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GUEST OBSERVATION
Discussions about Australia’s retirement income system typically begin by reciting the political slogan that there are “three pillars” to the system — the age pension, compulsory super, and voluntary savings.
It was the way the Abbott and Turnbull government’s <a href="https://slideplayer.com/slide/4872297/" target="_blank">tax inquiry</a> looked at retirement incomes, and a frame of reference used by this government’s <a href="https://treasury.gov.au/sites/default/files/2019-11/c2019-36292-v2.pdf" target="_blank">retirement income system review</a>.
Missing is discussion of what makes something a “retirement pillar”.
<a href="https://images.theconversation.com/files/313028/original/file-20200131-41495-b580y4.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip" target="_blank"><img src="https://images.theconversation.com/files/313028/original/file-20200131-41495-b580y4.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
<a class="source" href="https://slideplayer.com/slide/4872297/" target="_blank">Treasury tax white paper slideshow, 2015</a>
It’s possible to think of other retirement pillars. Moving to India for a cheap lifestyle would be one.
Requiring retailers to <a href="https://www.fresheconomicthinking.com/2020/01/the-easiest-retirement-system-retiree" target="_blank">provide the elderly free goods and services</a>, with the cost absorbed in the prices paid by others could be another.
To be a pillar, something would have to allocate goods and services in retirement to people who are no longer earning wages.
In my <a href="https://www.fresheconomicthinking.com/p/scrap-superannuation" target="_blank">recently released report</a> I argue that superannuation fails this test.
Super isn’t a retirement pillar
Among other things, super can be spent many years before retirement, beginning anywhere from age <a href="https://www.ato.gov.au/Super/Self-managed-super-funds/Paying-benefits/Preservation-of-super/" target="_blank">55 to 60</a>, even though the retirement age specified the pension legislation is <a href="https://www.humanservices.gov.au/individuals/services/centrelink/age-pension/who-can-get-it" target="_blank">66 to 67</a>.
Many financial planners advise intending retirees to spend a lot of their super quickly in order to shelter it in income-test-exempt assets <a href="https://www.yourlifechoices.com.au/finance/property/how-upsizing-protects-your-pension" target="_blank">such as housing</a> and qualify for the pension.
The super system also can’t guarantee retirement incomes for people who are self-employed, casually employed, homemakers, have chosen their super fund unwisely or lost the proceeds in things such as online romance scams.
As a system, super comes with unnecessary financial risks, such as suddenly losing 21% of its funds, as happened between September 2007 and March 2009 during the global financial crisis.
It is better thought of as a growth-sapping, resource-wasting, tax-advantaged asset purchase scheme aimed at the already wealthy, which is <a href="https://theconversation.com/myth-busted-boosting-super-would-cost-the-budget-more-than-it-saved-on-age-pensions-119002" target="_blank">unlikely to do much</a> to reduce reliance on the age pension.
We would be better off abandoning it and letting workers spend or save their money as they see fit.
The super system is inefficient
The superannuation system employs <a href="https://www.ibisworld.com.au/industry-trends/market-research-reports/financial-insurance-services/superannuation-funds" target="_blank">55,000 people</a> at a cost of <a href="https://www.selectingsuper.com.au/superannuation-fees-fall-for-the-first-time-in-six-years" target="_blank">A$32 billion</a> per year to produce <a href="https://www.apra.gov.au/quarterly-superannuation-statistics" target="_blank">$40 billion</a> per year in retirement incomes. This is nearly as many people as the enlisted Australian Defence Force (58,000) with a similar total cost ($34 billion).
The rest of Australia’s entire welfare system, including administering the age pension, disability, unemployment benefits and Medicare, costs just $6 billion per year and employs <a href="https://www.servicesaustralia.gov.au/sites/default/files/2018/10/8802-1810-annual-report-web-2017-2018.pdf" target="_blank">33,000 people</a>, while providing <a href="https://www.servicesaustralia.gov.au/sites/default/files/2018/10/8802-1810-annual-report-web-2017-2018.pdf">$45 billion</a> in pension benefits.
It directs money where it isn’t needed...
Each year the superannuation system takes in <a href="https://www.apra.gov.au/quarterly-superannuation-statistics" target="_blank">$117 billion</a> and spits out <a href="https://www.apra.gov.au/sites/default/files/Quarterly%20Superannuation%20Performance%20Statistics%20September%202019_0.pdf" target="_blank">$80 billion</a> in payments (including lump sum withdrawals), leaving $38 billion in asset markets, sapping spending and economic growth. That’s roughly as much as the <a href="https://www.smh.com.au/business/saving-the-nation-20090203-7wsb" target="_blank">$40 billion</a> stimulus package introduced during the 2009 financial crisis. Unlike it, the super system depresses rather than stimulates the economy.
Unlike the super system, the age pension system is likely to stimulate the economy because it takes purchasing power away from high-income taxpayers with a relatively low likelihood of spending extra dollars to to lower-income pensioners with a high likelihood of spending them.
…and away from those who do need it
Unlike the age pension system, the super system can’t provide poverty relief, or broadly adequate retirement incomes.
For the bottom 40% of earners it does the opposite of smoothing income, making them poorer than they would have been while working, and somewhat <a href="https://theconversation.com/super-shock-more-compulsory-super-would-make-middle-australia-poorer-not-richer-120002">richer</a> than they would have been while on the pension and retired.
The <a href="https://treasury.gov.au/publication/p2020-51153" target="_blank">$18 billion</a> of tax breaks on super fund contributions and <a href="https://treasury.gov.au/publication/p2020-51153" target="_blank">$20 billion</a> of tax breaks on super fund earnings are predominately directed to <a href="https://treasury.gov.au/programs-and-initiatives-superannuation/distributional-analysis-of-superannuation-taxation-concessions" target="_blank">high income earners</a>.
In a comprehensive study released this week the Grattan Institute has demolished the claim that super contributions come out of employers pockets. Instead it finds that, on average, <a href="https://grattan.edu.au/report/no-free-lunch/" target="_blank">80%</a> of each super contribution comes out of what would have been wages.
Here’s how to escape it
Scrapping the system altogether would massively improve Australia’s economic performance, including the performance of our only true retirement income system, which is the age pension.
It can be done by forcing employers to pay what are now super contributions directly into wage accounts and allowing super fund holders to withdraw up to a maximum amount each year during a transition period, after which all super balances would receive no special tax treatment.
The tens of billions saved in the budget could be used to enhance the size and scope of the age pension. It could incorporate <a href="https://theconversation.com/fall-in-ageing-australians-home-ownership-rates-looms-as-seismic-shock-for-housing-policy-120651" target="_blank">appropriate rent assistance</a> and begin at age 60 instead of 67.
It’s possible. Certainly, there would be job losses, but in other industries we have come to accept that there is no point in continuing to pay people to do things that aren’t needed, and especially no point in making those payments compulsory.
It’d be one of the best things we could do to enhance the working of our economy.<img src="https://counter.theconversation.com/content/130191/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/cameron-murray-172480" target="_blank">Cameron Murray</a>, Research Fellow - Henry Halloran Trust, <a href="https://theconversation.com/institutions/university-of-sydney-841" target="_blank">University of Sydney</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/superannuation-isnt-a-retirement-income-system-we-should-scrap-it-130191" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

Superannuation isn't a retirement income system, we should scrap it: Cameron Murray

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GUEST OBSERVATION
The highest-ranked areas in an Australia-wide assessment of smart city performance are all in metropolitan regions with higher population densities. “Australia’s 60 top-performing local government areas house more than quarter of the nation’s population,” we note in the newly released Smart Cities Down Under report.
As well as highlighting major regional disparities, our analysis reveals the local government areas we assessed against four smart city indicator areas generally perform strongly in one of these, “Liveability and Well-being”. Performances are weaker in “Sustainability and Accessibility” and “Governance and Planning”. High performance in “Productivity and Innovation” existed only in the top-performing areas.
We assessed 180 local government areas (out of 563 in Australia), representing more than 85% of the nation’s population, against <a href="https://eprints.qut.edu.au/123317/" target="_blank">smart city criteria</a>. We included all local government areas in metropolitan Australia (<a href="https://www.abs.gov.au/ausstats/abs@.nsf/Lookup/by%20Subject/1270.0.55.001%7EJuly%202016%7EMain%20Features%7EGreater%20Capital%20City%20Statistical%20Areas%20(GCCSA)%7E10003" target="_blank">Greater Capital City Statistical Areas</a>) and regional local government areas with populations of more than 50,000.
<a href="https://images.theconversation.com/files/313419/original/file-20200203-41532-pt7dd4.PNG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/313419/original/file-20200203-41532-pt7dd4.PNG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Locations of investigated local government areas. Author provided
This study is an expanded version of the <a href="https://eprints.qut.edu.au/118349/" target="_blank">Smart Cities of the Sunshine State 2018</a> report.
It’s not all about technology
Cities are complex systems and should be evaluated in a holistic way. This means not placing excessive weight on technological achievements – such as <a href="https://www.bbc.com/news/technology-49674533" target="_blank">tech for tech’s sake</a> – in lieu of economic, social, environmental and governance outcomes.
Our <a href="https://eprints.qut.edu.au/132495/" target="_blank">conceptual framework</a> to evaluate <a href="https://eprints.qut.edu.au/118033/" target="_blank">smartness levels</a> was built on the four pillars of economy, society, environment and governance. The evaluation criteria are shown below.
<a href="https://images.theconversation.com/files/313427/original/file-20200203-41532-1gtwmto.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/313427/original/file-20200203-41532-1gtwmto.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a> Author provided
We categorised the 180 local government areas we assessed into three performance categories:
<ul>
<li>
Leading, the best-performing cities
</li>
<li>
Following, the cities with achievements and potential, but not at the level of the best performers
</li>
<li>
Developing, the cities with some progress and potential, but not as substantial as the other two categories.
</li>
</ul>
Who's leading the way?
All areas in the leading category were completely contained within capital city metropolitan areas.
New South Wales ranked first with 20 local government areas. Then came Western Australia (14), Victoria (12), South Australia (9), Northern Territory (2) and Queensland, Australian Capital Territory and Tasmania (1 each). In terms of population in leading areas, the ranking changed to: NSW (2,348,388 people), Victoria (1,477,964), Queensland (1,131,155), WA (557,163), ACT (397,397), SA (370,719), NT (112,590) and Tasmania (50,439).
You can see below how the combined results for each of leading, following and developing performers compare against the four smart city indicator areas.
<a href="https://images.theconversation.com/files/313429/original/file-20200203-41503-l2qcgs.PNG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/313429/original/file-20200203-41503-l2qcgs.PNG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Comparison of leading, following and developing cluster performances. Author provided
You can see the smart city performance matrix of your local government area <a href="https://eprints.qut.edu.au/136873/" target="_blank">here</a>.
Key steps towards smarter cities
Metropolitan local government areas dominate the leading performance category. Mechanisms such as the Australian government’s <a href="https://theconversation.com/au/topics/city-deals-26196" target="_blank">City and Regional Deals</a> and funding through the <a href="https://www.infrastructure.gov.au/cities/smart-cities/" target="_blank">Smart Cities and Suburbs Program</a> have delivered some tangible impacts.
The performance is less strong in regional Australia. A national smart city strategy and guidelines are needed to help make these localities and communities smarter.
This policy should take on the following findings of our <a href="https://eprints.qut.edu.au/135135/" target="_blank">international study of smart cities</a>:
<ol>
<li>
smart cities that focus only on technology seldom work
</li>
<li>
local governments should adopt the role of facilitator
</li>
<li>
risks need to be shared with the private sector
</li>
<li>
local governments should be open to innovations and learn from mistakes
</li>
<li>
smart cities should focus on being inclusive
</li>
<li>
resource consumption must be considered, particularly in relation to the longevity of technological infrastructure
</li>
<li>
long-term sustainability depends on renewable resources
</li>
<li>
smart cities require a smart community that is knowledgeable, conscious, forward-thinking, engaged, united and active.
</li>
</ol>
The <a href="https://research.qut.edu.au/smartcity/home/people/urban-studies-lab/" target="_blank">Urban Studies Lab</a> at Queensland University of Technology prepared the report in partnership with the Commonwealth Department of Infrastructure, Transport, Regional Development and Communication. Our <a href="https://research.qut.edu.au/smartcity/" target="_blank">Smart City Research Team</a> has had conversations with city managers, mayors, local government professionals and key community stakeholders (e.g., businesses, not-for-profits, NGOs and academic institutions, among others). These conversations confirm local governments have a critical role to play if Australia is to manage vexing societal challenges from climate change to accessing economic opportunities, and even dealing with transformations driven by information technologies such as <a href="https://theconversation.com/driverless-vehicles-could-bring-out-the-best-or-worst-in-our-cities-by-transforming-land-use-84127" target="_blank">automation</a>, <a href="https://theconversation.com/valleys-alleys-and-roundabouts-innovating-beyond-a-precinct-24290" target="_blank">innovation</a> and <a href="https://theconversation.com/artificial-intelligence-should-benefit-society-not-create-threats-36240" target="_blank">artificial intelligence</a>).
Local governments do not function well in isolation. Any local government is only as strong as the other local governments within its vicinity. They must interact to share and access public resources.
Leading cities can learn from the <a href="https://www.propertyobserver.com.au/https://www.planetizen.com/node/67338" target="_blank">frugal innovations</a> of their less fortunate peers. Our best-performing cities are similar to incumbents in the industry sector in that they face their own challenges to modernise.
Too often these cities seek solutions that are not frugal and cannot leverage indigenous knowledge. Less well-resourced communities must engage in different modes of innovation. We believe better networks need to be set up to foster dialogue and exchange practices across communities.
The good news in our report is that our leading cities fare well. The not-so-good news is that the other local governments need to be brought along on a transformation journey. No city is an island, and no country can treat cities as independent elements.
Australia, we believe, should consolidate its <a href="https://eprints.qut.edu.au/103038/" target="_blank">local governance and planning</a> culture to lead the change.<img src="https://counter.theconversation.com/content/130881/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/tan-yigitcanlar-119434" target="_blank">Tan Yigitcanlar</a>, Associate Professor of Urban Studies and Planning, <a href="https://theconversation.com/institutions/queensland-university-of-technology-847" target="_blank">Queensland University of Technology</a>; <a href="https://theconversation.com/profiles/karen-vella-124890" target="_blank">Karen Vella</a>, Associate Professor and Head, School, Built Environment, <a href="https://theconversation.com/institutions/queensland-university-of-technology-847" target="_blank">Queensland University of Technology</a>; <a href="https://theconversation.com/profiles/kevin-clyde-desouza-535757" target="_blank">Kevin Clyde Desouza</a>, Professor of Business, Technology and Strategy, <a href="https://theconversation.com/institutions/queensland-university-of-technology-847" target="_blank">Queensland University of Technology</a>; <a href="https://theconversation.com/profiles/luke-butler-953109" target="_blank">Luke Butler</a>, Research Assistant, <a href="https://theconversation.com/institutions/queensland-university-of-technology-847" target="_blank">Queensland University of Technology</a>, and <a href="https://theconversation.com/profiles/nayomi-kankanamge-953583" target="_blank">Nayomi Kankanamge</a>, PhD Candidate, School of Built Environment, <a href="https://theconversation.com/institutions/queensland-university-of-technology-847" target="_blank">Queensland University of Technology</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/smart-city-or-not-now-you-can-see-how-yours-compares-130881" target="_blank">original article</a>.
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Smart city or not? Check and see how yours compares

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Brisbane’s industrial property investment market experienced strong growth throughout 2019, with firm yields reflecting the limited availability of quality stock and solid purchaser demand, according to the February report from valuation firm Herron Todd White.
They found, whilst demand for quality industrial assets remains extremely strong, particularly for well-located properties with long-term leases and strong lease covenants, secondary properties continue to see long lease up periods and are generally less attractive in the current market. 2019 saw a shift in the Brisbane industrial market with institutional purchasers beginning to focus on areas such as the TradeCoast and along the Logan corridor.
Throughout the latter parts of 2018 and 2019, demand for industrial development sites throughout Brisbane increased substantially with increases in value evident across a number of industrial precincts.
Whilst there are still difficulties in obtaining development finance from financial institutions, this does not seem to have restricted demand in recent times.
Since the federal election in 2019 there has been a slight increase in sales volumes.
The valuers said, "we expect to see this sales activity continue to strengthen throughout 2020 due to the low interest rate environment and lack of supply within the wider Brisbane area."
"Rents continue to stay steady with no dramatic increases, particularly for net effective rentals,as incentives continue to rise. The most active segment of the market will continue to be transport and logistics with tenants gravitating towards modern properties with good access to motorways."
"The total number and value of sales fell in 2016. This was primarily due to a shortfall in supply of quality industrial assets, however sales picked up again in 2017."
"We saw a similar fall in sales in 2018 which carried over to a slower start in 2019. Since the federal election in 2019 there has been an increase in sales volumes."
"It is expected that stronger sales activity will continue throughout 2020 due to the low interest rate environment, however we do note that investors are holding on to well leased, quality assets due to the lower risk profile these properties offer."
"Investment yields for high quality assets continue to trend closer towards 6.00% with an example of a major transaction being 39 Graystone Street, Tingalpa, a well sought after location within the TradeCoast. The property had a 4.57 year lease term and transacted at $17.6 million with an analysied yield of 6.34%."
"2020 will continue to see a high demand for prime industrial properties with money coming from mum and dad investors through to major industrial institutional trusts," they concluded.
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Brisbane industrial market will continue to see strong demand in 2020: HTW Industrial

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Looking at 2020, the general consensus is that the Melbourne industrial market will remain strong, boosted by strong population growth and unprecedented levels of infrastructure investment, according to the February report from valuation firm Herron Todd White.
The property valuation firm also noted, the global share market is expected to remain volatile with the potential for a US-China trade war, wage growth is expected to remain stagnant, there is a risk of recession and there is uncertainty regarding Britain’s exit from the European Union.
This has led to an even greater appetite for real estate investments, with industrial leading the way when it comes to investing in commercial property. The industrial sector is considered to have the strongest pull for investors, predominantly due to the rise of e-commerce.
In the case of high value industrial assets, yields remain firm due to bidding wars, particularly as there is the guaranteed cash flow of a strong WALE.
HTW reporters said, "we have seen increased interest in industrial assets from onshore and overseas real estate investment trusts and private equity firms. Some of these started out with zero industrial assets and now have these assets making up a substantial portion of their portfolio."
Knight Frank is predicting double digit growth in 2020 on the back of the continued low interest rate environment, which further advances yield compression. Vacancy rates in Melbourne also remain at five year lows.
They said, "Melbourne industrial yields are currently sitting at 5.73%, having significantly tightened through increased investor interest and capital growth is set to rise from 6% to 6.4% in 2020."
According to Savill’s 2020 outlook report, rental rates have been increasing, currently standing at $80 to $90 per square metre. Given the sustained demand at present, this rental growth is expected to continue albeit at a diminishing rate.
Lease incentives have dropped due to the consistently steady demand for industrial space.
Some smaller strata units are selling at rates around $3,000 per square metre, which is new territory for the industrial market.
HTW valuers stated, "buyers and tenants no longer seek just a warehouse to store goods; there are many considerations that factor into their decisions. These include purchasing or leasing premises close to their prime customer bases and employees with appropriate skill sets, whilst being in a prime location in order to limit transport costs and avoid the impact of slow transit times."
"Industrial properties for first time investors are becoming harder to find, however there are still reasonably priced strata developments in which mum and dad investors can purchase a unit and benefit from a strong yield and steady income."
"Industrial properties to avoid include contaminated sites as well as secondary locations, away from major infrastructure and transport routes."
"Investing in properties with long term tenants in declining industries (for example, the printing and newspaper industries) should only be pursued with the knowledge that there is a likely chance of vacancy at the end of the lease, which leads to vacancy costs and associated refit costs to attract new long term tenants," they concluded.
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Melbourne industrial market to see unprecedented infrastructure investment in 2020: HTW Industrial 

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When we look at the industrial market in Newcastle, there are five key precincts to consider in 2020, according to the February 2020 report from valuation firm Herron Todd White.
The property valuation firm found, the Beresfield precinct continues to grow with 16 hectares of land sold at the end of 2019.
There have been a number of strata and stand alone buildings constructed in this area in the past 12 months and there are a number of buildings in the planning or initial construction phase.
In the Cardiff precinct, the extension of Munibung Road with the expected link to Lake Road at the western end has seen a number of new developments at that locality, with a number of developments recently completed.
Meanwhile in the Steel River precinct in Mayfield West, there have been sales of development land, however the market for established properties has slowed.
HTW valuers said, "we also note the completion and sale of the Myspace development which is targeted at the smaller end of the market, having units with areas less than 100 square metres."
"Thornton is very stable with no significant new developments, however we note that there have been some recent sales in that area."
"Finally, the Tomago precinct, which is more suited to heavy industrial, is starting to show some signs of activity after a relatively stagnant period."
"Overall, the key issue facing the local market is the demand for quality industrial properties outstripping supply. Moreover, decreases in lending rates have the potential to lead to an increase in investor activity, however there have been very few sales to investors recently."
"We are seeing more owner-occupier sales in recent months indicating that the reduction in the cash rate is having the effect of stimulating the market," they concluded.
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Newcastle industrial market sees supply picking up in 2020: HTW Industrial

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The industrial sector has been the best performing real estate asset class in the region over the past two years and we expect this performance to continue throughout 2020, according to the February 2020 report from valuation firm Herron Todd White.
The property valuation firm found that the main risk in this sector will be one of overheating.
Most of the activity in the industrial market is being driven by the Port of Port Kembla with logistics a rapidly developing sector particularly in new vehicle transportation.
The very tight supply and escalating values and rents of industrial property throughout Sydney (notably south-western Sydney) is also impacting on the local market given its proximity to Australia’s largest city.
HTW valuers said, "given recent performance, current momentum, interest rate cuts and a strong performing local economy, we expect to see continued downward pressure on investment yields, although the challenge for investors in 2020 will be the availability of assets to purchase."
"Outside of small to medium sized strata warehouses, owner-occupiers may also struggle to find suitable premises and industrial land supply is limited at present."
"For better quality properties where demand exceeds supply, we expect there to be upward pressure being placed on rents and it will be interesting to see where market rents set for tenants who exercise options in 2020, and of course for tenants entering into new lease agreements," they concluded.
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Wollongong industrial property to remain its strongest market in 2020: HTW Industrial

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There have been minimal major shifts in Australia's industrial property markets in the past month, according to valuation firm Herron Todd White's (HTW) latest industrial property clock.
In particular markets at or near their peak such as including Melbourne and the Gold Coast held steady.
There was also no movement in the approaching peak of market category as Brisbane, Geelong and Illawarra joined Sydney and the Sunshine Coast among others.
Darwin and Perth remain the only capital city industrial markets that are not experiencing price growth.
They remain at the bottom of the market alongside Rockhampton and Townsville.
Click <a href="https://www.propertyobserver.com.au/images/2020/2/12/HTW%20Industrial%20Clock%20FEB%202020.JPG" target="_blank">here</a> to enlarge.
<a href="https://www.propertyobserver.com.au/images/2020/2/12/HTW%20Industrial%20Clock%20FEB%202020.JPG" target="_blank"><img src="https://www.urban.com.au/images/2020/2/12/HTW%20Industrial%20Clock%20FEB%202020.JPG" alt=""></a>
Hobart and Echuca held steady as the only cities in the rising market position while numerous area's including Canberra, Adelaide, Mackay and Mildura remained in the start of recovery slot.
They were joined this month by Cairns and Hervey Bay.
The Central Coast remained in the starting to decline position on the HTW Industrial Property Clock this month, accompanied by newcomer Ipswich..
Newcastle and Orange remain as declining markets, while Gladstone, Toowoomba and South West WA held steady in their approaching bottom of market slot.
In their latest report, HTW valuers said, "market commentators are suggesting that core markets on the eastern seaboard are expected to remain tightly held"
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Sydney's industrial market the most exciting to watch in 2020: HTW Industrial Clock 

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The premises that have been for nearly four decades, Lucio's Italian restaurant in Paddington were pulled from its scheduled mid-week auction, but sold the next day.
The Windsor Street building housing the famous Italian restaurant fetched $3.75 million.
The vendor, Lucio Galletto offered it with a lease back for at least a year at $120,000 per annum, with options for an extension too.
But the local paper advised the buyer intends to rebuild the premises as their home next 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/2020/2/14/LUCIOS%201.jpg" alt="">
Galletto first signed the first lease some 37 years ago.
Galletto first opened Lucios Italian Restaurant in Balmain in 1981 but moved it to Paddington two years later.
It wasn't until 2007 that Galletto bought the freehold of the Federation building from his landlords, for $2.7 million.
The Windsor Street building once housed the Hungry Horse Art Gallery and Restaurant, which served French cuisine.
 
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Lucio's, Paddington premises sold to home buyer

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An unfinished mansion in Toorak has been listed with $80 million hopes.
David Yu, of Ausvest Holdings, paid $5 million for the 7,200 sqm holding in 1991.
Located at 29-31 St Georges Road, the property, well hidden from the street behind trees and a high wall, was bought from then-Hoyts boss Leon Fink who had half-built a French Renaissance-style mansion.
Estate agent Andrew Baines confirmed the listing.
Main picture source: Google Maps
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Empty Toorak home listed with $80 million hopes

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A Freshwater beachside home with ocean views has been sold for a record price. 
It has been sold for $5.495 million. 
The six bedroom, three bedroom house with a self-contained flat is situated at <a href="https://www.realestate.com.au/sold/property-house-nsw-freshwater-132470190" target="_blank">57 Undercliff Road</a>.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/2/5/freshwater%202.jpg" alt="">
Sandro Petrini and Claudia Petrini of Belle Property Manly sold the three level property.
Set on 556 sqm of land, the home features bedrooms with built-ins, deluxe granite kitchen, and coastal style bathrooms. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/2/5/freshwater%203.jpg" alt="">
It's position is just moments away from Freshwater Reserve, award wining restaurant, local cafes and public transport. 
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Beachside Freshwater trophy home sold for a record price 

Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

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"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

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After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

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Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

[smartcode_project:default project_id=135096 project_image_fid=351104]

Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

[smartcode_project:default project_id=102717 project_image_fid=355297]

The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

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Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

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The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

The apartment price gap drawing Sydney buyers west

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."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

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>.

Staff reporter

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