Melbourne Storm coach Craig Bellamy and his wife Wendy have also invested in Esprit, purchasing two apartments after spending decades holidaying on the southern Gold Coast. They also have a luxury apartment in Joe Adsett's Rockpool, less than 400m away from Esprit.</p>

<h2>Boutique project draws owner-occupiers</h2>

<p>Esprit launched in 2021 and sold strongly, with buyers drawn to its boutique scale, beachfront position and contemporary design.</p>

<p>The completed development comprises 94 apartments across 11 levels, offering expansive floorplans designed primarily for owner-occupiers rather than the investor market.</p>

<p>Crowning the building is Club Esprit, pitched as being the Gold Coast's first residential rooftop wellness centre. The roof features a&nbsp;25 metre magnesium lap pool, which is surrounded by wet daybeds and poolside cabanas,&nbsp;multiple barbecue areas,&nbsp;a yoga and relaxation play lawn, and a private dining room with a kitchen scullery, bar, lounges, and an outdoor terrace.</p>

<p>The wellness centre is&nbsp;fully equipped with a Technogym, ice bath, infra-red sauna, steam room, thermal room, and treatment room. The roof has views spanning&nbsp;Rainbow Bay, Snapper Rocks and the Pacific Ocean.</p>

<h2>S&amp;S Projects continues to shape Rainbow Bay</h2>

<p>S&amp;S Projects founder Paul Gedoun has become one of the key figures behind Rainbow Bay's evolution over the past several years.</p>

<p>After establishing S&amp;S Projects, Gedoun has focused on delivering lifestyle-driven apartment developments designed primarily for owner-occupiers seeking a permanent coastal home.</p>

<p>Esprit is Gedoun's third completed project in Rainbow Bay, following Flow and Awaken, both of which achieved record prices for the suburb.</p>

<p>He is now delivering <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, a 38-apartment development on Boundary Street that is currently selling, and has no plans to leave the precinct anytime soon. S&amp;S Projects has also lodged plans for its fifth Rainbow Bay development, an 88-apartment project on Boundary Street featuring a strong wellness focus.</p>

<p><em>Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">First look: S&amp;S Projects proposes 88-apartment wellness tower at Coolangatta's Boundary Street</a></em></p>

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Joel Robinson

Who's who of buyers revealed as Esprit Rainbow Bay settles

<p>Nature Based Cities (NBC), the not-for-profit organisation focused on improving biodiversity and nature outcomes in urban development, has launched its latest industry design guidelines and accreditation framework, this time targeting precinct-scale residential communities.</p>

<p>The move extends NBC’s influence beyond its initial focus on medium and high-density residential developments. Several projects have already achieved NBC accreditation since the launch of its Medium &amp; High-Density Residential Guidelines in early 2025.</p>

<p>The expansion into masterplanned communities and new residential precincts reflects the growing need for stronger nature-positive benchmarks as Australia’s outer suburban growth corridors continue to expand at pace.</p>

<p>Paul Hameister OAM, NBC Founder and the Executive Chairman of Melbourne developer Hamton who itself leans heavily into nature and biodiversity in its developments, says the&nbsp;nature-first approach to mitigate the effects of climate change has become standard in other parts of the world such as the UK, but Australia is lagging.&nbsp;Australia’s environmentally sustainable design (ESD) rating tools have no minimum mandatory requirements for living landscapes.</p>

<p>“We’ve always wanted to do more, and we know other developers who want to do more, but the ESD rating tools just aren’t there,” Hameister says. “In Australia, you can have a five-green-star rated building that’s concrete and glass with not a blade of grass.<br />
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“The focus is on reducing emissions, which is laudable, but there hasn’t been enough attention paid to protecting and re-establishing nature. We need both for the health of the environment and for communities.”</p>

<p>He says that having now&nbsp;made good progress in supporting developers of medium and high-density residential projects, NBC is now looking to bolster better nature-based decision-making and recognise developers of greenfield projects in the outer ring and large inner-ring brownfield precincts, who want to champion nature and living landscape as a defining feature.</p>

<p>Since 2022, the not-for-profit has sought to remove the roadblocks preventing developers from incorporating nature and living landscapes into their projects, shifting the conversation from the reduction of emissions and grey infrastructure, toward recognising nature as an essential infrastructure.</p>

<p>The New Communities Design Guidelines and Scorecard arm developers with the tools needed to deliver a nature positive outcome for their new communities. Intended to be adopted at the outset of the planning process, the guidelines are designed to help create communities that are cooler, healthier and more resilient while also enhancing social wellbeing and long-term economic value.&nbsp;</p>

<p>New Communities developers seeking accreditation will be independently assessed across a range of key criteria including ecology, tree canopy, biodiversity, and walkability. Once the masterplan is complete and submitted for approval, the scorecard is formalised based on proposed outcomes. Projects that meet the NBC criteria will receive either Commended or Exemplary accreditation outcomes, creating a clear benchmark for nature-positive new communities in Australia.&nbsp;</p>

<p>Janis Fischer, Director at Tract and NBC Advisory Council member, said the development of new communities in our suburbs can have a substantial impact on nature and biodiversity.</p>

<p>"By incorporating nature-based design principles at the inception of a project, developers and their design teams can achieve nature positive outcomes that are good for both people and the planet.’’&nbsp;</p>

<p>NBC accredited New Community projects will gain access to NBC branding and marketing tools to help communicate their nature-based credentials to purchasers and the broader market.&nbsp;</p>


Nature Based Cities: A new Australian benchmark for developing nature-positive new communities

<p>Apartment buildings are increasingly being designed around how people actually live day to day, not just how they want a building to look.</p>

<p>For buyers, that shift is showing up in practical inclusions that respond to changing habits. Work-from-home spaces, EV charging, wellness amenities, secure bike storage and parcel management are becoming part of the broader apartment conversation, reflecting a move toward buildings that reduce friction in everyday life.</p>

<p>Online shopping has become one of the clearest examples of that change.</p>

<p>Australians spent a record $82.6 billion online in 2025, with nearly one in four retail dollars now spent online. That has made parcel delivery a regular part of apartment living, rather than an occasional inconvenience.</p>

<p>For apartment residents, however, the delivery process can be less straightforward than it is for detached homes. Parcels may be left in lobbies, redirected to Post Offices, missed entirely, or placed under the responsibility of building managers and concierge teams.</p>

<p>That is why secure parcel infrastructure is increasingly being considered alongside more familiar apartment amenities.</p>

<p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/-VjjLwoViX0?si=A3k7ws9NX35Uac7_" title="YouTube video player" width="560"></iframe></p>

<p>Australia Post Parcel Lockers offer one way to address the issue. When a parcel arrives, residents receive a notification through the AusPost app or SMS, then collect it using a QR code or one-time PIN. The parcel is kept secure, accessible and removed from common areas.</p>

<p>The broader Parcel Locker network now includes more than 1,500 locations across Australia, positioned at Post Offices, shopping centres, supermarkets, transport hubs and other accessible locations.</p>

<p>For new apartment projects, the relevance is clear. A building’s amenity offering is no longer only about lifestyle spaces, but also about convenience, security and functionality.</p>

<p>As buyer expectations evolve, secure parcel delivery is becoming part of the same design conversation as flexible working, sustainable transport and resident wellbeing.</p>

<p>It is one less thing for residents to worry about, and another example of apartment design adapting to the way Australians now live.</p>


Apartment design is adapting to the way Australians shop

<p>While school holidays and trips to Europe tend to define the winter property market, there's been no cold snap at <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> in North Sydney.</p>

<p>Developer-builder&nbsp;<a href="https://www.apartments.com.au/developers/aland">ALAND</a> sold more than $35 million worth of apartments throughout June, including a $6.8 million apartment that now ranks among the highest apartment sales ever recorded in North Sydney.</p>

<p>SRM Residential agent Ben Stewart said buyer demand throughout June reflected a mix of improving market confidence and longer-term thinking from owner-occupiers.</p>

<p>"We're seeing strong demand from owner-occupiers who are taking a longer-term view," Stewart said.</p>

<p>"Many recognise the opportunity to secure an apartment in an iconic building and premium location while values remain attractive. They may initially lease the property, but the intention is to eventually move in themselves, rather than purchasing purely as an investment."</p>

<p>[smartcode_project:default project_id=134323 project_image_fid=367129]</p>

<p>Located at 177 Walker Street, The Walden will deliver 161 one, two, three and four-bedroom residences across a 30-storey tower designed by Rothelowman. Every apartment occupies a corner position, maximising natural light, cross ventilation and views across Sydney Harbour, the Opera House, Sydney Heads and the northern districts.</p>

<p>Rather than a traditional balcony, the residences feature winter gardens that seamlessly extend the open plan living areas, creating versatile spaces for relaxing or entertaining throughout the year. Floor-to-ceiling glazing draws in natural light while showcasing sweeping views from the building's elevated Walker Street position.</p>

<p>Every apartment features high-end Calacatta marble, bespoke joinery, and fully integrated appliances.</p>

<p>The larger residences have been planned with distinct entertaining and private zones, with many master suites positioned on corners to capture natural light and harbour views. Walk-in dressing rooms, freestanding baths and refined stone finishes reinforce the house-like feel that has resonated with downsizers and owner-occupiers.</p>

<p>[smartcode_project:default project_id=134323 project_image_fid=6393]</p>

<p>Rothelowman Principal Ben Pomroy said the project was designed to make the most of its unique position overlooking the harbour.</p>

<p>"The Walden is a celebration of all things beautiful, curated for those who expect nothing less than exceptional," Pomroy says.</p>

<p>"Meticulously designed entertaining spaces and light-filled living areas that capitalise on capturing the natural beauty of Sydney's iconic harbour."</p>

<p>Residents will also have exclusive access to The Pavilion, a dedicated amenity building featuring a rooftop pool, wellness studio, gymnasium, sauna, concierge service, residents' lounge, private dining spaces and work-from-home facilities.</p>

<p>[smartcode_project:default project_id=134323 project_image_fid=6402]</p>

<p>The project marks ALAND's first major luxury apartment development in Sydney's inner-city market after more than two decades delivering residential communities across Greater Sydney.</p>

<p>Founder and CEO Andrew Hrsto previously said the rarity of the Walker Street site made it an opportunity the company could not overlook.</p>

<p>"This is a rare opportunity to bring a truly exceptional project to life in one of Sydney's most iconic locations, and to showcase our craftsmanship and design expertise at a world-class level," Hrsto said.</p>

<p>[smartcode_project:default project_id=134323 project_image_fid=6383]</p>

<p>The Walden has been introduced to the market at a time when demand for living in North Sydney is at an all-time high. Billions of dollars have been invested in infrastructure, including the recently opened Victoria Cross Metro station, located just 300 metres from The Walden, providing residents with direct access to the Sydney CBD in just minutes.</p>

<p>Private investment has also transformed the area through the arrival of new retail and dining destinations, elevating the lifestyle offering in what was once considered primarily a commercial precinct rather than an aspirational residential address.</p>

<p>The Walden is currently under construction and is scheduled for completion in 2028.</p>

<p>[smartcode_project_cta:default project_id=134323]</p>


ALAND records $35 million in sales in North Sydney as The Walden bucks quiet winter selling season

<p>The long-awaited redevelopment of the former Eastlakes Shopping Centre site has reached a major milestone, with Conquest's plans for a new mixed-use precinct officially placed on public exhibition.</p>

<p>The State Significant Development Application would transform the 1.7-hectare site at <a href="https://www.apartments.com.au/new-apartments/19a-evans-avenue-eastlakes-nsw-2018">19A Evans Avenue</a> into one of Sydney's largest urban renewal projects, delivering 736 apartments above a new shopping centre anchored by Woolworths, alongside specialty retail, dining, commercial space and new public open spaces.</p>

<p>The public exhibition marks the next chapter for the project after <a href="https://www.apartments.com.au/developers/conquest">Conquest</a> acquired the stalled Stage Two development from Crown Group, who completed the first stage across the road prior to their voluntary liquidation.</p>

<p><img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="5fca22c5-d1ed-4e2c-8801-03f7df1eafc8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland%20podium.png?VersionId=uomwr41nF8CmLUZRDcu3mHQechlbxucS" /></p>

<p>&nbsp;</p>

<p>Designed by DKO Architecture, the proposal comprises four residential buildings ranging from 14 to 18 storeys above a two-level retail podium. The development would deliver 736 apartments, including 74 affordable homes, 215 Build-to-Rent apartments and 521 market residences. Provision has also been made for dual-key apartments, which could increase the total number of dwellings to 877.</p>

<p>At ground level, the shopping centre has been designed as the suburb's new meeting place, anchored by a full-line Woolworths and complemented by a curated mix of fresh food retailers, cafés, restaurants, health services and everyday convenience shopping. Generous pedestrian links and landscaped public spaces will connect the retail precinct through to Jack Mundey Reserve, creating a more walkable and connected neighbourhood.</p>

<p>Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.</p>

<p>"Eastlakes has been overlooked for too long, and this is the community’s moment. We are building a shopping centre and homes, a genuine heart for the suburb, and we genuinely want locals to help shape it."</p>

<p>"We enrich communities through the creation of homes, places, and experiences designed for life, built to last, and owner for generations. That starts with listening, so we warmly encourage everyone with a connection to Eastlakes to view the plans and share their thoughts."</p>

<p><img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="22f6fb20-54fb-4bd7-8a92-48fafdd00608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland.png?VersionId=cugp7s9hrMHGJJdYzkeAkrFoQgnF4GXf" /></p>

<p>DKO said the design had been shaped by the site's landscape setting and surrounding open space.</p>

<p>"Our vision for the site embraces its unique Bidjigal identity by blending the residential living with generous landscaping and a material palette inspired by the Bidjigal locality, and celebrating the panoramic views to Botany Bay and the wetlands reserves."</p>

<p>"Taking cues from Country, we seek to harmonise built form with the landscape and lightly touch the earth. By reconnecting, retaining and regenerating existing ecology, and weaving in natural elements, we can deepen our connection to Country."</p>

<p>The landscape strategy extends across the podium and rooftops, incorporating communal gardens, children's play areas, lawns, community gardens, family gathering spaces and extensive tree planting. New landscaped links will also strengthen the connection between the precinct and Jack Mundey Reserve, while publicly accessible open spaces have been integrated throughout the development.</p>

<p>The proposal builds on Conquest's broader placemaking strategy for the site. Through an ongoing partnership, local artist Joe Rashbrook has been appointed Urban Art Curator, working alongside young residents to transform the project's site hoardings into a public art gallery that allows the community to engage with the redevelopment before construction is complete.</p>

<p>Conquest has rapidly expanded its development pipeline since acquiring the Eastlakes site, with more than $6 billion worth of mixed-use projects now in planning across Sydney, including Stanmore, Castlecrag and Waterloo.</p>


Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

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