<html><body>
<div class="_1pYHE" data-pb-type="st">
Hotel mogul Jerry Schwartz has bought the Paradise Resort for $43 million from the abandoned Ralan empire.
It is $32 million less than what the Ralan Group purchased it for in 2015.
Ralan paid $75 million for the hotel and had plans to bulldoze the resort for three towers of Ruby apartments, until they went into administration in August 2019.
Dr Schwartz indicated that a major refurbishment program would be introduced for the 360-room hotel (picture provided by Schwartz Family Company)
“I know that previous owners planned to knock down the resort and redevelop it for apartments, but we believe there is tremendous demand for quality family-friendly resorts, especially in such prime locations as Surfers Paradise,” he added.
The Schwartz Family Company also acquired the Hilton Surfers Paradise for $70 million earlier in the year.
</div>
<div class="_1pYHE" data-pb-type="st"><a class="_1rOIN _2MxLq" href="https://www.afr.com/property/residential/global-prestige-property-markets-slump-20191112-p539pk"><source media="(min-width: 1180px)" srcset="https://static.ffx.io/images/$zoom_0.126%2C$multiply_0.291%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_85%2Cf_auto/ccbe1857e6c46fedd39a00540030238175f65e29, https://static.ffx.io/images/$zoom_0.126%2C$multiply_0.582%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_42%2Cf_auto/ccbe1857e6c46fedd39a00540030238175f65e29 2x" data-pb-im-config='{"aspectRatio":1.5,"type":"landscape3x2","width":220,"urls":["https://static.ffx.io/images/$zoom_0.126%2C$multiply_0.291%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_85%2Cf_auto/ccbe1857e6c46fedd39a00540030238175f65e29"," https://static.ffx.io/images/$zoom_0.126%2C$multiply_0.582%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_42%2Cf_auto/ccbe1857e6c46fedd39a00540030238175f65e29 2x"]}'></source><source media="(min-width: 1020px)" srcset="https://static.ffx.io/images/$zoom_0.126%2C$multiply_0.291%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_85%2Cf_auto/ccbe1857e6c46fedd39a00540030238175f65e29, https://static.ffx.io/images/$zoom_0.126%2C$multiply_0.582%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_42%2Cf_auto/ccbe1857e6c46fedd39a00540030238175f65e29 2x" data-pb-im-config='{"aspectRatio":1.5,"type":"landscape3x2","width":220,"urls":["https://static.ffx.io/images/$zoom_0.126%2C$multiply_0.291%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_85%2Cf_auto/ccbe1857e6c46fedd39a00540030238175f65e29"," https://static.ffx.io/images/$zoom_0.126%2C$multiply_0.582%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_42%2Cf_auto/ccbe1857e6c46fedd39a00540030238175f65e29 2x"]}'></source><source media="(min-width: 768px)" srcset="https://static.ffx.io/images/$zoom_0.0945%2C$multiply_0.2116%2C$ratio_1%2C$width_378%2C$x_185%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_85%2Cf_auto/ccbe1857e6c46fedd39a00540030238175f65e29, https://static.ffx.io/images/$zoom_0.0945%2C$multiply_0.4233%2C$ratio_1%2C$width_378%2C$x_185%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_52%2Cf_auto/ccbe1857e6c46fedd39a00540030238175f65e29 2x" data-pb-im-config='{"aspectRatio":1,"type":"square1x1","width":80,"urls":["https://static.ffx.io/images/$zoom_0.0945%2C$multiply_0.2116%2C$ratio_1%2C$width_378%2C$x_185%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_85%2Cf_auto/ccbe1857e6c46fedd39a00540030238175f65e29"," https://static.ffx.io/images/$zoom_0.0945%2C$multiply_0.4233%2C$ratio_1%2C$width_378%2C$x_185%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_52%2Cf_auto/ccbe1857e6c46fedd39a00540030238175f65e29 2x"]}'></source></a></div>
</body></html>

j.ballantyne1990-6AQqhLzZaK

Ralan's Paradise Resort at Surfers Paradise sold for $43 million to Jerry Schwartz

<html><body>
EXPERT OBSERVER
We have pushed out our expected timing of the next cash rate cut by the RBA to February 2020, where we expect a further reduction of 25bps to a new low of 0.5%.
It is at this level of the cash rate where the RBA has previously stated it would outline a ‘package’ of unconventional policies if further monetary easing is required to support growth, full employment and the return of inflation to target.
The RBA Governor is speaking on “Unconventional Monetary Policy” on November 26th.
To be clear, we think that the RBA should actually provide a further interest rate cut next month with private sector growth remaining weak and little evidence to date that prior easing or the tax rebates has done enough to offset the weakness in the economy.
However, for now, the RBA appears to be in a holding pattern, while it assesses the impact of prior rate cuts and ‘the gentle turning point’.
We see an improvement in growth over time but not to a sufficiently strong rate of growth to prevent the unemployment rate beginning to rise.
At the same time, the Government does not seem to be inclined to provide material fiscal stimulus in the near term, which increases the need for the RBA to ease further (including a further rate cut and unconventional policy) should our forecast of a deteriorating labour market materialise.
<div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">We now expect the RBA to cut the cash rate by 25bps to 0.5% in February 2020 – and potentially announce a package of unconventional policy should there be a need to provide further stimulus to the economy going forward.</div>
<div class="column"> </div>
<div class="column">Previously we had pencilled in a cut for December (the fourth this year) – and still consider this the best course of action – but the RBA has signalled it is in ‘wait and see’ mode.</div>
<div class="column">
 Growth looks to have remained weak in Q3, with our expectation for quarterly growth now 0.3% (1.5% y/y) – a small slowing from the previous two quarters. This deterioration comes despite the support provided by tax cuts which look to have provided little offset to the weakness in consumption with retail sales declining in Q3 – though it is likely too early to see the impact of recent rate cuts.</div>
<div class="column"> </div>
<div class="column">In addition, NAB’s internal modelling suggests that the services component of consumption was also weak in Q3.</div>
<div class="column"> </div>
<div class="column">In the business sector, both business confidence and conditions have remained below average in the first month of Q4 – though encouragingly have not deteriorated further.</div>
<div class="column"> </div>
<div class="column">The forward-looking indicators suggest little significant signs of a turnaround.</div>
<div class="column">
 Further out we have broadly maintained the shape of our growth forecasts.</div>
<div class="column"> </div>
<div class="column">We expect growth of 1.6% this year, before a small improvement to 2.1% in 2020 and 2.4% in 2021. These below average rates of growth lead to a small rise in the unemployment rate.</div>
<div class="column"> </div>
<div class="column">Inflation is expected to remain weak and only reach the bottom of the target band by the end of our forecast horizon.</div>
<div class="column"> </div>
<div class="column">The key dynamics behind our assessment of the economy continue to be headwinds from a weak consumer and a significant downturn in housing construction.</div>
<div class="column"> </div>
<div class="column">We have also lowered our business investment forecasts a touch. These weak outcomes in private domestic demand continue to be partly offset by strong public sector spending and growth in exports – preventing a more troublesome slowing of growth. Our global outlook remains broadly unchanged.</div>
<div class="column"> </div>
<div class="column">While we think that fiscal policy could be used to effectively support the economy and the recent easing in monetary policy – this increasingly appears unlikely to occur in the required time frame.</div>
<div class="column"> </div>
<div class="column">We think the government should act to bring forward infrastructure investment (where constraints allow) and that an earlier introduction of planned tax cuts could usefully bolster household income growth and spending.</div>
<div class="column"> </div>
<div class="column">In addition, investment allowances to support and bring forward investment may help, as would lifting Newstart payment rates.</div>
<div class="column"> </div>
<div class="column">The risk of fiscal policy remaining on the sidelines for too long, increases the chance that the RBA will ease further than otherwise (including both further rate cuts and the use of QE) though both of the latter see longer lags in boosting growth.</div>
<div class="column"> </div>
<div class="column">As previously outlined we see the risk of a move to unconventional policy by mid-next year without material support from fiscal policy.</div>
<div class="column"> </div>
<div class="column">We think that initially the RBA could flag a package of options at around a 0.5% cash rate and would begin to implement these as rates are cut further in this scenario.</div>
<div class="column"> </div>
<div class="column">Initially, we think it is highly likely the RBA would shift to an explicit form of forward guidance and purchase government bonds.</div>
<div class="column"> </div>
<div class="column">Other unconventional measures could include a broader range of asset purchases and increasing liquidity in the short-term money market.</div>
<div class="column"> </div>
<div class="column">Long-dated repurchase agreements to banks are another option.</div>
<div class="column"> </div>
<div class="column">The choice of instruments and size of the package is likely to reflect both economic conditions and financial market circumstances at the time of implementation.</div>
</div>
</div>
<div class="page" title="Page 2">
<div class="layoutArea">
<div class="column">
ALAN OSTER is the NAB Group Chief Economist
</div>
</div>
</div>
</body></html>

NAB pushes next rate cut out to February 2020: NAB's Alan Oster 

<html><body>
Kylie Kwong will open a daytime workers' eatery late next year at Mirvac's South Eveleigh work and lifestyle precinct.
It is the precinct previously known as Australian Technology Park.
Kwong, a leading fixture of the Sydney dining scene for two decades, closed her Macleay Street, Potts Point restaurant earlier this year.
Her Sydney restaurant Billy Kwong closed in June.
Kylie Kwong has since taken on a new job as the ambassador of Mirvac's South Eveleigh work and lifestyle precinct, where the Commonwealth Bank is the major tenant.
Mirvac and its consortium partners, AMP Capital, Sunsuper and Centuria Property Funds recently opened the first two buildings completed at Sydney’s newest technology hub
The anchor tenant Commonwealth Bank are located in the building known as Axle.
CBA also leases Building 2, The Foundry, which is still under construction.
The bank will have 10,000 employees at the precinct when it is completed in 2020.
Kwong will open a "small, simple" eatery late next year, the Australian Financial Review reported.
She said she didn't want to manage 40 people in her next endeavour.
</body></html>

Kylie Kwong to open workers' eatery at Mirvac's South Eveleigh 

<html><body>
The quick turnaround in the housing market looks to be more prolonged than many forecast according to new research from SQM Research.
In the new 'Christopher's Housing Boom and Bust Report 2020', Melbourne house markets could climb up to 15 per cent.
The report offers four scenarios that could play out over 2020, with the base case the most likely.
Should the cash rate remain at 0.75 per cent and there be a recovery in the economy, as well as no intervention from APRA until late 2020, then house prices in Melbourne will return to the peaks of late 2017.
Sydney gains are likely to be slightly more modest, with <a href="/expert-insights/buying/sydney-house-prices-could-jump-14-per-cent-in-2020-sqm-research">gains forecast up to 14 per cent</a>.
<div><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/2019/11/14/SQM%20sceanrio%20forecasts.jpg" alt=""></div>
<div>
“The Sydney and Melbourne housing markets have recorded a sharp turnaround in the 2nd half of 2019 following on from the surprise result of the Federal Election, interest rate cuts, the loosening of credit restrictions and ongoing strong population growth rates," SQM Research boss Louis Christopher says.
"These factors are expected to drive the national housing market into 2020. In a close call, APRA is expected to not immediately intervene despite the strong price rises."
Christopher notes however he has some misgivings on the sustainability of the new recovery.
"Sydney and Melbourne are rising from an overvalued point. Long term, our two largest housing markets look vulnerable and forever reliant on cheap credit. Housing debt, while falling compared to GDP over 2019, is still very high.
"Better value can definitely found elsewhere such as Perth and Brisbane”, said Christopher.
Nationally SQM believe dwellings will rise between seven per cent and 11 per cent.
At the most unlikely end of the scale, scenario four, if rates were cut to 0 and quantitative easing begins, then house prices in Sydney and Melbourne could be flat, or see marginal gains.
</div>
</body></html>

Melbourne house prices tipped to rise by up to 15 per cent: SQM Research

<html><body>
Newcastle retail activity has been defined by an unusual dichotomy where yields are at or near all-time lows, meaning values remain high, while the number of sales transactions has been very low compared to activity in peak market conditions from 2015 to 2018, according to the latest retail report from valuation firm Herron Todd White.
The property valuation firm found that some further discussion on the state of yields is required at this point. Well tenanted property with tenants that show strong trading history and long lease terms is still very strong and recent interest rate reductions by the Reserve Bank have helped underpin this strong market.
The report authors said, "we have seen, however, a (small) number of sales that indicate we have come back from peak market conditions, especially for those non-core retail properties that may reflect a higher degree of risk for the investor."
"Factors such as a secondary location, short lease expiry profile or partial vacancies were not being factored into yields during the market boom and the yield differential between core and non-core retail investment properties was not being adequately built into sale prices."
"We have seen a number of retail sales of such properties where yields have increased somewhat to reflect these risks. We see further adjustment required in this space, which is happening, albeit at a slow pace given the limited number of retail sales this year"
"We also anticipate this sales rate to increase somewhat in 2020 with a further easing of lending policy from major lenders. Now that the light rail has been up and running for some time, we see that a number of retailers on Hunter Street have suffered. Not only during the construction phase, but now with no parking available where the light rail runs along Hunter Street, many retailers have been forced to shut up shop or landlords are now in a position where they either accept lower rental returns or face extended letting up periods."
"We see these areas being converted from retail to office in coming years," they concluded.
</body></html>

Newcastle retail property yields are at all time lows: HTW Retail

<html><body>
The retail market in Sydney has seen moderate growth over the past twelve months as a result of increased demand for good investment assets, growth in rental income and generally lower vacancy rates, according to the latest report from valuation firm Herron Todd White (HTW).
They found that some retail precincts and shopping centres are working hard to keep up the levels of foot traffic and as such are adapting to changes in the market and demand. This has helped to retain vacancy in some areas.
The HTW report authors said, "we are of the opinion that those landlords who adapt to the changes in the market may fare best."
"Food and beverage outlets have certainly been popular this year. This part of the market has been driving tenant demand."
"As a result of adaptation and increase in demand from food and beverage retailers, we have seen rental rates remain generally stable this year following a general increase in 2018."
Despite the continued threat of online shopping and generally negative perception of the retail market, The Sydney CBD remains strong, as infrastructure improvements and new development continue and speculation about the impact of these continues to drive areas of the market.
Within the CBD, tenant demand originates from high end and luxury goods as well as food and beverage, with retailers keen to secure their positions within the CBD as infrastructure improvements, mainly the light rail, get closer to being completed and the pedestrian shopping areas of the CBD are revitalised.
Retail assets with good lease covenants have seen capital growth over the past twelve months.
Demand from investors was the driving force in the market this year.
The valuers noted, "properties with well-established retail tenants and those with underlying future development potential were the most popular."
"We saw an increase in capital values in the early part of the year and some strong sales with relatively low capitalisation rates."
"We caution however that from around July this year we have started seeing a decline in the fringe and secondary markets, in particular a slight increase in capitalisation rates, indicating that demand is slowing and that capital values are declining," they concluded.
</body></html>

Sydney retail market continues to grow without peaking: HTW Retail

<html><body>
GUEST OBSERVATION
The growth of the human population over the last 70 years has exploded from 2 billion to nearly 8 billion, with a compounding net growth of over 30,000 per day. We all breathe out carbon dioxide with every breath. That equates to about 140 billion CO₂ breaths every minute. Isn’t it logical that atmospheric carbon will continue to increase with the birth rate regardless of what we do about fossil fuel reduction?
This question touches on the core of our impact on planetary change. It highlights the exponential growth in the human population, but also homes in on the potential direct input of carbon dioxide from humans, through respiration.
As I explain in more detail below, our breathing does not contribute to the net accumulation of carbon dioxide in the atmosphere. But population growth, combined with an increase in consumption, is now seen as the <a href="https://www.stockholmresilience.org/research/research-news/2015-01-15-new-planetary-dashboard-shows-increasing-human-impact" target="_blank">main driver of change in the Earth system</a>.
Humans: a moment in geological time
Earth has been around for 4.56 billion years. The <a href="https://www.livescience.com/1804-greatest-mysteries-life-arise-earth" target="_blank">earliest evidence for life on Earth</a> comes from fossilised mats of cyanobacteria that are about 3.7 billion years old.
From around 700 million years ago, and certainly from 540 million years ago, life exploded into its present myriad forms, from molluscs to lung fish, reptiles, insects, plants, fishes and mammals – culminating in hominids and finally Homo sapiens. Genetic studies suggest <a href="https://www.nature.com/scitable/knowledge/library/overview-of-hominin-evolution-89010983/" target="_blank">hominids evolved from primates around 6 million years ago</a>, with the oldest hominid fossil dating from 4.4 million years ago in East Africa.
Our species appeared around 200,000 to 300,000 years ago, a blink of an eye in geological terms. From Africa, Homo sapiens migrated through Europe and Asia and spread across the world, at lightning speeds.
Part of the question is about a putative link between human biological functions and climate. Homo sapiens is <a href="https://journals.plos.org/plosbiology/article?id=10.1371/journal.pbio.1001127" target="_blank">one of more than 28 million living species today</a>, and some <a href="https://link.springer.com/chapter/10.1007/978-94-011-5874-9_7" target="_blank">35 billion species that have ever lived on Earth</a>. There has always been a link between life and Earth’s atmosphere, and perhaps the clearest indicator is oxygen.
Life, carbon and climate
Cyanobacteria were the first organisms to master photosynthesis and <a href="https://www.propertyobserver.com.au/https://www.pnas.org/content/96/20/10955" target="_blank">began adding oxygen to Earth’s early atmosphere</a>, producing levels of 2% by 1 billion years ago. Today oxygen levels are at 20%.
While people inhale oxygen and exhale carbon dioxide (billions of tonnes each year), this does <a href="https://slate.com/news-and-politics/2009/08/are-you-heating-the-planet-when-you-breathe" target="_blank">not represent new carbon in the atmosphere</a>, but rather recycled carbon that had been taken up by the animals and plants we eat. Furthermore, the hard parts of human skeletons are potential carbon stores, if buried sufficiently deep.
There is a constant cycling of carbon between geological, oceanographic and biological processes. Homo sapiens is part of this carbon cycle that plays out at the Earth’s surface. Like all living organisms, we derive the carbon we need from our immediate environment and give it up again through breathing, living and dying.
Carbon is only added to the atmosphere if it is taken out of long-term geological stores such as carbon-rich sediments, oil, natural gas and coal.
Planetary impact of humans
But the <a href="https://ourworldindata.org/world-population-growth" target="_blank">remarkable growth in human population</a> is surely the critical issue. Ten thousand years ago, there were 1 million people on Earth. By 1800, there were 1 billion, 3 billion by 1960 and almost 8 billion today.
When these figures are plotted on a graph, the growth line looks almost vertical from the 1800s onwards. <a href="https://www.pewresearch.org/fact-tank/2019/06/17/worlds-population-is-projected-to-nearly-stop-growing-by-the-end-of-the-century/" target="_blank">Population growth may eventually flatten out</a>, but only at around 10-11 billion.
Alongside the unprecedented population growth of humans has been the <a href="https://www.ipbes.net/news/million-threatened-species-thirteen-questions-answers" target="_blank">loss of many non-human species</a> (10,000 extinctions per million populations per year, or <a href="https://www.theguardian.com/environment/2018/oct/30/humanity-wiped-out-animals-since-1970-major-report-finds" target="_blank">60% of animal populations since 1970</a>), the rapid loss of wilderness habitat and consequent growth in farmed land, over-fishing (with up to <a href="http://blogs.edf.org/edfish/2012/07/11/fao-reports-87-of-the-worlds-fisheries-are-overexploited-or-fully-exploited/" target="_blank">87% of fisheries fully exploited</a>), and a staggering growth in global car numbers (from zero in the 1920s to 1 billion in 2013 and a projected <a href="https://www.weforum.org/agenda/2016/04/the-number-of-cars-worldwide-is-set-to-double-by-2040" target="_blank">2 billion by 2040</a>).
The <a href="https://www.usgs.gov/centers/nmic/copper-statistics-and-information" target="_blank">world production of copper</a> is an instructive proxy for human global impacts. As with many commodity curves, the trend from 1900, and particularly from the 1950s, is exponential. In 1900 around half-a-million tonnes of copper was produced worldwide. Today it is 18 million tonnes per year, with no sign of lowering consumption rates. Copper is the feedstock for much of modern-day and future green technologies.
Most parts of the world now experience material consumption as never before. But serious inequality remains, with over <a href="https://www.worldbank.org/en/news/press-release/2018/10/17/nearly-half-the-world-lives-on-less-than-550-a-day" target="_blank">3 billion living on less than US$5.50 a day</a>, and a <a href="https://www.oxfam.org/en/press-releases/just-8-men-own-same-wealth-half-world" target="_blank">tiny percentage who own so much</a>.
Some argue that it is not the numbers of people on Earth that count, but rather the way we consume and share. Whatever the politics and economics, the gross consumption level of billions of humans is, surely, the main cause of planetary change, especially since 1950. Present-day atmospheric levels of carbon dioxide are one of many symptoms of human impact.<img src="https://counter.theconversation.com/content/126671/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;">
Michael Petterson, Professor of Geology, Auckland University of Technology.
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/climate-explained-how-growth-in-population-and-consumption-drives-planetary-change-126671" target="_blank">original article</a>.
</body></html>

Climate explained: how growth in population and consumption drives planetary change

<html><body>
GUEST OBSERVATION 
Myer is the in the clear, sort of, after Australia’s first judicial ruling on a securities class action.
It centred around allegations that Myer misled the market about its projected earnings.
The court found Myer had been misleading, but that because shareholders didn’t believe it, it didn’t harm them.
The ruling established <a href="https://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2019/2019fca1747" target="_blank">important principles</a> that will guide future judgments.
It isn’t enough for shareholders to show that there was a relevantly false or misleading statement or omission.
They need to also show it hurt them.
What Myer did
On September 11 2014, Myer’s chief executive Bernie Brookes indicated that he believed the net profit after tax for the 2015 financial year was likely to beat the previous year’s profit of A$98.5 million.
Five months later Brookes resigned, and on March 19 Myer cut the forecast to between $75 million and $80 million.
The class action alleged that Myer engaged in misleading conduct either because the initial September 11 2014 guidance was misleading or because - even if it was not misleading at the time - Myer allowed it to stand without correcting it.
It argued the statement inflated the share price, causing buyers to pay too much for the shares and to lose money when the true state of affairs became known.
Myer argued it had no obligation to update the market after Brooke’s statement.
It said the market had already realised the profit would be lower than what he said. And, in any event, what he said was not misleading.
What Myer was obliged to do
The <a href="http://www.austlii.edu.au/cgi-bin/viewdoc/au/legis/cth/consol_act/ca2001172/s1041e" target="_blank">Corporations Act Section 1041E</a> states that people must not make a false or misleading statement that is likely to (among other things) influence trading activity or market prices when that person knows, or ought to know, that the statement is not correct, or does not care whether the statement is correct.
Similarly, <a href="http://www.austlii.edu.au/cgi-bin/viewdoc/au/legis/cth/consol_act/ca2001172/s1041h" target="_blank">Section 1041H</a> asserts that a person must not engage in misleading or deceptive conduct, which could include failing to correct erroneous statements.
Indeed, <a href="http://www.austlii.edu.au/cgi-bin/viewdoc/au/legis/cth/consol_act/ca2001172/s769c" target="_blank">Section 769C</a> says if a statement is made without reasonable grounds, it is deemed to be misleading.
<a href="http://www.austlii.edu.au/cgi-bin/viewdoc/au/legis/cth/consol_act/ca2001172/s1041i" target="_blank">Corporations Act Section 1041I</a> says anyone who has suffered loss or damage by a contravention of the aforementioned rules can recover the amount of that loss or damage.
Also, <a href="http://www.austlii.edu.au/cgi-bin/viewdoc/au/legis/cth/consol_act/ca2001172/s674" target="_blank">Corporations Act Section 674</a> says firms must comply with continuous disclosure requirements, which include disclosing material price-sensitive information. The provision gives legislative force to the Securities Exchange continuous disclosure guidelines.
There are two overarching elements involved in securities litigation, both of which were issues in the Myer case:
<ul>
<li>
the defendant makes a false or misleading statement
</li>
<li>
that false statement causes the plaintiff to suffer loss or damage.
</li>
</ul>
Each needs exploring.
False or misleading?
At first glance, a statement is false or misleading merely if it is incorrect, especially so if it is about something currently known. But things are less clear when the statement is about the future or a forecast.
Under <a href="http://www.austlii.edu.au/cgi-bin/viewdoc/au/legis/cth/consol_act/ca2001172/s769c" target="_blank">Section 769C</a>, forecasts are held to be misleading if they are not based on reasonable grounds. Omitting information, or failing to correct information, can also be misleading if it creates or maintains a false impression.
Loss or damage?
Historically, in fraud type cases, the plaintiffs need to show that they “relied” on the false statement in making a decision. That is, they need to show they were directly misled.
Myer argued that the shareholders needed to show they actively “relied” on its statements when deciding to purchase shares.
The shareholders argued that the legislation does not require active reliance. They argued that it was enough to show that the false statement inflated the share price and that they bought at a price that was too high.
It was a win and a loss…
The court sided with the plaintiffs, finding that it was enough for them to show that the false statement (or misleading omission) inflated the share price, that they bought at a price that was too high, and they suffered a loss when the truth was revealed.
And it found Myer had been misleading by failing to correct a forecast it knew was erroneous. It had also violated the Exchange’s continuous disclosure standards.
But it found that Myer’s September 11 2014 forecast was not misleading at the time. It was in line with analysts’ forecasts, and in September 2014 Myer had reasonable grounds to make it.
Damages would normally reflect the difference between what the shareholders paid and what they would have paid if the true state of affairs had been known.
But given the market, notwithstanding the statement form the Myer chief executive, knew about Myer’s declining profitability and given that that information was reflected in the price, shareholders weren’t damaged.
…with implications for the future
The judgment will make future shareholder class actions easier. They will know what they have to prove.
An unanswered question is whether Myer will simply get away with having misled the market, given that it prevailed in the case.
It may not. Regulators - such as the Australian Securities and Investments Commission - still have penalty mechanisms they can use to punish officers and directors for misleading conduct, even if shareholders don’t prevail in court.<img src="https://counter.theconversation.com/content/125925/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/why-australias-first-securities-class-action-judgment-sort-of-cleared-myer-125925" target="_blank">original article</a>.
</body></html>

Why Australia’s first securities class action judgment (sort of) cleared Myer

<html><body>
GUEST OBSERVATION 
The plight of Australia’s dairy farmers is on the political agenda this week, after One Nation leader Pauline Hanson narrowly failed in her Senate bid for a minimum milk price. But getting fair payment for their goods is far from the only challenge dairy farmers face.
Pressure has been mounting on the industry for the past decade. Existing milk alternatives are growing their market share, helped by a rise in veganism and public concern around animal welfare. The agriculture sector is under pressure to reduce its contribution to climate change, and technology advances mean milk may one day be produced without cows at all.
All this has been compounded by devastating and prolonged drought. So here’s the full story of the hurdles farmers face, now and in the future, to get milk into your fridge.
Fluctuating farm gate price
The rate at which processors pay farmers for milk is known as the <a href="https://www.dairyaustralia.com.au/industry/prices/farmgate-milk-price" target="_blank">farm gate price</a>. The prices are not regulated and are set by market forces.
In 2016 <a href="https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/FlagPost/2016/June/Dairy_industry_developments" target="_blank">the milk price crashed</a> when Australia’s two largest dairy processors, Murray Goulburn and Fonterra, lowered the price they would pay from about 48 cents a litre to as low as 40 cents.
This dramatically cut the incomes of milk suppliers. The number of dairy farmers in Australia fell by 600, or 9% <a href="https://www.dairyaustralia.com.au/industry/farm-facts/cows-and-farms" target="_blank">over four years</a>. This exit has been <a href="https://www.theguardian.com/food/2019/feb/24/drought-and-low-milk-prices-push-dairy-farmers-to-the-brink" target="_blank">exacerbated by drought</a>.
Since then, the farm gate milk price has increased and in 2019–20 is <a href="http://www.agriculture.gov.au/abares/research-topics/agricultural-commodities/sep-2019/dairy" target="_blank">expected to be 51 cents per litre</a>, due to a weaker Australian dollar and demand from export markets. But forecast global prices for butter, cheese and whole milk powder this financial year remain below that of previous years.
<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/2019/11/13/dairy%20milk.jpg" alt="">
Methane, and milk alternatives
Methane and other livestock emissions <a href="http://www.agriculture.gov.au/ag-farm-food/climatechange/australias-farming-future/livestock-emissions" target="_blank">comprise about 10%</a> of Australia’s greenhouse gas emissions.
As the Intergovernmental Panel on Climate Change made clear in its <a href="https://www.ipcc.ch/srccl-report-download-page/" target="_blank">land use report in August</a>, changes must be made across the food production chain if the world is to keep global warming below the critical 1.5℃ threshold. For beef and dairy livestock, this means changes such as land and manure management, higher-quality feed and genetic improvements. Meeting this challenge cost-effectively, while improving productivity, is no small task.
Technology may help in curbing greenhouse gas emissions from cows, but it also threatens to replace the dairy industry altogether. Advances in biotech may enable liquid analogous to milk to be <a href="https://theconversation.com/lab-grown-dairy-the-next-food-frontier-117963" target="_blank">produced through bioculture systems</a>, <a href="https://www.nationalgeographic.com/news/2014/10/141022-lab-grown-milk-biotechnology-gmo-food-climate/" target="_blank">without a cow in sight</a>.
Elsewhere, the rise of plant-based alternatives derived from soybeans, almonds, oats and other sources threatens traditional milk products. This can partly be attributed to increasing numbers of people adopting a vegan diet. 
Taking calves away from cows
For a mammal to produce milk, it must usually become pregnant and produce offspring. Female calves generally go into a farm’s pool of replacement animals, while male dairy calves are sold.
Pure-breed male dairy calves do not naturally lay down a lot of muscle and so do not generally make good beef livestock. Many are sent to the abattoir for slaughter, typically between 5 and 30 days of age. This practice has prompted welfare concerns and means the industry must carefully manage the handling and transport of vulnerable young calves.
Potential solutions include artificial insemination of cows using only semen that will produce female calves. The use of this technology is limited because it reduces conception rates.
There is also growing public concern about the separation of cows and calves not sent to the abbatoir. The calves are typically taken within the first 12-24 hours and reared together in a shed, where they are fed milk or milk replacer. This is thought to maximise the amount of saleable milk and minimise disease transfer from cow to calf, <a href="https://www.animalhealthaustralia.com.au/what-we-do/endemic-disease/johnes-disease/jd-and-dairy-cattle/three-step-calf-rearing-plan/" target="_blank">particularly Johne’s Disease</a>. However, <a href="https://www.sciencedirect.com/science/article/pii/S0022030219304175" target="_blank">recent research</a> has found <a href="https://www.sciencedirect.com/science/article/pii/S0022030219304369" target="_blank">little evidence</a> to support these practices.
<a href="https://www.sciencedirect.com/science/article/pii/S0022030219304369" target="_blank">Research has shown</a> that calf-cow separation in the first day of life causes lower distress than abrupt separation at a few weeks of age or older, when the bond is stronger. This is not to say that early separation is not a concern. Rather, in the face of consumer demands for certain ethical standards, simple fixes may be hard to implement.
The message for consumers
Challenges to the dairy industry will take time and effort to address. Some, such as drought, are out of farmers’ control. Dry conditions and high cost of water, fodder and electricity have <a href="http://www.agriculture.gov.au/abares/research-topics/agricultural-commodities/jun-2019/dairy" target="_blank">forced farmers to cull less productive dairy cows</a>, leading to a decline in production.
The pressures, and associated debt, create intense stress for farmers, increase family tensions, and have negative flow-on effects throughout rural communities.
Putting aside the political push for a regulated milk price, the key message for dairy consumers is clear. If we want our milk produced in a certain way, we must pay a fair market-based price to cover the costs to farmers of fulfilling our wants.<img src="https://counter.theconversation.com/content/124290/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;">
Andrew Fisher, Professor of Cattle &amp; Sheep Production Medicine, University of Melbourne.
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/the-milk-the-whole-milk-and-nothing-but-the-milk-the-story-behind-our-dairy-woes-124290" target="_blank">original article</a>.
</body></html>

The milk, the whole milk and nothing but the milk: the story behind our dairy woes

<html><body>
A two-level freehold within Toorak Village, one of Melbourne’s most tightly held retail shopping strips, has hit the market. 
The property will be auctioned November 29.
Located at 472 Toorak Road, the property comprises a 110 square metre building with ground floor shop front, commercial kitchen and rear courtyard.
The first floor, which can be separately accessed from the rear, includes an open-plan layout with a kitchenette and bathroom. 
The 139 square metre site zoned Commercial 1 has 4.6 metres frontage to Toorak Road and rear laneway access to a lock up garage with parking.
There is also a permit for an additional level at the rear.  
Commercial 1 zoning aims to create vibrant mixed use commercial centres for retail, office, business, entertainment, community and residential uses.
The property will be offered with vacant possession.
It is situated directly opposite the Vicland Property Group’s proposed $600 million commercial re-development of Village Way, which is set to house circa 12,000 square metres of office space and a ground floor Coles supermarket.
Teska Carson’s Luke Bisset and Jack Kelliher have the listing. 
"This property offers excellent investment credentials including a highly regarded retail and commercial location within Melbourne’s wealthiest suburb, with vacant possession and first rate access and exposure via Toorak Road frontage and a rear laneway," Bisset said.
Toorak Village has more than 270 shops and businesses including fashion boutiques, cafes, fine dining, and highly regarded medical and professional services.
It is well serviced by public transport facilities including Toorak and South Yarra railway stations, trams and major arterial routes.
Kelliher said the local retail sector thrived on the back of a predominantly young and affluent demographic.
He said the locality had been the beneficiary of major redevelopment over recent years including more than 3000 apartments, either currently under construction or recently completed. 
It is being offered vacant possession.
</body></html>

Vacant two-level Toorak Village freehold on the market

Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe>

"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

[smartcode_project:default project_id=135096 project_image_fid=356818]

After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/tsioMLcnjas?si=zq-ys3JuWpfa5hFv" title="YouTube video player" width="560"></iframe>

The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

[smartcode_project:default project_id=135096 project_image_fid=356829]

Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

[smartcode_project:default project_id=135096 project_image_fid=351104]

Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

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

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

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

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

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Staff reporter

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News