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<p>GUEST OBSERVER</p>
<p>The latest ABS data on housing approvals indicates a fall in NSW compared to an increase in Victoria.</p>
<p>The approval numbers for apartments in New South Wales have dropped at the end of 2017 according to the latest ABS trend data.</p>
<p>We have seen a number of factors combining in the Sydney housing market that are discouraging developers from trying to get planning approvals leading to an approval slowdown.</p>
<p>The banks are continuing to minimise lending for new housing, the investment from China has cooled, many councils are proposing significant levies for affordable housing, there is a growing negative community reaction to new housing and the state government is removing the cap on contribution levels by councils.</p>
<p>When all of these factors combine confidence levels from developers decrease and the risk from new developments increases.</p>
<p>The December figures for NSW housing approvals by trend are 5,268 compared to a robust Victoria performance of 6,570. The number of apartment approvals is falling fast in NSW from 4,326 in July 2016 to 2,888 in December 2017. The Victorian apartment approvals for December 2017 are 3,361.</p>
<p>The NSW Government has been talking about approaches to affordable housing over the last year but expected guidance notes and an expected Housing State Environmental Planning Policy (SEPP) have not been forthcoming.</p>
<p>This has led to uncertainty amongst the development industry about what extra levies may be added to a new housing project. The recently elected Inner West Council late last year proposed an affordable housing levy of 30% of apartments to be given back to the council from all new apartment developments. If excessive levies like this occur clearly new housing will slow down even further.</p>
<p>Another example of confidence levels decreasing is the pull out by respected developer Mirvac from a large housing project in the Hills Shire due to excessive apartment sizes required by councils above state standards.</p>
<p>Both the council in the Hills Shire and local members of state parliament have been attacking development proposals as being too big relative to existing infrastructure despite a new metro rail line being built by the state government.</p>
<p>While the NSW economy is in good shape compared to other states there are strong signals that confidence is dropping in the housing development sector which is a major employer of jobs.</p>
<p>The NSW Premier, Gladys Berejiklian, has stated that housing supply is the key to housing affordability so the government must do all it can to support more approvals for new homes through the planning system.</p>
<p>See below graphs based on ABS figures: </p>
<p><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/2018/2/1/NSW1.jpg" alt="" style="font-size: 12.16px;"></p>
<p><em><strong>Chris Johnson</strong> is the CEO of Urban Taskforce.</em></p>
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NSW housing approvals dropping below Victoria: Urban Taskforce CEO Chris Johnson

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<p>CoreLogic today released its January hedonic home value index results which, at a national level, revealed a fall of 0.3% for the month, led by a 0.9% fall in Sydney dwelling values.</p>
<p>The difference between Melbourne and Sydney houses according to CoreLogic is $216,000.</p>
<p>The national combined dwellings index posted a modest 0.3% fall in January, taking dwelling values 0.7% lower since their recent peak in September last year. Dwelling value falls were most evident across the capital city regions, with the combined capitals index down half a per cent over the month, while the combined regional areas of Australia continued to see values edging higher, up 0.2% in January. The combined regional markets have now recorded a stronger monthly change in values relative to the combined capital cities over each of the past four months.</p>
<p>Across the capital cities, while broad-based, the softer month-on-month housing market conditions were led by Sydney (-0.9%), with declines also reported in Melbourne (-0.2%), Adelaide (-0.2%), Perth (-0.4%), Darwin (-0.2%) and Canberra (-0.1%) while values in Brisbane were unchanged.</p>
<p>Click here <a href="https://www.propertyobserver.com.au/images/2018/2/1/CORELOGIC%206.jpg" target="_blank">to enlarge.</a></p>
<p><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/2018/2/1/CORELOGIC%206.jpg" alt=""></p>
<p>The price gap has narrowed between Sydney and Melbourne, according to Domain's research.</p>
<p><span>According to CoreLogic head of research Tim Lawless, “Housing market activity is generally more sedate from late December through to late January; a factor which can contribute towards higher volatility in housing market measurements due to the lower number of observations. Our experience has been that this seasonality doesn’t exert much influence over the trend in hedonic valuations.” </span></p>
<p><span>“While January may deliver additional noise in the indices results, the negative monthly result lines up with recent months, which showed a softening trend, particularly in Sydney and, to a lesser extent, Melbourne. </span></p>
<p><span>“In the absence of a catalyst to reinvigorate the market, such as lower mortgage rates or a loosening in credit policies, we expect to see a continuation of softening conditions across these markets,” he said. </span></p>
<p><span><strong>The Sydney housing market has now retraced by 3.1% </strong>after dwelling values surged 75% between February 2012 and the recent peak in July last year. With a history of such strong capital gains, the fall in Sydney housing values to date has been mild and the vast majority of Sydney home owners remain in a strong equity position. </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/2018/2/1/CORELOGIC%201.jpg" alt=""></span></p>
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<p><span>Highlights over the three months to January 2018 </span></p>
<p><span>▶  </span><span>Best performing capital city: <strong>Hobart +3.1% </strong></span><span><br></span></p>
<p><span>▶  </span><span>Weakest performing capital city: <strong>Sydney -2.5% </strong></span><span><br></span></p>
<p><span>▶  </span><span>Highest rental yield: <strong>Darwin 5.9% </strong></span><span><br></span></p>
<p><span>▶  </span><span>Lowest rental yields: <strong>Melbourne 2.9</strong></span></p>
<p><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/2018/2/1/CORELOGIC%202.jpg" alt=""></p>
<p><span><strong>Melbourne’s housing market has recorded two successive month-on-month declines </strong>in dwelling values following a 59% surge in values over the growth cycle. Since peaking in November last year, the cumulative decline is only 0.4%, highlighting Melbourne’s resilience to a downturn in values relative to Sydney, which is likely attributable to better housing affordability, stronger population growth and, up until recently, a faster rate of jobs creation. </span></p>
<p><span>Mr Lawless said, “Focusing on the results over the past three months, the trend in housing market conditions becomes clearer, with the only capital cities to record a decline over the three months ending January being Sydney (-2.5%), Perth (-0.3%) and Darwin (-1.6%). The remaining capitals are generally seeing dwelling values holding firm or showing only a subtle rise. </span></p>
<p><span>“It was the first time since the three months to December 2006 that Sydney recorded the weakest value change of all capital cities.” </span></p>
<p><span>Based on the CoreLogic results, dwelling values remained virtually flat across Melbourne, Brisbane and Adelaide over the past three months with each city seeing a rise of just 0.1%, while Canberra values are slightly higher at 1.0%. </span></p>
<p><span>Once again, Hobart was the exception; dwelling values are generally rising by around 1% month-to-month. Hobart remains as the only capital city to record double digit growth over the past twelve months, with dwelling values up 12.4%. Hobart’s high rate of capital gains can be partly attributed to low housing prices relative to the larger mainland capitals; Hobart median house values are about 59% ($616,000) lower than Sydney’s and 48% ($401,000) lower than Melbourne’s. With values rising quickly in Hobart and now easing in Sydney and Melbourne, Mr Lawless said “this affordability advantage is being eroded.” </span></p>
<p>In closing he said, “Higher mortgage rates would test the resilience of the housing market, especially considering household debt is tracking at record highs, however, the likelihood of mortgage rates moving substantially higher remains low.” </p>
<p><span>While dwelling values are now easing, both at a macro level and across several of the capital cities, it is clear that Australian housing values aren’t falling off a cliff. National dwelling values are down just 0.7% over the past four months after increasing by 41% during the growth phase. </span></p>
<p><span>CoreLogic cites strong jobs growth and low unemployment, high migration levels and low mortgage rates as the key factors to support a continuation in the housing markets’ soft landing. </span></p>
<p><span>Labour market conditions have generally been improving, with stronger jobs growth spreading outside of Victoria and New South Wales, particularly into Queensland, and, to a lesser extent, Western Australia. </span></p>
<p><span>Mr Lawless said, “Stronger labour markets are likely to help drive confidence and support mortgage demand. If the trend persists, stronger conditions may help to push wages growth off near record lows which would also provide a positive influence on housing market conditions.” </span></p>
<p><span>“We’re also seeing strong population growth contributing to housing demand. Migration rates have been trending higher which is likely to continue into 2018. Overseas migration into Victoria and New South Wales reached record highs in mid-2017 and interstate migration has been on a clear upwards trajectory across Victoria, Queensland, Tasmania and the ACT.” </span></p>
<p><span>“With financial markets forecasting a 25 basis point lift to the cash rate before the end of 2018, there is an increasing chance mortgage rates may lift this year. </span></p>
<p><span>“Even if the cash rate were to remain stable, there is the potential mortgage rates could be adjusted higher due to increased bank funding costs in the capital markets or in order to fulfil APRA’s local implementation requirements of the now finalized Basel III requirements for regulatory capital held against residential mortgages, particularly elements of the proposals which may lead to higher regulatory capital for some investment loans and high loan to valuation ratio loans. More details in respect of this last element are expected over the coming months” </span></p>
<p><span>In closing he said, “Higher mortgage rates would test the resilience of the housing market, especially considering household debt is tracking at record highs, however, the likelihood of mortgage rates moving substantially higher remains low.” </span></p>
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Sydney house price growth slips back to 0.1 percent per annum: CoreLogic

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<p>Since the Global Financial Crisis (GFC) there have been a few occasions when many feared inflation was about to rebound and push bond yields sharply higher only to see growth relapse and deflationary concerns dominate.</p>
<p>As a result, expectations for higher inflation globally has been progressively squeezed out to the point that few seem to be expecting it.</p>
<p>However, the global risks to inflation and bond yields are finally shifting to the upside, with investment markets starting to take note as evident in the pullback in global share markets seen over the last few days. But how big is the risk? Are we on the brink of another bond crash that will engulf other assets? </p>
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<div class="column">But first some context. In a big picture sense, inflation has been falling since the mid 1970s-early 1980s. </div>
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<p>The fall in inflation over the last 30-40 years reflects: the inflation-fighting policies of central banks; supply side reforms that boosted productivity; globalisation that brought a billion or so workers into the capitalist system; and the benefits of the information technology revolution harnessed by the likes of Amazon and Uber.</p>
<p>The fall in inflation in turn has been the main driver of a super cycle bull market in bonds, with yields trending down since the early 1980s. (Don’t forget, when bond yields fall, bond prices rise.</p>
<p>Suppose the government issues a $100 bond paying $4 pa in interest for an initial yield of 4%. If investors push yields down to 3%, the bond’s price will be pushed up until the 3% yield is achieved with the $4 interest payment.)</p>
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<p><span>The collapse in bond yields into 2016 was accentuated by: worries about deflation; investors </span><span>extrapolating very low official interest rates; worries economic growth will remain slow; safe- haven investor demand for bonds in response to geopolitical concerns and the experience that bonds always rally when shares fall; an increasing demand for income-yielding assets as populations age; and a shortage in the supply of bonds as budget deficits fell when central banks have been buying bonds. But the main driver since the early 1980s has been the fall in inflation. </span></p>
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<p><span>The 35-40-year fall in inflation and bond yields has also underpinned strong gains in most other assets. Put simply: </span></p>
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<p><span>the shift to lower in inflation allowed interest rates to fall; </span></p>
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<p><span>this allowed bond yields to fall (resulting in capital gains); </span></p>
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<p><span>which in turn allowed shares to be rerated higher (price to earnings multiples rose from around seven or eight times in the early 1980s to around 15-17 times), which boosted share returns over and above what would have been expected from dividend yields and earnings growth alone; </span></p>
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<li>lower interest rates allowed other assets to trade on lower yields boosting both commercial property returns, house prices and infrastructure returns. In particular, residential property gained as lower mortgage rates allowed people to borrow more relative to their incomes. </li>
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<p>Inflation starting to stir globally, bond yields on the up </p>
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<div class="column">Since late 2016, our assessment has been that the super cycle bull market in bonds is over. This remains the case for several reasons. First, deflation risks are receding and gradually giving rise to inflation risks, led by the US: </div>
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<li>Global growth is now starting to run above potential again and this is leading to a decline in spare capacity and with global growth now accelerating this is likely to have been used up by late next year. Diminishing spare capacity makes it easier for companies to raise prices. </li>
<li>
<p><span>While Europe, Japan and Australia are lag</span>ging (as evident in still low inflation readings recently), the US economy is likely around full capacity evident in unemployment around 4%, increasing anecdotes of labour shortages and rising wages and business surveys pointing to rising selling prices. This will likely drive 4 (or possibly 5) Fed hikes this year whereas the market is only allowing for 2 or 3, with the Fed’s January meeting indicating a bit more hawkishness.</p>
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<p><span>Commodity prices are rising most notably oil, which will at least boost headline inflation. </span></p>
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<p>Thirdly, bonds remain over loved with a huge post-GFC inflow into bond funds in the US. (The same picture applies if ETFs are added in.) This leaves them vulnerable to a reversal if investor sentiment towards them turns really negative. </p>
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<p><span>Finally, central bank buying of bonds is starting to slow. </span></p>
<p>For these reasons, it’s likely that the upswing in bond yields that began in the second half 2016, then paused last year and has since resumed, will continue.</p>
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<p><span>Reasons bond crash/perfect storm fears are overdone </span></p>
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<p><span>Naturally as falling inflation gives way to rising inflation and bond yields head higher many assume the worst – such as a </span></p>
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<p><span>rerun of the 1994 mini bond crash or some sort of “perfect storm” where inflation takes off but central banks are powerless to stop it because high debt levels mean they can’t raise rates much. While we see bond yields rising, it’s likely to be gradual (like over the last 18 months) and a perfect storm is unlikely</span></p>
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<p><span>ï </span><span>Historically, bond yields have remained low after a long-term downswing for around several years as it takes a while for growth and inflation expectations to really turn back up. See the circled areas for US and Australian bond yields in the second chart in this note. </span></p>
<p><span>ï </span><span>While the Fed is likely to raise interest rates more than currently expected by the US money market (we expect four hikes and the market is factoring in two or three), the process of rate hikes is still likely to remain gradual. </span></p>
<p><span>ï </span><span>Central banks in Europe, Japan and Australia remain a fair way off starting to tighten so global monetary policy will remain easy for a while yet. </span></p>
<p><span>ï </span><span>Global inflation is unlikely to take off too quickly given spare capacity in labour markets (in Europe and Australia) and technological innovation continuing to constrain inflation. </span></p>
<p><span>ï </span><span>Inflation expectations are anchored at low levels far better than was the case in, say, 1994. </span></p>
<p><span>ï </span><span>Finally, the idea that high debt levels mean that central banks will either have to live with a debt crisis or much higher inflation is nonsense. High debt levels just mean that interest rate increases are more potent than they used to be – so when inflation does start to become an issue, they won’t have to raise interest rates as much to bring spending and inflation back under control than was the case in the past. In fact, high debt levels mean central banks have more power than in the past to control inflation.</span></p>
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<p><span><strong>Implications for investors? </strong></span></p>
<p><span>There are several implications from rising bond yields.</span></p>
<p><span>Firstly, expect mediocre returns from sovereign bonds. Over the medium term, the return an investor will get from a bond will basically be driven by what the yield was when they invested. 10-year bond yields of 2.8% in Australia imply bond returns over the next decade of just 2.8% or so! And in the short term, rising bond yields will mean capital loses</span></p>
<p><span>Secondly, higher bond yields will impact share market returns as they make shares more expensive. Shares will be okay if the rise in bond yields is gradual and so can be offset by rising earnings – as we expect this year – but a large abrupt back up in bond yields will be more of a concern. In any case expect a more volatile ride in shares. </span></p>
<p><span>Thirdly, defensive high-yield sectors of the share market are likely to remain under pressure. This includes real estate investment trusts and utilities that benefitted from falling bond yields. With bond yields trending up, REITs and utilities are likely to remain relative underperformers. </span></p>
<p><span>Fourthly, when it comes to real assets like unlisted commercial property and unlisted infrastructure, the search for yield is likely to remain a return driver unless bond yields rise aggressively. Commercial property has lagged listed property in responding to the decline in bond yields and so the gap between commercial property yields and bond yields leaves commercial property still looking attractive. Heading into the GFC, it was only when bond yields rose above commercial property yields that commercial property prices started to struggle. We are a long way from that but as bond yields trend higher the valuation boost to commercial property and infrastructure returns will gradually fade. </span></p>
<p>Key points</p>
<p>&gt;  Rising global growth and rising commodity prices indicate the risks to inflation are gradually moving to the upside. This is most acute in the US with the Fed likely to raise rates more than the market expects this year.</p>
<p>&gt;  This supports the view that the 35-year super cycle decline in bond yields is over.</p>
<p>&gt;  Higher US inflation and a more aggressive Fed will likely boost volatility this year. However, the back up in bond yields is likely to remain relatively gradual, and other countries including Australia will lag the US. </p>
<p><span class="s1"><a href="https://www.propertyobserver.com.au/https://plus.google.com/110172465327488162875?rel=author"><em>SHANE OLIVER</em></a></span><span class="s2"><em> is head of investment strategy and economics and chief economist at </em><a href="https://www.ampcapital.com.au/home"><span class="s1"><em>AMP Capital</em></span></a><em> and is responsible for AMP Capital's diversified investment funds.</em></span></p>
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The risk for property from higher global inflation and bond yields: Shane Oliver

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<p>Dean Semler, the Oscar winning cinematographer, and Annie, his actor wife, have sold in Balmoral.</p>
<p>They bought the Sante Fe style home in 1980 for $140,000, now with a part ownership by the daughter Ingrid.</p>
<p>There were $3 million to $3.3 million hopes for the <a href="https://www.realestate.com.au/property-house-nsw-mosman-126855954" target="_blank">Botanic Road home</a> through Adam Vernon at Vernon Partners. It comes with pedestrian access only. </p>
<p>Semler, who has worked on more than 70 feature films, won a 1991 Oscar for the Kevin Costner film <em>Dances with Wolves</em>.</p>
<p>He has been the cinematographer for <em>Mad Max 2,</em> <em>Bodyline, </em><em>Nutty Professor II, Deadcalm and </em><em>The Longest Yard.</em></p>
<p>The home away from home for the South Australian has been on the Pacific Palisades in Los Angeles.</p>
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Oscar winning film maker Dean Semler sells in Balmoral

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<p>Fairfax Media is looking for new Sydney headquarters after agreeing to Google to take its remaining space at Pyrmont.</p>
<p>After almost a decade in the Mirvac-owned building at 1 Darling Island Road, Fairfax has assigned over its remaining 9000 square metre lease over three floors to Google, who had been<span> subletting since 2013, a demoralising physical sign of the massive shift amid the digital age. </span></p>
<p>Fairfax's lease was to run until 2027.</p>
<p>Google has already taken several floors in the 22,000 square metre building from Fairfax which signed up to the deal under its late chairman Sir Ron Walker.</p>
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<p>Fairfax has about 950 staff at Darling Island.</p>
<p>It is seeking between 8000 square metres and 10,000 square metres.</p>
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<p>Google is still looking for new long term headquarters as well.</p>
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Fairfax cedes Darling Island to Google

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<p>The former world champion boxer Barry Michael has become an estate agent, listing his mate’s Patterson Lakes pad in what he says is the start of a new career. </p>
<p>The Australian National Boxing Hall of Fame inductee said he’d previously worked on large-scale subdivisions through his business Barry Michael Property Group, but had now decided to concentrate on selling homes across Melbourne. </p>
<p>Michael has just listed 96 North Shore Drive for private sale, with a price guide of $1.8 million, The Herald Sun advised. It has a 50m boat berth that’s worth $125,000 itself, he said.</p>
<p>The 62-year-old was best known for winning the International Boxing Federation super featherweight title over Lester Ellis in 1985.</p>
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Former boxer Barry Michael lists first property as estate agent

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<p>A two-storey townhouse in Redbank Plains has been sold by mortgagees for $200,000.</p>
<p>The sale price was lower than it last three sales - $225,000 in 2015; $270,000 in 2010 and $205,000 in 2007.</p>
<p>It was sold by Tracey Siccama from One Agency. </p>
<p>This<a href="https://www.realestate.com.au/sold/property-house-qld-redbank+plains-126468618" target="_blank"> Henty Drive townhouse</a> came with three bedrooms, a large open planned living, dining and kitchen area, a separate laundry and single lock up garage.</p>
<p>Redbank Plains Town Square Shopping Centre and Redbank Plains High school are within walking distance.</p>
<p>It had been up for rent this time last year at $310 a week.</p>
<p>According to CoreLogic, the median Redbank Plains house price sits on $333,000. </p>
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Redbank Plains mortgagee sale at less than a decade ago

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<p>The Trocadero and Académie de Musique, a Victorian Fleming-style commercial building at 69-77 King Street, Newtown, has been sold.</p>
<p>The non profit cancer charity, CanTeen has paid $13 million to the Moore Theological College, which bought the property in 1974.</p>
<p>CanTeen has been the anchor tenant in the heritage-listed building since 2014, occupying most of the 1700 square metres of internal space.</p>
<p>There were more than 250 inquiries, and more than 50 inspections.</p>
<p>The agents were quoting more than $10 million, offering comparables including the historic Chippendale warehouse, which the University of Technology Sydney bought for $11.25 million last March.</p>
<p>Built during the 1880s boom, the Trocadero was one of 25 roller skating rinks in Sydney.</p>
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Cancer charity CanTeen buys Newtown building for $13 million

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<p>A Brisbane warehouse offering in vibrant Fortitude Valley has been listed for sale as a trophy home blank canvas.</p>
<p>It is set over <a href="https://www.realcommercial.com.au/property-industrial+warehouse-qld-fortitude+valley-502632310" target="_blank">three expansive open plan levels</a> with approvals for a fourth level.</p>
<p>There is 377 square metres of internal floor area per level.</p>
<p>Access is via two street frontages, Wickham and Little streets.</p>
<p>The brick walls have that wear and tear too them that only time can render, Belle listing agent Ivo Kornel said.</p>
<p>"Build your dream New York Loft, walk out the front door and enjoy the buzzing nightlife," he suggests.</p>
<p>But likely options potentially include a night club, hotel and or a place for work.</p>
<p>It last sold in at $1,825,000.</p>
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Fortitude Valley warehouse is a trophy home blank canvas

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<p>GUEST OBSERVATION</p>
<p>New technologies offer new possibilities for planning and designing cities. 3D urban modelling and simulation can give a real sense of the outcomes of planning decisions. However, incorporating these technologies into planning practice has its challenges.</p>
<p><strong>The possibilities of 3D modelling</strong></p>
<p>A virtual 3D city model is a digital model of urban areas. It represents terrain surfaces, sites, buildings, vegetation, infrastructure and landscape elements, and other related objects belonging to an urban space.</p>
<p>This technique can be used to spatially design and visualise development in relation to the existing urban environment. It can also be used to compare different urban design strategies. These can be evaluated against measures such as land use, population and housing densities, building height, floor area ratio, and development costs.</p>
<p>Planners can use 3D modelling to analyse and communicate the impact of both existing and new (re)development plans. They can look, for example, at overshadowing, sunlight exposure, view corridors, compliance with zoning regulation, traffic gravity and solar potential of buildings – to name a few.</p>
<p>The 3D models also offer a new platform to involve citizens in urban planning. It is imperative that public concerns, needs and values are part of government decision-making.</p>
<p><strong>How are cities using 3D models?</strong></p>
<p>Local government and the private sector are increasingly using 3D city models to assist planning. An example is Virtual Brisbane. Brisbane City Council uses this computer-generated 3D model for strategic planning, development assessment and community engagement.</p>
<p>Singapore is launching Virtual Singapore, a 3D replica of the city-state in July 2018. This platform will offer new possibilities for urban planners.</p>
<p>Both Detroit in the US and Munich in Germany see realistic 3D modelling as important for planning their future.</p>
<p>Companies like Dassault Systems are partnering with different cities to use digital tools to develop more responsive cities. The 3DExperienceCity project allows urban planners to digitally test ideas and better consider the impact of urbanisation.</p>
<p>These techniques also integrate people, enabling a more personalised approach to planning to be developed.</p>
<p><strong>Integration into planning education</strong></p>
<p>The increasing demand from industry for spatially adept planners adds to the importance of introducing new ways of teaching and training built-environment professionals.</p>
<p>The University of Queensland is leading a project where researchers design and implement a sequential learning curriculum in its Bachelor of Urban and Town Planning program. By developing virtual 3D models students develop their spatial skills.</p>
<p>Students learn to use ESRI’s CityEngine, an industry-standard software to develop 3D city models. This enables them to visualise, plan, assess and communicate existing and new developments. Most students in our experiment were enthusiastic about this new learning opportunity to hone their spatial skills, particularly in the earlier stage of the learning process.</p>
<p>However, they were constrained by the limited time available to learn to use the technology. And the joy of learning and skill development is also challenged by the need to go beyond their comfort zone to secure a good grade in the course. Nonetheless, students became fully aware of the technologies and recognised the importance of spatial skills for their professional development.</p>
<p>The emergence of geodesign is at the intersection of geography, urban design and geospatial technologies. It helps inform when, where and how students develop spatial thinking capacities and skills.</p>
<p>These capabilities are critical to managing, visualising, representing and navigating a data-based world. It also purposefully exposes students to innovative learning environments that allow them to visualise design scenarios and so better manage uncertainty.</p>
<p>The use of interactive digital mapping in higher education is an effective instructional strategy to teach and practise critical spatial thinking.</p>
<p>Augmented reality technology offers students a new way to visualise urban landscapes. It develops their map-reading skills and allows them to interpret landscape representations. This enhances their ability to understand the physical and digital aspects of urban places.</p>
<p>The rise of geospatial technologies, sensor networks and the “Internet of Things” is transforming the urban planning curriculum, design and pedagogy. It provides students with new ways of learning critical spatial thinking skills and improves the training of spatial planners to better equip them for the age of co-creation.</p>
<p>It also improves their spatial literacy to co-design the built environment. This can help them become better planners, become more relevant to design practice and increase their overall competency and employability when they enter the workplace.</p>
<p><img src="https://counter.theconversation.com/content/88635/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">3D modelling and simulation certainly offer new possibilities in designing planning solutions. City dwellers must be included in this process to develop strategies that are more responsive to sustainability challenges such as urban population growth.</p>
<p><em>Yan Liu, Associate Professor, School of Earth and Environmental Sciences, The University of Queensland; Iderlina Mateo-Babiano, Senior Lecturer in Urban Planning, University of Melbourne, and Sebastien Darchen, Lecturer in Planning, The University of Queensland</em></p>
<p><em>This article was originally published on <a href="http://theconversation.com">The Conversation</a>. Read the <a href="https://theconversation.com/how-virtual-3d-modelling-and-simulation-can-help-us-create-better-cities-88635" target="_blank">original article</a>.</em></p>
<p><em>Main photo: <em><span class="caption">Example of students’ work using ESRI’s CityEngine program.</span> <span class="attribution"><span class="source">Author supplied</span></span></em></em></p>
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How virtual 3D modelling and simulation can help us create better cities

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>"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."</p>

<p>[smartcode_project:default project_id=7354 project_image_fid=374893]</p>

<p>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.</p>

<p>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;</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=7354 project_image_fid=269527]</p>

<p>Rothelowman's Gary Tsui said the architecture was conceived to respond carefully to its Upper North Shore setting.</p>

<p>"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."</p>

<p>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.</p>

<p>"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."</p>

<p>[smartcode_project:default project_id=7354 project_image_fid=374892]</p>

<p>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.</p>

<p>Construction is underway with completion expected in mid-2027.</p>

<p>[smartcode_project_cta:default project_id=7354]</p>


Joel Robinson

Boutique Gordon townhomes now come with a BMW iX3 50

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p><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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=145590 project_image_fid=359521]</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project:default project_id=145590 project_image_fid=359527]</p>

<p><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.</p>

<p>"There isn't another beachfront holding in Byron Bay of this size and position that could be developed again," Vitale said.</p>

<p>"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.</p>

<p>"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.</p>

<p>"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."</p>

<p>&nbsp;</p>

<p>[smartcode_project:default project_id=145590 project_image_fid=359523]</p>

<p>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.</p>

<p>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.</p>

<p>EADE Byron Bay is being exclusively marketed by Projx Australia in conjunction with WHITEFOX Projects.</p>

<p>WHITEFOX National Projects Director Phillip Rand said demand had been driven predominantly by owner-occupiers.</p>

<p>"We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location," Rand says.</p>

<p>"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."</p>

<p>Residences at EADE Byron Bay are currently priced between $4.75 million and $15.95 million.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>[smartcode_project_cta:default project_id=145590]</p>


Vitale breaks Byron Bay records with EADE sales flurry 

<p>When buying an apartment, most people compare the big-ticket items first. Floorplans. Kitchens. Balcony size. Natural light. The view.</p>

<p>But there's one everyday consideration that often doesn't come up until after moving in: how parcels are delivered.</p>

<p>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.</p>

<p>For apartment residents, that can present a challenge.</p>

<p>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.</p>

<p>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.</p>

<p>It's one of those details that rarely features in a display suite but can have a noticeable impact once residents move in.</p>

<p>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.</p>

<p>Australia Post's Parcel Lockers provide one solution.</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/CkF2oKmlACg?si=C50sDaoUUn2nuLmq" title="YouTube video player" width="560"></iframe></p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>For buyers, it's a reminder that the best apartment features aren't always the most obvious.</p>

<p>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.</p>


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

<p><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.</p>

<p>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.</p>

<p>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.</p>

<p><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" /></p>

<p>"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.</p>

<p>"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."</p>

<p>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.</p>

<p><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" /></p>

<p>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.</p>

<p>The architects say landscape is intended to be integral to the building rather than an applied element.</p>

<p>"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."</p>

<p>"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."</p>

<p>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.</p>

<p>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.</p>


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

<p>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.</p>

<p>But in many cases, that's not actually what those sustainability ratings guarantee.</p>

<p>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.</p>

<p>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.</p>

<p>That disconnect has led to the emergence of a new movement across Australia's property industry: nature-based cities.</p>

<p>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.</p>

<p>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.</p>

<p>Nature Based Cities (NBC) was established in 2022 to help accelerate that shift.</p>

<p>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.</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.</p>

<p>"In Australia, you can have a five-green-star rated building that's concrete and glass with not a blade of grass.</p>

<p>"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>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.</p>

<p>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.</p>

<p>"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.</p>

<p>"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.</p>

<p>"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."</p>

<p>For apartment buyers, the shift is also changing the questions worth asking.</p>

<p>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?</p>

<p>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.</p>


Staff reporter

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