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Residential pockets within the inner eastern suburbs of Melbourne historically yield high sale and rental prices, according to the July Herron Todd White (HTW) residential report. 
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation. 
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The report suggests suburbs such as Richmond, South Yarra, Toorak, Camberwell, Hawthorn and Kew all have high median residential house prices and equally high median prices for apartments.
The areas of the eastern suburbs that would be best suited for someone with a budget of $700,000 begin further down the Lilydale train line, near places such as Ringwood, Warrandyte, Mitcham and Doncaster.
"These areas have a good mix of established residential housing, emerging housing markets seen in land developments such as the Tullamore Estate in Doncaster and new single or multi-unit dwelling developments taking place in various suburbs across the eastern suburbs," the valuation firm said. 
A two bedroom townhouse located near Doncaster Westfield has recently been sold for $641,000.
The townhouse at <a href="https://www.realestate.com.au/sold/property-townhouse-vic-doncaster-133861270" target="_blank">14/9-13 Wetherby Road </a>(pictured below) comprises two bedrooms, study, lounge and meals zones and courtyard. 
It also features kitchen with breakfast bar, second toilet, ducted heating and evaporative cooling. 
<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/2020/8/10/doncaster%201.jpg" alt="">
Some comparisons of median house prices in eastern suburbs are shown below.
<a href="https://www.propertyobserver.com.au/images/2020/8/10/east%20mel.jpg" target="_blank">Click here </a>to enlarge:
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Source: HTW
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Mooroolbark is a very suitable suburb in which to invest for someone with a budget of $700,000, the report noted. 
 The suburb is situated close to major shopping centres with Eastland a short drive away, access to public transport commuting into the city and the market that is available in Mooroolbark.
A current listing is a three bedroom Mooroolbark house priced at $590,000 to $640,000.
The home at <a href="https://www.realestate.com.au/property-house-vic-mooroolbark-133958610" target="_blank">30 Winyard Drive</a> (pictured below) comprises three bedrooms, lounge, dining area, galley kitchen and central bathroom. 
It is situated within a short stroll to train station, shops and eateries. 
<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/2020/8/10/mooroolbark.jpg" alt="">
The varying quality of homes in the area makes it possible for investors to either buy and renovate, buy and knockdown or purchase an established home ready to move into or rent out to tenants. 
"We are of the opinion that these outer eastern suburbs are a great location to invest in property, whilst being affordable and having opportunities to construct new dwellings, renovate older homes or purchase a home suitable for living," the valuation firm said. 
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What a lazy $700,000 can buy in eastern Melbourne: HTW residential 

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High rise apartments in the Melbourne city and fringe areas will suffer the largest price fall as a result of the Coronavirus, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm presented an 'investor playbook' of real estate performance within each service area this month. 
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"The past few months have also impacted the rental market as high rates of unemployment have led to many young people exiting the rental market and moving back in with parents, downsizing or sharing rentals to save money," the valuation firm said. 
 This has greatly reduced housing demand, which has caused a spike in vacancy rates, leaving investors nervous about what’s to come. 
With immigration coming to a halt as well as a sharp decline in international students, investors will be feeling the pain over the next 12 to 24 months, the report noted. 
"We are also seeing quite a number of nomination sales in the CBD market, as many investors are desperate to find a new purchaser to take over their property. 
"Investors are doing this now as they had originally purchased these apartments 12 to 18 months ago and pre-committed to contracts, but with lending environments changing since then, they are unable to settle on their apartments, leaving some with no choice but to forfeit their deposits," the valuation firm said. 
A new two bedroom apartment in Melbourne CBD was sold for $630,000 in July. 
The apartment at <a href="https://www.realestate.com.au/sold/property-apartment-vic-melbourne-131936738" target="_blank">3102/135 A'Beckett Street</a> (pictured below) comprises two bedrooms, two bathrooms and open living area. 
It was last sold in 2014 for $635,000.
<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/2020/8/10/melbourne.jpg" alt="">
A two bedroom Melbourne CBD apartment with water views has been listed for rent with a price guide of $650 per week.
The <a href="https://www.realestate.com.au/property-apartment-vic-melbourne-427127838" target="_blank">4907/605 Lonsdale Street </a>apartment (pictured below) comes with open plan ring area, modern kitchen, large balcony and European laundry. 
It is located opposite the South Cross Railway Station. 
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Melbourne CBD high rise apartments to suffer largest price falls: HTW residential 

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Agents within Sydney inner city/east are reporting only a slight drop in listing numbers for owner occupier type properties, with an increase in off market activity within this market segment, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm presented an 'investor playbook' of real estate performance within each service area this month. 
"However, investor activity appears to have dropped sharply, particularly in more homogenous medium and high density areas such as Haymarket, Zetland and Forest Lodge. This is largely driven by declines in rental demand pushing rents lower and therefore reducing overall returns," the valuation firm said. 
According to SQM Research residential vacancy rates for Zetland peaked in May at a record high of 6.0 per cent and have slightly reduced to 5.7 per cent throughout June. 
A similar trend can be seen at Mascot with vacancy rates peaking in June at 7.4 per cent as per SQM Research. Across the city within the inner west suburb of Pyrmont house rents fell by 11.8 per cent over the past year (Domain).
The report notes the sharp reduction in rental demand within these locations is resulting in lower rents and extended vacancy periods, this ultimately has a negative effect on sale prices given that investors are concerned about rental returns and also whether there will be any upside capital growth in the next few years.
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A recent sale of a two-bedroom apartment at <a href="https://www.realestate.com.au/sold/property-apartment-nsw-mascot-132917998" target="_blank">612/149-161 O’Riordan Street, Mascot</a> (pictured below) is a good example of this.
 
<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/2020/8/10/mascot%202.jpg" alt="">
Previously sold during April 2016 for $800,000 and has recently been sold during July by the same agency for $790,000. 
This result demonstrates how investment grade properties within certain high-density locations are performing subpar when compared to owner occupier style properties such as freestanding homes or larger modern townhouse/terraces within the surrounding area, the report noted. 
Current asking rents for two- bedroom units within the building range from $600 to$700 per week.
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"Based on what we are seeing, and information from local real estate agents, it appears that more first homebuyers are entering the market which does help increase demand for some of the investment style apartments, however there is still an oversupply of apartments advertised for sale and lease within these locations such as Zetland and Mascot," the valuation firm said. 
Going forward it seems unlikely that this trend will significantly improve in the near future particularly while the impacts of COVID-19 are at play.
There are currently opportunities to purchase investment properties at prices similar or even lower than what they were sold for over the last few years, however this is assuming that someone can tolerate the reduced rental income and ‘ride out the storm’ until the market starts to recover.
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"On a positive note this region of Sydney is always going to benefit from proximity to the CBD, good infrastructure and various services and amenities which make the inner suburbs of Sydney a popular place to live and invest in property," the valuation firm said. 
The area is already well serviced for public transport, however the future Metro West and Metro City &amp; Southwest lines will provide additional transport options for some of these inner ring suburbs.
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"As always we believe that the strongest investment properties over the long-term will be those that are well-positioned, quality-built/designed, lower density developments and freestanding/semi- detached dwellings or the older properties that have renovation upside." 
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Sydney sees sharp drop in investor activity: HTW residential 

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The past month has seen the southern highlands property market go from strength to strength, according to the July Herron Todd White (HTW) residential report. 
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation. 
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The report notes a lack of stock due to vendors’ unwillingness to put their properties to market in uncertain times coupled with extremely strong interest from Sydney buyers has resulted in a strong surge in sales numbers as well as prices in the local region. 
"We had predicted this over the longer term, however it has been very evident over the past four weeks and the next few months should be interesting as we see life return to normal and the market potentially inundated with new listings," the valuation firm said. 
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A lazy $700,000 in the Southern Highlands is quickly becoming non-existent largely thanks to the above mentioned continual exodus from Sydney.
 This certainly doesn’t mean you can’t find anything for less than $700,000 in the region, however these days a brand new traditional family home in the three main suburbs of Bowral, Mittagong and Moss Vale are all above that price point, the report noted. 
The best performing suburb at this price point would either be Moss Vale or Mittagong, both of which have slightly older homes still popping up sub $700,000 and even sub $600,000 in the case of Moss Vale.
A four bedroom house in Mittagong has recently been sold for $685,000.
The home at <a href="https://www.realestate.com.au/sold/property-house-nsw-mittagong-133955806" target="_blank">5 Waverley Parade </a>(pictured below) comes with four bedrooms, two bathrooms and garden. 
It also features ceiling fan, timber floorboards and external laundry with toilet. 
<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/2020/8/3/mittagong.jpg" alt="">
 
A current offering is a four bedroom house in Moss Vale priced at $695,000.
The family home at <a href="https://www.realestate.com.au/property-house-nsw-moss+vale-132123446" target="_blank">14 Napper Close</a> (pictured below) boasts open plan kitchen, dining and living area, four bedrooms, media room and backyard. 
It is situated close to Moss Vale Town centre and local schools. 
<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/2020/8/3/moss%20vale%202.jpg" alt="">
 
Typically rental returns are good and again off the back of the recent COVID-19 outbreak, enquiry levels from Sydney have been strong, resulting in improved rental returns to that of the past 24 months.
"We expect this price point to continue to perform strongly over the next few years, as working from home becomes a more common practice. In turn, this should result in more first home buyers looking in the area due to its good proximity to Sydney should they need to travel to a place of work a couple of days per week," the valuation firm said. 
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What a lazy $700,000 can buy in Southern Highlands: HTW residential  

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Auction numbers and new listings in Sydney property market continue to remain fairly strong for this time of year, according to the latest Herron Todd White (HTW) residential report.  
The valuation firm presented a "investor playbook" of real estate performance within each service area. 
The report notes the last few weeks has seen an increasing number of COVID-19 community transmissions in Melbourne and then Sydney. 
"Whilst, at the time of writing, Sydney has not seen a return to the lockdowns experienced in March and April, there is no doubt consumer confidence is again starting to decline as a result of an apparent ‘second wave’," the valuation firm said. 
Home values across Sydney have continued to decline over the past month, dropping by 0.9% over that time according to CoreLogic. 
Whilst values are still up by 2.8% since the beginning of 2020, if the current trend continues, it would mean prices falling a further 5 to 6% by the end of the year, the report noted. 
<a href="https://www.propertyobserver.com.au/images/2020/8/10/sydney%201%20.jpg" target="_blank">Click here</a> to enlarge: 
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"Auction numbers and new listings continue to remain fairly strong for this time of year, although auction clearance rates have eased to around 60% over the past few weeks," the valuation firm said. 
The clearance rate at in the same period last year was above 70%, although with a lower number of auctions, as the market began its recovery at the time.
"And now onto the property investors playbook," the valuation firm continued. 
The residential property investor market has had some significant hurdles placed in front of it in recent years.
 Tougher lender and regulatory requirements around investor loans, and the threat of removal of negative gearing and capital gains tax allowances prior to the federal election in May last year, significantly reduced the number of investors looking to get into the market, the report noted. 
As these lending restrictions eased and the threat to tax allowances was extinguished, the investor market began to recover along with the wider market as prices started to rise.
That recovery has now come to an abrupt halt as a result of COVID-19, as asking rents have fallen sharply, while vacancy rates have climbed, across many parts of Sydney.
According to CoreLogic, across the financial year to June, Sydney dwellings saw an average 16.7% return with 13.3% of that through capital growth.
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Houses enjoyed a 17.7% return with 14.5% capital growth, while units had a 14.7% return with 10.6% of that being capital growth.
<a href="https://www.propertyobserver.com.au/images/2020/8/10/sydney%202.png" target="_blank">Click here</a> to enlarge: 
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However with prices now falling and rental yields also under downward pressure, returns in the current financial year are likely to be significantly leaner.
As can be seen from the table below, vacancy rates in the Inner and Middle ring suburbs have been particularly hard hit since March, while the Outer suburbs have continued to see a tightening vacancy rate, the report noted. 
<a href="https://www.propertyobserver.com.au/images/2020/8/10/sydney%203.png" target="_blank">Click here</a> to enlarge: 
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The Inner ring suburbs have seen an increasing supply of properties, particularly units, as previous holiday-stay properties were switched over to the long term rental market, and new unit completions have continued to hit the market. 
New unit completions are also impacting supply in some middle ring suburbs.
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The report notes demand levels are not increasing at the same levels as supply as immigration has been stopped and is likely to be impacted for some time to come. 
Demand from international students has also dropped dramatically as a result of COVD-19.
"With values at the lower end of the market holding up better than other price points, and vacancy rates continuing to tighten in the outer ring, Western Sydney is looking like the best place for investors for returns in the short to medium term."
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Sydney home values continues to decline: HTW residential 

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Over the past two weeks, storms pummelling the New South Wales coast have left beachfront homes at Wamberal on the verge of collapse. It’s stark proof of the risks climate change and sea level rise pose to coastal areas.
Our new research published today puts a potential price on the future destruction. Coastal land affected by flooding – including high tides and extreme seas – could increase by 48% by 2100. Exposed human population and assets are also estimated to increase by about half in that time.
Under a scenario of high greenhouse gas emissions and no flood defences, the cost of asset damage could equate up to 20% of the global economy in 2100.
Without a dramatic reduction in greenhouse gas emissions, or a huge investment in sea walls and other structures, it’s clear coastal erosion will devastate the global economy and much of the world’s population.
In Australia, we predict the areas to be worst-affected by flooding are concentrated in the north and northeast of the continent, including around Darwin and Townsville.
<img src="https://images.theconversation.com/files/350326/original/file-20200730-23-rmfjij.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="Man cleans up after Townsville flood"> 
A clean-up after flooding last year in Townsville, an Australian city highly exposed to future sea level rise. Dan Peled/AAP
<h2>Our exposed coasts</h2>
Sea levels are rising at an increasing rate for <a href="https://oceanservice.noaa.gov/facts/sealevel" target="_blank">two main reasons</a>. As global temperatures increase, glaciers and ice sheets melt. At the same time, the oceans absorb heat from the atmosphere, causing the water to expand. Seas are rising by about 3-4 millimetres a year and the rate is <a href="https://www.ipcc.ch/srocc/" target="_blank">expected</a> to accelerate.
These higher sea levels, combined with potentially more extreme weather under climate change, will bring damaging flooding to coasts. Our study set out to determine the extent of flooding, how many people this would affect and the economic damage caused.
We combined data on global sea levels during extreme storms with projections of sea level rises under moderate and high-end greenhouse gas emission scenarios. We used the data to model extreme sea levels that may occur by 2100.
We combined this model with topographic data (showing the shape and features of the land surface) to identify areas at risk of coastal flooding. We then estimated the population and assets at risk from flooding, using data on global population distribution and gross domestic product in affected areas.
<img src="https://images.theconversation.com/files/350322/original/file-20200730-29-eqrhbr.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="Homes at Collaroy in Sydney damaged by storm surge">
Many coastal homes, such as these at Sydney’s Collaroy beach, are exposed to storm surge damage. David Moir/AAP
<h2>Alarming findings</h2>
So what did we find? One outstanding result is that due to sea level rise, what is now considered a once-a-century extreme sea level event could occur as frequently as every ten years or less for most coastal locations.
Under a scenario of high greenhouse gas emissions and assuming no flood defences, such as sea walls, we estimate that the land area affected by coastal flooding could increase by 48% by 2100.
This could mean by 2100, the global population exposed to coastal flooding could be up to 287 million (4.1% of the world’s population).
Under the same scenario, coastal assets such as buildings, roads and other infrastructure worth up to US$14.2 trillion (A$19.82 trillion) could be threatened by flooding.
This equates to 20% of global gross domestic product (GDP) in 2100. However this worst-case scenario assumes no flood defences are in place globally. This is unlikely, as sea walls and other structures have already been built in some coastal locations.
In Australia, areas where coastal flooding might be extensive include the Northern Territory, and the northern coasts of Queensland and Western Australia.
Elsewhere, extensive coastal flooding is also projected in: - southeast China - Bangladesh, and India’s states of West Bengal and Gujurat - US states of North Carolina, Virginia and Maryland - northwest Europe including the UK, northern France and northern Germany.
<img src="https://images.theconversation.com/files/350319/original/file-20200730-35-19xjvnc.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="A woman struggles through floodwaters in Bangladesh">Bangladesh is among the nations most exposed to coastal flooding this century. SOPA
<h2>Keeping the sea at bay</h2>
Our large-scale global analysis has some limitations, and our results at specific locations might differ from local findings. But we believe our analysis provides a basis for more detailed investigations of climate change impacts at the most vulnerable coastal locations.
It’s clear the world must ramp up measures to adapt to coastal flooding and offset associated social and economic impacts.
This adaptation will include building and enhancing coastal protection structures such as dykes or sea walls. It will also include coastal retreat – allowing low-lying coastal areas to flood, and moving human development inland to safer ground. It will also require deploying coastal warning systems and increasing flooding preparedness of coastal communities. This will require careful long-term planning.
All this might seem challenging – and it is. But done correctly, <a href="https://www.propertyobserver.com.au/https://www.pnas.org/content/111/9/3292" target="_blank">coastal adaptation</a> can protect hundreds of millions of people and save the global economy billions of dollars this century.
<a href="https://theconversation.com/profiles/ebru-kirezci-1140869" target="_blank">Ebru Kirezci</a>, PhD candidate, <a href="https://theconversation.com/institutions/university-of-melbourne-722" target="_blank">University of Melbourne</a> and <a href="https://theconversation.com/profiles/ian-young-807759" target="_blank">Ian Young</a>, Kernot Professor of Engineering, <a href="https://theconversation.com/institutions/university-of-melbourne-722" target="_blank">University of Melbourne</a>
This article is republished from <a href="https://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/unwelcome-sea-change-new-research-finds-coastal-flooding-may-cost-up-to-20-of-global-economy-by-2100-143599" target="_blank">original article</a>.
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Research finds coastal flooding may cost up to 20% of global economy by 2100

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We are entering an era of profound change in how we work, learn, socialise and live with COVID-19.
Many people will adjust to this new world order and work remotely at home if they don’t have to attend an office or other workplace. This, in turn, will create an opportunity to adapt unused buildings, which were needed for the previous economy, for the new ways of living and working. Buildings could be transformed or redeployed through adaptive reuse for much-needed housing.
We already have the technology and the capacity to work and live remotely from an office or institution, if we choose to.
For some people, working-from-home models have become the norm during the enforced COVID-19 isolation periods of 2020. Many of them are likely to choose alternative work patterns as an ongoing model in preference to daily <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-06-12/jobs-boom-in-cbds-leaves-a-long-commute/11198142" target="_blank">commuting to the traditional central office</a> in busy cities.
If we approach figures like those of earlier recessions, employment will fall even <a href="https://theconversation.com/five-things-you-need-to-know-about-todays-economic-statement-143088" target="_blank">more dramatically than it has already</a>. Reduced trade will slow the economy for many years. The burgeoning numbers of unemployed and low-income citizens will find it difficult to find affordable homes.
The people who suffer most during this period, the “new poor”, will struggle to pay for even basic housing, let alone homes that provide space for occupants to work and live at home. Public and subsidised housing will have to fill the gap.
<h2>Silver linings to the COVID cloud</h2>
Some positives are appearing from this new world order.
Some professions will find themselves comfortably working away from the traditional workplace. They will be able to manage work and family more easily.
<a href="https://images.theconversation.com/files/349494/original/file-20200727-23-tkty56.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/349494/original/file-20200727-23-tkty56.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt="Apartment block converted from former telephone exchange and post office building at 118 Russell Street, Melbourne."></a>
The building that formerly housed a telephone exchange and post office at 118 Russell Street, Melbourne, has been converted into apartments. Author provided
As well as offices becoming redundant, delivery services like Amazon, Deliveroo and Uber Eats might replace many traditional retail outlets, including shops, cafes, restaurants and bars. Many buildings housing such businesses might not reopen.
Buildings that are no longer fit for purpose, or not required in a new detached working environment, could be <a href="https://www.researchgate.net/profile/Theo_Van_der_Voordt2/publication/235289905_A_new_life_Conversion_of_vacant_office_buildings_into_housing/links/00b49515082bc04d42000000/A-new-life-Conversion-of-vacant-office-buildings-into-housing.pdf" target="_blank">repurposed as housing</a>. Empty <a href="https://ggwash.org/view/61871/abandoned-office-buildings-can-become-new-housing" target="_blank">office blocks</a>, <a href="https://www.bloomberg.com/news/articles/2020-06-30/a-case-for-turning-empty-malls-into-housing" target="_blank">shops and stores</a> and <a href="https://www.forbes.com/sites/davidrosowsky/2020/06/22/how-does-a-pre-pandemic-building-inventory-serve-a-post-pandemic-university-whats-next-for-campus-spaces/#7a625eb61da4" target="_blank">unused teaching facilities</a> could all be recycled for social and community low-cost rental housing.
Of course we will need to retain many resources, such as distribution warehouses, places of worship, hospitals, childcare centre, kindergartens and primary schools, laboratories, workshops, manufacturing factories, prisons, bakeries, farmers markets, personal health and hygiene salons – for hair, massage, wellness and mental health. Other places such as transport hubs, sporting facilities, theatres, tourist accommodation, cafes, bars and restaurants will be maintained too.
But underused office buildings will not be needed as offices. They can become part of the new model for blended home-and-work operations.
Families who have experimented with shared responsibilities during COVID-19 lockdowns may continue this routine as a new “normal” and select <a href="http://www.environment.gov.au/heritage/publications/adaptive-reuse" target="_blank">newly adapted old buildings</a> for accommodation.
<h2>Commercial buildings can be easily converted</h2>
One advantage of reusing a commercial building is the relative openness of its plan. New living areas can be planned and fitted into the office open space, using simple lightweight partition walls.
Usually large open office spaces surround a service core. The core contains lifts, plumbing, ducts and risers, fire stairs, bathrooms and equipment.
Wet areas such as kitchens, bathrooms and laundries would be located against the core. Here they can be connected easily to the building services and systems.
Commercial buildings are usually solid constructions. They are built to last, so their recycled concrete, steel and glass suits reclamation.
These buildings are generally spacious, with a floor-to-ceiling height of about three metres (not the miserable norm of cheap apartments, which is less than 2.5 metres).
It is even possible for some old office building floors to have part of their outside walls removed and refitted inside the floor slabs, which creates open-space balconies and gardens.
The environment would benefit too
As a byproduct of repurposing old buildings, we’d benefit the environment. Re-use conserves natural resources and minimises the need for new materials. That’s because these adapted buildings are effectively <a href="https://repository.tudelft.nl/islandora/object/uuid%3A48305aea-75d8-4285-aa5d-0056fe5305d0" target="_blank">already half built</a>.
Building construction, maintenance and use produce about a <a href="https://www.researchgate.net/publication/318754386_From_leaders_to_majority_a_frontrunner_paradox_in_built-environment_climate_governance_experimentation" target="_blank">quarter of Australia’s emissions</a>. Maybe the world could largely meet its <a href="https://unfccc.int/process-and-meetings/the-paris-agreement/the-paris-agreement" target="_blank">Paris Agreement</a> emission-reduction targets before 2030 by making better use of existing buildings as well as increasing energy efficiency and renewable energy’s market share.
COVID-19 might eventually be eliminated, but the impacts will roll on for many years. A long-term benefit of this disaster could be a focus on no longer needing to duplicate so much space to live and work in. The result would be reducing consumption of building materials as the world tightens its environmental belt.<img src="https://counter.theconversation.com/content/142897/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/norman-day-228477" target="_blank">Norman Day</a>, Lecturer in Architecture, Practice and Design, <a href="https://theconversation.com/institutions/swinburne-university-of-technology-767" target="_blank">Swinburne University of Technology</a>
This article is republished from <a href="https://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/unused-buildings-will-make-good-housing-in-the-world-of-covid-19-142897" target="_blank">original article</a>.
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Unused buildings will make good housing in the world of COVID-19

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The world’s wealthiest people will transfer US$15.4 trillion in assets to their heirs in the next decade, according to a recent report.
Published by specialist data analysts Wealth-X, the report focused on the richest 0.1% (those with net assets worth over US$5 million), but it’s a similar story for the more modestly wealthy baby boomers.
With New Zealand’s average national <a href="https://www.stuff.co.nz/business/117903021/house-prices-shoot-ahead-again-as-majority-of-kiwis-say-ownership-unachievable" target="_blank">house price</a> now over $700,000, the heirs of home-owning boomers (as well as people born before 1945 whose significant wealth is often overlooked) will receive a currently untaxed bonanza.
Ignoring this unprecedented transfer of wealth from people who no longer need it to people who haven’t earned it would be absurd. But equitable tax policy must first overcome political timidity and rhetoric.
As New Zealand’s election approaches, forward-thinking politicians should take heart from Sinn Féin winning a majority in the 2019 Irish election on the promise of making the country’s tax system <a href="https://www.sinnfein.ie/a-fair-tax-system" target="_blank">radically more equitable</a>.
While a capital gains tax (CGT) is <a href="https://www.beehive.govt.nz/release/government-will-not-implement-capital-gains-tax" target="_blank">off the table</a> for now, tax arrangements are never set in stone and voters can be open to change.
<h2>Taxing inheritance is nothing new</h2>
New Zealand first taxed inter-generational capital transfers in 1866. However, the rate of estate duty was reduced to zero in 1993 and gift duty was scrapped in 2011. <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2439053" target="_blank">According</a> to tax law specialist Michael Littlewood:
These taxes for many years enjoyed broad political support. Indeed, it was widely regarded as obvious that a significant part – perhaps as much as 50% or so – of every large estate ought to go to the state.
Taxing a person’s wealth when they no longer need it, provided a reasonable exemption is made to support dependants, has been usual since Roman times. In the modern era, inter-generational wealth was seen as eminently taxable, too. Indeed, progressive tax rates were applied to estate taxes before they were first used for income taxes.
In 1979 Australia became the first developed country to abolish estate duty (at both state and federal levels). As analysts Sam Reinhardt and Lee Steel <a href="https://treasury.gov.au/publication/economic-roundup-winter-2006/a-brief-history-of-australias-tax-system" target="_blank">pointed out</a>, support for estate taxes had declined despite “various tax review committees recommending refinements to improve the equity, efficiency and simplicity of the tax”.
<h2>Politics gets in the way</h2>
In New Zealand, Te Herenga Waka—Victoria University’s 2010 <a href="https://www.wgtn.ac.nz/sacl/centres-and-institutes/cagtr/pdf/tax-report-website.pdf" target="_blank">tax working group</a> didn’t consider reintroducing an estate tax or retaining the gift duty then in force. It argued that reforms in the late 1980s had “improved the efficiency and equity of the tax system”.
Certainly, stamp duty is an unlamented tax – although many jurisdictions try to use it to cool overheated housing markets. But it’s not clear why the working group considered estate taxes inefficient or inequitable.
Unfortunately, the <a href="https://taxworkinggroup.govt.nz/resources/terms-reference-tax-working-group" target="_blank">terms of reference</a> of the next tax working group, established by the Labour-led government after the 2017 election, specifically excluded an inheritance tax. While there were good theoretical reasons for such a tax, group member Geof Nightingale <a href="https://www.stuff.co.nz/business/106050956/inheritance-tax-good-economics-and-the-politics-may-be-better-than-they-seem" target="_blank">said</a>, it “breaks down at the politics”:
Inheritance taxes are intensely disliked, so if you haven’t got one it’s very hard to put one in.
The arguments against estate taxes are well rehearsed – usually accompanied by emotive references to “death taxes”. But, in the long term, the current ideological opposition to taxing inter-generational wealth transfers may prove to be an anomaly.
One simple reason for reviving the debate about such a tax is demographic: baby boomers, the wealthiest generation that has ever lived, will increasingly start dying during the 2020s.
Tax policymakers cannot ignore the opportunity – arguably the moral imperative – of taxing and redistributing those transfers.
<h2>Millennials and Gen X will be the winners</h2>
There remain three challenges to achieving a fairer tax based on inter-generational wealth.
First, the application of tax needs to shift from the deceased to the living. In other words, we need to focus on the recipient of the wealth transfer. Ireland’s <a href="https://www.revenue.ie/en/tax-professionals/tdm/capital-acquisitions-tax/cat-collector-general-district-guidelines.pdf" target="_blank">capital acquisitions tax</a> (CAT) applies a flat rate of 33% to accumulated gifts and inheritances over the relevant threshold.
Unlike a CGT, which can be perceived as penalising business owners, a CAT targets unearned windfalls from an accident of birth. This should make a CAT more politically acceptable than a CGT.
Second, the younger generations most critical of baby boomers’ “unfair” acquisition of wealth (Gen X and millennials) must accept that taxing this unprecedented transfer of wealth will promote both inter- and intra-generational fairness.
If we don’t tax and redistribute these transfers, wealth inequalities will be exacerbated and entrenched among future generations.
And finally, arguments in favour of a more equitable system have to overcome the rhetoric of “death taxes”. As far back as the 1960s, Canada’s Royal Commission on Taxation did this by popularising the idea that “<a href="https://www.thecanadianencyclopedia.ca/en/article/royal-commission-on-taxation" target="_blank">a buck is a buck</a>”, no matter how it is earned.
In other words, if you have the money you can pay tax, whether that money comes from labour, investment or inheritance.
So far, only the Greens are proposing any <a href="https://www.stuff.co.nz/national/politics/300044327/the-crucial-feature-of-the-greens-wealth-tax-that-would-exempt-most-family-homes" target="_blank">tax on wealth</a> as part of their election policy offering. But with the generational clock ticking, it’s maybe time for New Zealand to think about getting a CAT.<img src="https://counter.theconversation.com/content/143604/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/jonathan-barrett-129387" target="_blank">Jonathan Barrett</a>, Lecturer, <a href="https://theconversation.com/institutions/te-herenga-waka-victoria-university-of-wellington-1200" target="_blank">Te Herenga Waka — Victoria University of Wellington</a>
This article is republished from <a href="https://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/forget-a-capital-gains-tax-what-new-zealand-needs-is-a-tax-on-inherited-wealth-143604" target="_blank">original article</a>.
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Forget a capital gains tax – what New Zealand needs is a tax on inherited wealth

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One of the many things COVID-19 has had a dramatic impact on is the way many of us work.
Those fortunate enough to be able to work from home have been able to adapt to this new reality – and it certainly has been “new”.
Perhaps the biggest question for both employers and employees is whether working from home has led to a decrease in productivity.
The fact major companies such as <a href="https://www.nytimes.com/2020/05/21/technology/facebook-remote-work-coronavirus" target="_blank">Facebook</a> and <a href="https://www.forbes.com/sites/jackkelly/2020/05/13/twitter-ceo-jack-dorsey-tells-employees-they-can-work-from-home-forever-before-you-celebrate-theres-a-catch/#765a70652e91" target="_blank">Twitter</a> have said they will allow many employees to work from home permanently suggests work in some sectors can be done more efficiently outside a formal workplace.
At a minimum, time saved from commuting and greater flexibility to multitask other elements of one’s life are positives from working from home. Lack of social interaction and the inevitable distractions in most home environments are negatives.
The degree and extent of increased productivity from working at home remains to be seen. It will depend on the way in which working in a team has evolved in a remote environment using online tools like Slack and Zoom.
The big question is how the nature of collaboration has changed under COVID.
<h2>Studying 3 million people</h2>
Thanks to <a href="https://www.nber.org/papers/w27612" target="_blank">a fascinating analysis</a> by researchers from the Harvard Business School and New York University, we are beginning to get the first systematic evidence on how the nature of work has changed for those working from home during COVID-19.
The authors gathered aggregated meeting and email meta-data for 3,143,270 people working for 21,478 companies in 16 cities in Europe, the United States and Israel where government-mandated lockdowns were imposed in March.
As the authors put it:
<blockquote>
These lockdowns established a clear break point after which we could infer that people were working from home. The earliest lockdown in our data occurred on March 8, 2020, in Milan, Italy, and the latest lockdown occurred on March 25, 2020, in Washington, DC.
</blockquote>
To explore changes in worker behaviour, their analysis compares meeting and email data during the lockdown periods (typically a month long) with data for the eight weeks prior and the eight weeks after lockdowns ended.
The data they used came from “an information technology services provider that licenses digital communications solutions to organisations around the world”.
This meta-data indicates the actual behaviour of employees in real organisations. So it’s more robust than, say, a survey asking people what they did. Survey respondents might not remember accurately, or might not tell the truth, and those that respond may not be a representative sample.
In short, the meta-data enables the authors to draw detailed and interesting conclusions that survey data would allow.
It’s the detail of a paper like this that is, in a sense, the whole point. But the bottom line is this. Lockdowns have reduced the amount of time most workers spend in meetings, but increased their working hours.
<h2>Time in meetings</h2>
Their results show the number of meetings attended by workers increased, on average, by 12.9% during lockdown – with the average number of attendees per meeting increasing by 13.5%.
Impact of COVID-19 lockdowns on meetings
<a href="https://images.theconversation.com/files/351458/original/file-20200806-22-173asvd.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/351458/original/file-20200806-22-173asvd.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="Impact of COVID-19 lockdowns on meetings."></a>
<a class="source" href="https://www.nber.org/papers/w27612" target="_blank">NBER Working Paper No. 27612, July 2020</a>, <a class="license" href="http://creativecommons.org/licenses/by-nc-nd/4.0/" target="_blank">CC BY-NC-ND</a>
But the average length of meetings fell by 20.1%, with the net effect being that people spent 11.5% less time in meetings.
In European cities such as Brussels, Oslo and Zurich, meeting length declined sharply and continued to fall in the month after the beginning of the lockdown. In the US cities of Chicago, New York and Washington DC, length of meetings declined less.
Email and working hours
There was, also, a significant and seemingly durable increase in working hours, based on the number of hours between the first and last email sent or meeting attended by an individual in a day.
On average, the length of the average workday increased by 48.5 minutes.
Impact of COVID-19 lockdowns on email
<a href="https://images.theconversation.com/files/351460/original/file-20200806-14-1x9tdkp.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/351460/original/file-20200806-14-1x9tdkp.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="Impact of COVID-19 lockdowns on email."></a>
<a class="source" href="https://www.nber.org/papers/w27612" target="_blank">NBER Working Paper No. 27612, July 2020</a>, <a class="license" href="http://creativecommons.org/licenses/by-nc-nd/4.0/" target="_blank">CC BY-NC-ND</a>
Longer workdays were common across the 16 cities during lockdowns. When restrictions were lifted, average hours returned closer to pre-lockdown levels in all but three cities – San Jose, Rome and New York City.
<h2>The evolving nature of work</h2>
It is perhaps too early to draw strong conclusions about these changing patterns of communication. But there are some intriguing possibilities.
Larger meetings may be needed to get “everyone on the same page” and create what economists call “common knowledge”. This may be both easier to do in phone or video conferences, and also more important in the absence of face-to-face communication.
Consistent with this, electronic communications extending beyond normal work hours seems like an inevitable consequence, albeit a negative one for work-life balance, particularly for people with caring responsibilities.
The nature of work was evolving before COVID-19, and it will continue to do so as many parts of the world continue with various forms of physical distancing.
Documenting the nature of that evolution, as well as the implications for productivity, workplace culture, and time outside of work will continue to be informed by remarkable data of the kind the authors analysed.<img src="https://counter.theconversation.com/content/143894/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/richard-holden-118107" target="_blank">Richard Holden</a>, Professor of Economics, <a href="https://theconversation.com/institutions/unsw-1414" target="_blank">UNSW</a>
This article is republished from <a href="https://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/vital-signs-shorter-meetings-but-longer-days-how-covid-19-has-changed-the-way-we-work-143894" target="_blank">original article</a>.
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Shorter meetings but longer days – how COVID-19 has changed the way we work

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They’re at it again, pushing lower company tax as a way to resuscitate the economy.
The arguments were well ventilated at the time the government pushed for company tax cuts, failed to get support in the Senate, and then abandoned them in favour of personal income tax cuts in the leadup to the last election, declaring “we’re not coming back to the company tax cuts”.
The new argument is that they’ll help get us out of recession, but in the same sense that Leo Tolstoy observed that while all happy families resemble each other, each unhappy family is unhappy <a href="https://www.britannica.com/biography/Leo-Tolstoy/Anna-Karenina" target="_blank">in its own way</a>, each recession is different.
This recession is the result of the forced hibernation of large parts of the economy in order to reduce the spread of COVID-19.
<h2>This recession is about households</h2>
<a href="https://images.theconversation.com/files/350383/original/file-20200730-17-14n6v9d.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/350383/original/file-20200730-17-14n6v9d.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
The first priority will be household spending.
When the time is right, it will be households that hold the key to reversing the effects of hibernation.
Australian households account for 60 cents in every dollar spent in the Australian economy, and they accounted for a disproportionate share of the fall in GDP in the first half of 2020.
With shops and cafes shut, the need for investment in new facilities is low.
The first step to recovery has to be reopening the businesses that exist and are closed or are operating well below capacity.
This means getting households spending, supported by stimulus.
<h2>Company tax cuts benefit foreigners</h2>
Our modelling in 2018 showed that while a company tax cut would stimulate investment and economic activity, in both the short run and the long run the benefits would accrue to <a href="https://www.copsmodels.com/elecpapr/g-287.htm" target="_blank">foreign investors</a> rather than to Australians.
In theory, all investors should respond positively to a lower company tax rate, but under Australia’s system of <a href="https://theconversation.com/words-that-matter-whats-a-franking-credit-whats-dividend-imputation-and-whats-retiree-tax-111423" target="_blank">dividend imputation</a> local investors are shielded from company tax, meaning the cuts matter most for those overseas.
Those overseas investors would be likely to invest more in Australia after a company tax cut, boosting Australia’s capital stock (buildings and equipment) making workers more valuable, pushing up wages. 
While sold as a plus, higher wages would make it harder for locally-owned businesses. Our modelling found the biggest losers would be in the retail, <a href="https://theconversation.com/big-business-doesnt-want-to-talk-about-it-but-smes-lose-from-a-company-tax-cut-57965" target="_blank">health care and education industries</a>.
With foreign investors paying less tax, the local population would bear the consequences of spending cuts or higher taxes, broadly negating the benefit of higher wage growth.
<h2>COVID makes the case weaker</h2>
As well, much of the company tax cut would be ‘wasted’ providing a windfall gain to foreign investors already in Australia.
The case for a company tax cut is now weaker, not stronger, than it was in 2018.
Budget deficits will reach new highs in 2019-20 and 2020-21. It is the right policy for the circumstances we are in, but it will leave future governments with difficult decisions about budget repair.
When the economy is strong enough, taxpayers could face deficit repair levies, bracket creep, new taxes, and the broader application of existing ones.
It is for this reason that the <a href="https://www.imf.org/%7E/media/Files/Publications/covid19-special-notes/special-series-on-covid-19-tax-law-design-considerations-when-implementing-responses.ashx" target="_blank">International Monetary Fund</a> warned against knee-jerk tax changes during the crisis and said:
a premium should be placed on measures that move the tax system in desirable directions – specifically: refrain from tax holidays; keep environmental taxes; do not cut corporate income tax rates
If the company tax rate was to be cut now, it would be difficult later to restore it to where it was when it was needed.
The smaller tax contribution by foreign investors would mean more of the adjustment would fall on us.
<h2>And investors may well find us increasingly attractive</h2>
Another fresh reason to be cautious about a cut in company tax is that Australia’s relative attractiveness as an investment destination might well improve.
We have suffered, but most of the world has suffered the same or worse.
Deciding where to invest their next dollars, investors might well form the view that our response to the pandemic has been better than those of other destinations such as the United States, Britain and Brazil.
One of the benefits of being a peaceful, well-managed resource-rich Western democracy is that when things are bad elsewhere foreign investors look here.
We might continue to find (as we have in the past) that we get all the foreign investment we can handle with our company tax rate as it is.<img src="https://counter.theconversation.com/content/143622/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/janine-dixon-11006" target="_blank">Janine Dixon</a>, Economist at Centre of Policy Studies, <a href="https://theconversation.com/institutions/victoria-university-1175" target="_blank">Victoria University</a> and <a href="https://theconversation.com/profiles/jason-nassios-318488" target="_blank">Jason Nassios</a>, Senior Research Fellow, Centre of Policy Studies, <a href="https://theconversation.com/institutions/victoria-university-1175" target="_blank">Victoria University</a>
This article is republished from <a href="https://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/post-covid-therell-be-less-of-a-reason-to-cut-company-tax-than-before-143622" target="_blank">original article</a>.
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Post-COVID, there’ll be less of a reason to cut company tax than before

The new <a href="https://www.apartments.com.au/new-apartments/yarraville-green-42-stephen-street-yarraville-vic-3013">Yarraville Green</a> development in Melbourne's inner west is showing that landscaping can be just as influential as architecture, with buyers responding strongly to the garden-first approach adopted from the outset by developer Excelon Projects and the project's design team.

Excelon appointed Six Degrees Architects and landscape architects SBLA to work collaboratively on the development, with a brief to create "a sustainable, design-led building with a focus on community."

That approach has resonated with buyers. According to Next Chapter Director Tom Hirini, who is leading the sales campaign, the landscaped communal garden has become one of the project's defining features, alongside its boutique scale and European-inspired cluster housing concept.

Local downsizers, right-sizers and established families already living in Yarraville and surrounding suburbs have accounted for the majority of purchasers.

[smartcode_project:default project_id=144913 project_image_fid=297740]

Yarraville Green will comprise 53 homes, including apartments and townhomes, arranged around the shared central garden to maximise connections to the landscaped open space. Parking has been moved underground, allowing the ground plane to be dedicated to greenery, pedestrian movement and communal spaces.

The landscape extends well beyond passive planting. Productive garden beds, a pergola, communal gathering spaces, garden sheds and a pet wash have all been integrated into the masterplan, creating spaces designed to encourage everyday interaction between residents.

[smartcode_project:default project_id=144913 project_image_fid=297741]

The interiors continue Excelon's focus on craftsmanship, incorporating bespoke elements by Melbourne artisans including leadlight detailing by Adadaz, hand-turned timber hardware by Auburn Woodturning and blown-glass lighting by Ruth Allen.

Sustainability has also been embedded throughout the project, with Yarraville Green targeting an average 7-star NatHERS energy rating through passive design principles, rooftop solar servicing common areas and rainwater harvesting for landscape irrigation.

[smartcode_project:default project_id=144913 project_image_fid=297735]

Construction continues to progress at Yarraville Green, with structural works well underway and framing works approaching completion under builder Balmain &amp; Co. The project remains on track for completion in mid-2027.

Apartments at Yarraville Green are currently priced from $625,000, while townhomes start from $1.4 million.

[smartcode_project_cta:default project_id=144913]

Joel Robinson

Garden-led design drives buyer demand at Yarraville Green

National diversified developer Fortis has officially launched Crest &amp; Walker, its latest Brisbane apartment development, with construction now underway on the 20-storey Newstead project.

Award-winning builder BINAH has commenced construction on the Bureau^Proberts-designed building, which will deliver a limited collection of 65 two and three-bedroom apartments on Kyabra Street.

[smartcode_project:default project_id=145922 project_image_fid=373556]

The project marks Fortis' fourth active residential development in Brisbane, following River House, which is nearing completion, alongside projects in New Farm and Hamilton as the national developer continues to expand its South East Queensland pipeline.

Fortis General Manager – Development Queensland Dan Boman said Crest &amp; Walker reflects the developer's long-term commitment to delivering design-led residential projects in Brisbane's established inner-city suburbs.

"We're proud to be strengthening our presence in Brisbane with Crest &amp; Walker, particularly in such a sought-after lifestyle destination as Newstead," Boman said.

"Every Fortis project is shaped by its context, and we approach each one with the respect and care it deserves.

"Our focus is always on creating places that feel connected to their neighbourhood and elevate the everyday experience for residents. Newstead continues to evolve as one of Brisbane's most sought-after urban communities, and Crest &amp; Walker reflects our ambition to contribute meaningfully to that story."

[smartcode_project:default project_id=145922 project_image_fid=373559]

Positioned between Gasworks Plaza and James Street, <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> has been designed as a boutique residential address offering privacy and generous living spaces within one of Brisbane's most established lifestyle precincts.

The building features a contemporary brick podium softened by integrated landscaping, while the upper levels are characterised by restrained architecture and enduring materiality. Interiors have been designed to maximise natural light, acoustic performance and long-term liveability.

[smartcode_project:default project_id=145922 project_image_fid=373583]

Residences comprise spacious two and three-bedroom floorplans, with two-bedroom apartments priced from $1.55 million and three-bedroom, half-floor residences from $3.95 million.

Residents will have access to a wellness-focused rooftop featuring a swimming pool, sauna, steam room, landscaped dining spaces and outdoor lounge areas overlooking Newstead and the Brisbane CBD.

[smartcode_project:default project_id=145922 project_image_fid=373571]

Sales are being managed by Slaite Projects, with Fortis expecting strong demand from owner-occupiers seeking a high-quality, design-focused apartment in one of Brisbane's most tightly held inner-city suburbs.

Completion of Crest &amp; Walker is slated for late 2028.

[smartcode_project_cta:default project_id=145922]

Fortis expands Brisbane pipeline with launch of Crest & Walker in Newstead

The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.

It has taken the best part of a decade since plans for Chevron One were first unveiled, but the 41-storey tower is now complete, with residents collecting their keys and moving into what has become one of the Gold Coast's most recognisable new landmarks.

Rising 127 metres above Chevron Island, Chevron One stands almost twice as high as any other building on the island. Its scale places it alongside the trio of towers at Jewel, arguably the last truly significant addition to the central Gold Coast skyline when they were completed around six years ago.

While there are several developments underway around a similar height to Chevron One, they are more concentrated within clusters of the highest towers in the city. The fact Chevron One sits within a developing precinct, looking back at the other high-rise developments in Surfers Paradise and Broadbeach, makes it a different proposition altogether. It will certainly become a reference point on the Gold Coast skyline.

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Developer Bensons Property Group is behind the 41-storey tower, which has 229 apartments, along with an exhaustive list of resident amenity spread across what is the largest development site ever assembled on Chevron Island.

The tower has been the talk of the town for years, says Ray White Projects Gold Coast agent Caitlin Rosenboom, who is selling the remaining apartments.

"People have been watching Chevron One go up for years," Rosenboom says, adding that many prospective buyers have been surprised by the scale of the views once they step inside.

"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.

"The views are jaw-dropping. Whether you're looking east over the ocean, across Surfers Paradise, along the river systems or out to the hinterland, every level offers something different but equally impressive."

[smartcode_project:default project_id=6515 project_image_fid=360215]

One of Chevron One's defining advantages is its location on the eastern side of Chevron Island on Stanhill Drive, a position which protects the views forever.

"There's only one row of houses between Chevron One and the water, and the height restrictions along the river means views from Chevron One can never be built out,"&nbsp;Rosenboom says.

While new apartment developments continue to emerge across the Gold Coast, Rosenboom says opportunities to secure a completed apartment with this level of outlook are becoming increasingly rare.

"The size of the site is something that would be incredibly difficult to replicate today," she says.

"That's allowed Chevron One to deliver the sort of amenity, open space and resident facilities that very few projects can offer. There are not many completed apartment buildings on the Gold Coast right now that can compete with the combination of scale, quality and amenity."

[smartcode_project:default project_id=6515 project_image_fid=68839]

There's around 2,000 sqm of amenity solely for the use of residents of Chevron One. Club One features a uniquely shaped swimming pool that mirrors the footprint of the building itself, set within a extensively landscaped gardens. There's also an indoor pool and spa, a fully equipped gym with a Pilates room, a yoga garden, a bookable private dining area and lounge that can host up to 30 people, and a 24-hour concierge service.

As for the buyers, Rosenboom is fielding enquiry from everywhere: Sydneysiders and Melburnians looking at the new and off-the-plan market following the changes in the Federal Budget, as well as those looking to relocate, through to South East Queenslanders seeking either a permanent home or a weekender bolthole.

"The Gold Coast lifestyle continues to resonate with people relocating from the southern states, and when they see the views and the quality of what's been delivered at Chevron One, it becomes very easy for them to understand the appeal," Rosenboom says.

A diverse mix of one, two and three-bedroom apartments remain available, with each offering "something a little different", be it the orientation and views, configuration, or level, to suit a wide variety of buyers.

The remaining apartments are ready to inspect in person, by appointment.

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A decade in the making: Residents to move into Chevron One as construction wraps up

A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> has taken the opposite approach.

Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.

The philosophy has reached its most ambitious expression at <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.

[smartcode_project:default project_id=150017 project_image_fid=374053]

"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."

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The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

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The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.

The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.

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Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.

Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

It began with <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.

Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.

[smartcode_project:default project_id=146527 project_image_fid=366550]

That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.

Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.

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Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.

At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.

[smartcode_project:default project_id=426 project_image_fid=359199]

The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.

Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.

In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.

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The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.

Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.

This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.

[smartcode_project:default project_id=426 project_image_fid=360300]

What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.

The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.

Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.

[smartcode_project_cta:default project_id=426]

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