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GUEST OBSERVATION
Transport models are often singled out as a <a href="https://www.sciencedirect.com/science/article/abs/pii/S0967070X16306606" target="_blank">barrier</a> to providing more sustainable and equitable transport services. However, abandoning transport models would <a href="https://transportfutures.co/in-defence-of-predict-and-provide-1b990a6566fa" target="_blank">most likely weaken planning</a>, not enhance it. But getting the best out of such modelling requires transparency to overcome the increasing problem of its misuse to justify predetermined political decisions.
On the 50th anniversary of the Melbourne Transportation Plan, we review the role of transport modelling as a planning tool. What are models now telling us about the future of Australian cities?
From rational planning …
The 1969 Melbourne Transportation Plan was based on the <a href="https://journals.sagepub.com/doi/10.1177/0739456X9001000105" target="_blank">Chicago Area Transportation Plan</a>, an approach that other Australian cities then adopted. A feature was the extensive collection of travel data, often for the first time. Newly available computer models were then used to predict travel demand, which the plan sought to accommodate.
This is often referred to as the “rational” or “predict and provide” approach to transport planning.
By today’s standards, the goals of the ’69 plan sound like a utopian dream of free-flowing freeways and frequent, comfortable public transport services. It assumed a population living in detached housing on quarter-acre blocks.
Melbourne’s “solution”, and that of many other cities, was to build an extensive freeway network. The car took over from the rail system as the primary mode of travel.
Today’s reality shows this has been no solution to the seemingly intractable problems of congestion and overcrowding, coupled with inequitable access to services, jobs and other opportunities.
… to political mandates
In response, it seems Australian transport agencies have abandoned the preparation of comprehensive transport plans. Gone are the days of foreshadowing projects decades into the future, with land for these road and rail projects being reserved in the planning scheme.
We <a href="https://theconversation.com/we-hardly-ever-trust-big-transport-announcements-heres-how-politicians-get-it-right-101246" target="_blank">operate in an era where political mandates</a> have replaced comprehensive planning. Transport models are no longer used to plan for the future. Instead, they are used to justify the most recent announcement.
The nexus between transport models and the justification of controversial projects results in much critical commentary. The models become guilty by association.
It is true model outputs are far from infallible. One problem is that models depend on key input assumptions such as future population. The ’69 plan, for example, assumed Melbourne would reach a population of 3.7 million by 1985, but this didn’t occur until 20 years later.
The early models also <a href="https://www.audit.vic.gov.au/report/managing-traffic-congestion?section=" target="_blank">ignored the problem of induced demand</a> – the tendency of new transport infrastructure itself to generate additional demand.
Aside from the inherent challenge of predicting the future, models suffer from the problem of “strategic misrepresentation” – more simply, <a href="https://www.propertyobserver.com.au/https://repository.library.georgetown.edu/handle/10822/833099" target="_blank">lying</a>. This can occur when models are called upon to justify a predetermined political decision.
The best safeguard against such behaviour is transparency. This is achieved by making the detailed modelling results available for peer review. Under these conditions, models can provide useful planning intelligence.
More of the same is a poor plan
A recent Infrastructure Australia <a href="https://www.infrastructureaustralia.gov.au/publications/urban-transport-crowding-and-congestion" target="_blank">report</a> predicts worsening road congestion and public transport crowding over the coming decades in all Australian capitals. These predictions are the result of the lack of endorsed strategies to deal with population growth coupled with Australia’s dependence on the private motor vehicle. Indeed, the report highlights many examples where major new road projects will worsen congestion by encouraging more car use.
A lesson from the past 50 years is that Australia’s major capitals occupy large areas by world standards and are ill suited to a transport strategy based on <a href="https://chartingtransport.com/2011/08/20/whats-happening-with-car-occupancy/" target="_blank">low-occupancy vehicles</a>. It isn’t surprising “Europeanesque” inner suburbs based around walking, cycling and public transport are increasingly <a href="https://www.pwc.com.au/press-room/2018/citypulse-melbourne" target="_blank">valued</a> as preferred places to live.
Can modelling be blamed for our collective failure to devise a realistic plan to accommodate our cities’ growing populations? At what point does the reality of everlasting congestion trump predictions of incremental travel time savings?
US President Dwight Eisenhower once <a href="https://www.presidency.ucsb.edu/documents/remarks-the-national-defense-executive-reserve-conference" target="_blank">said</a>: “Plans are worthless, but planning is everything.” Intuitively we know the pressure of population growth and the climate emergency demand a considered response. The recent work of Infrastructure Australia provides a prediction of the scale of this challenge.
We urgently need a sensible discussion about developing a realistic plan to deal with this challenge. Doing more of the same, as we have done over the past 50 years, doesn’t sound like a solution to us.
A public event to mark the 50th anniversary of the Melbourne Transportation Plan will be held on December 12 2019, hosted by RMIT University and supported by Swinburne University, Monash University and the University of Melbourne – <a href="https://cur.org.au/events/looking-back-and-going-forward-the-melbourne-transport-plan-50-years-on/">details here</a>.<img src="https://counter.theconversation.com/content/127720/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;">
Eric Keys, PhD Researcher, Centre for Urban Research, RMIT University.
Chris De Gruyter, Vice-Chancellor's Research Fellow, RMIT University.
Graham Currie, Professor of Public Transport, Director Public Transport Research Group, Director Monash Infrastructure, Adjunct Professor, Monash Art Design and Architecture, Monash University.
This article is republished from <a href="http://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/the-problem-with-transport-models-is-political-abuse-not-their-use-in-planning-127720">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

The problem with transport models is political abuse, not their use in planning

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The personal insolvency regulator, the Australian Financial Security Authority (AFSA), has identified and proven over $4 million of fraud, according to a new report released today.  
The Personal Insolvency Compliance Report, available now on the AFSA website, outlines AFSA’s compliance, regulatory and enforcement activities across the 2018-19 financial year.  
Hamish McCormick, Chief Executive of AFSA and Inspector-General in Bankruptcy, said the annual Personal Insolvency Compliance Report provides insight into the regulation of Australia’s personal insolvency system.
“AFSA is working to be both a firm and a fair regulator,” McCormick said.
“We undertake regulatory and compliance work to ensure that the personal insolvency system is equitable, and that all participants are meeting their obligations.
“Overall, we aim to provide the community with a personal insolvency system that they can have confidence in.”
McCormick highlighted some of the report’s key findings – including complaints against registered trustees and criminal prosecutions.
“In 2018-19, we received nearly 2,000 referrals of alleged misconduct,” McCormick said.
“We analysed each referral and found that 744 warranted further investigation. We referred 115 of these matters to the Commonwealth Director of Public Prosecutions.
“In total, 96 individuals were prosecuted for offences under the Bankruptcy Act. Our prosecutions attracted wide-ranging penalties, from fines to imprisonment.
“Pleasingly the number of prosecutions decreased in 2018-19, down from 137 in the previous year. The overall value of proven fraud also dropped, down from $5.5 million in 2017-18 to $4.6 million.”
Complaints about registered trustees, and the Commonwealth Government’s Official Trustee, both increased in 2018-19.
“In 2018-19 we received 296 complaints about practitioners, up from 257 the year prior. Similarly, complaints about the Official Trustee also rose – we received 48 compared to 10 in 2017-18.
“However, only nine complaints about registered trustees were found to be justified. And only one complaint about the Official Trustee was justified.”
The report noted that the conduct of untrustworthy bankruptcy advisers remains a potential threat to community confidence in the personal insolvency system.
In 2018-19, AFSA made a concerted effort to disrupt the activities of untrustworthy advisers, who provide dodgy advice to people at a time when they are in financial difficulty and vulnerable.
“In 2018-19, we worked closely with registered trustees and industry bodies to identify and disrupt untrustworthy advisers,” McCormick said.
“During the year we finalised three prosecutions involving untrustworthy advisers, and one more is still in progress.
“We will continue to target untrustworthy advisers in an effort to protect the integrity of the personal insolvency system. And where appropriate, we will refer matters to the Commonwealth Director of Public Prosecutions for action.”
The full report is available now on the <a href="https://protect-au.mimecast.com/s/K-fmCvl1lzI0l6WRhQWS8P?domain=news.afsa.gov.au" target="_blank">AFSA website</a>.
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Bankruptcy fraud on AFSA agenda with more than $4 million of frauds identified 

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Wodonga has fallen from the peak of the market for houses in December, joining the Central Coast, according to Herron Todd White (HTW). 
The valuation firm suggests that the six other locations at their peak are Albury, Bathurst, Canberra, Dubbo, Tamworth and the Sunshine Coast. No other market analysed is approaching the peak.
Kalgoorlie remained as a declining market while South West WA, joined Broome and Geraldton as they approach the bottom of the market.
There were four additions to the markets who have been deemed as at their lowest point, Adelaide, Adelaide Hills, Barossa Valley and the Southern Highlands joined Darwin, Perth and Towoomba, among others.
<a href="https://www.propertyobserver.com.au/images/2019/12/9/HTW%20House%20Clock%20DEC%202019.JPG" target="_blank">Click here</a> to enlarge:
<img src="https://www.urban.com.au/images/2019/12/9/HTW%20House%20Clock%20DEC%202019.JPG" alt="">
Lismore, Ballina/Byron Bay, Coffs Harbour and Bundaberg have all begun their recovery, joining 13 other locations including capital cities like Brisbane and Sydney.
There were no additions to the rising house markets with all nine locations holding steady over the month.
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Wodonga has fallen from the peak of house market: HTW Clock

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GUEST OBSERVATION
Westpac can expect a bumper turnout of shareholders at its annual general meeting in Sydney on Thursday, many of them angry at its alleged role in <a href="https://www.austrac.gov.au/sites/default/files/2019-11/20191120%20Westpac%20Concise%20Statement%20FILED%2019008953.pdf" target="_blank">facilitating child exploitation</a> in the Philippines, its 23 million alleged breaches of anti-money-laundering laws, and its initial ritualistic response to the allegations.
This included donating <a href="https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/aw/media_release_response_plan.pdf" target="_blank">A$18 million</a> to an anti sexual exploitation charity, followed by the <a href="https://www.asx.com.au/asxpdf/20191126/pdf/44by46ysjf6w06.pdf" target="_blank">departure of its chief executive</a> and the foreshadowed departure of its chairman later in the year.
Some of those shareholders will be clutching the bank’s <a href="https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/aw/ic/2019_Westpac_Group_Full_Year_Financials.pdf" target="_blank">154-page financial statement</a>. They’ll need to understand it to ask questions about Westpac’s financial performance.
Back at the start of the 2000s, Westpac’s financial statement was only <a href="https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/aw/ic/res0900.pdf" target="_blank">35 pages</a>.
<a href="https://images.theconversation.com/files/305578/original/file-20191206-183400-xd8mu6.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/305578/original/file-20191206-183400-xd8mu6.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
 ‘Help when it matters’. <a class="source" href="https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/aw/ic/2019_Westpac_Group_Full_Year_Financials.pdf" target="_blank">Westpac's 154 page statement of financial results.</a>
Much of what’s been added to statements such as Westpac’s has been in response to the threat of litigation. Companies making false or misleading disclosures risk class actions. It’s safer to include more rather than less, even if it makes the total hard to navigate.
Australia has just had its <a href="https://theconversation.com/why-australias-first-securities-class-action-judgment-sort-of-cleared-myer-125925" target="_blank">first class action judgement</a>, after earlier cases that had been settled out of court. The United States has had many.
My own research with colleagues in the United States finds that caution in the face of the threat of litigation has made financial reports <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3478994" target="_blank">increasingly less readable</a> over time.
How might litigation make reports harder to read?
Firms can be sued for making misleading disclosures. This happens most often where shareholders allege that the firm failed to disclose all relevant information, or where it has failed to meet projections.
After such class actions, firms can face increasing difficulties with customers, suppliers and lenders, being seen as less credible. Managers face <a href="https://doi.org/10.1016/j.jfi.2011.09.001" target="_blank">pay cuts and termination</a>.
One way to head off such class actions is to make disclosures more detailed.
Increasing detail enables firms to add caveats, footnotes and nuance, conveying uncertainty – the consequence of which is that their reports are less clear.
How we teased out the link
<a href="https://images.theconversation.com/files/305596/original/file-20191206-90609-eomrtx.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/305596/original/file-20191206-90609-eomrtx.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
<a class="source" href="http://gunning-fog-index.com/" target="_blank">The Gunning Fog Index for this article</a>
My coauthors and I examined 96,000 US annual reports issued between 1993 to 2013.
We also collected data on class actions in relation to reports for those years.
One of the best readability metrics is the so-called <a href="http://gunning-fog-index.com/" target="_blank">fog index</a>, which measures the number of syllables per word and words per sentence in order to provide a measure of the number of years of education needed to read a statement.
It says this article needs the best part of 15 years.
We also used other indexes including the so-called <a href="http://stylewriter-usa.com/stylewriter-editing-readability.php" target="_blank">bog index</a> which scores documents on word choice and sentence structure.
We captured firms’ tendency to avoid declarative statements by calculating the proportion of words that were “<a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3478994" target="_blank">uncertain</a>”, and measured their tendency to address specific legal threats by calculating the proportion of words that were legal in nature, both of which were subjective exercises.
What we found
We found litigation risk encouraged firms to take steps that reduced the readability of their financial reports.
After firms had experienced a class action, their readability metrics worsened significantly. This was even the case several years after that class action, suggesting a long-lasting change.
We found if a chief executive had experienced a class action at one job, their reports were likely to be less readable in subsequent jobs, strongly suggesting that litigation drove hard to read reports rather than the other way round.
We also found:
<ul>
<li>
litigation experience increased the size and volume of firms’ disclosures. While worsening readability, this at least had the virtue of increasing thoroughness
</li>
<li>
litigation experience was associated with using more complex words and more words per sentence. This implies firms add more detail and nuance to their disclosures, potentially increasing their accuracy
</li>
<li>
after litigation, firms used more uncertain words in their reports. This suggests they avoid declaratory statements in an attempt to better reflect the risk and uncertainty associated with projections
</li>
<li>
following litigation, firms use more legalistic terms. This implies they attempt to preempt legal action by specifically addressing potential legal issues.
</li>
</ul>
The Australian Securities and Investments Commission (ASIC) has expressed concern over what it calls “<a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2019-releases/19-279mr-asic-calls-time-on-disclosure-reliance/" target="_blank">sludge</a>” in reports that covers bases but leaves readers uninformed.
It says over-reliance on disclosure “in some ways proved an enabler” of the poor conduct revealed by the banking royal commission.
Our work and the work of ASIC suggests much needs to happen to make reports both accurate and readable.<img src="https://counter.theconversation.com/content/127102/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;">
Mark Humphery-Jenner, Associate Professor of Finance, UNSW.
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/litigation-is-the-real-reason-financial-reports-are-becoming-harder-to-read-127102" target="_blank">original article</a>.
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Litigation is the real reason financial reports are becoming harder to read

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Unit markets across Australia saw no significant movement over the past month, according to property valuation firm Herron Todd White (HTW).
The valuation firm's national property clock for December found that five locations remained at the peak of the market cycle for units.
Unit markets in Albury, Sunshine Coast, Wodonga, Tamworth and Bathurst remained at the peak. Bathurst has sat at the peak the longest.
No other markets are approaching the peak while a number of markets including Hobart, Launceston and Mildura have continued rising.
Lismore, Mackay, Melbourne, Newcastle, Illawarra, Townsville, Cairns and Geelong, among others are still just in the beginnings of a recovery.
<a href="https://www.propertyobserver.com.au/images/2019/12/9/HTW%20Unit%20Clock%20DEC%202019.JPG" target="_blank">Click here</a> to enlarge: 
<img src="https://www.urban.com.au/images/2019/12/9/HTW%20Unit%20Clock%20DEC%202019.JPG" alt="">
Canberra, Perth, Kalgoorlie and the Southern Tablelands continued declining while the Central Coast remains at the start of a decline.
Broome, Geraldton and South West WA have still yet to hit rock bottom, unlike Darwin, Adelaide, Brisbane and Sydney, which according to HTW are all at the bottom of the unit market
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Unit markets held steady over the month with no movement: HTW Clock

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Nine markets, the most recent being Sydney, Lismore and the Gold Coast have all reached the peak of the office market, according to valuation firm Herron Todd White latest report.
In their December National Property Clock for the office market, Herron Todd White found Ballina/Byron Bay, Coffs Harbour, Dubbo, South East NSW and the Sunshine Coast have been at the peak of the office market at least a month now.
The Illawarra office market has begun approaching it's peak as well.
Brisbane is now classified as a rising market, joining Ballarat.
Office markets that are just beginning their recovery this month Geelong and Newcastle who have joined that likes of Adelaide and Canberra, markets where a recovery as already begun.
Three capital cities remained in a bottom of the market position, Darwin, Perth and Hobart.
They are joined by Cairns, Launceston, Mackay, and Townsville, among others.
<a href="https://www.propertyobserver.com.au/images/2019/12/9/HTW%20Office%20Clock%20Decembe%202019.JPG" target="_blank">Click here</a> to enlarge:
<img src="https://www.urban.com.au/images/2019/12/9/HTW%20Office%20Clock%20Decembe%202019.JPG" alt="">
Alice Springs and Ecucha have continued to decline while the Mid North Coast is still at the beginning of its fall.
Rockhampton has joined Gladstone and South West WA as they approach the bottom of the market.
"It should come as no surprise that there was a mixed bag of results for the office market in 2019," the HTW report noted.
"Many big-city investors were looking to shore up cash flow by concentrating on commercial stock, which led to incredibly strong prices, but in less-populated areas, the outcomes were a bit more subdued."
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Sydney joins Melbourne as a peak office property market: HTW December Office Clock

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<a href="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/file/Australia/2019/March/er20190312BullAustralianBusinessConditionsFeb.pdf">E</a>XPERT OBSERVER
As the 2019 year draws towards a close, conditions in the Australian economy remain weak. Policy stimulus is struggling to gain traction. The NAB business survey for November reports that business conditions have stabilised at low levels.
The survey was conducted from November 19 to 29. Given this timing, the survey is unlikely to have fully captured the recent “sales” - with Black Friday falling on November 29 and Cyber Monday on December 2.
The business conditions index was unchanged at +4, a below average reading. The index has moved broadly sideways since April, after tumbling from +19 over the first half of 2018.
Business confidence fell by 2pts to 0, reversing the 2pt lift in October. Confidence rallied in May, after the Federal election, but the bounce was short-lived. The lack of confidence is understandable in this challenging environment - with weak domestic sales and a slowing global economy, with heightened uncertainty around international trade.
The private business surveys correctly foreshadowed the sharp loss of momentum in the Australian economy from mid-2018, a shift that was led by the home building cycle turning from boom-to-bust, as well as by consumers.
Australia’s September quarter economic report card was another disappointing one - confirming feeble and uneven growth, at 1.7% for the year. The private sector economy is in recession, with private demand contracting by 0.3% in the quarter and declining by 0.4% over the year.
The NAB survey suggests that weak conditions have extended into the December quarter and there is a lack of momentum heading into 2020.
As to business conditions detail for November: trading conditions fell by 1pt to +6; profitability improved but remained weak, up 3pts to +3; and employment conditions moved sideways, at +4.
The survey suggests that employment conditions at this level are consistent with job gains averaging 18k per month near-term (down a little from the 20k per month average for the 2019 year to date).
We note that recently the official jobs data has fallen into line with the more downbeat forward indicators from the private business surveys to be consistent with the sluggish output results. The six month annualised pace of jobs growth has slowed to 1.6%, down from 2.5% in March.
Forward orders are weak, after a one-off gain in October, falling by 5pts to -2.
By industry, while aggregate business conditions have stabilised there has been some shift in the mix. The goods sectors have tended to weaken further since April, while services have improved somewhat. The consumer sectors have lifted off their lows, but retail is still as weak levels.
By state, weakness in trend business conditions is broadly based. Of note, the survey reports that conditions have eased in recent months in WA, mirroring the trend in the mining sector, as commodity prices moderate. Over the past three months, conditions in Qld are reportedly the softest of any of the states.
Read full report <a href="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/file/Australia/2019/December/er20191210BullAustralianBusinessConditions2019Nov.pdf">'Australian business conditions November' (PDF 201kb)</a>
ANDREW HANLAN is a senior economist for Westpac 
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Australian business conditions & confidence stablise: Andrew Hanlan

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Tasmania continues to lead the country in many property indicators, according to a recent Herron Todd White (HTW) residential report. 
The report notes that in comparison to some of the larger mainland markets, the premium price segment to some extent remains ‘affordable’.
The highest ever residential sale was in 2011 for in excess of $8 million.
To date the highest sale of 2019 has been for $3.7 million being a riverfront holding positioned between Wrest Point and the Royal Hobart Yacht Club at <a href="https://www.realestate.com.au/sold/property-house-tas-sandy+bay-130594658" target="_blank">358 Sandy Bay Road, Hobart</a>.
It comprises a dual level holding with five-bedrooms, three-bathrooms and a double carport. 
"As would be expected its fully secured with an electronic gate and features its own jetty," the valuation firm said. 
<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/2019/12/4/sandy%20bay.jpg" alt="">
The talk of the town however is the construction of a family residence at Tinderbox, just south of Blackmans Bay.
CoreLogic have reported a construction cost of $17 million on realestate.com. Records show the land was purchased for just over $3 million.
"Comprising a riverfront holding over dual levels with a floor area in excess of 1200 square metres of living. Anyone for a small hotel?" the valuation firm said. 
The HTW report notes up north in Launceston a sale was settled at the start of the year for $3.25 million.
This was located at <a href="https://www.realestate.com.au/sold/property-house-tas-launceston-129370374" target="_blank">1 Brisbane Street </a>(pictured below) virtually within the CBD and known as Glenfruin.
<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/2019/12/4/launceston.jpg" alt="">
Promoted as a historic Italianate style home it is positioned overlooking City Park on a 1482 square metre lot.
The house is built over three levels, and is a fully renovated 1880s home with four-to-five bedrooms.
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Tasmania's premium price segment remains 'affordable' compared to larger mainland markets: HTW residential 

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The sod has been turned and work has commenced on Merrifield City, a retail-led town centre for Victoria’s largest mixed-use master planned community, Merrifield. 
The joint venture between QIC GRE and Merrifield developers – MAB Corporation and Gibson Property Corporation sits at the heart of Merrifield.
It is a 900-hectare, master planned community located in Mickleham, Merrifield City where retail spending for the growth corridor is also projected to rise substantially to circa $2.7 billion by 2036.
Mr Stubbings said QIC GRE’s partnership with MAB Corporation and GPC was established in 2014 when QIC GRE acquired a 50% stake in the greenfield site, as well as development and management rights.
He said, “once complete, Merrifield will be home to over 8,000 dwellings and, with a dedicated business park, create more than 30,000 jobs.
“The first stage of the vision for Merrifield City will be dynamic and convenience-based, focused on food and essential offers that service people day and night, as well as introduce the region’s first supermarket, Coles.”
"It will incorporate 6,700 sqm of retail space comprising Coles, two mini-majors and 19 speciality retailers, as well as an at-grade car park for 350 vehicles and a kid’s play zone."
MAB Corporation Managing Director, Andrew Buxton, said with stage one works already underway, Merrifield City is expected to open its doors to the community in late-2020.
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Construction commences on Merrifield City retail centre

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A historic Hunter Valley pastoral estate built by convicts 190 years ago is for sale for the first time in nearly a decade.
The 100 acre, 26-room luxury heritage estate at 7 Range Road in Whittingham - known as ‘Baroona’ or locally as ‘The Castle’ - is one of Australia’s most renowned country estates.
Since it's construction by John Lanarch and Co in 1829 it has had only seven custodians, with the current owners, Tony and Gaylene Poke, putting the property up for sale after eight years of ownership via agents Deborah Cullen of Knight Frank Prestige and James Callinan of Colliers International Newcastle.
Ms Cullen said “The estate is in pristine condition – it has been beautifully maintained and recently upgraded by the current owners,” she said. “The refurbishment was designed to showcase Baroona’s stunning history and Victorian architecture while including a stylish blend of contemporary upgrades to create a ‘best in class’ luxury country estate,” she said.
Set on 100 acres of grazing country watered by seven dams and town water, it is on the doorstep of the lifestyle region of the Upper Hunter, situated just south of the Hunter Valley town of Singleton and only 15 minutes’ drive from the Pokolbin Wine Region.
Mr Callinan said the property would attract a wide range of buyers, from Australia and overseas.
She also suggested it would be suitable as a commercial venture.
The seven bedroom, five bathroom home is only an hour from Newcastle and its airport
Features include a deep and covered flagged sandstone verandah, carved double cedar front doors, a wine cellar (which was once used as holding cells), swimming pool and billiard room.
Aside from the main residence, outhouses include an observation tower, glasshouse, gate house, carriage house and Victorian gothic stable, which was the birthplace and final resting place for the famous race horse and winner of two Melbourne cups ‘Peter Pan’ between 1932 and 1934.
It is for sale via an expressions of interest campaign closing February 20.
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Historic convict built Hunter Valley pastoral estate listed

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

Joel Robinson

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

[smartcode_project_cta:default project_id=112343]

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