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Australia’s current expansion is its longest boom.
GDP growth has been continuous for 26 years, with no ‘technical recession’ during that period.
By some measures, Australia’s is the longest boom of any developed economy, although there is some debate about that. What it means can also be disputed.
For example, Australia has had contractions in per capita GDP, so part of the boom is due to strong population growth. Although the cycle is not dead, its amplitude has been tamed, at least for now. It is also important to understand how it happened. Luck and good management have both played a role. There may also be lessons that can help sustain growth in the future, as well as for other countries. Fiscal reform is a priority if the longest boom is to continue.
Recessions are nasty. They usually result in a rise in unemployment, which is highly positively correlated with ill-health, high crime rates, and other negative social and political outcomes. Recessions can also have lasting effects. Long-term unemployment can lead to skill atrophy, making it harder to find a job even once the economy recovers. Deep and long recessions, like the Great Recession, have had a lasting negative effect on a generation of workers.
Although not recent, examples from Australia’s recessions are still powerful and worth recalling. The impact of Australia’s early 1990s recession (1991) on the labour market was deep and damaging. The unemployment rate rose significantly and did not return to its pre-recession level for 14 years. It caused significant harm. For example, many middle-aged workers who lost their jobs in Victoria’s manufacturing industry, which was hard hit, never worked again. Designing policy to avoid recessions has been the macroeconomist’s ‘Holy Grail’.
Australia’s 26 years of growth are important and worth acknowledging. They will also hopefully yield lessons for the future. However, it is important to be clear about what Australia’s experience is not. It does not mean that the cycle is dead. The world has had a number of periods where sensible observers claimed that this was the case. In 2003, Nobel prize-winning economist, Robert Lucas, famously stated that the ‘central problem of depression-prevention has been solved’, ahead of the Great Recession in 2008. Harking back to earlier days, there was a strong belief in Australia in the 1960s that the Keynesian prescription of active demand management, using fiscal policy, had solved the macroeconomic problem of that time. This was before significant recessions in the 1970s, 1980s, and 1990s. These accounts proved to be hubris.
Australia will almost certainly have a recession at some point. However, what is clear is that over the past 26 years, the volatility of Australia’s economy has been much lower than at any other time in the country’s history and most other countries experiences. This is worth studying. Australia has managed to dodge a number of global shocks, including: avoiding a recession during the Asian financial crisis in 1997/1998, the IT bubble of 2000, and the Global Financial Crisis of 2008/2009. Australia also avoided having a recession at the end of a housing credit and price boom in 2002/2003, during a drought of the early 2000s and at the end of the recent mining investment and commodity price boom, which peaked in 2011/2012.
Part of it has been luck. Australia’s geography has become a blessing. What Australian historian, Geoffrey Blainey, famously described in 1967 as a ‘tyranny of distance’ from Western markets has become the ‘power of proximity’ as global growth has shifted towards Asia. Australia has also been fortunate to have a large stock of high-quality resources, such as iron ore, coal, and gas that have been in high demand.
However, it is not all luck. A strong rule of law has helped. While many other large mining economies, with weaker institutional foundations, have suffered from the ‘resources curse’, Australia has managed to benefit from its large resource endowment. Market reforms in the 1980s and 1990s, including the floating of the Australian dollar, made the economy more flexible and better able to deal with global shocks. There may be lessons for other countries. Although the Global Financial Crisis raised questions about the ability of market-based systems to deliver widespread benefits, Australia stands out as a successful market-based economy.
Good economic management has also played a role. An independent central bank with a clear mandate to flexibly target inflation has proved to be an appropriate institutional arrangement for a medium-sized commodity-producer. The RBA has adeptly managed the cycle maintaining on- target inflation and financial stability and deserves significant credit for the long boom.
There have also been challenges. In recent times it has proved difficult to run balanced budgets, with the federal budget approaching its tenth consecutive year of deficit, despite the earlier boost to national income from the mining boom. Economic reform has also proved difficult, particularly of the tax system, which is becoming increasingly inefficient. Housing supply, energy, and climate policy also need reform and policymakers ought to continue to focus on ramping up infrastructure investment. The lack of reform may, itself, be a consequence of the long boom as policymakers and voters may have become complacent. It would be disappointing to think that Australia might need a recession, with all of its damaging effects to the economy and communities, in order to motivate reform.
Eventually, Australia’s long boom will end. The trigger will most likely be a negative shock from overseas. A sharp downturn in Asia, when one arrives, would prove harder for Australia to deal with than the Global Financial Crisis, which was centred on the developed world. Australia’s high levels of household debt would be likely to exacerbate any downturn.
Australia needs reform to support productivity growth and prepare for the next downturn. The priority should be fiscal reform, which leads to sustained budget surpluses. Measures should include, shifting the tax mix towards more efficient taxes, such as consumption tax, and cutting back on public spending commitments that do not deliver strong economic returns.
If there is one clear lesson from the long boom it is that Australia has benefited from a key part of the policy apparatus that is used for managing the cycle and securing the economy – the Reserve Bank of Australia – being independent from the political process. With this in mind, policymakers ought to consider ceding more authority for reform of other policy areas, such as transport and social infrastructure, energy and tax policy, to independent agencies. This could involve making recommendations by agencies such as the Productivity Commission, Infrastructure Australia, or Australia’s Parliamentary Budget Office, more binding. While politically challenging, the government could consider setting up an independent fiscal authority, akin to the RBA, but aimed at managing fiscal spending and taxation decisions.
As the global economy finally recovers from the lingering effects of the financial crisis, now is the time to focus on reform. It is clear that reform would help if the longest boom is to continue.
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Paul Bloxham is the <a href="https://www.about.hsbc.com.au/hsbc-in-australia/management-team" target="_blank">chief economist</a> of Australia and New Zealand for HSBC.
 
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j.ballantyne1990-6AQqhLzZaK

Australia’s longest boom: How Australia did it and can it keep growing?

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The NSW Land and Environment Court will rule on developer RDA Property Group's controversial amendments to the apartment block on the Bronte RSL site in Sydney's eastern suburbs. 
The apartments were marketed for sale last year.
RDA, headed by former fashion identity Danny Avidan, has since lodged a revised development application to build more apartments at 109-113 Macpherson Street. 
The site has been mired in controversy for five years, with local residents protesting against high-rise apartment developments. 
Before RDA bought the site in August last year it was owned by Sydney developer Winston Langley, sold the 2,231 square metre site with 21 apartments at the project, called Bronte Place. 
</div>
<div class="related-quotes section">Last December RDA lodged a new development application to put up two more apartments and five townhouses, which would require another floor at the development, resulting in the court case with Waverley Council.</div>
<div class="related-quotes section"> </div>
<div class="related-quotes section">The LEC's Commissioner Dickson has reserved judgment at the end of the hearing.</div>
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The community, led by the Save Bronte group, described the new plans as "looking like a brick on its side."
The proposal is almost 22 metres in height, which is nine metres over the allowable height limit, and it breaks the floor area limit by almost 50 per cent, Dr Stephen Lightfoot from Save Bronte said.
There have been around 1100 submissions against the new proposal.
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“We thank the council for standing strong, he told News Local.
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Danny Adivan seeks more apartments at controversial Bronte RSL site 

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Mortgagees have sold a four-bedroom weatherboard for $169,000 at Stanhope in Victoria's north central district.
The property at <a href="https://www.realestate.com.au/sold/property-house-vic-stanhope-125981422" target="_blank">2 Ross Court</a> had country style verandahs.
Set behind a picket fence, the home came with a renovated kitchen.
It was sold by Peter Cardamone.
It last sold at $117,000 in 2003.
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Stanhope mortgagee offering sells for $169,000

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Ararat is the slowest locality in Victoria to sell a unit, according to a recent Investar report.
The property data firm says that it takes 849 days in Ararat to sell a unit.
This is followed by Portland with 695 days and Kyabram with 594 days.
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="85">
Suburb
</td>
<td valign="top" width="85">
Postcode
</td>
<td valign="top" width="85">
Bedrooms
</td>
<td valign="top" width="85">
Days on market
</td>
<td valign="top" width="85">
Current median price
</td>
</tr>
<tr>
<td valign="top" width="85">
Ararat
</td>
<td valign="top" width="85">
3377
</td>
<td valign="top" width="85">
2
</td>
<td valign="top" width="85">
849
</td>
<td valign="top" width="85">
$215,000
</td>
</tr>
<tr>
<td valign="top" width="85">
Portland
</td>
<td valign="top" width="85">
3305
</td>
<td valign="top" width="85">
2
</td>
<td valign="top" width="85">
695
</td>
<td valign="top" width="85">
$175,000
</td>
</tr>
<tr>
<td valign="top" width="85">
Kyabram
</td>
<td valign="top" width="85">
3620
</td>
<td valign="top" width="85">
2
</td>
<td valign="top" width="85">
594
</td>
<td valign="top" width="85">
$185,500
</td>
</tr>
<tr>
<td valign="top" width="85">
Cowes
</td>
<td valign="top" width="85">
3922
</td>
<td valign="top" width="85">
Studio and 1
</td>
<td valign="top" width="85">
581
</td>
<td valign="top" width="85">
$235,000
</td>
</tr>
<tr>
<td valign="top" width="85">
Bairnsdale
</td>
<td valign="top" width="85">
3875
</td>
<td valign="top" width="85">
3
</td>
<td valign="top" width="85">
574
</td>
<td valign="top" width="85">
$295,000
</td>
</tr>
</tbody></table>
A two bedroom unit at <a href="https://www.realestate.com.au/property-apartment-vic-ararat-106644264" target="_blank">6/27 Basham Street</a>, Ararat (above) has been on the market since 2011.
Another two bedroom unit at <a href="https://www.realestate.com.au/sold/property-apartment-vic-ararat-121471774" target="_blank">6/130 Lambert Street</a>, Ararat (below) was sold this year for $147,000 after spending 480 days on the market.
Built in 1975, it last sold in 2010 for $145,000.
<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/2017/09/14/6_130%20Lambert%20Street.jpg" alt="">
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Ararat the slowest Victorian locality to sell units: Investar

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Flemington and Kensington are the fastest selling localities in Melbourne for houses, according to a recent Investar report.
The property data firm says that houses in Flemington and Kensington takes 41 days to sell.
This is followed by Moonee Ponds with 52 days and Avondale Heights with 53 days.
<table style="width: 424px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="107">
Suburb
</td>
<td valign="top" width="54">
Postcode
</td>
<td valign="top" width="60">
Bedrooms
</td>
<td valign="top" width="89">
Days on market
</td>
<td valign="top" width="113">
Current median price
</td>
</tr>
<tr>
<td valign="top" width="107">
Flemington
</td>
<td valign="top" width="54">
3031
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="89">
41
</td>
<td valign="top" width="113">
$870,000
</td>
</tr>
<tr>
<td valign="top" width="107">
Kensington
</td>
<td valign="top" width="54">
3031
</td>
<td valign="top" width="60">
2
</td>
<td valign="top" width="89">
41
</td>
<td valign="top" width="113">
$800,000
</td>
</tr>
<tr>
<td valign="top" width="107">
Moonee Ponds
</td>
<td valign="top" width="54">
3039
</td>
<td valign="top" width="60">
2
</td>
<td valign="top" width="89">
52
</td>
<td valign="top" width="113">
$780,000
</td>
</tr>
<tr>
<td valign="top" width="107">
Avondale Heights
</td>
<td valign="top" width="54">
3034
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="89">
53
</td>
<td valign="top" width="113">
$720,000
</td>
</tr>
<tr>
<td valign="top" width="107">
Jacana
</td>
<td valign="top" width="54">
3047
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="89">
54
</td>
<td valign="top" width="113">
$485,000
</td>
</tr>
</tbody></table>
A two bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-flemington-126170326" target="_blank">37 Waltham Street</a>, Flemington (above) recently sold for $1.225 million after spending 10 days on the market.
Built in 1890, the 150 square metre house last sold for $686,000 in 2010.
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-flemington-126167510" target="_blank">127 Princes Street</a>, Flemington (below) was recently sold for $885,000 after spending 25 days on the market.
The 185 square metre house last sold in 2011 for $599,000.
<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/2017/09/15/127%20Princes%20Street.jpg" alt="">
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-kensington-126119614" target="_blank">2/57 Bayswater Road</a>, Kensington (below) was recently sold for $960,000 after spending 15 days on the market.
Built in 1995 it last sold in 2001 for $340,000.
<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/2017/09/15/2_57%20Bayswater%20Road.jpg" alt="">
A two bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-kensington-125553186" target="_blank">18 Altona Street</a>, Kensington (below) was sold for $1.07 million this year after spending 18 days on the market.
The 283 square metre property last sold for $460,000 in 2006.
<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/2017/09/15/18%20Altona%20Street.jpg" alt="">
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Flemington and Kensington, Victoria houses takes 41 days to sell: Investar

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Theodore is the fastest ACT locality for houses, according to a recent Investar latest report.
The property data firm says that it takes 66 days for houses in Theodore to sell.
This is followed by Ainslie and Bonner with 68 days and Palmerston with 69 days.
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="83">
Suburb
</td>
<td valign="top" width="55">
Postcode
</td>
<td valign="top" width="60">
Bedrooms
</td>
<td valign="top" width="89">
Days on market
</td>
<td valign="top" width="121">
Current median price
</td>
</tr>
<tr>
<td valign="top" width="83">
Theodore
</td>
<td valign="top" width="55">
2905
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="89">
66
</td>
<td valign="top" width="121">
$460,000
</td>
</tr>
<tr>
<td valign="top" width="83">
Ainslie
</td>
<td valign="top" width="55">
2602
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="89">
68
</td>
<td valign="top" width="121">
$850,000
</td>
</tr>
<tr>
<td valign="top" width="83">
Bonner
</td>
<td valign="top" width="55">
2914
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="89">
68
</td>
<td valign="top" width="121">
$437,500
</td>
</tr>
<tr>
<td valign="top" width="83">
Palmerston
</td>
<td valign="top" width="55">
2913
</td>
<td valign="top" width="60">
4
</td>
<td valign="top" width="89">
69
</td>
<td valign="top" width="121">
$675,000
</td>
</tr>
<tr>
<td valign="top" width="83">
Narrabundah
</td>
<td valign="top" width="55">
2604
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="89">
70
</td>
<td valign="top" width="121">
$700,000
</td>
</tr>
<tr>
<td valign="top" width="83">
Conder
</td>
<td valign="top" width="55">
2906
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="89">
72
</td>
<td valign="top" width="121">
$437,500
</td>
</tr>
<tr>
<td valign="top" width="83">
Evatt
</td>
<td valign="top" width="55">
2617
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="89">
73
</td>
<td valign="top" width="121">
$499,000
</td>
</tr>
<tr>
<td valign="top" width="83">
Franklin
</td>
<td valign="top" width="55">
2913
</td>
<td valign="top" width="60">
4
</td>
<td valign="top" width="89">
73
</td>
<td valign="top" width="121">
$789,000
</td>
</tr>
<tr>
<td valign="top" width="83">
Wanniassa
</td>
<td valign="top" width="55">
2903
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="89">
75
</td>
<td valign="top" width="121">
$480,000
</td>
</tr>
<tr>
<td valign="top" width="83">
Amaroo
</td>
<td valign="top" width="55">
2914
</td>
<td valign="top" width="60">
4
</td>
<td valign="top" width="89">
76
</td>
<td valign="top" width="121">
$650,000
</td>
</tr>
</tbody></table>
A five bedroom house at <a href="https://www.realestate.com.au/sold/property-house-act-theodore-125897566" target="_blank">5 Burhop Close</a>, Theodore (above) was recently sold for $600,000 after spending 64 days on the market.
Built in 1988, the 502 square metre house last sold for $404,000 in 2012.
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-act-theodore-125987982" target="_blank">64 Ern Florence Crescent</a>, Theodore (below) was sold this year for $425,000 after spending 38 days on the market.
Built in 1988, the 360 square metre house last sold in 2005 for $280,000.
<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/2017/09/15/64%20Ern%20Florence%20Crescent.jpg" alt="">
A four bedroom house at <a href="https://www.realestate.com.au/sold/property-house-act-theodore-124953502" target="_blank">33 Vonwiller Crescent</a>, Theodore (below) was sold for $555,000 after spending 51 days on the market.
Built in 1985, the 802 square metre property last sold for $560,000 in 2012.
<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/2017/09/15/33%20Vonwiller%20Crescent.jpg" alt="">
Another three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-act-theodore-125120830" target="_blank">93 Chippindall Circuit</a>, Theodore (below) was sold for $455,100 after spending 31 days on the market.
Built in 1990, the 1036 square metre property was last sold last year.
<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/2017/09/15/93%20Chippindall%20Circuit.jpg" alt="">
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Theodore fastest ACT locality to sell houses: Investar

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East Side is the fastest Northern Territory locality to sell houses, according to a recent Investar report.
The property data firm says that it takes 107 days to sell houses in East Side.
This is followed by Gillen with 149 days and Wulagi with 179 days.
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="62">
Suburb
</td>
<td valign="top" width="54">
Postcode
</td>
<td valign="top" width="60">
Bedrooms
</td>
<td valign="top" width="91">
Days on market
</td>
<td valign="top" width="113">
Current median price
</td>
</tr>
<tr>
<td valign="top" width="62">
East Side
</td>
<td valign="top" width="54">
0870
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="91">
107
</td>
<td valign="top" width="113">
$480,000
</td>
</tr>
<tr>
<td valign="top" width="62">
Gillen
</td>
<td valign="top" width="54">
0870
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="91">
149
</td>
<td valign="top" width="113">
$440,000
</td>
</tr>
<tr>
<td valign="top" width="62">
Wulagi
</td>
<td valign="top" width="54">
0812
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="91">
179
</td>
<td valign="top" width="113">
$500,000
</td>
</tr>
<tr>
<td valign="top" width="62">
Anula
</td>
<td valign="top" width="54">
0812
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="91">
180
</td>
<td valign="top" width="113">
$515,000
</td>
</tr>
<tr>
<td valign="top" width="62">
Leanyer
</td>
<td valign="top" width="54">
0812
</td>
<td valign="top" width="60">
4
</td>
<td valign="top" width="91">
183
</td>
<td valign="top" width="113">
$632,000
</td>
</tr>
</tbody></table>
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nt-east+side-125586330" target="_blank">81 Undoolya Road</a>, East Side (above) was sold for $420,000 after spending 46 days on the market.
Another three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nt-east+side-125496738" target="_blank">17 Chewings Street</a>, East Side (below) was sold for $495,000 after spending 57 days on the market.
Built in 1955, the 1130 square metre house last sold in 2005.
<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/2017/09/15/17%20Chewings%20Street.jpg" alt="">
Another three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nt-east+side-125540426" target="_blank">51 Coolibah Crescent</a>, East Side (below) was sold for $625,000 after spending 86 days on the market.
<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/2017/09/15/51%20Coolibah%20Crescent.jpg" alt="">
Another three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nt-east+side-125378746" target="_blank">3 Bauhinia Court</a>, East Side (below) was sold for $545,000 after spending 78 days on the market.
Built in 1975, the 1080 square metre house last sold for $207,000 in 2001.
<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/2017/09/15/3%20Bauhinia%20Court.jpg" alt="">
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East Side, Northern Territory houses sells within 107 days: Investar

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Melbourne fund manager Peak Equities has purchased an A-grade office building in Melbourne's Camberwell Junction for $27.5 million.
It takes the value of its property portfolio to more than $177 million.
The five-level commercial building at 250 Camberwell Road boasts 5,420 square metres of lettable space.
it is leased to ASX top 200 company Australian Pharmaceutical Industries (API) until March 2023, with three five-year options. 
API is a wholesale supplier and owns 400 Priceline Pharmacy stores across Australia, along with the rights to Soul Pattinson Chemists and the Pharmacist Advice brand.
The building also features a ground floor cafe, Pour &amp; Sip, managed by Camberwell Food Group on a 10 year lease until February 2026.
It is anticipated the fully refurbished Camberwell Road office building will deliver a first year return of 8.54% for Peak Equities investors, increasing to 11.14% as the investment matures.
The property was sold by Bricktop, a Sydney based investment firm and negotiation by Peter Bremner of Colliers International.
Peak Equities, established in 2014, has properties in Melbourne, South Australia and Queensland worth a combined $74.5 million, with eight syndicates now under management.
The company is headed by chartered accountant Tom Borsky, who was also the founding treasurer and a Life Member of Property Funds Association of Australia - the representative body of the multi-billion dollar Unlisted Property Trust industry.
<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/2017/09/20/Camberwell%20Road.jpg" alt="">
Assets acquired by Peak Equities in the past 12 months include a $17.55 million commercial complex at Noarlunga in South Australia.
They paid $22 million for The Precinct retail centre in Townsville and the $7.65 million for 69 Laver Drive office building in Robina on the Gold Coast. 
The company also acquired a one-third stake in a residential development at 102 Balaclava Road in Caulfield, Melbourne.
Over the past year, Peak Equities sold a 30,000 square metre industrial asset at 57 Northgate Drive at Thomastown in Melbourne and an office building at 183 Varsity Parade in Varsity Lakes on the Gold Coast, and saw the completion of a residential apartment project, in which it owned a 20% stake, in Heidelberg in Melbourne.
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Peak Equities make $27.5 million acquisition in Camberwell

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An undisclosed wealthy Sydney family has bought a low-rise office building on Melbourne's St Kilda Road for $14 million.
The seven storey glass and concrete office building is at 1 Bowen Crescent near the Domain Road interchange.
It was sold on a yield of 4% by the philanthropist and tech entrepreneur Malcolm Freake, who bought it in 2002.
It was built by trucking magnate Lindsay Fox as Linfox company offices.
It sold fully leased to insurance services company Innovation Group with the current lease term ending in May next year.
The underbidder was an Asian buyer.
The sale illustrated the "gravitational pull of Melbourne for interstate buyers" who see better value in markets like St Kilda Road than in markets like Sydney, the CBRE selling agent said.
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Sydney buyers beats Asian interest to secure St Kilda Road office

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A 1900 Alberton house has sold for $339,000 making it Adelaide’s cheapest weekend auction sale.
Located at <a href="https://www.realestate.com.au/property-house-sa-alberton-126433910" target="_blank">60 Prince Street</a>, the 152 square metre property is positioned on a low maintenance corner allotment.
Built in 1900, it last sold for $260,000 in 2015.
It features an open living area with an updated kitchen and a master bedroom, plus another area that can be converted into either a study, home office or second bedroom.
There is also a modern bathroom available while outside is a garden and an undercover entertainment area with timber decking and ceiling fan.
Other features includes a cellar and wood combustion heater.
Shops, public transport and cafes are a short distance away from the property.
The property was offered through Nino Micic of Harcourts Plus.
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1900 Alberton house sold for $339,000

Article summary

<ul data-end="785" data-start="311">
	<li data-end="459" data-section-id="5hbcyr" data-start="311">Pikos Group has released the five-penthouse collection at Skye Kangaroo Point, headlined by a two-storey sky home spanning more than 1,000 sqm.</li>
	<li data-end="561" data-section-id="1p7lq8n" data-start="460">Early buyer interest suggests the residences could set a new Queensland apartment price record.</li>
	<li data-end="667" data-section-id="1y70z0l" data-start="562">The collection includes four move-in ready penthouses and the highly customised Skye One residence.</li>
	<li data-end="785" data-section-id="yvm0y1" data-start="668">The release caps one of Bri​sbane's most ambitious luxury apartment developments overlooking the Brisbane River.</li>
</ul>

<hr data-end="790" data-start="787" />
Pikos Group has released the five-penthouse collection at its <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye by Pikos</a> development in Kangaroo Point, with early buyer interest indicating the flagship residences could eclipse every apartment sale previously recorded in Queensland.

The collection crowns the luxury riverfront development with five residences, including four completed penthouses and Skye One, a two-level sky home spanning more than 1,000 sqm that will be tailored to its eventual owner.

[smartcode_project:default project_id=90059 project_image_fid=374075]

Wanting to offer a fully customisable home, Pikos is offering Skye One as a blank canvas, allowing the buyer to work alongside the developer's design team to customise the home's layout, finishes and internal spaces.

The residence will feature a 247 sqm private rooftop terrace with its own swimming pool, sauna, steam room, outdoor kitchen and multiple entertaining areas overlooking the Brisbane River and CBD skyline.

The remaining four penthouses have been completed and are ready for immediate occupation, each offering four bedrooms, expansive open-plan living areas, soaring ceilings and private lift access.

[smartcode_project:default project_id=90059 project_image_fid=374059]

One of the defining features throughout the project is its use of Roman Classic Travertine, with more than 20,000 sqm of the natural stone imported from Italy after being personally selected by Pikos Group Founder and Executive Director Pedro Pikos, interior designer Julie Williamson and third-generation stone specialist Mario Caucci.

Pikos said the penthouse collection represented the culmination of the company's long-term vision for Skye.

"True legacy isn't measured by what we build today, but by what endures tomorrow," Pikos said.

"Our ambition is to create places that become more valuable with time, enrich the lives of generations, and stand as timeless landmarks long after we've stepped away."

[smartcode_project:default project_id=90059 project_image_fid=374060]

Williamson said the interiors were inspired by the natural character of Kangaroo Point and the Brisbane River rather than international design trends.

"Materiality tells the story of a place," Williamson said.

"We looked to the movement of the Brisbane River, the texture of the cliff face and the warmth of the surrounding landscape to create interiors that feel understated, enduring and unmistakably Brisbane."

Positioned above the Kangaroo Point cliffs, Skye places residents within walking distance of Howard Smith Wharves, South Bank and James Street while offering uninterrupted river and city views.

[smartcode_project_cta:default project_id=90059]

Joel Robinson

Brisbane's next apartment price record? Pikos unveils Skye's exclusive penthouse collection

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

A proposal to redevelop one of North Sydney's ageing commercial buildings has taken another step forward, with plans for a 38-storey mixed-use tower adding momentum to the long-awaited transformation of the Alfred Street precinct.

Now on public exhibition through the NSW Government's Housing Delivery Authority-led State Significant Development pathway, the proposal for 271-273 Alfred Street would replace an underutilised commercial building with 95 apartments, ground-floor retail, commercial space and affordable housing. The proposal was submitted by&nbsp;Tara Shore Pty Ltd, acting for the John Taylor Family Trust.

While the project will deliver much-needed housing on the southern edge of the North Sydney CBD, it also represents another piece of a broader precinct that has spent years in planning limbo.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="7e1ce1b4-38df-48ab-992f-386814d86308" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20podium.png?VersionId=sC_h6w.A9VEoB98qsqowPlIoz__sBZBt" />

Despite its proximity to both North Sydney Station and the Victoria Cross Metro, redevelopment of Alfred Street has progressed slowly over the past decade as broader planning controls, zoning and building heights remained unresolved. The introduction of the Housing Delivery Authority pathway has provided a new avenue for projects to progress, allowing rezoning and development assessment to occur concurrently and unlocking sites that have long been earmarked for renewal.

Designed by Office of Cortese &amp; Gilder, the proposal seeks to do more than replace an ageing office building. The architects have positioned the project as the first stage of a wider public domain vision that would improve pedestrian connectivity and create a more cohesive mixed-use precinct as neighbouring sites are redeveloped over time.

The proposal includes a widened Alfred Street setback, new street trees, landscaping and outdoor seating, along with a landscaped through-site pedestrian link connecting Alfred Street with Little Alfred Street. The connection is intended to become the first section of a future east-west pedestrian network extending across the precinct.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="8ea39ac3-46ad-4562-b4a0-b862e91c2dda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20site.png?VersionId=K7umCd21KpetEFuVfsPlnJKhUOsmTTdV" />

The mixed-use tower would comprise retail space at ground level, commercial uses on level two and apartments from level three upwards.

In total, the development would deliver 95 apartments, including nine one-bedroom, 28 two-bedroom, 56 three-bedroom and two four-bedroom residences. Twenty-one apartments, representing 15 per cent of the residential gross floor area, would be secured as affordable housing and managed by a registered community housing provider for at least 15 years.

Nine basement levels would provide 133 resident car spaces, seven motorcycle spaces and 111 bicycle spaces.

According to the Architecture and Urban Design Report, the public domain strategy is designed to transform what is currently an inward-facing commercial edge into a more active and connected pedestrian environment, creating a stronger relationship between the commercial core and surrounding residential neighbourhoods.

Office of Cortese &amp; Gilder has also prepared a broader public domain framework spanning neighbouring properties between 263 and 283 Alfred Street, arguing that a coordinated approach to redevelopment will deliver better public spaces, improved tower separation and a more connected streetscape as the precinct evolves.

The proposal comes at a time where North Sydney is slated for future residential growth. Commercial developer FiveX has residential plans for the neighbouring site at 275 Alfred Street. They've proposed a 39-storey mixed-use tower with 184 apartments, while Freecity was recently approved for nearly 300 apartments across a 51-storey building on Walker Street.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-freecity-gets-green-light-for-mixed-use-apartment-and-hotel-tower-in-north-sydney">First look: Freecity gets green light for mixed-use apartment and hotel tower in North Sydney</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-plans-39-storey-residential-tower-in-booming-north-sydney">First look: Fivex plans 39-storey residential tower in booming North Sydney</a>

&nbsp;

Alfred Street the latest North Sydney pocket to be transformed by residential development

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

Boutique Gordon townhomes now come with a BMW iX3 50

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

Staff reporter

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