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EXPERT OBSERVER
Aussie population growth was easing even before the COVID-19 outbreak reached our shores and international and state borders were shut. Annual population growth hit a 13½-year low of 1.39 per cent in December 2019.
Population growth rates eased across most states and territories in 2019, led lower by major cities on Australia’s East Coast. Canberra’s population growth rate at 0.99 per cent was the weakest annual pace in 14 years. And annual growth rates have fallen to near 8-year lows in Victoria and NSW. Queensland’s annual population growth rate of 1.57 per cent was the slowest in 3 years.
That said, the resurgence in iron ore mining activity is luring more Aussies and overseas migrants to Western Australia - posting the strongest annual population growth rate in 5½ years.
Perhaps the economic lockdown in the March quarter, 2020 may see a continuation of the mini baby boom? There were already 305,800 babies born in the year to December - a 2-year high!
With the Federal Government yesterday confirming that Australia’s international borders will likely remain shut until at least 2021 due to virus restrictions, Aussies holidaying at home could provide a vital lifeline for Aussie tourism businesses.
In fact, a record 11.3 million overseas trips were taken by Aussie residents in 2019, up by 247,500 from 2018, according to the ABS, Austrade and Tourism Research Australia (TRA) data. So which states had the most outbound tourists? Unsurprisingly, NSW (34 per cent), Victoria (28 per cent) and Queensland (18 per cent) dominated the proportion of short-term residents returning from overseas journeys in 2019.
And when holidaying, visiting friends and family, or travelling overseas for business, Aussies spent a gargantuan $66.6 billion in other countries. So could this potentially offset the $45.4 billion in lost annual international tourism income? Well, yes. Prior to the COVID-19 outbreak, Aussies undertook 117.4 million overnight trips, spending $80.7 billion (interstate $45 billion/intrastate $35.7 billion) last year. And while some interstate borders remain closed, it’s worth noting that intrastate travel (trips within a traveller’s state of residence) accounted for around two thirds of all trips in 2019, according to TRA data.
Australia’s state tourism satellite accounts were released by Austrade a couple of weeks ago. The accounts revealed that in financial year 2018/19, growth in Gross Value Added terms (GVA – excludes taxes paid and takes into account subsidies) was highest for Western Australia (up 13.6 per cent), followed by Tasmania (up 11.1 per cent), Victoria (up 10.8 per cent), Northern Territory (up 9.5 per cent), South Australia (up 8.3 per cent), Queensland (up 3.3 per cent) and NSW (up 2.3 per cent). But GVA fell in the ACT by 6.7 per cent. Across all states and territories, domestic overnight visitors account for 57 per cent of total GVA, followed by day trip visitors (13 per cent) and international visitors (30 per cent).
So which Aussie regions could benefit from a lift in interstate or intrastate visitors? Outside of the major capital cities, the NSW North Coast, Gold Coast, Sunshine Coast, Tropical North Queensland, NSW South Coast, Hunter Valley and Australia’s South West regions were amongst the biggest recipients of interstate and intrastate tourism expenditure in 2018/19.
What do the figures show?
Population Statistics – December quarter
Australia’s population increased by 349,833 people over the year to December 2019 to 25,522,169 people. Overall, Australia’s annual population growth rate eased from 1.43 to 1.39 per cent – the slowest pace in 13½ years. Natural increase contributed 39.8 per cent to the annual lift in population with 60.2 per cent from migration.
Over the year to December, population growth was strongest in Victoria (1.87 per cent), followed by Queensland (1.57 per cent), Western Australia (1.28 per cent), NSW (1.13 per cent), the ACT (0.99 per cent), Tasmania (0.97 per cent), South Australia (0.90 per cent) and the Northern Territory (-0.38 per cent).
By state and territory, the ACT population growth rate at 0.99 per cent was the weakest annual pace in 14 years. Victoria’s population growth rate hit 8-year lows at 1.87 per cent. NSW’s annual population growth rate of 1.13 per cent was the slowest pace in 7½ years. Tasmania’s annual population growth rate of 0.97 per cent was the slowest rate in 2½ years. And Queensland’s annual population growth rate of 1.57 per cent is the slowest in 3 years.
Western Australian annual population growth of 1.28 per cent was the highest in 5½-years. Annual population growth in South Australia (up 0.90 per cent) is just below 5-year highs. Northern Territory lost 900 residents in 2019.
Australia’s population grew by 70,234 people in the December quarter or 0.3 per cent after growing by 94,382 people in the September quarter.
A net total of 210,600 people (3½-year low) migrated to Australia over year to December, down from 220,400 people in the year to September. Migration growth is down from the peak of 315,700 migrants in the year to December 2008.
There were 305,800 babies born in the year to December - a 2-year high - up from 304,400 births over the year to September.
And there were 166,700 deaths in the past year, up by 1,100 on the year to September.
Natural increase (births less deaths) for the year to December was 139,200 to be down by 5.2 per cent.
State Tourism Satellite Accounts – 2018/19
Australia’s state tourism satellite accounts were released by Austrade a couple of weeks ago and revealed that in financial year 2018/19 total tourism consumption was $152 billion, up 6.2 per cent on 2017/18. Almost three quarters of consumption came from domestic tourism, with growth in the domestic sector outpacing international tourism growth in 2018/19.
And growth in Gross Value Added terms (GVA – excludes taxes paid and takes into account subsidies) was highest for Western Australia (up 13.6 per cent), followed by Tasmania (up 11.1 per cent), Victoria (up 10.8 per cent), Northern Territory (up 9.5 per cent), South Australia (up 8.3 per cent), Queensland (up 3.3 per cent) and NSW (up 2.3 per cent). But GVA fell for the ACT by 6.7 per cent. Across all states and territories, domestic overnight visitors account for 57 per cent of total GVA, followed by day trip visitors (13 per cent) and international visitors (30 per cent).
What are the implications of today’s decision?
Our population growth has long been one of the strongest amongst OECD countries. But Australia’s population boom is at an end due to the virus-enforced closure of our international borders.
The Government has recently announced that it expects net overseas migration – a key driver of population growth – to fall by around 30 per cent in 2019/20 and about 85 per cent in 2021/22. CBA Group economists forecast annual population growth to fall to 0.7 per cent over the period – the slowest pace on record. Of course, this will have a significant impact on the labour and housing markets.
Analysis of tourism data shows that we all have a part to play supporting our regional economies. By holidaying locally we can help Aussies in the accommodation, hospitality, travel and retail sectors get back to work.
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Population growth hits 13½-year low: CommSec's Ryan Felsman

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EXPERT OBSERVATION
Working from home during COVID-19 appeared to cost us little.
Yet employers effectively requisitioned part of those homes.
While necessary, it was far from costless to us, and our generosity shouldn’t be taken for granted.
Bureau of Statistics figures show that during April and May about half the workforce worked from home.
Working at home has been far from costless 
Preliminary results from a survey of more than 2,000 households suggest paid workers put in about as many paid hours per day as before (half to one hour less) but that unpaid work skyrocketed, by an extra five hours per day for women, and an extra two and a half hours for men.
Much of the increase was in childcare. Three in four Australians who live with children kept them home.
Some of it was in extra cleaning and washing, costs that for the moment (along with, for some workplaces, rent) many employers no longer needed to bear.
Few of us working from home will bother to bill our employers for the extra heating, office furniture, office consumables, home phone and internet use, toilet paper and coffee we’ve had to fork out for.
The Tax Office has indicated it will disallow deductions for tea, coffee and toilet paper saying, “just because you have to provide those things for yourself doesn’t make them deductible”.
Akin to the requisitioning of assets permitted by the state in emergencies, employers have in effect requisitioned parts of our homes – rent free and without paying utility costs.
With more people using each home, and more meals cooked and eaten at home, time in the kitchen has soared. As supermarket shopping has become less appealing, consumer durables such as bread-makers and freezers have been brought in. Backyard vegetable gardens and chicken runs have popped up.
Most of the extra work has fallen to women. Surveys often understate it by asking only about the “primary” activity in each quarter hour block rather than secondary activities (which often include childcare) undertaken at the same time. Multitasking intensifies work.
How do we make it count?
In an explosive book released more than 30 years ago entitled Counting for Nothing, New Zealand politician and economist Marilyn Waring described the dominant method of accounting for work as “applied patriarchy”.
The tool is gross domestic product (GDP), a measure that mostly only takes account of work that is paid.
The point was that unpaid household work and care counted for nothing.
Since then, time use surveys have found that non-market household production is very large – in Australia, equivalent to an extra half of GDP.
This matters, because its exclusion allows GDP to give us a distorted idea of progress.
In each normal year the Organisation for Economic Co-operation and Development forecasts growth in developed nations of between 2% and 4%.
That’s growth in gross domestic product. OECD calculations released in 2018 suggest that as much as a third of that growth – 0.84 to 1.79 percentage points – is an artefact, created by the shift from what had been unpaid household work and childcare into to paid household work and childcare.
That is, the official figures have presented a mirage. Parents have replaced unpaid childcare – which is not counted in GDP – with paid childcare, which is counted.
The switch has been recorded as “growth”, but it hasn’t been growth in work done or services provided. It is better described as accounting rather than economic growth.
If the accounting was done properly – if countries such Australia properly counted the value of unpaid household and services – it would show much lower growth and more frequent recessions.
And if our environment and resources (another omission except when they are exploited) had been properly accounted for, GDP growth would be lower again.
The household services artefact has been reversed during the COVID-19 lockdown. Many of us have been doing as much or more than we did, but less of it has been counted.
As it happens, the value of services provided by the home itself are included in GDP, through rent for renters and “imputed rent” for home owners. Home-grown produce is included as well, but unpaid human-provided services are not.
It’s as if it didn’t happen
The weak March quarter GDP result strengthened calls for extra spending on infrastructure – things such as mines, pipelines and fast trains to airports.
Days later the prime minister announced that childcare would no longer be free and JobKeeper for childcare workers would be replaced by a less generous subsidy.
It’s not what might have been expected after a historic opportunity to rethink productivity and wellbeing. Putting money into the care sector creates twice as many jobs per dollar as putting it into construction. A higher proportion of investment in the care sector also flows to women, whose paid work has been disproportionately hit by the shutdown.
Things that would help include increased worker protection against white collar sweatshops), expanded and reconfigured tax deductions for working from home, a paid allowance for home schooling costs during the shutdown and a shorter working week to rebalance roles at home.
Behind everything should lie proper accounting for care work. Without it we are likely to continue to rely on the generosity of unpaid working women, acting as if it is free.
Julie P. Smith is an Honorary Associate Professor at Australian National University.
Fiona Jenkins is an Associate Professor at Australian National University.
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About that spare room - employers requisitioned our homes and our time

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Feedback from agents in and around the Hunter Valley has largely been the same as pre-COVID-19-a lack of stock for sale, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
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"It’s becoming increasingly evident at the time of writing that we simply don’t know what is going to happen to the property market.
"We are at that uncomfortable point in the cycle where we have to rely too much on gut-feel and anecdotal evidence, hardly the best basis for making rock solid decisions. Until we get to a stage where we have more transactions completed entirely in a post-COVID-19 world, anecdote is the best we can hope for," the valuation firm said. 
The report suggests agents in Newcastle have had their movements severely curtailed over the past several months and a lack of face to face encounters has resulted in a noted lack of listing activity.
It appears as though potential vendors have decided to wait out the lockdown before deciding to list. Whether this is because other events have taken over their focus or they have surmised that current restrictions are not conducive to a favourable sale is unknown.
"Given that interest rates are still low, the government has put in place significant stimulus packages and there is a lack of stock presently on the market, it’s not inconceivable to expect the market to remain relatively stable in the short term," the valuation firm said. 
Required elements are in place for this, but as always the market can change overnight with every news update. A surge in second wave cases could change everything.
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In COVID-19 times an alternative to buying and selling your property is the trusty renovation, the report noted. 
There were rumours going about that Bunnings was running out of its paint supply simply in anticipation of lockdown, the assumption being that plenty of people would have a lot of spare time on their hands and renovation would come to the fore.
In reality, that spare time seems to have morphed into TikTok videos and accessorising bookshelves to appear in Zoom meetings. No Zoom meeting is complete without a cerebral biography or two by someone inspirational or Russell Brand.
"If you have been skillful enough to write a book, you should also heavily consider having it over your left shoulder, cover out. We’re looking at you, Malcolm Turnbull," the valuation firm said. 
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Renovation in times of uncertainty is often the popular option to flipping property.
The financial cost to buy and sell a property can be quite expensive and if we keep in mind what was discussed in the first few paragraphs, choice in the marketplace is limited at present.
"You may not find what you are looking for in a ready-made package or the cost may be prohibitive. Presumably your current property had enough features about it that made you invest and move in.
"Sometimes it makes financial sense to improve what you currently have without suffering the significant transactional costs of buying and selling," the valuation firm said. 
"Given the uncertainty in the marketplace at present and the underlying macro-economic conditions, we would expect to see minor renovations continuing. We are aware of larger more significant renovations that would have occurred previously, being placed on hold in the short term," the valuation firm said. 
The report suggests this is in part due to many homeowners facing different economic pressures than they did pre-COVID-19. Many people have seen their salaries either reduced or deferred while the present crisis works its way through the system.
Some will have found that their jobs and therefore income are suspended whilst businesses are closed. Many have lost employment and are in no position to do large-scale works to properties.
It may be that with reduced demand, building contracts and contractor’s quotes can be reworked within the new market climate due to a shortage of work.
A three bedroom cottage in New Lambton with potential for renovation has recently been sold for $777,000.
The home at <a href="https://www.realestate.com.au/sold/property-house-nsw-new+lambton-133584362" target="_blank">51 Orchardtwon Road</a> (pictured below) comprises three bedrooms, central lounge room, well-kept kitchen and alfresco area. 
It is located within close proximity to Blackout Village and schools. 
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A current listing is a recently renovated house in Adamstown priced at $495,000 -$540,000.
The three bedroom, one bathroom home is situated at <a href="https://www.realestate.com.au/property-house-nsw-adamstown-133599358" target="_blank">2/5A Brown Street </a>(pictured below). 
It comes with renovated kitchen, open plan living and dining and covered alfresco. 
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Large renovations placed on hold in Newcastle due to COVID-19: HTW residential 

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Rental enquires as well as sales have been strong according to many local agents, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
The report notes most agents are reporting that the private inspection only approach to viewings is working very well for agents and prospective purchasers, as it allows for both parties to feel a bit more relaxed rather than experience the typical madness of an open home.
"Overall we are seeing consistently good sale prices across the board, particularly within the rural residential space.The standard sub-million residential markets are still moving, just at a much slower pace.
"This is possibly due to purchasers in this price range being the most likely to be impacted by the ongoing and uncharted economic waters in which we currently find ourselves," the valuation firm said. 
"Given the lockdown guidelines that have been in place over the past six weeks, many people have taken the opportunity to start those little jobs around the house they haven’t had time to begin.... or finish for quite a while. So are we seeing a rise in the amount of home renovation in the local area?
"The short answer is that it appears to be fairly steady as far as major renovations such as kitchens, bathrooms, decks, etc however we are certainly noticing a rise in smaller cosmetic works including paint jobs, landscaping works and general tidying up," the valuation firm continued. 
"As far as major renovations within the local economy, we haven’t seen the bottom to middle range of the market achieve outstanding capital gains from buying and renovating since the market peaked in mid 2017.
"We do note that as always we have seen good scope for capital gains on good quality homes in good suburbs and streets that are being renovated to an extremely high level of finish." 
These properties tend to appeal to local or Sydney based downsizers looking for high quality product in blue ribbon locations on sub 1000 square metre blocks that are easier to manage than the larger traditional homes, the report noted. 
A family retreat set upon two hectares in Bundanoon has recently been sold for $1.675 million. 
The house at<a href="https://www.realestate.com.au/sold/property-house-nsw-bundanoon-133501166" target="_blank"> 639 Old Argyle Road</a> (pictured below) comprises four bedrooms, updated kitchen, renovated bathroom, and two car garage. 
It also features study, fireplace, established gardens and fended paddocks. 
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A current listing is a four bedroom house in Burradoo with newly refreshed interiors. 
The home at<a href="https://www.realestate.com.au/property-house-nsw-burradoo-133665234" target="_blank"> 12A Phillip Street</a> (pictured below) has been listed for sale with $1.45 million hopes.
It features new kitchen, formal and informal living zones, gardens and double garage. 
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"We also notice a strong market for rural residential properties that have also been renovated to an excellent standard as well as the addition of good equine site improvements which appeals to the Sydney market looking for a hobby farm with good access to the city," the valuation firm said. 
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"As affordability goes, we consistently hear the phrase Highlands tax from home owners and investors alike when talking about the cost of local tradespeople.
"Due to this, we are seeing owners bring trades in from Sydney or up from Goulburn in the hope of getting a more cost effective job done, but remember you get what you pay for and as always the importance of seeing a tradesperson’s work before hiring them based on price is as important as ever," the valuation firm said. 
"Going forward we believe it’s likely that the renovation market will retain the trend of seeing good quality renovation achieving the price point it deserves." 
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Southern Highlands sees capital gains on high quality renovated homes: HTW residential 

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The month of May progressed steadily for the residential property market in the Illawarra, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
The HTW report notes sale prices appear to be holding with no obvious signs of any discounting happening.
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Notable sales include a $3.1 million sale in <a href="https://www.realestate.com.au/sold/property-house-nsw-thirroul-133480182" target="_blank">Surfers Parade, Thirroul</a> (pictured above) and a duplex in <a href="https://www.realestate.com.au/sold/property-house-nsw-austinmer-133320946" target="_blank">Toxteth Avenue, Austinmer </a>(pictured below)that sold for $2.35 million.
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The number of transactions has decreased slightly with realestate.com.au recording 88 residential sales in the Wollongong LGA in the first 20 days of the month (4.4 sales per day).
This is in comparison to 102 sales in the first 20 days of April (5.1 sales per day). For a point of reference, RP Data recorded 585 sales for the two month period of April and May 2019 (9.6 sales per day).
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"Open homes have recommenced and local agents are reporting that while there is less activity, it has not disappeared completely and all levels of the market have purchasers ready to complete sales," the valuation firm said. 
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Home renovations are a big part of owning a property.Reasons for renovating can be wide ranging. Flippers look to purchase an older, run down property, complete a full renovation and on sell the property, hopefully at a profit.
They have experience with a trade themselves and have other local contacts they can call on to get the renovation completed as quickly as possible. 
Time is important as the longer they take to renovate the property, the longer they have to pay holding costs, therefore most flippers will not undertake any renovations that require DA approval, such as an extension. A quick internal and external facelift and the property goes back on the market.
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The report suggests owner occupiers tend to renovate their properties at varying stages of their ownership of the property.
"First home buyers may not have a lot of spare cash to make too many updates initially but as the years go by they will look to spend their savings on renovations projects.
"Most upgraders tend to look to purchase a family home where all the work is already done. It might be a new house or one that has been recently renovated," the valuation firm said. 
Alternatively there are a few who will look to complete the renovation themselves and can therefore fit their own specific requirements into the project.
Full renovations or knock down and rebuilds are appearing in popular suburbs in the north or around the CBD which typically have older stock built during the migration boom of the 1960s.
 These areas are transitioning and it is common to drive down a street such as O’Brien Street in Bulli or Storey and Donald Street in Fairy Meadow and see a real mix of new, modern homes next door to older original houses.
"The key to completing renovations of any scale during the current period is to find a builder who has proven experience and also availability.
"Most builders have been reporting a decent pipeline of work with new quotes still being prepared. Recent economic issues seemingly have not put a dampener on renovation dreams," the valuation firm said. 
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Illawarra builders report decent pipeline of renovation work: HTW residential 

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The Coffs Harbour rental market appears to have held up relatively well, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
The HTW report notes although some holiday rentals have switched to permanent, there is no dramatic oversupply and no sign that rental values are falling. 
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"One month on from the start of the COVID-19 restrictions and we are seeing some light at the end of what may prove to be a long tunnel. The market surprisingly has not come to an abrupt halt; more so, it has taken a cautious approach.
"We have experienced a distinct lack of supply of properties for sale with the property section of the local weekend paper becoming significantly smaller, although demand has not appeared to have dropped with supply.This has caused values to remain relatively firm with some noticeable good prices being achieved in areas where supply is down," the valuation firm said. 
Given there are no active cases within the area and restrictions are slowly being lifted, the general feel is of positivity with the expectation that once domestic travel is given the green light, the Coffs Coast will be seen as a very attractive place to come for a holiday, giving the local economy a much needed shot in the arm.
"To renovate or not to renovate is an age old question. We have seen in recent years the modern generation’s appetite for new homes with a significant push towards new estates and building the dream.
"As land is becoming scarce within the region (with a lack of new estates coming onto the market), we are definitely seeing a move towards renovations and extensions, especially within well-established suburbs where vacant land is no longer available," the valuation firm said. 
Typically, these are the more sought after locations close to the beach and town, however renovation activity is not isolated to one specific location.
"We have seen many DIY home improvements over recent weeks thanks to COVID-19, however these are more your catch up on general maintenance items rather than full blown renovations," the valuation firm said. 
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"We have seen building costs increase significantly over the past four years as increased demand for construction of new products and renovations has seen builders and trades stretched thin within the region.
"People’s expectations of the cost of renovations or extensions are often well under- cooked and depending on the degree of house improvement proposed, we are regularly seeing renovation costs in excess of the cost to demolish and rebuild a new home.An average renovation cost for a four-bedroom, two-bathroom home to upgrade the kitchen and bathrooms, floor coverings and painting would start at $50,000 and up depending on the quality of fit-out.
"If we then start adding internal remodelling of floor plan, additional outdoor living, extensions etc, we are now talking $100,000 plus with major rebuilds often being in excess of $300,000 and if talking prestige homes $700,000 plus may not be out of the question," the valuation firm continued. 
Examples of an area where renovation works are becoming part of the norm is the popular beachside suburb of Sawtell, dollar for dollar one of the most expensive areas in Coffs Harbour, the report noted. 
"To compare, we have examined some recent sales in Circular Avenue, a well-positioned street within walking distance of the main village precinct," the valuation firm said. 
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<a href="https://www.realestate.com.au/sold/property-house-nsw-sawtell-132629954" target="_blank">77 Circular Avenue, Sawtell</a> (pictured below) is a very modest original 1970 brick home with three bedrooms, one bathroom and single garage set on 531 square metres.
It sold for $700,000 in January 2020 which represents predominantly land value.
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In February 2020, <a href="https://www.realestate.com.au/sold/property-house-nsw-sawtell-132637854" target="_blank">88 Circular Avenue, Sawtell</a> (pictured below) sold for $1.04 million (a record street price).
This is a fully renovated 1970s rendered brick home with four bedrooms, two bathrooms and double garage set on 663 square metres.
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"This property sold at auction with high demand and a price achieved above expectations, however when you compare it to 77 Circular Avenue, it represents good buying.
"To achieve the same product on 77 Circular Avenue (notwithstanding a slightly larger lot size), the cost to renovate and extend the modest 1970 three-bedroom home to a four-bedroom, two-bathroom home would be in excess of $350,000 which would result in a total cost of $1.05 million plus the time and effort undertaken to achieve this.
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"In this case, it makes sense to buy the already completed property," the valuation firm said. 
The main rule to renovations is to understand the added value of the cost of renovations and not to overcapitalise for the locality.
This is easier said than done and all depends on the underlying land value and the purpose and scope of the works, plus factor in whether it’s as a homeowner or investor. 
The homeowner who has decided that their current place of residence is their forever home can afford to over capitalise to achieve the lifestyle benefits they desire within their budget.
However the investor should be shrewder and consider factors such as cost versus added value and only renovate areas that are required or value add by increasing rental return. This could be in the form of secondary accommodation (granny flat) or reconfiguring the current space to provide additional bedrooms, the report noted. 
"One point should be made when undertaking remodelling or conversions within the dwelling is to seek council approval before you start the project. 
"One of the misconceptions with owners is that council approval is not required for conversions or reconfiguring internal walls so long as you stay within the current building footprint (that is no extensions or additions). This is incorrect; any moving of a wall or conversion of a garage etc has to be approved by council," the valuation firm said. 
"If you undertake any improvements of this nature without approval, for all practical purposes, no one knows so who cares?However, the ramifications come when you wish to sell the property or need a valuation for mortgage security purposes; any works undertaken without approval will not achieve the full value.
"Even more so if you have converted the home into dual accommodation and rent separately for investment purposes or live on one side and receive rent in the other," the valuation firm said. 
The report suggests this extra income will not be included in a valuation for mortgage security purposes as it is not council approved. This is critical when you require the extra rental to be included in your loan application to prove you can service the repayments, not to mention the insurance implications if an accident occurs.It is difficult to say what people should or shouldn’t do when it comes to renovation.
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"Our best advice is to seek the experience of your local Herron Todd White valuer to navigate and guide you through the market in your local area." 
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Coffs Harbour sees more renovation work due to COVID-19: HTW residential 

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Renovation is a popular option in many parts of Sydney, particularly in inner Sydney and harbour side locations, according to the latest Herron Todd White (HTW) residential report. 
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The valuation firm suggests that in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month's HTW residential report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
The HTW report first provided a short COVID update. 
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"Since last month’s edition, we have seen the number of daily new cases of COVID-19 in New South Wales remain low. We have also seen the first stage of the easing of restrictions and also the lifting of restrictions on live auctions and open homes.
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"This has at least made the process of selling more straightforward and has seen an instant bounce to auction clearance rates, back up above 70% for Sydney, mainly as a result of the number of auction withdrawals returning to more normal levels," the valuation firm said. 
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The last month has still seen prices remain fairly stable overall, however as discussed previously, there are some localities and price points seeing some discounting. This is mainly due to the number of new listings remaining subdued, meaning that supply and demand are staying relatively in balance. 
The report notes that the concern is what will happen later in the year when government stimulus and mortgage pauses end.
There potentially could be a significant increase in new listings, some under distressed circumstances, which could have a large impact on prices heading into 2021.
"In the rental market we have continued to see an increase in vacancy rates and a fall in asking rents. Houses, somewhat surprisingly, have experienced a quicker fall than units over the past two months. 
"With restrictions around travel within the state and within Australia likely to be eased in the coming weeks and months, short-term holiday rentals that have been transferred to the long-term rental market may start to transfer back to the holiday market, easing vacancy rates," the valuation firm said. 
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The valuation firm suggests renovation is a popular option in many parts of Sydney, particularly in inner Sydney and harbour side locations where extension and renovation of an existing home is a more viable option than a knock- down and rebuild.
These areas often have heritage and other planning restrictions that make it difficult to get approval to do a complete rebuild, the report noted. 
In addition, it is also desirable to maintain the period features of older dwellings whilst upgrading the fit out and increasing the floor space.
A Victorian residence situated in the heart of Marrickville has recently been sold for $1.5 million. 
The freestanding home at <a href="https://www.realestate.com.au/sold/property-house-nsw-marrickville-133533598" target="_blank">1 Hastings Street</a> (pictured below) presented a good opportunity for renovation. 
It consists of four bedrooms, two bathrooms, large formal and casual areas and front veranda. 
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In the middle and outer rings, there is more of an appetite for knock-down and rebuild, increasingly for duplex and small townhouse style developments to take advantage of larger land parcels.
Granny flat builds continue to be a popular option in these areas too, either for extended families or for those looking to obtain some additional rental income.
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"This doesn’t mean that renovations aren’t an option here, as owners look to enhance their homes by something as minor as a fresh paint or some additional landscaping, through to a full blown second floor addition and full renovation," the valuation firm said. 
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A two bedroom granny flat in Bass Hill is currently on the rental market with a price guide of $400 a week.
The well maintained home at <a href="https://www.realestate.com.au/property-house-nsw-bass+hill-429296034" target="_blank">15A Handle Street </a>features large covered entertaining area, gas cooking and split system air conditioning. 
It is situated close to local schools, transport and shops. 
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Renovation remains a popular option in Sydney: HTW residential 

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A renovated apartment situated in Elizabeth Bay's 1960s building Ithaca Gardens has hit the market. 

The unit, at 602/12 Ithaca Road, is one of two apartments on level 6 in the building's east wing. 

The 86 square metre home comprises two bedrooms, large living and dining area, a wide covered balcony, Smeg gas kitchen, and renovated bathrooms. 

It also features harbour views.

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The building was designed by architect Harry Seidler.

It was the winner of NSW Architecture and Arts Award in 1960.

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It is situated within close proximity to Beare Park, cafes, shops and city buses. 

The apartment last sold in 2014, for $1.262 million. 

Tristan Bassey and Ian Campbell, from Ray White Elizabeth Bay, have the listing.

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 See More: Architecturally-designed developments on the market in Sydney

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Harry Seidler-designed Elizabeth Bay apartment with harbour views hits the market 

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A Tudor-style BnB opportunity in Victoria's Yarra Ranges has hit the market with a price guide of $1.8 million. 
The Monbulk Road home is in the heart of the Dandenong Ranges National Park. 
Set on 2,590 square metre block, the property accommodates a main three-bedroom family residence and three newly refurbished one-bedroom suites. 
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The three individually-styled suites form part of the luxury boutique accommodation Aquila Nova Retreat, previously owned by Alex and Irina Orlov. 
“We did significant renovations on the property when we first bought it including a full renovation for three of the units and an extensive renovation of the main house as well", Mr Orlov said. 
“The backyard also got a lot of attention and it’s one of the best parts of the BnB." 
Its outdoor facilities include hiking trails and a central paved entertaining area with a built-in BBQ. 
It also features an outdoor glass conservatory. 
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The listing is held by Ray White Oakleigh's senior sales executive Bill Gianidis, who noted strong interest in the property within 48 hours of hitting the market. 
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Yarra Ranges Tudor-style trophy home listed for sale

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A mortgagee home in Halls Head, a coastal suburb of Mandurah, has been listed for sale.
An asking price of $345,000 has been provided.
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Located at on Petrel Close, the four-bedroom, four-bathroom home also features a games room and a home office.
The property is located only 500 metres from the beach.
It last traded for $458,500 in 2014. 
The median house price in Halls Head is $395,000.
Kathryn Fiorenza, from Professionals Mandurah, has the listing. 
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Mandurah mortgagee home in Halls Head listed for sale

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

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Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Joel Robinson

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

The long-planned transformation of Brisbane's historic Shafston Estate has taken another major step, with Capella Hotel Group announced as the luxury hospitality partner behind what will become Brisbane's first branded residences.

The project, to be known as Capella Residences Brisbane, is being delivered by Verso Projects at the landmark Kangaroo Point riverfront estate, with completion targeted for 2029.

The announcement follows a series of planning changes to the project over recent years. The site was originally approved in 2023 for a 15-level, 37-apartment development designed by Rothelowman for Burgundy Group before Verso Projects took over the 10,070 sqm riverfront holding and lodged revised plans with Kerry Hill Architects to increase the development to a 25-level tower with 51 apartments.

The latest announcement confirms Capella Hotel Group will bring its branded residential offering to the project, marking just the second Capella Residences development globally after Seoul, and the group's first branded residential project in Australia.

The <a href="https://www.apartments.com.au/new-apartments/23-castlebar-street-kangaroo-point-qld-4169">Castlebar Street development</a> will centre around the restoration of the heritage-listed Shafston House, one of Brisbane's oldest residences, originally constructed in 1851 by Reverend Robert Creyke as a single-storey cottage known as Ravenscott.

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Capella said the project aligns with its focus on heritage-led developments, with the Brisbane estate combining the restored historic residence with a new luxury apartment tower and hospitality-inspired resident amenities.

Residents will have access to the Capella Living Room, a concierge-led communal space inspired by the group's luxury hotels, alongside landscaped gardens, six swimming pools, wellness and recreation facilities.

The broader estate will also include two riverfront homes, a six-berth private marina, porte cochère arrival experience, secure basement parking and a new section of public riverwalk along the Brisbane River frontage.

The heritage Postal Depot Building will also be retained and repurposed as a guest house, in line with the revised development plans.

The project represents another evolution for the site, which Kerry Hill Architects previously described as a rare opportunity to restore one of Brisbane's most significant heritage estates while creating a new benchmark for apartment living.

"The Shafston Estate provides a once-in-a-generation opportunity to restore one of Brisbane's finest heritage precincts and to reinstate residential use as a unique site perched on the edge of Kangaroo Point," Kerry Hill Architects said in its Urban Context Report accompanying the planning submission.

"The project will celebrate excellence in sub-tropical residential design, setting a new benchmark for vertical living in Brisbane."

Verso Projects, which now has an $8.5 billion development pipeline spanning more than 6,000 dwellings across apartments, townhouses, retail and commercial projects, said the partnership with Capella would elevate the development beyond a traditional residential project.

"We feel honoured to be restoring Shafston Estate to its former glory, elevating it to new heights of luxury and excellence underpinned by Capella's distinctive service ethos and design philosophy, and making it a standout landmark in Brisbane," Verso Projects CEO Steve Laffey said.

"By partnering with Capella, globally recognised for its refined approach to luxury hospitality and deep respect for cultural and historical context, we will elevate this project beyond a residential offering into a world-class destination."

Capella Hotel Group President Roland Fasel said Brisbane's emergence as a global city made it the right location for the company's Australian residential debut.

"Brisbane is a city on the cusp of something remarkable, and Capella Residences is our commitment to being part of that story," Fasel said.

"The Capella residential experience is more than luxury. It is about a sense of belonging to a place with deep meaning."

Private appointments have now opened for the project, with a display suite expected to open in late 2026 ahead of the planned 2029 completion.

Capella to launch Brisbane's first branded residences at Shafston House, Kangaroo Point

Lewis Land's latest apartment release within its <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan is targeting one of the Gold Coast's fastest-growing buyer groups, with almost a third of apartments at Solis priced below $1 million.

The seven-storey building at Biggera Waters will comprise 91 apartments, including 24 one-bedroom residences starting from $778,000, a price point Lewis Land says is aimed squarely at first home buyers struggling to enter the Gold Coast market.

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<a href="https://www.apartments.com.au/developers/lewis-land-group">Lewis Land</a> Head of Development Michael Long said the developer deliberately allocated a significant proportion of the project to more affordable apartment types.

"First home buyers have been priced out of many parts of the Gold Coast, and we saw a clear opportunity to address this and play our part in a longer-term housing solution," Long said.

"That's why 24 of the 91 apartments being delivered at Solis have been designed and priced for the city's next generation of homeowners, quality one-bedroom apartments, half of which include an additional multipurpose room to maximise space and flexibility.

"This approach places 30 per cent of apartments in Solis under $1 million, and with close proximity to Harbour Town's future light rail extension connecting residents to the city's major employment and knowledge hubs, it's a win for buyers looking to secure their first property."

<img alt="Sores" data-entity-type="file" data-entity-uuid="550526d3-73ba-4710-9739-c5f4294a30ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.29%E2%80%AFAM.png?VersionId=cQQdXHt9wS0UXwZEm5Py5bH_3kAmzyhu" />

Designed by BDA Architecture, Solis will deliver a mix of one, two and three-bedroom apartments, with residences ranging up to 232 sqm. Apartments feature generous balconies and contemporary finishes, while residents will have access to Harbour Shores' lagoon pool, clubhouse, tennis court, gym, yoga studio and sauna.

The focus on first home buyers resonated with purchaser Holly Humphreys, who said she and her boyfriend spent more than a year searching for their first property before shifting their attention from houses to apartments.

"We fell in love with the first house we bid on and got our hopes up, but after repeated knockbacks we learned not to get too attached," Humphreys said.

"We offered at the high end of price guides, but sales kept going even higher. That's where we really struggled and we needed to re-evaluate our budget and our expectations. Standalone houses were off the table, and we pivoted to apartments and townhouses."

Humphreys said it was encouraging to see developers recognising the growing demand from first home buyers.

"There's a growing number of young buyers looking to enter the market earlier because they understand that getting in now can make a real difference as prices continue to rise," she said.

"It's fantastic to see a developer recognise this and then actively take measures to deliver an apartment with us in mind."

Solis is the first development planned within the second stage of the Harbour Shores masterplan, with early works expected to commence in September 2026.

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Lewis Land targets first home buyers at latest Harbour Shores release, Solis

Luxury apartment developer Abadeen has recorded $19.25 million in apartment sales across two of its Lower North Shore developments in the lead-up to the end of the financial year, headlined by the sale of a $6.75 million penthouse at <a href="https://www.apartments.com.au/buildings/koyo-crows-nest-5-rodborough-avenue-crows-nest-nsw-2065">KOYO in Crows Nest.</a>

The transactions also included the sale of a newly completed three-bedroom apartment at <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences in Cremorne</a> for $6.35 million, with the residence selling shortly after the project's first public inspections following completion.

The sales come as completed, owner-occupier-focused apartments continue to attract strong demand across Sydney's Lower North Shore, particularly from buyers looking for certainty and immediate occupancy.

The penthouse at KOYO spans 491 sqm across a single level and was designed by architect Koichi Takada. The development is one of Abadeen's flagship boutique projects in Crows Nest.

[smartcode_project:default project_id=108800 project_image_fid=370093]

Abadeen Executive Chairman and Founder Justin Brown said buyer activity lifted noticeably in the lead-up to the end of the financial year.

"We saw a clear increase in enquiry levels, inspection numbers and buyer engagement across our completed projects leading into the end of the financial year," Brown said.

"Buyers have become far more decisive over the past six months. The combination of improving confidence, limited supply and the ability to physically inspect completed residences is creating strong competition for premium apartments in the best locations."

Brown says the&nbsp;response to Park Residences following completion has been particularly strong.

"Buyers want certainty and are responding positively to the opportunity to walk through a finished product, inspect the quality firsthand and move in immediately," Brown suggested.

"Projects such as Park Residences and KOYO demonstrate that when the product is exceptional and the location is irreplaceable, buyers are prepared to act quickly."

[smartcode_project:default project_id=114246 project_image_fid=370116]

Abadeen CEO Joe Tack said quality continued to differentiate projects in the current market.

"Today's buyers are incredibly discerning," Tack said.

"They are seeking larger floorplans, premium finishes, walkability, lifestyle amenity and confidence in the developer delivering the project. Well-designed boutique developments continue to outperform because they offer something genuinely difficult to replace.

"The enquiry we are seeing across our completed and recently completed Lower North Shore portfolio is very encouraging, and we expect this momentum to continue into spring."

The sales follow increased enquiry across Abadeen's Lower North Shore portfolio which also includes <a href="https://www.apartments.com.au/buildings/northcote-collective-naremburn-2-northcote-street-naremburn-nsw-2065">Northcote Collective in Naremburn</a> which also completed recently.

KOYO penthouse headlines Abadeen's $19.25 million EOFY sales flurry

The City of Sydney has approved plans for <a href="https://www.apartments.com.au/developers/billbergia">Billbergia Group</a> and Metrics Credit Partners’ $3.5 billion Castlereagh Place project in the heart of the Sydney CBD

The towers will be among the tallest in <a href="https://www.apartments.com.au/developments/sydney-nsw-2000">Sydney</a>'s CBD, with more floors than any other residential tower in the city.&nbsp;

The 6,000 sqm site was acquired by the joint venture partners in 2024. It is the largest amalgamated land parcel in the Sydney CBD and comprises eight individual sites fronting Castlereagh, Pitt and Liverpool Streets.&nbsp;

<a href="https://www.apartments.com.au/new-apartments/castlereagh-place-sydney-324-348-pitt-street-sydney-nsw-2000">Castlereagh Place</a> will transform an underutilised city block into a landmark mixed-use destination, anchored by two 82-storey towers comprising 607 luxury residences above an 8-level podium housing a 209-room luxury hotel. A 1,000 square metre civic park on ground level features a curated mix of food, beverage and retail.

The plans have been refined over the past year to rebalance the residential and hotel offering, and reconfigure the retail footprint to create a stronger, more dynamic dining experience.

A three-level flagship building on the prominent corner of Pitt and Liverpool Streets will be the gateway to the Castlereagh Place lifestyle precinct. Set to become a Sydney icon, the building is capable of housing multiple hospitality venues.

“Castlereagh Place is designed to be the City's next great urban oasis - an energetic mixed-use precinct that pulses with life, day and night,"&nbsp;said Joseph Kinsella, Group Director of Billbergia.

"It will bring the vibrancy of places like Barangaroo and Darling Quarter into a more accessible, central destination at the very heart of Sydney."

Kinsella said the project will build on&nbsp;Sydney’s growing laneway culture with the City’s largest network of new activated lanes - an expanded, next-generation take on precincts like Angel Place, Palings Lane and Ash Street in Wynyard.

[smartcode_project:default project_id=134477 project_image_fid=374401]

Castlereagh Place has been designed by architects <a href="https://www.apartments.com.au/architects/fjc-studio">fjcstudio</a> in collaboration with Trias Studio, Aileen Sage and Polly Harbison Design, joint winners of an international design competition in 2018.&nbsp;

Signature design elements from the original scheme remain unchanged, while the public domain has been significantly enhanced, delivering 60 per cent more open-to-sky space.

Pedestrian access will also be enhanced through new laneways linking Pitt, Liverpool and Castlereagh Streets, drawing people into a new civic park with outdoor seating, landscaping and integrated public art.

With activated laneways supported by strong hospitality offerings, Castlereagh Place is tipped to become a vibrant new dining destination in the heart of Sydney’s CBD.

It marks the largest undertaking to date for the Billbergia and Metrics Credit Partners partnership. Together they are developing other underutilised Sydney sites into mixed-use precincts, including the $2.2 billion Concord Central and the $1.3 billion Chatswood Grand Residences.

Metrics Managing Partner and Group CEO Andrew Lockhart said Castlereagh Place is a landmark project that will redefine Sydney’s skyline.

"As the tallest residential high-rise development, the revitalised site will offer panoramic views across the CBD and surrounds. We are excited to partner with Billbergia to reinvigorate an underutilised site and create a sophisticated and contemporary mixed-use offering situated in the heart of Sydney.”

Total apartments within the towers have increased to 607 dwellings, with a focus on larger floorplans. Aligned to growing market demand, Castlereagh Place now comprises 299 three-plus-bedroom apartments, 198 two-bedroom units and 110 one-bedroom configurations.

[smartcode_project:default project_id=134477 project_image_fid=374402]

Resident amenities will include an exclusive residents club containing a gym, rooftop pool, dining rooms, co-working spaces, library, golf simulator, games room, cinema room, and access to an exclusive concierge service. There will be around 500 basement car spaces below the towers.

The development will also include a state-of-the-art wellness centre, set to feature a bathhouse with magnesium pools, hot/cold plunge pools and premium amenities.

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According to fjcstudio, the towers will feature distinctive yet elegant architectural design reflecting Sydney’s geometry and urban character, with a network of through-site links and intimate public spaces activating the streetscape.

"Castlereagh Place is a city-making project of significant scale and ambition," said Richard Francis-Jones, Design Director at fjcstudio.

"It will create a rich urban complex of public open spaces, landscaped gardens, and vibrant laneways. Defining these new public spaces and the important streetscape of Castlereagh Street is a sequence of fine-grained, diverse retail and hotel architecture designed in collaboration with Aileen Sage, Polly Harbison Design and Trias.

“Rising above the tree-lined, human-scale streetscape are two slender residential towers that will transform the city skyline and look towards the Harbour, Hyde Park, and the Royal Botanic Garden.”

Demolition and early construction works have commenced onsite at Castlereagh Place.

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