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David Jones is pressing ahead with its first stand-alone gourmet food store under its new owner, South African retailer Woolworths Holdings.
It has plans to open in the up-market Capitol Grand retail arcade development on the Chapel Street and Torook Road, South Yarra corner.
Its scheduled opening is in 2019.
The Capitol Grand store will be about 500 square metres. Larry Kestelman, with financial backing from the US investment bank Goldman Sachs, is currently constructing the $700 million Capitol Grand luxury high-rise tower. Over 75 per cent of the 500 apartments across the two towers have been sold with about 80 per cent of purchasers owner-occupiers. One-bedroom apartments in the LK Property Group development start at $700,000.
David Jones will also open a food hall in its suburban Malvern store in Melbourne in March.
It plans to spend at least $100 million over three years building a retail food business, restoring its reputation for gourmet food, differentiating the department store from rival Myer and also protecting sales from new competitors such as Amazon.
The strategy includes building a new food hall in the flagship Elizabeth Street store to replace its Market Street store in Sydney.
Most of the products, including 90% of the store's fresh food offering, will carry the new David Jones Food brand, which was launched last year.
David Jones chief executive David Thomas hopes the new proposition will resonate strongly with the local customer.
The Insider Retail website reported David Jones said that the new store format store was designed with an emphasis on fresh premium produce including pre-packed meat and seafood, and a comprehensive convenience selection comprised of pre-prepared vegetables, salads and fruit as well as innovative, restaurant-quality ready meals.
Most of the fresh produce and ready-made meals will be supplied by In2Food, a South African-based company which is the largest food supplier to Woolworths Holdings.
Last week Woolworths cut the value of David Jones by $712 million - around 34% - citing poor execution of its previously announced turnaround plans along with emerging structural changes in retailing.
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j.ballantyne1990-6AQqhLzZaK

David Jones plans Capitol Grand, South Yarra food store

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The median house price in most capital cities rose over the December quarter, according to the latest Domain House Price Report. 
Weakening investor activity and tightened lending conditions continue to impact Sydney, but Domain reported a slight increase over the December quarter.
Sydney prices in the NSW capital still sit lower than six months ago.
Meanwhile Melbourne exceeded a median of $900,000 for the first time narrowing the gap between Sydney and Melbourne to a three-year low.
Brisbane and Darwin were the only two capital cities to record median house price decreases over the quarter.  Median unit prices varied across the capital cities, with an oversupply of units that continues to impact Brisbane and Darwin.
Hobart recorded the strongest annual growth in units over the December quarter, followed by Melbourne, Adelaide, Sydney and Canberra.    The national median house price increased by 1.4% over the December quarter to $813,024, while the annual rate of growth has slowed to 5%, the lowest in 15 months.   Capital city unit markets reported a minor price growth over the December quarter, increasing by 0.3% to $557,794.
Unit growth across the capital cities slowed to a 15-month low of 2.3%.  
<table class="domain-table" style="height: 201px; width: 302px; border-color: #000000; border-width: 1px; border-style: solid;">
<thead><tr>
<td>HOUSE</td>
<td>DEC 2017</td>
</tr></thead>
<tbody>
<tr>
<td>Sydney</td>
<td>$1,179,519</td>
</tr>
<tr>
<td>Melbourne</td>
<td>$903,859</td>
</tr>
<tr>
<td>Brisbane</td>
<td>$548,918</td>
</tr>
<tr>
<td>Adelaide</td>
<td>$522,815</td>
</tr>
<tr>
<td>Perth</td>
<td>$557,567</td>
</tr>
<tr>
<td>Canberra</td>
<td>$753,516</td>
</tr>
<tr>
<td>Hobart</td>
<td>$443,521</td>
</tr>
<tr>
<td>Darwin</td>
<td>$565,696</td>
</tr>
<tr>
<td>National</td>
<td>$813,024</td>
</tr>
</tbody>
</table>
 Sydney  “A varied level of price growth across all capital cities was reflected in both the national median house and unit prices this quarter. Overall, prices rose marginally in the three months to December but the slower pace has weighed down the annual growth to its lowest rate since September 2016,” said the newly installed top spokesperson, Domain data scientist, Dr Nicola Powell. 
House prices in Sydney increased marginally by 0.5% over the December quarter, reaching $1,179,519. Following a recent price decline over the September quarter, Sydney’s median house price remains lower than it was six months ago, with annual growth slowing to 4% year-on-year.  
Sydney’s unit prices decreased slightly to $736,879, a 0.4% drop over the quarter. Annually, units in Sydney grew 1.7%, a 15-month low for the capital city.  
“House prices in the Harbour City continue to moderate in line with an investor activity slowdown, and first home buyer participation rates are at their highest level in six years as entry-level buyers respond to State Government incentives,” said Powell. 
“Sydney’s double-digit growth phase appears to be in the rear-view mirror, and with no further rate cuts in sight, the market may continue to moderate in 2018. Demand is likely to weaken, as the heightened investor activity that Sydney has experienced is unlikely to be significantly offset by the rising number of first home buyers.” 
Melbourne
Another quarter of solid growth has pushed Melbourne’s median house price to $903,859, exceeding the $900,000 mark for the first time and narrowing the median price difference between Melbourne and Sydney to a three-year low. House prices in Melbourne grew 3.2% over the quarter and 11.3% over the year, resulting in Melbourne’s fifth consecutive quarter of double-digit annual growth.  
Similarly, Melbourne’s unit market delivered strong results over the December quarter, increasing by 2.8% to reach a record high of $506,079. This reflects a healthy 8.0% annual price jump, the strongest annual gain for the Melbourne unit market in seven years.  
“As investor activity retreats and the housing market adjusts to tighter lending standards, it remains to be seen whether Melbourne’s remarkable price growth will continue. However, steady population increases and government incentives may support ongoing demand as the year unfolds,” said Powell. 
“Similar to Sydney, first home buyer numbers in Melbourne have risen, recording its highest level of activity since 2009. This can be attributed largely to the Victorian government’s entry-level buyer incentives. In the coming months we are likely to continue to see a higher demand for entry-level homes, helping to drive price growth at the lower end of the market, as well as support regional price movements throughout the state.” 
Brisbane
Over the December quarter, median house prices in Brisbane decreased slightly by 0.6% to $548,918, the second consecutive quarter of decline for the capital city. This has slowed the annual price growth to a margin increase of 0.4% year-on-year, the lowest rate of advancement in five years.  
Brisbane’s heightened supply continues to impact price movement in the unit market, with units recording a decline of 2.2% over the December quarter to $385,955 — a 4.5% drop compared to last year. Unit prices in the capital city are now at a four-year low.  
“Brisbane offers a large inventory of houses and units that fall under $500,000, and interstate migration has fuelled the Brisbane market over the past two years as out-of-state buyers head to the Sunshine State in search of a lower price point,” said Powell.  
“The surge of new apartments in Brisbane remains ahead of the demand, and although this continues to impact unit prices, population increases and a slowdown in new development starts and completions may work together to help balance the market.” 
<table class="domain-table" style="height: 235px; width: 314px;">
<thead><tr>
<td>UNIT</td>
<td>DEC 2017</td>
</tr></thead>
<tbody>
<tr>
<td>Sydney</td>
<td>$736,879</td>
</tr>
<tr>
<td>Melbourne</td>
<td>$506,079
</td>
</tr>
<tr>
<td>Brisbane</td>
<td>$385,955
</td>
</tr>
<tr>
<td>Adelaide</td>
<td>$315,794
</td>
</tr>
<tr>
<td>Perth</td>
<td>$369,402
</td>
</tr>
<tr>
<td>Canberra</td>
<td>$426,124
</td>
</tr>
<tr>
<td>Hobart</td>
<td>$318,467
</td>
</tr>
<tr>
<td>Darwin</td>
<td>$395,279
</td>
</tr>
<tr>
<td>National</td>
<td>$557,794
</td>
</tr>
</tbody>
</table>
Adelaide 
Adelaide house prices rose slightly by 0.9% over the December quarter to reach a median price of $522,815. This reflects a 3.5% increase year-on-year. 
For the second consecutive quarter, Adelaide’s median unit price of $315,794 is the most affordable of the capital cities. A heightened level of supply continues to undermine Adelaide’s unit prices, which declined by 1.6% over the quarter — the second steepest quarterly decline after Brisbane. However, unit prices are up 2.0% over the year. 
“Adelaide has avoided the extreme price surges impacting Australia’s east coast markets. Its steady pace of growth and diverse coastal lifestyle makes it a reliable location for buyers heading into 2018,” said Powell. 
Perth 
A marginal 0.5% increase over the December quarter has pushed Perth’s median house price to $557,567 — 2.5% lower than the previous year. 
Lower levels of construction have buffered the local unit market in Perth, which improved by 1.0% to reach $369,402 over the quarter. However, year-on-year the city recorded a 1.7% drop. 
“After multiple consecutive quarters of house price declines and fluctuating unit prices, the Perth market is showing signs of growth. The annual pace of decline in Perth house prices has slowed compared to the steeper falls recorded in 2016, and the annual unit price decline is at its lowest in almost three years,” said Powell.  
“Perth’s housing market outlook for 2018 depends largely on whether the city’s economy and population track upwards throughout the year.” 
Canberra 
Houses in Canberra reached a record high median price of $753,516 in December, recording a 5.0% quarterly increase and an 8.4% annual increase. 
Canberra unit prices are beginning to show signs of recovery increasing for the second quarter by 0.1% to $426,124 in the three months to December. This is 0.4% higher than last year. 
“Canberra house prices have been tracking upward for 15 consecutive months, delivering the second-best performance this quarter after Hobart. Renewed buyer and seller confidence has provided the nation's capital with a substantial price boost that will likely continue throughout 2018,” said Powell.  
“Housing finance, retail trade and strengthening business confidence has been key to driving the ACT economy, in addition to spikes in tourism, infrastructure and capital initiatives have stimulated business, contributing positively to the economy.”
Darwin 
Darwin recorded its second consecutive quarter of negative price movement, falling by 2.6% and reaching an eight-year low of $565,696 over the December quarter. This follows an annual decline of 7.4% over the year. 
Although median unit prices in Darwin remain 14.0% lower than last year, the unit market spiked over the quarter, jumping 9.3% to reach a median of $395,279. This is the highest quarterly price increase of all the capital cities. 
“Darwin was the only capital city to record a median house price decline over the quarter and over the year, and a strengthening in the local market depends primarily on the state of the economy as we head into 2018,” said Powell.  
“Despite the recent uptick in prices, annual trends in Darwin’s unit market are still on double-digit decline. The oversupply of unit stock in the city is impacting the market, and price drops have been a consistent trend for Darwin since December 2016.”
Hobart 
Over the December quarter, Hobart house prices surged 10% to a record high median of $443,521. Hobart was the only capital city to record double-digit growth quarterly and annually, with a 17.3% increase year-on-year. 
Despite a minor decline of 0.8% over the quarter, unit prices in Hobart jumped 14.2% to reach a median of $318,467. Hobart recorded the strongest annual growth of all capital cities in both houses and units. 
“It has been over a decade since Hobart experienced such a surge in house prices over a quarter, and the capital city’s results over the December quarter highlight the growing demand for homes in the Tasmanian capital,” said Powell. 
“Despite the surges in price, Hobart still has the lowest median house price of all the Australian capital cities, and it remains a great option for buyers seeking an urban lifestyle with an affordable point of entry.”
 
<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/2018/1/31/unnamed.jpg" alt="">
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Price gap narrows between Melbourne and Sydney: Domain 

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Slower investor demand as a result of APRA’s macro-prudential policy measures is having an impact on all major capital city apartment markets, but so too are other state and federal imposts on foreign buyers, according to JLL’s Apartment Market report for 4Q 2017. 
But despite the slower demand, markets are still weathering the recent strong new supply additions "relatively well".
According to JLL, tight development finance conditions and slower pre-sale rates are seeing a self-regulation of supply pipelines and far less projects move into construction.
The amount of stock under construction across the five major capital city markets (Sydney, Melbourne, Brisbane, Perth and Adelaide) at the end of 3Q17 fell to 39,760 apartments, which has shrunk by around 10,000 apartments over the last two quarters.
JLL said the peak in supply was in 2017.
They expect around 25 percent less stock to be delivered in 2018 ensuring that the major markets do not move far into over-supply and that it is a relatively soft landing for the apartment market.
JLL’s Head of Residential Research, Leigh Warner said APRA’s intention in clamping down on investor lending was always to slow the housing market down, particularly in Sydney and Melbourne.
"This has been successful, but the risk we are now facing is that the added imposts imposed by state governments and the Federal Government on foreign investors in residential property is slowing this important portion of demand by much more than intended.
“It appears that foreign investors that have already invested are still settling sales at present, albeit often over a longer than normal period. However, it is also clear new offshore demand has fallen sharply and this is particularly impacting some larger CBD projects and projects by foreign developers.”
Warner believes the markets are still showing "remarkable resilience" noting Melbourne continues to operate at low levels of rental vacancy and is seeing rental growth, while apartment prices were still growing in late 2017.
“Sydney too is holding up relatively well in the face of significantly slower Chinese demand than it has enjoyed over recent years.
"Apartment prices have flattened off and are falling in some locations where supply is particularly concentrated, but the rental market is still tight and the market still appears relatively balanced after years of under-supply.”
 
<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/2018/1/31/NATIONAL.jpg" alt="">
 Warner noted while the large Sydney and Melbourne markets are slowing and driving overall national trends, other markets remain at very different points in the cycle. 
Adelaide and Canberra are less mature apartment markets, but both have seen much stronger apartment development and are slightly less progressed in the cycle than Sydney or Melbourne.
Perth and Brisbane are more advanced in the cycle and, after a very challenging 2017, both markets appear to be edging towards the trough in the cycle.
For Brisbane, JLL said the issue has been very much about supply levels, with a considerable amount built over the past two years.
However, Brisbane’s supply peak was in 2016 and a particularly tough development-financing environment will mean the pipeline will drop sharply from 2018 onwards.
Brisbane’s population growth is also picking up after several weak years following the end of the mining boom, which should also help soak up surplus supply.
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Curtailed supply ensures soft landing for resilient apartment market: JLL

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GUEST OBSERVATION
Cities policy in Australia has historically had a clear focus on the largest state capitals, but there are signs this is changing. Recent City Deals and smart cities funding shows that five of the six City Deals now in place are regional, and 55% of Smart Cities and Suburbs Program funding also went to regional cities. On the evidence so far, regional cities appear to be in the spotlight for the Australian government’s cities policy agenda.
Big and small cities matter to Australia. They are the concentrations of population, economic output, trade, commerce, cultural and social life. They are also the sites where most of the nation’s future growth, both population and economic, is forecast to occur. Australia’s economic future is closely linked to that of its cities.
In 2015, there was much excitement when the Turnbull government first announced a cities agenda, which (after a rocky start) delivered the Smart Cities Plan.
This was followed by two City Deal announcements and in 2017 much “busy work” behind the scenes; for many watching the City Deals space it was very quiet. By early 2018, when the most recent deals were signed, things had started to move in city policy, and recognition of the important role of regional cities became quite clear.
Regional cities now in the picture
Regional cities have been largely absent in past urban policy programs and debates. Most programs have focused on big city challenges: congestion, pollution, affordable housing, public transport and urban sprawl. The advent of the Smart Cities Plan has changed this with its focus on innovative policy mechanisms that require collaborative investment to drive national economic outcomes.
Many regional cities were waiting to see how the new agenda would roll out in reality. Recent interest has highlighted the role and importance of the smaller, regional cities’ economic performance. Still, too little discussion has occurred on their role in national policy.
Australian cities come in all shapes and sizes, from 50,000 to 5 million. Big metropolitan cities (Sydney, Melbourne, Brisbane, Perth and Adelaide) as well as Australia’s smaller regional cities (Cairns to Hobart, Shepparton to Mandurah – 31 in total) are part of a growing national network of cities.
Internationally, the role of stimulating the economies of regional or second cities to lift overall national performance has been much more closely considered and acted on in the form of policy and programs. With the emerging emphasis on regional City Deals and Smart Cities funding, perhaps Australia is beginning to act on the lessons from overseas.
Regional cities benefit from funding shift
<img src="https://images.theconversation.com/files/203728/original/file-20180129-100905-1u6ev2w.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt="">
 Author provided
When we look at the City Deals announcements made and agreements reached, we see that these still involve only an elite group of six cities (see timeline of agreements). Five of the six are regional cities: Launceston, Townsville, Darwin, Hobart and Geelong.
Of course another way of looking at this is that half the City Deals involve capital cities. Either way, this is a higher proportion of investment in regional cities than programs from decades ago, such as Building Better Cities (1991-96).
The regional focus is also very evident in the first round of funding released under the Smart Suburbs and Cities Program, a pillar of the Smart Cities Plan. Initial funding in 2017 was directed to delivering innovative projects to improve the liveability, productivity and sustainability of cities and towns across Australia.
Half of the first-round grants under the program (see table below) went to regional towns and cities. Two decades earlier, they received just over a third under the Building Better Cities program.
<img src="https://images.theconversation.com/files/203727/original/file-20180129-100912-19g68qd.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
 ‘Other’ category indicates a project that involves both metropolitan and regional cities. Author provided
A breakdown of the 2017 funding round shows regional cities received 55% of the grant funds. The metropolitan “big five” received only 34%.
Future directions for regional cities
The City Deals policy and Smart Suburbs and Cities Program are pillars of the Smart Cities Plan. And both have had stronger regional city representation. Why?
First, European evidence is pointing to potentially stronger economic output per person where there are many cities, as opposed to only one or two big cities, driving a nation’s growth. Hence, investing in regional cities could be a reflection of the development opportunities for small cities to contribute to national economic growth – rather than focusing all policy effort on fixing big city problems like congestion. This multi-city investment might then stimulate stronger national economic growth, compared to a purely two-city investment strategy.
Second, it could be because both City Deals and the Smart Cities Plan are trials of new policy mechanisms. City Deals is a partnership requiring cross-jurisdictional and issues-based negotiations with local, state and federal government agencies for success. The Smart Cities and Suburbs Program is essentially a technology funding program based on collaboration with private enterprises to deliver local solutions on the ground.
Regional cities are ideal test beds for these policy mechanisms. They are contained entities, where engagement is clear and vertical, transaction costs are low, and learnings are transferable to other (bigger) cities. This ensures a clear role for experimenting with policy mechanisms.
But what about the longer term? Is it just convenient to work in smaller cities with proof of concepts? Will the real innovation be centralised back into the metropolitan areas? And will the nation spread the economic growth load across the nation or concentrate it among the few big cities? Only time will tell.
In 2015 Jago Dodson asked: “Could the federal government finally ‘get’ cities?” Recent progress looks promising. We are starting to see a national cities policy, rather than just a big cities policy.
Leonie Pearson, Adjunct Associate, University of Canberra
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/cities-policy-goes-regional-90856" target="_blank">original article</a>.
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Cities policy goes regional: Leonie Pearson

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The debenture company Angas Securities hopes it is close to securing the sale of the Fernhill Estate at Mulgoa on the outskirts of Sydney.
The intending buyer is undisclosed.
“I expect to be meeting with this party and solicitors next week to finalise negotiations surrounding a small number of contractual issues,” Angas chairman Andrew Luckhurst-Smith told The Australian.
Sydney's Rookwood General Cemeteries Reserve Trust walked away from plans to buy Fernhill last November for close to $30 million amid plans to expand.
The listing agent Ken Jacobs, of Christie's International, was then dealing with parties who had expressed interest in the property should the sale not proceed.
Fernhill, the Georgian mansion in Mulgoa on the outskirts of Sydney, was the former home of bankrupt property tycoon Warren Anderson.
It was then under the control of SimonTripp who had substantially upgraded the estate.
But Tripp quit the seven bedroom sandstone home and the subdivision partnership in 2016.
The Australian advised the struggling debenture group told its investors that it had agreed terms with an Australian buyer.
It for the section known as central Fernhill, not the eastern portion of the estate.
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Hopes held by Angas that Fernhill at Mulgoa is close to being sold again

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A vacant Munno Para West house has been sold by mortgagees for<a href="https://www.realestate.com.au/sold/property-house-sa-munno+para+west-126820578" target="_blank"> </a>$200,000.
It was sold by Kathy Healey from Smarte Real Estate. 
Built in 2009, it has three bedrooms, open plan kitchen and living area, a secure backyard fully fenced front and back. 
It sits on<a href="https://www.realestate.com.au/sold/property-house-sa-munno+para+west-126820578" target="_blank"> Peerless Road</a>, Munno Para West, having last sold at $265,000 in 2010.
Schools including St Columba College, Mark Oliphant College are a short car trip away. 
According to CoreLogic, the median price for houses is $280,000.
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Munno Para West house, SA sold by mortgagees 

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An Australian Securities and Investments Commission (ASIC) review of financial advice provided by the five biggest vertically integrated financial institutions has identified areas where improvements are needed to the management of conflicts of interest.
<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/2018/1/25/AISC%203.jpg" alt="">
The review looked at the products that ANZ, CBA, NAB, Westpac and AMP financial advice licensees were recommending and at the quality of the advice provided on in-house products.
The review was part of a broader set of regulatory reviews of the wealth management and financial advice businesses of the largest banking and financial services institutions as part of ASIC's Wealth Management Project.
<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/2018/1/25/ASIA%204.jpg" alt="">
The review found that, overall, 79% of the financial products on the firms' approved products lists (APL) were external products and 21% were internal or 'in-house' products. However, 68% of clients’ funds were invested in in-house products.
The split between internal and external product sales varied across different licensees and across different types of financial products. For example, it was more pronounced for platforms compared to direct investments. However, in most cases there was a clear weighting in the products recommended by advisers towards in-house products.
<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/2018/1/25/ASIC%205.jpg" alt="">
ASIC noted that vertical integration can provide economies of scale and other benefits to both the customer and the financial institution. Consumers might choose advice from large vertically integrated firms because they seek that firm's products due to factors such as convenience and access, and recommendations of 'in-house' products may be appropriate. Nonetheless, conflicts of interest are inherent in vertically integrated firms, and these firms still need to properly manage conflicts of interest in their advisory arms and ensure good quality advice.
ASIC will consult with the financial advice industry (and other relevant groups) on a proposal to introduce more transparent public reporting on approved product lists, including where client funds are invested, for advice licensees that are part of a vertically integrated business. ASIC noted that any such requirement is likely to cover vertically integrated firms beyond those included in this review. The introduction of reporting requirements would improve transparency around management of the conflicts of interests that are inherent in these businesses.
ASIC also examined a sample of files to test whether advice to switch to in-house products satisfied the 'best interests' requirements. ASIC found that in 75% of the advice files reviewed the advisers did not demonstrate compliance with the duty to act in the best interests of their clients. Further, 10% of the advice reviewed was likely to leave the customer in a significantly worse financial position. ASIC will ensure that appropriate customer remediation takes place.
Acting ASIC Chair Peter Kell said that ASIC is already working with the major financial institutions to address the issues that have been identified in the report on quality of advice and management of conflicts of interest.
'There is ongoing work focusing on remediation where advice-related failures have led to poor customer outcomes, and the results of this review will feed into that work,' said Mr Kell.
ASIC is already working with the institutions to improve compliance and advice quality through action such as:
<ul>
<li>improvements to monitoring and supervision processes for financial advisers; and</li>
<li>improvements to adviser recruitment processes and checks.</li>
</ul>
ASIC will continue to ban advisers with serious compliance failings.
<img src="https://www.urban.com.au/images/2018/1/25/AISC%207.png" alt="">
ASIC highlighted that the findings from this review should be carefully examined by other vertically integrated firms. 'While this review focused on five major financial services firms, the lessons should be considered by all vertically integrated firms in the financial services sector.'
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ASIC reports on how large financial institutions manage conflicts of interest

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MMJ Real Estate has announced the further growth of its national commercial network with McGees Sydney office merging with MMJ Sydney’s business.
MMJ currently comprises six offices in Sydney, Melbourne, Brisbane, Perth, Canberra and Wollongong.
MMJ Real Estate chief executive, Chris Johnson announced the merger.
Ian Dimond, who has managed McGees in Sydney for over 20 years, will join MMJ Sydney’s current directors Cameron Algie and Chris Johnson, in driving the continued development of MMJ throughout New South Wales.
The McGees' clients include many Australian and international corporations, as well as government bodies, private investors and the legal fraternity. 
Other senior operatives who will join MMJ Sydney as part of the merger include Tony St Leon and Callum Macgregor.
The MMJ network also residential offices located in Wollongong, Illawarra North, Illawarra South and Dapto.
Picture above L-R: Cameron Algie, Chris Johnson, Ian Dimond.
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MMJ Real Estate merges with Sydney office with McGees Sydney

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GUEST OBSERVER
Many cities are keen on dockless share-bike schemes such as oBikes or Reddy Go, and for good reason. They promote greater physical movement, help solve transport problems in congested cities, and can be fun.
But there’s a downside. Share-bikes can litter our cities and be found in rivers, up trees, in gutters, and strewn around public places. One of the reasons for this is culture.
There are three factors influencing the use of share-bikes:
<ul>
<li>
There’s behaviour, or making choices about how to act.
</li>
<li>
There’s cognition, or how our brain works to process information.
</li>
<li>
And there’s context, or the environment we’re in at the time of the behaviour. National culture is a significant aspect of context.
</li>
</ul>
Cultural differences
To understand Australian culture and see why it’s problematic for share-bikes, let’s compare it to one of our neighbours – Singapore.
While there has been poor behaviour with share-bikes in Singapore, there are three key cultural reasons why a business model that could be successful in Singapore is much less likely to be so in Australia: power distance, individualism, and uncertainty avoidance.
The Hofstede model describes national culture using six dimensions, three of which apply here. A comparison of Australian and Singaporean national culture is shown in the figure below.
<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/2018/1/31/5362a5da41204752a04209d06c15b397.jpg" alt="">
Power distance could be thought of as respect for authority, or as the likelihood to be influenced by an injunctive norm.
Australians are much more likely to consider an edict from someone in authority as a general guideline or the starting point for negotiation, whereas Singaporeans are much more likely to take such messages literally. This is reflected in the relative scores on the Hofstede model, showing much greater power distance for Singapore at 74 versus Australia at 36.
So, how might this impact share-bike use?
Australians and Singaporeans both know share-bikes should be returned to a designated parking space, but Singaporeans are more likely to be open to messages telling them to park appropriately than Australians.
Put together with injunctive norms in Australia having been quite faint and you can see why Australians are not as likely to do the right thing at the end of a trip.
The second major difference is individualism. Australians are reported to be much more individual than Singaporeans; Singapore is a more collectivist society than Australia. If you add in the other differences in indulgence and long-term orientation, you can see why Australians are more likely to do what feels good for the individual in the short term rather than what’s best for society in the long term.
So, at the end of a share-bike trip, an Australian is more likely to leave the bike in a non-designated area if it suits them than a Singaporean is.
Uncertainty avoidance, or worrying about the unknown, is the third major way the two countries differ.
Singapore has one of the lowest uncertainty avoidance scores in the Hofstede database. This means Singaporeans are much more likely to be open to change, for instance, than almost any other country in the world. As a result, Singaporeans are more open to being influenced by what they see their friends do than almost anyone else.
This openness helps the adoption of new business models such as share-bikes. And if the right social norms around behaviour can be engineered, Singaporeans are much more likely to behave in pro-social ways, such as leaving the share-bike in the right place.
What Australia can do about share-bike littering
Changing national culture to make Australians better users of share-bikes would be extremely difficult, if not downright impossible in the short term. It’s questionable whether that would be a good thing to do, anyway.
So, if we can’t or shouldn’t change our culture, then we should try to modify the share-bike business model to better fit Australian ways.
It’s highly unlikely that the dramatic examples of share-bike littering we see, such as bikes in rivers or up trees, are caused by share-bike users themselves, as they would pay a penalty under most business models. What’s much more likely is that share-bikes are left in awkward or undesignated places for the “free spirits” in society to take advantage of.
By their carelessness, known users are contributing to the problem. As such they are a priority target for behavioural change.
Loss-aversion theory says we are much more likely to be motivated by the prospect of a loss than a gain. And the sense of being observed – for example, a visible police presence – can change our behaviour.
So, if it was made clear to a user that they were being watched when they were about to return a bike to a non-designated place – and that there would be immediate and certain consequences – they would be much more likely to do the right thing.
While most share-bike business models have deposits, incentives and penalties, they are too vague and uncertain when it matters.
The sense of being under scrutiny needs to be front of mind at the time of the behaviour. For some share-bike operators, such a solution is either in development or close at hand. And much more precise geolocation capability could give users a sense of being watched.
<img src="https://counter.theconversation.com/content/90312/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">If the share-bike business model is tweaked, Australians could embrace a clever and fun form of transportation.
Conor Wynn, PhD Candidate at BehaviourWorks, Monash Sustainable Development Institute, Monash University.
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/three-reasons-why-share-bikes-dont-fit-australian-culture-90312" target="_blank">original article</a>.
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Three reasons why share-bikes don’t fit Australian culture: Conor Wynn

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Apartment supply in inner Brisbane exceeds demand, pushing the vacancy rate to 4%, according to REIQ December quarter rental data.
Inner Brisbane (0-5 kilometre ring) vacancies rose from 3.7% in September last year to 4% in the December quarter, however the middle ring tightened from 3.4% to 2.1%. 
The REI advised the vacancy rate of inner Brisbane had only reached 4% or higher twice before – December 2013 when it reached 4.1% and March 2017 when it peaked at 4.4%, the highest level since records began in 2008. 
REIQ CEO Antonia Mercorella said this news was disappointing for investors, but not unexpected give strong levels of apartment supply coming to the market. 
“Approvals have fallen in the past six months and we know that this period - where supply exceeds demand - is likely to be only temporary thanks to a steadily growing population and consistent demand for inner city accommodation,” she said. 
“Just how temporary is difficult to predict but our expectation is that demand will start to catch up to supply very quickly and vacancy rates will return to the typically healthy levels this market usually achieves of around 2.5 – 3.5%.”  
The middle ring (5-20 kilometres) is affordable, and in most suburbs there is the convenience of good infrastructure and public transport and tenants have a good range of options to suit many budgets, Ms Mercorella said. 
 
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Empty apartments a concern for anxious off the plan Brisbane landlords

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.

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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."

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[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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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.

<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>

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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