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A Devon Meadows, Victoria acreage home has been sold for $781,000.
The home spent over 5 years on market seeking $950,000 before being taken off market and relisted as a mortgagee.
It then sold at auction after a one month marketing campagn.
Matt Dewan and Brent Day of Obrien Real estate marketed the property.
Situated at <a href="https://www.realestate.com.au/sold/property-acreage+semi-rural-vic-devon+meadows-132309170" target="_blank">144-146 Craig Road</a>, the home sits on 2.1 acres (8,247 sqm).
A three bedroom, one bathroom abode is positioned on the holding.
The property last traded for $410,500 in 2008.
It is located a short drive to Cranbourne and according to the listing, "it is an opportunity with options to renovate the existing home or start fresh &amp; build your dream home on this beautiful piece of land (subject to council approval)."
<a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><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/2019/1/Subscriber%20strip%20ad.jpg" alt=""></a>
The median sale price for a home in <a href="/developments/devon-meadows-vic-3977">Devon Meadows</a> is $644,000 according to the latest CoreLogic data.
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j.ballantyne1990-6AQqhLzZaK

Devon Meadows, Victoria mortgagee acreage sold for $180,000 below asking price

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Australian Finance Group Ltd (AFG) has unveiled a new standard that summarises crucial mortgage information in a consumer-friendly format for home loan customers.
Home loans within the AFG network now require both the customer and the mortgage broker to approve a one-page summary that clearly explains why the home loan product is appropriate for the customer.
The concise one-page document spells out to the customer their requirements and objectives, the recommended product, the reasons why the product was selected and any remuneration to be paid by the lender. The document also provides similar material about other products considered before settling on the final product selection.
A new one-page disclosure will be included at the top of the existing AFG National Consumer Credit Protection documents.
The move comes ahead of the Federal Government’s best interests duty laws currently in the parliament.
AFG Chief Executive Officer David Bailey said ASIC challenged the mortgage broking sector to source the information and present it objectively and transparently so that customers clearly understand their options.
He said, “AFG is not waiting for others to set our agenda. The reality is the new obligations under the proposed best interests duty don’t come as a surprise to most mortgage brokers."
One in every 11 home loans in Australia last year was arranged through AFG’s 3000-strong national network of brokers, with settlements of more than $31 billion in the 2018-19 financial year.
“Now that AFG has lifted the bar to further demonstrate our customers are first and foremost, we are looking forward to working with ASIC and the rest of the industry on a regulatory guide to formalise the framework for the best interests duty,”
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AFG make pre-emptive move on home loan transparency

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GUEST OBSERVATION
The level of water stored by Australia’s capital cities has steadily fallen over the last six years. They are now collectively at 54.6% of capacity – a decline of 30% from 2013.
We’re going into a hot summer and Sydney has just announced <a href="https://www.nsw.gov.au/news-and-events/news/level-2-water-restrictions-to-start-across-sydney/" target="_blank">level two restrictions</a>, the toughest for any capital. Data from the <a href="http://www.bom.gov.au/water/dashboards/#/water-storages/summary/urban?location=Canberra" target="_blank">Bureau of Meteorology</a> shows other capital cities facing mixed results.
The results show that Darwin’s water supply has lost about 25% over the last year. On the plus side, Melbourne’s supply actually increased over 2019, having fallen below 50% earlier this year, and now sits on 63.9%.
While the national average is trending downwards, the patterns for each city are very different. Sydney and Perth water supplies have had contrasting journeys over the last six years. In October 2013 Perth’s supply was a very low 33.8% and Sydney was a comfortable 91%.
Now, for the first time in many years Perth does not have Australia’s lowest level of all capital city water storages. As of last week, Sydney has taken this unwanted distinction from Perth.
For Perth residents, the news is good as their surface water storages are at a six-year high of 46.4%. In Sydney they are worried, as they have a six-year low of 46.2%.
Sydney has experienced a steep decline over the last 30 months, from nearly full storages (96%) in April 2017. The speed and severity of the Sydney drought is starting to resemble previous dry spells. One was in the 1940s and the other was the Millennium drought.
Perth has lived with the most water stress of any capital city. They have had to contend with a steady 45-year decline in rain. The inflow of water into Perth’s dams has also <a href="https://www.watercorporation.com.au/water-supply/our-water-sources/securing-perth-supply" target="_blank">fallen dramatically</a>.
Perth has adapted to its drying climate by sourcing water from <a href="https://theconversation.com/is-perth-really-running-out-of-water-well-yes-and-no-90857" target="_blank">many different supplies</a>. It now uses its surface water storages for about 10% of its water supply. Much larger proportions of Perth’s supply comes from its two desalination plants, which unlike the other capitals are constantly in operation. It makes greater use of groundwater and highly treated recycled water. Perth also has permanent water restrictions.
Sydney’s desalination plant, after hibernating for seven years, is now supplying water. It was switched on in late January 2019 when Sydney supply hit 60%, and can supply 15% of water demand. Unusually perhaps, the desalinated water does not reach all parts of Sydney.
Sydney Water has announced plans to <a href="https://www.theguardian.com/environment/2019/sep/26/sydney-desalination-plant-to-double-in-size-as-dams-approach-critical-level" target="_blank">double the capacity</a> of the desalination plant. Construction is expected to <a href="https://www.planning.nsw.gov.au/-/media/Files/DPE/Other/About-us/Metropolitan-Water/2017-Metropolitan-Water-Plan.pdf" target="_blank">begin soon</a>.
Melbourne and Brisbane water supplies are currently at similar levels. However, since 2013 Melbourne’s storages have generally been lower than Brisbane’s. Melbourne’s supply has risen in 2019 after good winter rainfall in its catchments. The storages have increased from under 50% (49.6%) in late May 2019. Today, Brisbane storage levels are now at 59.2%.
Melbourne residents use <a href="https://theconversation.com/why-sydney-residents-use-30-more-water-per-day-than-melburnians-117656" target="_blank">less water</a> than the other capital cities. In 2018 the average Melbourne resident used 161 litres per day, approximately 30% less than Sydney residents.
Melbourne’s supplies have also been supplemented with the reactivation of its Wonthaggi desalination plant in 2019. It is Australia’s largest desalination plant, capable of producing <a href="https://www.water.vic.gov.au/media-releases/2019/desalinated-water-begins-flowing-to-secure-supplies" target="_blank">410 million litres a day</a>.
Brisbane also built a desalination plant after the Millennium Drought. In addition, they also made very large investments in Australia’s largest waste water recycling scheme. The <a href="https://www.seqwater.com.au/seq-water-grid" target="_blank">Western Corridor recycled water scheme</a> opened in 2008, cost $2.5 billion and features three advanced waste water treatment plants, with more than 200 km of pipelines and three advanced waste water treatment plants.
Hobart, Darwin and Canberra are the three Australian capital cities without desalination plants. Canberra has had a steady decline in its supply over three years. It was full in October 2016, gradually dropping to 51.6% in November 2019. Hobart’s storages were above 80% for most of the last six years. They were just above 90% 12 months ago and have since fallen to their current level of 72%.
Darwin’s water supply was full as recently as April 2018. Now, 18 months later, it is just touching 54%. This is its lowest level in six years. Darwin, our tropical capital, has the most seasonal rainfall of Australia’s capitals. Typically, they have almost no rain June to September during their dry season, and a wet season of <a href="https://theconversation.com/explainer-what-is-the-australian-monsoon-69411" target="_blank">heavy rains from October to April</a>. However, the last wet season was one of the <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-03-14/revisiting-the-1952-northern-territory-missing-wet-season/10883534" target="_blank">driest on record</a>.
Adelaide’s water storage has fluctuated over the last six years. Adelaide gets more rain in winter and has dry summers, an opposite pattern to that of Darwin. Over the last three years the level has dropped from over 97% in October 2017 to just below 58%.
The desalination plant in Adelaide can supply up to 50% of its water supply. It has been operating in 2019, although not in the wetter months of July and August. The Murray also continues to supply a <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2018-12-14/adelaide-desal-plant-revival-plan-to-ease-use-of-murray-water/10619960" target="_blank">large proportion</a> of Adelaide’s water supply. The Commonwealth has agreed to use drought funding for the Adelaide desalination plant, so more river water can be used by farmers upstream to <a href="https://watersource.awa.asn.au/business/assets-and-operations/sa-desal-plant-to-increase-production-as-part-of-drought-deal/" target="_blank">grow fodder for livestock</a>.
Australia is set for a <a href="http://www.bom.gov.au/climate/outlooks/#/overview/summary" target="_blank">dryer and hotter summer than average</a>, particularly in the east. Coupled with continued high levels of household demand, we can expect further declines in water storage levels through the first half of 2020.<img src="https://counter.theconversation.com/content/127909/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;">
Ian Wright, Senior Lecturer in Environmental Science, Western Sydney University.
Jason Reynolds, Research Lecturer in Geochemistry, Western Sydney University.
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/how-drought-is-affecting-water-supply-in-australias-capital-cities-127909" target="_blank">original article</a>.
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How drought is affecting water supply in Australia’s capital cities

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A riverfront acreage property in West Brisbane has hit the market for the first time in 60 years.  
It is currently under contract. 
Situated on a 2.8 acres of riverfront land, the architecturally designed home at <a href="https://www.realestate.com.au/property-acreage+semi-rural-qld-moggill-132127898" target="_blank"></a><a href="https://www.realestate.com.au/property-acreage+semi-rural-qld-moggill-132127898" target="_blank">128 Weekes Road, Moggill</a> sits in a flood free position on an elevated ridgetop.
<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/2019/10/9/moggill%202.jpg" alt="">
With views of the Brisbane River, the home constructed with suspended slab requires either renovation or complete demolish.
 <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/2019/10/9/moggill%203.jpg" alt="">
Brian Webster of Brisbane Real Estate Indooroopilly has the listing. 
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Moggill, Queensland riverfront acreage property under contract 

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Hobart has jumped further ahead of Sydney as the least affordable city to rent in Australia, the latest release of the Rental Affordability Index (RAI) has found.
Even households on average incomes in Hobart are now at risk of rental stress. 
“Tasmania’s capital city is in a housing gridlock,” Ellen Witte, Partner at SGS Economics and Planning said.
“Rental affordability in Hobart dived even lower during winter. Working families are now facing rental stress with the average income household now paying 30% of income on rent. This means these households are unable to save sufficiently for a deposit on a mortgage.”
<a href="https://www.propertyobserver.com.au/images/2018/11/29/hobart%201.jpg" target="_blank">Click here</a> to enlarge:
<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/2018/11/29/hobart%201.jpg" alt=""> 
Rental affordability in some other Australian cities, including Sydney, has improved marginally. In many cases, however, the gains have not flowed through to low-income households for whom affordability remains severe. 
Andrew Cairns, Chief Executive Officer at Community Sector Banking, said: “Looking beneath the headline figures, rental stress is affecting the majority of very low-income households in Australia. Pensioners and single parents are hit particularly hard.”
The RAI is an indicator of the price of rents relative to household incomes based on new rental agreements. It is released biannually by National Shelter, Community Sector Banking, SGS Economics &amp; Planning and the Brotherhood of St Laurence.
A RAI of 100 and below shows that households would be required to spend at least 30% of their income on rent. A RAI of 100-120 indicates households are facing moderately unaffordable rents. 
<a href="https://www.propertyobserver.com.au/images/2018/11/29/hobart%202.jpg" target="_blank">Click here</a> to enlarge:
 <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/2018/11/29/hobart%202.jpg" alt="">
Greater Hobart reached a RAI of 101 in June 2018, meaning median rents in metropolitan Hobart are now unaffordable, even to median income rental households. Greater Sydney has a RAI of 113, which is also considered moderately unaffordable.  
The least affordable suburbs in Sydney include Milsons Point, Kirribilli, St Ives Chase, St Ives, Pyrmont, Point Piper, Edgecliff, Darling Point and Rozelle.
In Melbourne, suburbs further from the centre that previously had acceptable rents have become unaffordable in the past 12 months, including Keilor in the north-west, Gisborne in the Macedon Ranges and Diamond Creek and Warrandyte in the north-east.
The least affordable suburbs in Melbourne include Brighton East, Albert Park, Middle Park, Port Melbourne, Beaumaris and Cromer where an average income household would expect to pay 30-38% of their income on rent. 
Adrian Pisarski, Executive Officer, National Shelter, said: “The situation facing the nation’s renters remains poor with little or no improvement for low and moderate income renters in our capitals and poor affordability in our regions.”
“It is clear to National Shelter we need a National Housing Strategy to help improve the dire situation far too many renters across Australia experience,” Pisarski said. 
“Compared to improvement in purchase affordability, renters are doing it tough. While we have many housing markets in Australia, none of them are positive for renters. We need a multi-party commitment to improve rental affordability over the long term.” 
Conny Lenneberg, Executive Director of the Brotherhood of St Laurence, said: “There is a housing crisis in Australia and this report starkly shows those who can least afford to pay are paying the highest price. 
“High rents are pushing unemployed people on very low Newstart payments into deeper poverty. Jobseekers are forced out to the urban fringes of our cities to find suitable accommodation but that places them far from jobs and public transport connections. Housing cost pressures mean some renters on Centrelink are being pushed into homelessness. We need to raise Newstart and its very modest rental supplement as a priority.” 
Lenneberg said there was also an urgent need to increase subsidised social housing. “The cost of renting in the private market puts many low-income single parents, usually women, under extreme pressure. Many parents forgo basics such as food and paying household bills to keep a roof over their family.”
Pensioners struggling
Rental affordability for single pensioners is alarmingly poor across the nation. Single pensioners are facing severely unaffordable and extremely unaffordable rents in all Australian capitals and almost every regional area. Single pensioners would have to move to regional South Australia to find accommodation that would not force them into rental stress.
Pensioner couples would also struggle to make ends meet in all Australia capitals, and every regional area except NSW, Victoria, SA, and Tasmania. 
No relief for low-income households 
Rental stress has become so entrenched and severe for low income households that the recent improved affordability in some cities has not brought relief. 
More than a million households need some form of housing assistance, while 45% of low-income households experience rental stress. 
“We are particularly worried about single parents with children,” Witte said.
“There are 110,000 single-parent, low-income households out there living in rental stress and 82% of those households are single mothers. The majority earn $41,600 per annum or less. In Sydney they would be paying about 70% of income on rent, which is clearly unsustainable.
“There are about 244,000 low income, single-person households experiencing rental stress in Australia. The majority – 57% – are single men. More than half of single males renting earn less than $36,400 a year. They would be paying 68% of their income on rent if they wanted to live in Greater Sydney.
“No matter how efficient a housing market operates, there is always a need for social and affordable housing, like there is a need for investment in roads, public transport, education and health. Over the last few decades we have seen a consistently deteriorating level of government investment in social and affordable housing. While new national policy has a focus on providing affordable finance there remains a gap between the cost of providing housing and the returns of social rents. 
“The Government needs to bridge the financial gap and grow social housing supply. Inclusionary zoning is particularly well suited to grow the social and affordable housing stock close to jobs and opportunities.” 
Witte called for a a tax regime that treats housing as place of residence first and as investment objective second. 
“The current tax system does the opposite, driving people out of home ownership,” she said. “While more households than ever rent, the rental market still relies on the inefficient and ineffective delivery of rental housing through mum and dad investors. We need large-scale institutional investment in the rental sector providing secure and quality housing for the long term.” 
Sydney still unaffordable to many
Rents continue to be unaffordable even for working, median income households in Sydney and low-income households continue to be the worst off in Sydney.
“Greater Sydney is growing fast – especially in the Western Sydney City Deal area – and so is its need for social and affordable housing,” said Witte.
Growing income inequality is driving demand for social and affordable housing. Western Sydney councils face a shortfall of more than 35,000 social and affordable dwellings. This will increase to 64,000 dwellings by 2036. 
A vision needed for Hobart 
Even households on moderate incomes households would now be paying 30% of their income to access a rental in Hobart. 
Rental stress is the everyday reality for the majority of single parents and single person households on low incomes. A single part-time working mother would have to pay 42% of her income on rent. On top of that come costs for child care and education.
“While the government has implemented some initiatives, no comprehensive vision or structural change has been announced,” Witte said.
“The city needs a comprehensive housing strategy with commitment and initiatives from both state and local government to address the issue.
“These initiatives should include the release of more Government-owned land for housing, substantial inclusion of affordable housing in new development, the trial of new planning measures to boost affordable housing and capacity building in the construction industry.
“Short-term rental accommodation needs to be curbed until the rental affordability situation improves.”
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Singles, pensioners and families on low incomes are struggling with affordability: RAI

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Realestateview.com.au is now offering a new tool to home owners and seekers that can, they claim, provide an accurate dollar value on their home 
By partnering with CoreLogic, Australia’s leading property data provider, <a href="https://realestateview.com.au/" target="_blank">realestateview.com.au</a> has further developed its first-to-market 'Price Estimator' which provides property owners and property seekers with instant price value ranges.
Every address searched has a range of property data and demographic information relevant to the suburb where that property is located. G
“Over 40 percent of people visiting our site every month engage with a Price Estimator page. It’s extremely popular, and now with the experience being powered by CoreLogic, there’s even more reasons for consumers to rely on our site for address-level property insights and data,” said Toby Balazs, realestateview.com.au CEO.
“Being the number three property portal in Australia, realestateview.com.au is focused on delivering new and value adding experiences to keep our property-obsessed audience engaged with the site."
“The great thing about CoreLogic is that people know and trust the data, it’s referenced everywhere and in our industry, it has a reputation for quality and accuracy,” he went on to say.
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RealEstateView partners with CoreLogic to release new property price estimator

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GUEST OBSERVATION
Governor Phillip Lowe has laid out in very clear terms the circumstances in which the bank would resort to quantitative easing and the way in which it would implement it.
Quantitative easing is simply a change in the way it eases monetary policy when the official interest rate approaches zero.
Usually it does it by cutting the so-called <a href="https://www.rba.gov.au/education/resources/explainers/how-rba-implements-monetary-policy" target="_blank">cash rate</a>, which is the rate banks pay each other for money deposited overnight.
Eight years ago the cash rate was 4.5%. Three years ago it was 1.5%. After the most recent three cuts in June, July and October, it is just 0.75%
<hr>
<a href="https://images.theconversation.com/files/303837/original/file-20191126-112484-iegrak.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/303837/original/file-20191126-112484-iegrak.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://www.rba.gov.au/statistics/cash-rate/" target="_blank">Source: RBA</a>
Last night, Governor Lowe said the <a href="https://www.rba.gov.au/speeches/2019/sp-gov-2019-11-26" target="_blank">effective lower bound was 0.25%</a>. Rather than let the cash rate get any lower or negative (an option he explicitly ruled out), the bank will push down other longer-term rates by buying government bonds.
It’s the “quantitative easing” approach adopted by the US Federal Reserve between 2009 and 2014.
Government bonds are sold by governments in return for money, a means of borrowing. The buyer gets guaranteed interest payments and a guarantee that their money will be returned in full after three, five, 10 or even 20 years depending on the length of the bond.
Once issued, bonds can be traded on a market, and the price at which they change hands can be expressed as an implied interest rate, which becomes the risk-free rate against which all other interest rates are benchmarked.
How quantitative easing would work
Buying bonds from investors would push down that risk-free rate, pushing down the entire structure of long-term interest rates.
All other things being equal, this should also push down the exchange rate by reducing the return on Australian dollar denominated financial investments.
Governor Lowe indicated he might buy state government bonds as well as Commonwealth bonds.
Importantly, he argued that although the bank would be mindful of the need to ensure private banks had enough access to the bonds they needed to hold for regulatory purposes, those holdings would not be an impediment to quantitative easing.
He ruled out buying residential mortgage-backed securities and other private assets given that those markets are currently functioning well and Reserve Bank purchases could distort them.
The approach borrows heavily from the US Fed.
As in the US, Lowe says quantitative easing would be complemented by “forward guidance”, where the Reserve Bank would signal early how long-term interest rates would be kept low and the circumstances in which it expected to raise them again.
The guidance is designed to influence market expectations for future interest rates, enhancing the effectiveness of cuts in long term interest rates.
When it would happen
In addition to “how”, Governor Lowe spelled out “when” – the economic circumstances in which the bank would resort to quantitative easing.
It would do it when the cash rate was at 0.25% and inflation and unemployment were moving away from its objectives.
The bank targets 2-3% inflation on average over time and has recently identified 4.5% as the “full employment” unemployment rate.
Importantly, Lowe emphasised that the Australian economy has not yet reached the point where a cash rate as low as 0.25% would be needed and argued quantitative easing was unlikely to be needed in future.
The cash rate is at present 0.75%. Setting 0.25% as the effective lower bound gives the Governor 0.5 percentage points left to cut before implementing quantitative easing.
Implicitly, Governor Lowe is saying that those cuts of 0.5 percentage points will be enough to stabilise the economy.
A pause for a breath at 0.25%
Lowe also indicated the bank would not seamlessly transition to quantitative easing.
He implied there was an additional hurdle or threshold that would need to be crossed, suggesting he would be reluctant to make the transition.
His big problem is that neither inflation nor the unemployment rate are moving in the right direction.
The bank has undershot its inflation target since the end of 2014, giving the economy a weak starting point going into an emerging global downturn.
My <a href="https://www.ussc.edu.au/analysis/lessons-from-quantitative-easing-in-the-united-states-a-guide-for-australian-policymakers" target="_blank">research</a> on the US experience for the United States Studies Centre shows that the main problem with is quantitative easing was that it was not done soon enough or aggressively enough.
It might be better to be bold
While quantitative easing was effective, it could have been made more so had what was going to happen been made clearer.
The Fed went out of its way to limit the transmission of quantitative easing to the rest of the economy, fearful it would be too potent and lead to excessive inflation.
Those concerns proved misplaced. By pulling its punches, the Fed ended up being less effective and having to pursue quantitative easing for longer than if it had used it more aggressively.
Governor Lowe’s very obvious reluctance to go down the quantitative easing route suggests the Reserve Bank is in danger of making the same mistake, but it is not too late to learn from what happened in the US.<img src="https://counter.theconversation.com/content/127697/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;">
Stephen Kirchner, Program Director, Trade and Investment, United States Studies Centre, University of Sydney.
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/now-we-know-the-reserve-bank-has-spelled-out-what-it-will-do-when-rates-approach-zero-127697" target="_blank">original article</a>.
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The Reserve Bank has spelled out what it will do when rates approach zero: Stephen Kirchner

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First home buyers in Sydney can look to ‘rent-vest’ as a way to enter the market, while buying conditions are better than ever, says Colliers International. 
‘Rent-vesting’ refers to the concept of buying a property as an investment in an area which is affordable and experiencing significant boom conditions, while choosing to rent in a preferred, more expensive area. 
According to Colliers International, while many Sydney first home buyers choose to buy in expensive, popular areas such as the Eastern suburbs and Lower North Shore, inner west areas such as St George, Canterbury, Bankstown and Gladesville, have seen a significant price drop and are experiencing booming conditions. 
“The St George Canterbury and Bankstown areas currently offer some of the highest rental returns in Sydney and at the moment there is a lot of choice in these areas,” said Peter Kerras, Director, Residential at Colliers International.  
“First home buyers seeking capital growth should be looking in these areas to bag a bargain not compete with other buyers to pay a premium with the prospect of modest growth.
“With rent returns now higher than interest rates in some areas, it has never been a better time to buy an investment property and the strategy of ‘rent-vesting’ – buying in a more affordable area with great returns and stay renting where you know - can be a great way for young people to enter the market.”
Currently, the price difference between a new property and an older property has never been less.
“Traditionally you would be paying 20% more for a new property as opposed to second hand property, however the unsure lending environment has brought down the price of new property in certain areas, which is great news for investors,” Kerras said.
“There is a lot of misconception and fear around buying off the plan; however, many of these are unfounded. New properties have much better noise insulation, sound proofing, fire safety, plumbing and wiring and the latest modcons.”
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Rent-vesting could be key to the market for first home buyers: Colliers International 

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GUEST OBSERVATION 
Despite 28 years of uninterrupted economic growth, future generations of Australians face being worse off due to increasing household debt, cost-of-living pressures, rising wealth inequality, climate change impacts and environmental degradation.
But our <a href="https://www.nature.com/articles/s41893-019-0409-9" target="_blank">new research</a> finds a fairer, greener and more prosperous Australia is possible – so long as political leaders don’t focus just on economic growth.
Evaluating Australia’s progress by 2030
We modelled four development scenarios for Australia through to 2030:
<ul>
<li>“Growth at all Costs”, emphasising economic growth</li>
<li>“Green Economy”, emphasising environmental outcomes</li>
<li>“Inclusive Growth”, emphasising social equality</li>
<li>“Sustainability Transition”, balancing economic, social and environmental outcomes.</li>
</ul>
Each scenario involved different policy and investment settings, particularly around tax and subsidies, government expenditure and private investment.
We then evaluated each scenario against the <a href="https://www.un.org/sustainabledevelopment/sustainable-development-goals/" target="_blank">Sustainable Development Goals</a>, an internationally recognised set of targets and indicators that measure national progress in 17 major areas. These include economic growth, poverty, inequality, education, health, clean water and clean energy.
<img src="https://images.theconversation.com/files/302095/original/file-20191118-66971-1ur4w7y.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
<a class="license" href="http://creativecommons.org/licenses/by-nc-sa/4.0/" target="_blank">CC BY-NC-SA</a>
Goals, targets and indicators
Each goal involves multiple targets and indicators. Goal 8, for example, is “Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all”. This involves 10 targets including per capita economic growth, decoupling economic growth from environmental degradation, and protecting labour rights. Each target comes with at least one indicator (for example, the growth rate of real GDP per capita, material consumption per GDP, and the rate of occupational injuries).
In all, the 17 goals cover 169 targets. Because Australia has not adopted SDG targets, we chose 52 of those (with about 100 indicators) then modelled Australia’s progress in 2030 using our four scenarios.
The graph below shows each scenario’s score (with 0% meaning no progress, 100% target achieved) on each of the 17 goals. We also calculated an average score for each scenario across all goals to aid comparison.
Growth alone is not the answer
Our model projects a business-as-usual approach will achieve progress of about 40% across all goals and targets. The “Growth at all Costs’ scenario scored only slightly better: 42%.
Economic growth – defined as an increase in a nation’s production of goods and services – is generally measured by the annual change in real gross domestic product (GDP).
Our "Growth at all Costs” scenario involves accelerating economic growth through higher population growth and lower taxes. Net migration is modelled as being 350,000 a year by 2030, with the population reaching just over 30 million. The government’s tax revenue as a proportion of GDP is 10% less than now as a result of lower tax rates.
Government spending is about 15% less (as a percentage of GDP), with cuts particularly to health, education and social security, but more spending on transport infrastructure. There are no new measures to tackle greenhouse gas emissions, land degradation or other environmental concerns.
In our modelling this scenario increases GDP growth to about 2.6% a year, with low unemployment and declining government debt. But it comes at the expense of income inequality and the environment.
Even on the one goal it might be expected to do relatively well – Goal 8 – this scenario performs quite poorly. That’s because the goal measures per capita GDP growth, not just the total GDP growth most politicians talk about, along with a range of social and environmental indicators.
The following graphs show how the four scenarios compare on real GDP (i.e. adjusted for inflation), per capita GDP, income inequality and greenhouse gas emissions.
Sustainability transition
With an overall score of 70%, the “Sustainability Transition” scenario is the clear winner.
This scenario modelled slower population growth and higher taxes on consumption, income and profits and trade. With net migration of 100,000 a year by 2030, the population reaches about 28 million. Tax revenue as a percentage of GDP is about 8.5% higher than now. This funds more spending on health, education and social security, as well as the equivalent to 1% of GDP on the sustainability of transport, water, energy, agriculture and energy systems.
The overall result is economic growth of about 2.1% a year, with government debt 10% higher than our business-as-usual projection.
But per capita GDP is higher. Unemployment and income inequality are lower. Fewer people live in relative poverty, and life expectancy is higher. Energy, water and resource consumption is down. So are greenhouse gas emissions. There is more forested land. This delivers a more prosperous, fairer and greener nation in 2030.
Possible futures
These results run contrary to the “growth and jobs” narrative that <a href="https://www.businessinsider.com.au/heres-how-many-times-scott-morrisons-budget-speech-used-the-catchphrase-jobs-and-growth-2016-5" target="_blank">dominates political debate in Australia</a>. Both sides of politics emphasise economic growth as the key to prosperity. But this narrative is clearly flawed when we look at a broader set of issues.
The Sustainable Development Goals seek to capture all of these issues in a coherent way. Our study explores four plausible futures, and there are many other possible combinations that could be explored with worse or better results.
What is clear is that business as usual certainly won’t ensure Australia has a more prosperous, fairer and environmentally sustainable society.<img src="https://counter.theconversation.com/content/126823/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;">
Cameron Allen, Researcher, UNSW.
Graciela Metternicht, Professor of Environmental Geography, School of Biological Earth and Environmental Sciences, UNSW.
Thomas Wiedmann, Associate Professor, 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/we-modelled-4-scenarios-for-australias-future-economic-growth-alone-cant-deliver-the-goods-126823" target="_blank">original article</a>.
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We modelled four scenarios for Australia’s future. Economic growth alone can’t deliver the goods

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Stuart and Susan Crumpler, founders of the bag brand Crumpler, are selling their Buninyong home, in central Victoria.
Set on 10 acres, the architect-designed five-bedroom home at <a href="https://www.realestate.com.au/property-house-vic-buninyong-132531706" target="_blank" rel="noopener noreferrer">86 Hastie Street, Buninyong</a> has hit the market with hopes of $1.95 million to $2.1 million.
The family sized home comprises five bedrooms, two bathrooms, four indoor living spaces and modern inspired kitchen.
<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/buninyong%202.jpg" alt="">
The main master bedroom comes with its own bathroom, and living and office space with garden views. 
Outdoor features central courtyard, vine, decks, in-ground swimming pool and low maintenance gardens. 
<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/buninyong%203.jpg" alt="">
Other highlight include open fireplace, high ceilings, polished timber floors and uninterrupted westerly vistas. 
Jellis Craig Ballarat agent Phil Hayward has the listing. 
The property was built about 11 years ago, a couple of years after the Crumplers bought the block when it was “just an empty paddock”.
They’re now downsizing to do-up a weatherboard in Ballarat.
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Crumpler founders lists Buninyong home 

The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

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>

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]

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