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The large format retail sector has suffered a slump in the pace of consumer spending growth over the last couple of years, from a peak of over 9% (in moving annual terms) to just 2%, BIS Oxford Economics’ latest Large Format Retail Property report noted.
This weak demand/strong supply scenario created challenged for landlords. the study author, Maria Lee said,
Lee said the silver lining for large format retail centres was the increasing ability for them to incorporate non-traditional tenants.
"We’re seeing more gyms, play centres, medical centres, chemists, baby goods shops, pet supplies outlets and other uses," said Lee.
"This broadening of tenant mix not only improves visitation across the week but also helps keep a lid on vacancies.
"Importantly, these tenants often pay a higher rent than the traditional large format tenants."
The report noted that planning policy across the country is gradually moving towards greater flexibility for large format centres and that, even where policy is theoretically very restrictive, there are numerous instances of exceptions being made.
However, Lee cautions that the sheer speed and quantum of the impending supply peak is likely to cause some temporary fallout.
"Locational imbalances of supply and demand could see some centres suffer.
"And smaller centres, in particular, are at risk of falling income if one or two tenants fall over in the continuing challenging retailing conditions."
It noted weak consumer demand is set to continue to the end of the decade, against a backdrop of muted economic and household income growth.
Meanwhile, supply is surging as former Masters stores are converted into large format retail centres and as other projects that had been trying to secure pre-commitment for some time now go ahead.
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j.ballantyne1990-6AQqhLzZaK

Large format retail property face challenges: BIS Oxford Economics 

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Regional WA’s median house price increased 2.9% during the December 2017 quarter, outperforming the Perth metro region.
REIWA President Hayden Groves said eight regional centres experienced positive median house price growth, with Karratha the top performer with a 13.5% improvement.
Busselton, Albany and Esperance also recorded strong price growth, lifting 9.8%, 7.2% and 6.3% respectively.
“Pleasingly, house prices improved across the board, with centres both north and south of Perth showing positive growth,” Groves said.
Kalgoorlie/Boulder, Northam and Port Hedland were the only regions to record declines.
“After recording a significant 19.5% increase in median house price in the September quarter, Port Hedland’s median house price had a minor adjustment in the December quarter,” Groves said. 
<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/2018/2/13/REIWA.jpg" alt="">
There were 1,191 house sales across regional WA in the December 2017 quarter with overall house sales declining in the December quarter.
REIWA data shows sales activity in Northam, Karratha and Esperance increased, while volumes in Busselton and Bunbury were stable.
“With the exception of Northam, these regional centres all saw their median house price improve as well,” Groves said.
"After a challenging couple of years, Karratha, Esperance, Busselton and Bunbury are exhibiting strong signs they are starting to recover.”
It was 10 days quicker to sell a property in regional WA during the December 2017 quarter than it was in the September 2017 quarter, an overall improvement in selling times experienced in six regional centres.
The average time to sell in Kalgoorlie/Boulder reduced by 36 days in the December quarter, while Busselton decreased by 24 days and Mandurah/Murray by 15 days.
Port Hedland, Bunbury, and Karratha also experienced reductions in average selling days.
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Regional WA outperforms Perth for price growth in latest quarter

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GUEST OBSERVER
When even teachers and police workers need to travel to the city fringes to find an affordable home that strikes us as a sign of a deeply dysfunctional housing system. Our research shows key workers are being squeezed out of Sydney by a housing market which has left them behind. Yet Sydney stands out among global cities, like New York, London and San Francisco, for having neglected the housing needs of its essential workforce.
In our study, we identify five strategies to tackle the problem. These could make a real difference for key workers and other moderate income earners.
Forced out to the fringes
Unaffordable housing is creating a growing spatial mismatch between where teachers, police, health and emergency workers live and work. Although their jobs are spread throughout the metropolitan region, a majority of Sydney’s 156,000 teachers, nurses, police, firefighters, ambulance and emergency workers now live in outer ring areas.
Our study shows key workers are more concentrated on the metropolitan fringe compared to the labour force generally. And this trend is intensifying.
Over the decade 2006-2016, we found that inner areas of Sydney as well as middle ring areas, including Ryde and Parramatta, lost up to 21.4% of their key worker populations. The largest influxes of key workers were in far-flung Illawarra (a net gain of 10.5%), Hunter Valley (13.6%) and Southern Highlands (17%).
<img src="https://images.theconversation.com/files/205868/original/file-20180212-31377-178trgy.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Some areas of Sydney have lost many of their key workers. Key Worker Housing Affordability in Sydney, Author provided
Barriers to buying a home
Professionally qualified and often with a university degree, key workers typically earn moderate, rather than high incomes.
<img src="https://images.theconversation.com/files/205869/original/file-20180212-31355-p7z1f2.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Key workers are on moderate salaries. Key Worker Housing Affordability in Sydney, Author provided
They’re not getting rich while teaching our children or caring for our sick, but the stability of their service-oriented professions usually meant home ownership was a realistic expectation. However, over the past decade, younger key workers have faced new barriers to home ownership.
One of these is the deposit gap. This refers to the number of years it takes to save a deposit on a median-priced home. Most lenders now require a 20% deposit.
Single key workers now need nearly nine years to save a deposit for a dwelling in Sydney’s outer suburbs. Couples on two incomes need to save for more than five years.
Where can key workers afford to live?
To examine where key workers can afford to buy a house we used affordable price thresholds, based on bank lending criteria and assuming a 20% deposit. Again, this analysis showed key workers have very limited choices. Even a senior constable earning around A$98,000 a year is limited to outer Sydney, with the closest options being Penrith and Campbelltown.
<img src="https://images.theconversation.com/files/205861/original/file-20180211-51727-pmhycu.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Key workers simply can’t afford to live close to the inner city. Key Worker Housing Affordability in Sydney, Author provided
Their limited housing choices are forcing many key worker households into long car-based commutes.
<img src="https://images.theconversation.com/files/205870/original/file-20180212-31359-365gu1.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Key workers face longer-than-average commutes. Key Worker Housing Affordability in Sydney, Author provided
These long commutes take a toll on their families and finances. Sydney high school teacher Kim Timmins explained in a recent opinion piece:
"We made the difficult decision last year to leave our network of family and friends and make the move to the uppermost parts of the Central Coast, the closest place we could afford to buy a home big enough for our growing family. … Our commute is a mix of car and train throughout the week … a complete drain before the day at school and hospital begin, and an economic disadvantage in terms of car travel costs."
What should be done
Several local councils are pursuing important initiatives to provide more affordable rental housing. In our study, we also propose five ideas to help key workers get into home ownership in Sydney.
In particular, the stable employment conditions and moderate incomes of key workers open new possibilities for improving their affordable housing options, without needing additional government subsidy or significant policy change.
Reduce the deposit gap
Key workers have traditionally aspired to, and achieved, home ownership. But those not already on the property ladder face a median house price of around A$900,000 in Sydney. An affordable price for most key workers would be around A$650,000.
To bring home ownership into reach, a shared equity model would allow key workers to buy up to 75% of the home’s value. This would reduce deposit requirements to between 5% and 10% and also make loan repayments more manageable.
Shared equity schemes are offered in South Australia under the government’s HomeStart finance organisation. This has helped many low and moderate income earners into their first home.
Collaborative development models
“Collaborative” development and financing models provide an alternative to conventional multi-unit housing developments. Under these models, individuals are supported in collectively developing a residential project.
The group members collaborate to acquire a site, appoint an architect and manage professionals through planning and construction. Groups are able to save on developer premiums. They can also customise their building and apartments in ways that save on both capital and recurrent costs.
The Nightingale projects in Victoria are an example of this approach. Participants in these schemes can save around 10-12% on prices for comparable apartments.
Alternative tenure arrangements
Alternative tenure arrangements, such as community land trusts, can separate the cost of a dwelling from the cost of land (retained by government or the trust). Under this model, homes are purchased with a conventional mortgage and/or the land component is rented at a marginal rate. Community land trusts are well established in the UK and US, but yet to attract serious policy support in Australia.
Save on construction
Savings in housing design and construction could help increase the supply of affordable homes, provided these savings are passed on to eligible buyers. Innovations in design and construction, as well as reduced requirements for facilities such as car parking (in accessible locations) could reduce costs by up to 25-35%. That equates to savings of A$75,000 to A$100,000 for two-to-three-bedroom units or townhouses.
Increase inclusionary planning targets
Inclusionary planning requires that a proportion of new housing development be affordable for moderate or low income groups. This approach can support various combinations of affordable housing, to be made available as permanent rental housing or sold on the market. Mandating that 20% of dwellings in all major new housing developments are affordable for moderate income earners, including key workers, could deliver 6,000 to 7,000 affordable “start-up” homes per year in Sydney.
Housing slowdown won’t solve key worker exodus
Governments seem to be hoping that slowdowns in Sydney and Melbourne prices, combined with first home buyer stamp duty concessions, have fixed the housing affordability problem. It’s true that regulatory intervention to restrict interest-only loans to 30% of new residential mortgage loans has cooled some investor demand.
However, the housing boom added 70% to Sydney prices from the trough to the peak. This disrupted the home-ownership trajectory of key workers, and in turn added to pressure on the operation of our essential services.
<img src="https://counter.theconversation.com/content/91476/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Key workers who don’t own homes may increasingly opt to leave Sydney’s unaffordable housing market. Ultimately, they may seek work in regional New South Wales or elsewhere in Australia. Sydney can ill afford to lose them.
Nicole Gurran, Professor of Urban and Regional Planning, University of Sydney
Catherine Gilbert, Research Assistant and PhD Candidate, Urban Housing Lab, University of Sydney
Peter Phibbs, Director, Henry Halloran Trust, University of Sydney
Yuting Zhang, Research Associate, Urban Housing Lab, University of Sydney
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/key-workers-like-nurses-and-teachers-are-being-squeezed-out-of-sydney-this-is-what-we-can-do-about-it-91476" target="_blank">original article</a>.
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Key workers like nurses and teachers are being squeezed out of Sydney: Academics

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GUEST OBSERVER
Two cities on opposing continents, Santiago and Cape Town, have been brought to their knees by events at opposing ends of the climate spectrum: flood and drought.
The taps ran dry for Santiago’s 5 million inhabitants in early 2017, due to contamination of supplies by a massive rainfall event. And now Cape Town is heading towards “day zero” on May 11, after which residents will have to collect their drinking water from distribution points.
It’s probably little comfort that Santiago and Cape Town aren’t alone. Many other cities around the world are grappling with impending water crises, including in Australia, where Perth and Melbourne both risk running short.
In many of these places governments have tried to hedge their bets by turning to increasingly expensive and energy-ravenous ways to ensure supply, such as desalination plants and bulk water transfers. These two elements have come together in Victoria with the pumping of desalinated water 150km from a treatment plant at Wonthaggi, on the coast, to the Cardinia Reservoir, which is 167m above sea level.
But while providing clean water is a non-negotiable necessity, these strategies also risk delivering a blowout in greenhouse emissions.
Water pressure
Climate change puts many new pressures on water quality. Besides the effects of floods and droughts, temperature increases can boost evaporation and promote the growth of toxic algae, while catchments can be contaminated by bushfires.
Canberra experienced a situation similar to Santiago in 2003, when a bushfire burned through 98% of the Cotter catchment, and then heavy rain a few months later washed huge amounts of contamination into the Bendora Dam. The ACT government had to commission a A$40 million membrane bioreactor treatment plant to restore water quality.
At the height of the Millennium Drought, household water savings and restrictions lowered volumes in sewers (by up to 40% in Brisbane, for example). The resulting increase in salt concentrations put extra pressure on wastewater treatment and reclamation..
The energy needed to pump, treat, distribute and heat water – and then to convey, pump, reclaim or discharge it as effluent, and to move biosolids – is often overlooked. Many blueprints for zero-carbon cities underplay or neglect entirely the carbon footprint of water supply and sewage treatment.
Some analyses only consider the energy footprint of domestic water heating, rather than the water sector as a whole – which is rather like trying to calculate the carbon footprint of the livestock industry by only looking at cooking.
Yet the growing challenge of delivering a reliable and safe water supply means that energy use is growing. The United States, for example, experienced a 39% increase in electricity usage for drinking water supply and treatment, and a 74% increase for wastewater treatment over the period 1996-2013, in spite of improvements in energy efficiency.
As climate change puts yet more pressure on water infrastructure, responses such as desalination plants and long-distance piping threaten to add even more to this energy burden. The water industry will increasingly be both a contributor to and a casualty of climate change.
How much energy individual utilities are actually using, either in Australia or worldwide, will vary widely according to the source of supply – such as rivers, groundwater or mountain dams – and whether gravity feeds are possible for freshwater and sewage (Melbourne shapes up well here, for example, whereas the Gold Coast doesn’t), as well as factors such as the level of treatment, and whether or not measures such as desalination or bulk transfers are in place.
All of this increases the water sector’s reliance on the electricity sector, which as we know has a pressing need to reduce its greenhouse emissions.
<a href="https://images.theconversation.com/files/205222/original/file-20180207-28333-18qd6w9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/205222/original/file-20180207-28333-18qd6w9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Desalination plants: great for providing water, not so great for saving electricity. Moondyne/Wikimedia Commons, <a class="license" href="http://creativecommons.org/licenses/by-sa/4.0/" target="_blank">CC BY-SA</a>
One option would be for water facilities to take themselves at least partly “off-grid”, by installing large amounts of solar panels, onsite wind turbines, or Tesla-style batteries (a few plants also harness biogas). Treatment plants are not exactly bereft of flat surfaces – such as roofs, grounds or even ponds – an opportunity seized upon by South Australian Water.
But this is a large undertaking, and the alternative – waiting for the grid itself to become largely based on renewables – will take a long time.
A 2012 study found large variations in pump efficiency between water facilities in different local authorities across Australia. Clearly there is untapped scope for collaboration and knowledge-sharing in our water sector, as is done in Spain and Germany, where water utilities have integrated with municipal waste services, and in the United States, where the water and power sectors have gone into partnership in many places.
The developing world
Climate change and population growth are seriously affecting cities in middle-band and developing countries, and the overall outlook is grim. Many places, such as Mexico City, already have serious water contamination problems. Indeed, in developing nations these problems are worsened by existing water quality issues. Only one-third of wastewater is treated to secondary standard in Asia, less than half of that in Latin America and the Caribbean, and a minute amount in Africa.
The transfer of know-how to these places is critical to reaching clean energy transitions. Nations making the energy transition – especially China, the world’s largest greenhouse emitter – need to take just as much care to ensure they avoid a carbon blowout as they transition to clean water too.
Just as in the electricity sector, carbon pricing can potentially provide a valuable incentive for utilities to improve their environmental performance. If utilities were monitored on the amount of electricity used per kilolitre of water processed, and then rewarded (or penalised) accordingly, it would encourage the entire sector to up its game, from water supply all the way through to sewage treatment.
Water is a must for city-dwellers – a fact that Cape Town’s officials are now nervously contemplating. It would be helpful for the industry to participate in the strategic planning and land-use debates that affect its energy budgets, and for its emissions (and emissions reductions) to be measured accurately.
In this way the water industry can become an influential participant in decarbonising our cities, rather than just a passive player.
<img src="https://counter.theconversation.com/content/82822/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">This article is based on a journal article (in press) co-authored by David Smith, former water quality manager for South East Water, Melbourne.
Peter Fisher, Adjunct Professor, Global, Urban and Social Studies, RMIT University
This article was originally published on <a href="http://theconversation.com">The Conversation</a>. Read the <a href="https://theconversation.com/fixing-cities-water-crises-could-send-our-climate-targets-down-the-gurgler-82822">original article</a>.
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Fixing cities' water crises could send our climate targets down the gurgler: Peter Fisher

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GUEST OBSERVER
Recent king tides have again caused significant damage to coastal assets in Australia and New Zealand. This time the combination of large tides and coastal storms damaged properties on Torres Strait islands and in Nelson and other coastal areas of New Zealand. It is increasingly recognised worldwide that, despite many coastal adaptation plans being developed, the implementation of these plans is lagging.
King tides occur several times a year when the Moon is slightly closer to the Earth (so they’re sometimes called perigean spring tides). This means king tides are predictable, as are rising sea levels. The combination, along with sporadic storm events, will lead to increasing flooding of our coastal cities.
Higher sea levels, whether creeping (associated with anthropogenic climate change) or transient (episodic storm events), have impacts on both private and public property and assets. What is now mostly nuisance flooding will become more problematic, and the ever-increasing global damage bill from disaster will continue to mount.
According to the global re-insurer Munich Re, losses from natural disasters in 2017 totalled US$330 billion, the second highest on record. Almost half of these losses (41%) were uninsured.
Who’s responsible for adaptation plans?
In keeping with the theory that risk is best managed by those closest to the risk, local government in Australia is the level of government best suited to managing such local risks. In response to the increasing threat from rising sea levels, many local government councils around Australia have developed coastal climate adaptation plans.
Federal and state governments clearly also have roles to play in managing coastal inundation. The federal government is often the insurer of last resort, especially for public infrastructure.
In Queensland, the state government has implemented the successful QCoast2100 program. This is helping local governments to develop adaptation plans all along the state’s coastline.
It is increasingly recognised that many of the plans developed in the past contain overcomplicated analyses of oversimplified adaptation options. Instead, we need less complicated ways of determining the most suitable adaptation option and assessments that consider more tailored and considered options, which will then be more readily implementable.
What are the options?
Coastal climate adaptation options tend to fall into one of three categories:
<ul>
<li>retreat – relocate assets and structures inland or to higher ground</li>
<li>protect – mostly by building engineered seawalls, although green infrastructure can also be implemented</li>
<li>accommodate – live with the hazard but reduce the vulnerability of structures and assets.</li>
</ul>
Retreat makes intuitive sense: relocating assets out of harm’s way reduces their vulnerability. However, this approach has proved politically problematic, especially for private buildings.
Most communities are familiar with seawalls and other forms of coastal protection. Others fundamentally disagree with the principle of hard coastal protection measures.
The third adaptation option, accommodating sea-level rise, is becoming the most popular approach in many nations, including the low-lying Netherlands. However, this approach is probably the least understood in Australia and rarely appears as the preferred option in Australian coastal adaptation plans.
This option includes making existing structures less vulnerable. This might involve relocating electrical and air-conditioning services and switchboards higher in existing buildings. Over time, vulnerable sites can be repurposed with less vulnerable land uses and structures.
This is different from pre-emptively evicting and relocating entire communities from vulnerable locations – the retreat option. The retreat option is most easily implemented immediately after major flooding that has led to significant damage.
Plans must consider the politics
Early coastal adaptation plans commonly advocated mass pre-emptive coastal retreat, but local government often ended up shelving or rejecting such recommendations. Instead, councils simply commissioned the construction of small local seawalls in areas at risk of erosion.
More developed and recent coastal adaptation plans consider finer spatial scales. What they still often don’t do is consider more sophisticated and politically informed adaptation options and approaches.
Hence adaptation planning is still often best characterised as the “plan and forget” approach. These plans typically lack monitoring and evaluation and a realistic implementation strategy.
<img src="https://counter.theconversation.com/content/91318/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Increased flooding of our coastline is inevitable and happening. Therefore, adaptation planning needs to consider more nuanced options that are likely to be more politically palatable and implementable.
Mark Gibbs, Director, Knowledge to Innovation; Chair, Green Cross Australia, Queensland University of Technology
This article was originally published on <a href="http://theconversation.com">The Conversation</a>. Read the <a href="https://theconversation.com/king-tides-and-rising-seas-are-predictable-and-were-not-doing-enough-about-it-91318">original article</a>.
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King tides and rising seas are predictable, and we're not doing enough about it: Mark Gibbs

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GUEST OBSERVER
There’s more than 30 years of research showing financial consumers have behavioural biases that can lead to poor decisions. Financial providers and banks have known this too, and have designed some products to take advantage of consumer habits rather than benefit them.
Legislation soon to be introduced to parliament is intended to curb these practices, but credit products are being left out to consumer detriment.
Regulators have relied on two strategies to help consumers with this problem. Disclosure of the nature and prospects of the products providers offer. Also, encouraging consumers to seek financial advice.
Neither of these has worked well. The Financial System Inquiry in 2014 recognised that disclosure hasn’t closed the gap in consumer capability. Worse, the providers of these products may have incentives through remuneration which may not serve the customer’s interest and only about 25% of financial consumers seek advice.
The Productivity Commission’s report on competition in financial services, illustrates many of these points in arguing for regulation of mortgage brokers. Brokers are supposed to be the customer’s agent to scout for and advise on the best mortgage terms and cost. Instead they are remunerated by mortgage providers (like the banks), take commissions and, according to the Productivity Commission, generally cost more than loans directly from a bank.
Bias in financial decision-making
Consumers are prone to a range of biases which may also impair their financial decisions. For example overconfidence may cause them to ignore new information or hold unrealistic views about how high returns will be.
As we age or as our circumstances change, our tolerance for risk also changes. As we get older our tolerance for risk decreases, while having a higher income increases it. Men are also more risk tolerant than women.
Consumers may also give too much weight to recent events and things they know already and can be unduly influenced by the opinions of friends and family.
This sort of consumer decision-making is no match for providers’ knowledge of financial conditions and product features. Banks and other financial service providers have learned from experience, but most of all their own command of consumer behaviour research.
The latter leaves providers able to design and sell products that benefit from consumers not overcoming mistakes, or at times, exacerbating mistakes.
Helping customers make better choices
In a bill soon to be before the Australian parliament, those selling financial products will have to make a “target market determination”. This records and describes the market for a product (those who would buy it). It must also set out any conditions under which the product must be distributed, for example that it can only be sold with advice.
It’s designed so that financial products meet the needs and financial situation of the people acquiring them.
There are criminal and civil penalty sanctions for failing to make and ensure products are sold in accordance with a determination. Also, for failure to revise and reissue it, if circumstances change.
Twinned with this requirement are new intervention powers for the Australian Securities and Investments Commission (ASIC). ASIC will be able to make interim rules, effectively prohibiting sales or imposing conditions, if continued sale would result in “significant detriment” to financial consumers.
The purpose of product regulation is clearly to allow ASIC to be more active and reduce over-reliance on ineffective disclosure, conflicted advice and drawn out dispute resolution.
Product regulation is no panacea. This version has a large gap, as credit products (for example credit cards or mortgages) do not require a target market determination. It’s not difficult to read the politics of regulation in this omission. There is also a risk that target market determinations will become pro-forma and add to compliance and not to consumer benefit. Although a description of the target market must be in the advertising, it’s not clear it must be in formal disclosure, so consumers may never read it.
Product intervention powers apply across investment, insurance and credit products but it will never be easy for ASIC to prove the risk of “significant consumer detriment”. Intervention orders also expire in 18 months unless made permanent by parliament.
<img src="https://counter.theconversation.com/content/91228/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">The regulation of product design and distribution in the spirit of consumer safety has been commonplace (if imperfectly realised) in car, pharmaceuticals and other consumer markets, for decades. There are modest grounds for optimism that in Australia financial product safety might catch on too, but the government needs to include credit products as well.
Dimity Kingsford Smith, Professor of Law, UNSW
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/banks-and-financial-providers-one-step-ahead-of-consumers-who-struggle-with-personal-bias-91228" target="_blank">original article</a>.
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Banks and financial providers one step ahead of consumers: Dimity Kingsford Smith

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GUEST OBSERVER
A Productivity Commission report analysing competition in the financial sector has pointed out that our finance regulators have become enablers of an industry that is an impediment to our economic competitiveness and exploitative of their most loyal customers.
It proves the need for a board to oversee the conduct of our financial regulators, policing the bodies that are supposed to be keeping our financial system in check.
It could not have come at a worse time for our big four banks. Perennially pilloried for their rampant market misconduct (fraudulently manipulating benchmark interest rates) and their equally rampant abuse of upwards of hundreds of thousands of consumers across every one of their retail operations at one stage or another – financial advice, life insurance and credit card insurance, just to name a few.
The Australian Securities and Investments Commission (ASIC) most recently launched a bank-bill swap rate manipulation case against the Commonwealth Bank, but only across a very narrow range of infringements. The bulk of the infringements can’t be prosecuted because ASIC has dithered for so long, the statute of limitations has run out, and the alleged crimes have proscribed.
And what of our other financial regulator - the Australian Prudential Regulation Authority (APRA)? The Productivity Commission reckons that APRA’s ham-fisted use of macro-prudential tools, usually used to reduce risk in our financial system, has benefited the big four banks to the tune of A$1 billion.
APRA has been criticised for pursuing stability in a manner that has killed competition, hurt consumers, and starved small businesses of life-giving capital. The dominance by a few banks, whose profits are based on runaway property prices, is its own systemic threat.
The result is that small banks are squeezed out, big banks raking in higher rates, and investors offsetting higher rates against their taxes and so costing the Australian Taxation Office an estimated A$500 million in deductions. As the old saying goes, when your only tool is a hammer, every problem looks like a nail.
Who will regulate the regulators?
So what to do about ASIC and APRA? Back in 2014, the Financial System Inquiry recommended a board of oversight – a regulator for the regulators – to ensure that the regulators discharge their mandates.
So, for example, to ensure that ASIC acts like a cop, not a co-op; that APRA acts with foresight and finesse, as opposed to damaging competition. APRA and ASIC pushed back at the time, and the Abbott government rejected the recommendation.
Now to add impetus to the Financial System Inquiry recommendation, the Productivity Commission says there is a lack of transparency and accountability exhibited by our regulators. Add to that the implications regarding regulator’s efficacy that comes with the establishment of the Financial Services Royal Commission. The public deserves better than this.
A regulator for the regulators – a Financial Regulator Assessment Board – would conduct ex post analyses of how regulators had discharged their mandates, evaluate their policies and the efficacy of their policy tools. It would be a sober second thought, and a crucial mechanism of double redundancy – to pick up on crucial elements that the regulator may have overlooked.
The idea has form. The British have created something similar, called a Financial Policy Committee, this body’s aim is to review the British regulators, while keeping a look-out for where the next “bombshell” may come from.
That development in turn builds on the work of James Barth, Gerard Caprio and Ross Levine whose research indicates that regulators simply cannot be trusted to perform these crucial functions as the guardians of finance, without oversight. The researchers call their proposed board of oversight the “Sentinel”, and point out that no industry is more adept and more practised at suborning the guardians of finance than banks and insurers. Sound familiar?
<img src="https://counter.theconversation.com/content/91396/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Australia’s financial system is increasingly governed by a lawless financial sector, presided over by regulators that are at best misguided, and at worst captured. A board of oversight is the least we can do.
Andrew Schmulow, Senior Lecturer, Faculty of Law, University of Western Australia
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/australias-financial-regulators-need-policing-91396" target="_blank">original article</a>.
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Australia's financial regulators need policing: Andrew Schmulow

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GUEST OBSERVER
Green and public spaces must be safe, inclusive and accessible for all. In Australia, however, most young women do not feel safe in public spaces, especially after dark or when walking alone. Welcoming public spaces are also in decline in the US.
Calls to enhance the built environment for the benefit and well-being of half of humanity, the 3.5 billion people living in cities today, have never been so strong, especially since Habitat III.
Universal access to safe and inclusive public spaces is a key target of Sustainable Development Goal 11. A follow-up placemaking training event at the ninth World Urban Forum (WUF9), starting this week in Kuala Lumpur, Malaysia, will continue this global discussion on co-creating inclusive public spaces.
Yet improving public space requires significant investment. To ensure that city governments, private developers and citizen experts continue to make meaningful investments in creating better public parks, playgrounds, streets and sidewalks, we need to be able to assess the public value of such spaces.
So what are the ingredients of success?
For a public space to be seen as safe, comfortable and successful, a diverse range of people need to actively use it. In a workshop at the 2017 EcoCity World Summit in Melbourne, experts discussed challenges in everyday practices of developing and maintaining inclusive public spaces. The discussions led to a common understanding of what these spaces look like.
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A workshop at the EcoCity World Summit in Melbourne. Author provided
Several key elements of successful public space were identified:
<ul>
<li>
Public space should not favour specific groups or promote gentrification. Sometimes, architectural design of public spaces can restrict the free use of space.
</li>
<li>
Inclusive spaces work by encouraging a diverse mix of people who feel safe and comfortable in them. This mix should be intergenerational as well as intercultural.
</li>
<li>
Inclusive spaces can thrive only when they are open, free and accessible. The space should allow some flexibility in its use to suit changing needs. When streets and plazas accommodate multiple activities, they are activated at all times, even if used differently at different times.
</li>
<li>
Inclusive spaces must respect and acknowledge the needs of all genders and recognise children as active users of space. World Vision International, for instance, engages children as change agents who inform planning decisions for better and safer spaces.
</li>
<li>
Public space is accessible when it is well integrated and connected with surrounding land uses and transport options. If we design for people rather than cars, we can create places that more people are able to access and use.
</li>
</ul>
Inclusion depends on real participation
Participatory processes are incomplete without integrating community voice, building place-based relationships, fostering a sense of belonging and encouraging open communication in communities.
To achieve long-term success, it is important to understand how citizens can contribute to creating more inclusive spaces. Any space-changing project needs to nurture community and foster a sense of belonging among neighbouring residents.
Co-designing with the local community is crucial for a space to have a long-term sustainable impact and maintain continuous engagement. In Hobart’s Macquarie Point, for example, in addition to successfully building partnerships between multiple stakeholders, the project applied a phased activation plan, to allow the community to slowly engage with the spaces.
People have different ways of voicing their opinions. These different means of expression and participation need to be recognised when designing an inclusive space. Storytelling is one powerful tool to share and listen to local histories of place. It helps create meaningful city spaces that are valuable to the whole community.
Technology promises new and innovative ways of engaging communities. Crowdsourcing is one approach to tap into the community and encourage them to share their experience in their use of public space.
Plan International’s map-based community engagement tool allowed women to chart safe and unsafe spaces in the city and comment on them. This was an effective way for women with similar experiences to come together virtually and volunteer information.
However, easy translation of data into usable information to be shared widely is equally important for any participatory exercise.
<img src="https://images.theconversation.com/files/204498/original/file-20180201-123833-1iy7ogt.JPG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Many elements go into creating an inclusive public space. Author provided
Evaluating success of public spaces
Workshop participants found it particularly challenging to find the most effective means to measure the success of public spaces. Few appraisal tools exist to measure the quality of public space.
The project evaluation component almost always falls by the wayside as the impact of public spaces takes longer to manifest but is crucial to sustaining these spaces.
The workshop discussion highlighted the need to further explore evaluation tools that help ensure projects and initiatives have lasting outcomes.
The next steps
Public space is a critical ingredient of liveable cities. It is also recognised as important for sustainable urban development.
Getting it right requires investment in research, programming, information and advocacy.
<img src="https://counter.theconversation.com/content/89961/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Health, well-being and prosperity all depend on the rightful use of public space to create communities that are inclusive and connected for the benefit of everyone.
SriPallavi Nadimpalli, PhD Candidate, University of Melbourne
Iderlina Mateo-Babiano, Senior Lecturer in Urban Planning, University of Melbourne 
Joyati Das, Associate, Melbourne Sustainable Society Institute, University of Melbourne
This article was originally published on <a href="http://theconversation.com">The Conversation</a>. Read the <a href="https://theconversation.com/putting-the-pieces-together-to-create-safe-public-spaces-for-all-89961">original article</a>.
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Putting the pieces together to create safe public spaces for all

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Some 18 out of 24 real estate agencies in western Sydney recently audited by NSW Fair Trading failed random inspections on industry standards.
The inspections were conducted on compliance with Continuing Professional Development (CPD) requirements in December in the suburbs of Wentworthville, Toongabbie, Pendle Hill, Greystanes, Westmead and Girraween.
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<div id="google_ads_iframe_/31694718/domain.com.au/news/nsw_4__container__"><iframe title="3rd party ad content" name="google_ads_iframe_/31694718/domain.com.au/news/nsw_4" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" width="1" height="1" data-integralas-id-b18a1185-5227-6afd-d352-8864527f5bda=""></iframe></div>
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<div class="in-content-ad">The compliance crackdown checked whether businesses operated with a necessary licence.</div>
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<div class="in-content-ad">It checked whether agents were sufficiently trained with adequate ongoing supervision, and also whether ongoing professional development was maintained.</div>
Minister for Better Regulation Matt Kean said many agents were not meeting industry standards.
“The results are totally disappointing with only six of the 24 agents inspected found to be fully compliant with NSW Fair Trading requirements,” Kean said.
The three-day crackdown resulted in 30 penalty infringement notices, totalling $31,900.
One agency business that was found to be operating without the necessary licence.
There were three that were using an unaudited trust account.
Some 13 licensees were fined for failing to supervise their business.
Two agents were issued with education letters.
“It’s clear these agents need to pull their socks up, and Fair Trading will continue to target those who aren’t playing by the rules to make sure consumers are put first.” Mr Kean said.
Fair Trading declined to name the agencies because of ongoing investigations.
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NSW Fair Trading find Sydney agencies falling short on industry standards

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The latest research from North Sydney Cityscope shows sales have decreased in total value in the quarter to January 2018.
Sales recorded in the most recent quarter totalled $730.3 million from 50 sales, a decrease in total value compared to the $962.3 million from 71 sales in the quarter to October 2017 and an increase from the $539.4 million from 71 sales in the quarter to July 2017.
This quarter brings the twelve-month total value of sales to $2.752 billion, a large increase from the $1.872 billion recorded for the previous year.
The table below shows sales recorded for the past eight updates of North Sydney Cityscope.
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Notable sales for the January 2018 update of North Sydney Cityscope include:
<ul>
<li>Charter Grove at 29-57 Christie Street Mall, Crows Nest, a seven-storey office building over a three-level basement car park for 307 cars and a building area of 14,400 sqm and Charters Grove Sports Complex at 29 Christie Street Mall, Crows Nest, which includes a swimming pool, tennis court and a child care centre, were bought together for a total of approximately $160 million through Savills;</li>
<li>73 Miller Street, North Sydney, a 12-storey commercial building with ground floor retail, a restaurant and two levels of basement car parking for 159 cars and with a net lettable area of 14,670 sqm, which was bought for $150 million and</li>
<li>A half share in the Cisco Systems Building at 201 Pacific Highway, North Sydney, a 10-storey commercial building with 8 additional levels of basement car parking for 262 vehicles and a net lettable area of 16,578 sqm, was bought for $85.8 million. </li>
</ul>
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Properties listed as for sale in the January 2018 update in the areas covered by North Sydney Cityscope include: 
<ul>
<li>The stalled Davenport development at 563-565 Pacific Highway, St Leonards, a development site at excavation stage on a 284 sqm block, which is for sale through Property Fox; </li>
<li>118 Alexander Street, Crows Nest, a single-storey house on a site area of 390 sqm, which is for sale through Property Fox and</li>
<li>254 Military Road, Neutral Bay, a two-storey brick building with ground floor retail and a building area of 220 sqm, for sale through Victor Kelly Estate Agent. </li>
</ul>
Leasing opportunities in the January 2018 update in the areas covered by North Sydney Cityscope include:
<ul>
<li>141 Walker Street, North Sydney, a 24-storey office building which comprises basement parking for 209 cars, ground floor retail space and landscaped terrace and forecourt, ground and upper ground level shops and restaurant, and 22 floors of offices, which has office space of 200 to 3,755 sqm available through Dexus Property Group; </li>
<li>Northpoint at 100 Miller Street, North Sydney, a 32-storey office building of with a two-level arcade of specialty shops and basement parking for 423 cars over 6 levels, has office space of 26 to 941 sqm available through JLL North Sydney and Colliers International and</li>
<li>170 Pacific Highway, McMahons Point, a five-storey building with retail space on the ground floor and commercial space on the upper floors, with basement parking for 129 cars, which has office space of 300 to 1,200 sqm available through Cadigal Office Leasing.</li>
</ul>
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North Sydney commercial property market update; Citiscope

Buyers considering a residence at boutique Gordon townhouse development <a href="https://www.apartments.com.au/new-townhouses/lume-gordon-43-47-dumaresq-street-gordon-nsw-2072">Lume</a>&nbsp;now have another reason to bring forward their decision.

For a limited time, purchasers of a residence at Lume will receive a BMW iX3 50 electric SUV, valued at more than $120,000, as part of their purchase. The offer is designed to add value for buyers while complementing the lifestyle envisioned for the architecturally designed Upper North Shore development.

Scott Timmins, Development Manager at <a href="https://www.apartments.com.au/developers/winim">WINIM</a>, said the partnership was created to provide buyers with a compelling reason to act.

"In today's market, buyers need a compelling reason to act now, and the BMW partnership was designed to create that catalyst. We wanted to add genuine value for our future purchasers. Choosing the all-electric BMW iX3 50 also reflects the values behind LUME, forward-thinking design, innovation and a more sustainable way of living. It's a premium incentive that complements the lifestyle our buyers aspire to and rewards those who commit early."

[smartcode_project:default project_id=7354 project_image_fid=374893]

Delivered by WINIM in partnership with Burtonwood Investment Partners, Lume comprises 14 architecturally designed two, three and four-bedroom townhomes created for families seeking the space of a freestanding house with the ease of modern, low-maintenance living.

The three-storey residences, designed by award-winning architecture practice <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, have been tailored for families and multi-generational living, featuring private internal lifts, flexible lower-level spaces, generous open-plan living and entertaining areas, media rooms, and landscaped outdoor spaces with custom outdoor kitchens.&nbsp;

Inside, engineered oak flooring, bespoke dining joinery with integrated wine fridges and backlit bars, sculptural porcelain bathrooms, Parisi freestanding baths and Astra Walker tapware create interiors that balance functionality with refined finishes.

Each townhome has been designed to combine generous internal spaces with sustainability initiatives such as EV charging infrastructure, while <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>'s landscaped communal areas, centred around a restored creek line and native planting, encourage residents to connect with nature and spend more time outdoors.

[smartcode_project:default project_id=7354 project_image_fid=269527]

Rothelowman's Gary Tsui said the architecture was conceived to respond carefully to its Upper North Shore setting.

"Our vision was to create elegant, uplifting homes that draw on and positively contribute to the local character through meticulously considered design and an interaction with the surroundings."

The communal landscape has been designed as more than an open space between homes. Arcadia's Ben Newell and Kate Phillips said the adjoining reserve provided an opportunity to create a distinctive natural retreat for residents.

"Just as waterways carve their way through Ku-ring-gai's landscape, a raised boardwalk weaves through the reserve, connecting the homes to this tranquil oasis."

[smartcode_project:default project_id=7354 project_image_fid=374892]

Located just 300 metres from <a href="https://www.apartments.com.au/developments/gordon-nsw-2072">Gordon</a> Village and Gordon railway station, Lume offers convenient access to Sydney's CBD while placing residents close to some of the North Shore's leading schools, including Ravenswood, Pymble Ladies' College and Knox Grammar. Lane Cove National Park, Gordon Golf Club and a range of cafés and restaurants further reinforce the family-focused lifestyle on offer, with the BMW iX3 50 complementing everything from local trips around Gordon to weekend drives and city commutes.

Construction is underway with completion expected in mid-2027.

[smartcode_project_cta:default project_id=7354]

Joel Robinson

Boutique Gordon townhomes now come with a BMW iX3 50

Two apartments have sold for more than $10 million at EADE Byron Bay, setting some of the highest apartment prices ever achieved in the coastal town and underlining the growing appetite for luxury beachfront apartments in Australia's most popular coastal locations.

The $210 million project by Vitale Property Group has now secured more than $70 million in sales, led by residences that changed hands for $12.75 million and $11.75 million.

The record-breaking transactions reinforce the shift occurring in Byron Bay's premium property market, where affluent downsizers and lifestyle buyers are increasingly opting for high-end apartments over large beachfront homes.

<a href="https://www.apartments.com.au/new-apartments/eade-byron-bay-29-shirley-street-byron-bay-nsw-2481">EADE Byron Bay</a> occupies a rare 6,000 sqm absolute beachfront site on the corner of Shirley and Milton Streets overlooking Main Beach and The Wreck surf break, just 350 metres from Byron Bay's town centre.

The 25-residence development is the first beachfront apartment project approved in Byron Bay in more than a decade and is currently under construction, with completion expected in May 2027.

[smartcode_project:default project_id=145590 project_image_fid=359521]

The project has attracted a mix of local Byron Shire residents downsizing from larger homes, alongside interstate buyers from Sydney, Melbourne and Brisbane seeking a permanent coastal lifestyle without compromising on space.

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a> and with interiors by <a href="https://www.apartments.com.au/interior-designers/alexander-co">Alexander &amp; Co</a>, EADE comprises&nbsp;10 garden apartments ranging from 284 sqm to 622 sqm, nine with private pools, five full-floor apartments and 10 rooftop residences with private plunge pools, expansive outdoor entertaining areas and uninterrupted ocean views.

[smartcode_project:default project_id=145590 project_image_fid=359527]

<a href="https://www.apartments.com.au/developers/vitale-property-group">Vitale Property Group</a> Managing Partner Chris Vitale said the project's combination of scale, location and limited future supply was driving buyer demand.

"There isn't another beachfront holding in Byron Bay of this size and position that could be developed again," Vitale said.

"Buyers are responding to the scarcity and the irreplaceability of a site of this calibre and to floorplans they can't find elsewhere in the market.

"We are seeing buyers place significant value on quality, space, design, resort-style amenities and the rarity of the location. The sales achieved to date demonstrate that discerning purchasers recognise the long-term significance of what is being created at EADE Byron Bay.

"Many are coming from larger homes in the Byron region, or from Sydney, Melbourne and Brisbane, and are after the space, security and convenience, without the upkeep of a house."

&nbsp;

[smartcode_project:default project_id=145590 project_image_fid=359523]

The Byron Bay project follows Vitale Property Group's delivery of the Mondrian Hotel and Private Residences at Burleigh Heads, with EADE continuing the developer's focus on luxury coastal developments.

Residents will have access to a resort-style swimming pool, gymnasium, sauna, cold plunge pool, concierge services and dedicated workspaces, while the project is targeting an 8-Star Green Star rating.

EADE Byron Bay is being exclusively marketed by Projx Australia in conjunction with WHITEFOX Projects.

WHITEFOX National Projects Director Phillip Rand said demand had been driven predominantly by owner-occupiers.

"We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location," Rand says.

"The sales achieved to date demonstrate that purchasers at this level recognise the long-term significance of what is being created at EADE Byron Bay."

Residences at EADE Byron Bay are currently priced between $4.75 million and $15.95 million.

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[smartcode_project_cta:default project_id=145590]

Vitale breaks Byron Bay records with EADE sales flurry 

When buying an apartment, most people compare the big-ticket items first. Floorplans. Kitchens. Balcony size. Natural light. The view.

But there's one everyday consideration that often doesn't come up until after moving in: how parcels are delivered.

As online shopping has become part of everyday life, parcel deliveries have shifted from an occasional event to a regular occurrence. Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally.

For apartment residents, that can present a challenge.

If nobody is home to accept a delivery, parcels may be redirected to a nearby Post Office, left in a building lobby or common area, or require building management to step in. In higher-density buildings, where dozens or even hundreds of residents may receive deliveries each day, parcel management has become an increasingly important part of everyday living.

That can create a range of frustrations. A missed delivery often means making time to collect a parcel elsewhere, while packages left unattended in foyers or mail areas can create clutter and increase the risk of theft. What seems like a minor inconvenience can quickly become a recurring issue for residents who shop online regularly.

It's one of those details that rarely features in a display suite but can have a noticeable impact once residents move in.

As a result, buyers are beginning to look beyond traditional apartment features and consider how a building supports day-to-day convenience, including whether there are secure options for receiving deliveries.

Australia Post's Parcel Lockers provide one solution.

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Rather than having a parcel delivered directly to an apartment, eligible deliveries can be sent to a nominated Parcel Locker. Once the parcel arrives, residents receive a notification through the AusPost app or SMS and can collect it using a QR code or one-time PIN at a time that suits them.

The Parcel Locker network now includes more than 1,500 locations nationwide, with installations at Post Offices, shopping centres, transport hubs and an increasing number of residential developments. By providing a secure collection point, Parcel Lockers help reduce missed deliveries and avoid parcels being left unattended in common areas.

For developers, parcel infrastructure is becoming another way to improve the resident experience. Rather than relying on concierge staff or leaving parcels in communal spaces, secure collection points help streamline deliveries while preserving the presentation and functionality of shared areas.

For buyers, it's a reminder that the best apartment features aren't always the most obvious.

A generous floorplan or quality finishes might help narrow the shortlist, but the conveniences that simplify everyday life, whether that's EV charging, secure bike storage or reliable parcel delivery, often become the features residents appreciate most once they're living there.

The apartment feature many buyers don't think about, until their first missed delivery

<a href="https://www.apartments.com.au/developers/hg-developments">HG Developments</a> is doubling down on Maud Street in Newstead, filing plans for a new apartment tower just a few doors down from its under-construction Aire Newstead development.

Recently submitted to Brisbane City Council, the proposal is for an 18-storey building designed by bureau^proberts, which has drawn heavily on Brisbane's subtropical design principles while referencing the suburb's industrial heritage.

A total of 64 apartments are planned for the amalgamated 1,518 sqm site at <a href="https://www.apartments.com.au/new-apartments/17-21-maud-street-newstead-qld-4006">17–21 Maud Street</a>, a short walk from the Brisbane River and Newstead Riverwalk.

<img alt="First look: HG Developments plans 18-storey subtropical apartment tower for Newstead" data-entity-type="file" data-entity-uuid="a400c7fd-bd15-48f8-a63b-10ede92efe00" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Maud%20st%20bldg.png?VersionId=.0vPmjpbC7CNP7kqGWa6L7rGIwsNExaw" />

"The building is defined by a series of vaulted motifs that reinterpret the arches, colonnades and layered facades evident throughout Newstead's historic built fabric," the Urban Design Report states.

"Combined with recessed glazing and generous balconies, these elements create a layered building envelope that provides shade, weather protection and opportunities for natural ventilation whilst establishing a distinctive architectural identity."

The proposal comprises 64 two, three and four-bedroom apartments across 18 residential levels, positioning it alongside a growing number of taller residential projects transforming Newstead's northern precinct. The tower incorporates extensive subtropical landscaping, with cascading planter boxes, deep planting at street level and a landscaped rooftop recreation area.

<img alt="First look: HG Developments plans 18-storey subtropical apartment tower for Newstead" data-entity-type="file" data-entity-uuid="1d8140f4-8b98-45cd-b1b8-1efe8c8e266b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Maud%20st%20podium.png?VersionId=VAZtbCoD44YCJ57N99fQCAKeSJx7ldZs" />

Bureau Proberts has prioritised passive environmental design throughout the project, with generous balconies, recessed glazing and operable façades helping reduce solar heat gain while maximising natural ventilation. River views become available from the upper levels, while the building has been orientated to capture prevailing breezes from both the Brisbane River and the west.

The architects say landscape is intended to be integral to the building rather than an applied element.

"Vertical greenery, cascading planter boxes and elevated gardens are woven throughout the architecture, softening the built form and strengthening the connection between residents and the subtropical environment."

"Through the integration of landscape, high-quality materials and passive design principles, the development delivers a refined residential address that celebrates Newstead's heritage character while contributing positively to Brisbane's evolving subtropical identity."

Newstead has remained one of Brisbane's most active apartment markets in recent years, with a number of developers continuing to back the inner-city suburb.

HG Developments is currently delivering the 40-apartment Aire Newstead at 25 Maud Street. Fortis recently launched the 65-apartment <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> on Kyabra Street, while builder-developer BPG and Don O'Rorke's Consolidated Properties are both expected to launch their respective Newstead projects before the end of the year.

HG Developments doubles down in Newstead with second Maud Street apartment development

Walk past a new apartment development promoting its sustainability credentials and it's easy to picture rooftop gardens, mature trees, landscaped courtyards and residents surrounded by nature.

But in many cases, that's not actually what those sustainability ratings guarantee.

Australia's leading environmental rating tools have played a significant role in improving the energy efficiency and environmental performance of buildings. Yet despite their focus on reducing emissions, many don't require developers to include trees, biodiversity or meaningful green space.

In other words, a building can achieve one of the country's highest sustainability ratings while containing little more than concrete, glass and hard landscaping.

That disconnect has led to the emergence of a new movement across Australia's property industry: nature-based cities.

The concept goes beyond designing buildings that consume less energy. Instead, it encourages developers to treat nature as essential infrastructure, integrating biodiversity, tree canopy, living landscapes and green spaces into projects from the earliest stages of planning.

Research has consistently linked access to nature with better physical and mental health, cooler neighbourhoods, improved biodiversity, stronger climate resilience and more connected communities. As Australia's cities continue to become denser, advocates say those outcomes should be considered just as important as energy efficiency.

Nature Based Cities (NBC) was established in 2022 to help accelerate that shift.

Founded by Hamton Executive Chairman Paul Hameister OAM, the not-for-profit was created after research highlighted a significant gap in Australia's sustainability framework. While existing environmental rating tools rewarded energy performance and emissions reductions, they placed little emphasis on the inclusion of living landscapes.

"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.

"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."

Since its launch, NBC has developed independent design guidelines and accreditation frameworks that encourage developers to prioritise ecology, biodiversity, tree canopy, walkability and living landscapes alongside traditional sustainability measures. The organisation first focused on medium and high-density residential developments before recently expanding into precinct-scale communities and masterplanned neighbourhoods.

Jan Talacko, founder of sustainability consultancy Ark Resources and a member of the Nature Based Cities Advisory Council, says the initiative addresses an area that has largely been overlooked by the property industry.

"Throughout my 25 years of working collaboratively with all stakeholders in the property sector, I've always favoured a pragmatic approach to sustainable design which encourages initiatives that not only meet environmental expectations but also improve amenity," Talacko says.

"Whilst we are making steady progress in relation to energy and carbon emissions from buildings, there has been much less emphasis on encouraging biodiversity and tackling the urban heat island effect.

"The Nature Based Cities initiative responds to a gap in the suite of tools currently used by the property development sector, which don't provide sufficient incentive, or recognition, for the integration of landscaping and greenery."

For apartment buyers, the shift is also changing the questions worth asking.

Rather than assuming a sustainable building will naturally include abundant green space, buyers are increasingly being encouraged to look beyond environmental ratings and ask what nature is actually being delivered. How much tree canopy will the development create? Has biodiversity been considered? Are landscaped spaces designed for people as well as appearance?

As Australia's cities continue to grow upwards and outwards, the next generation of sustainability may not simply be measured by lower emissions, but by how successfully developments bring nature back into everyday urban life.

Staff reporter

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