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A luxury Bardon home in inner Brisbane has sold for more than $7.5 million in just 10 days.
The suburb record smashing near new build designed by architect Shaun Lockyer had a guide of $7 million plus.
The Nestor Avenue home previously traded as an original 1950s home designed by architect Neville Lund on 4,240 sqm, land that was originally owned by the Stuartholme Convent, for $2.3 million in 2013.
<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/The%20Nest%20Bardon%202.jpg" alt="">
Lockyer was called in to design the luxury five bedroom home dubbed The Nest that was completed in 2016.
The five bedroom home draws its inspiration from modern roots, expressed through the juxtaposition of heavy vertical and light horizontal planes highlighting itself as an amazing representation of sub-tropical architecture.
<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/The%20Nest%20Bardon%203.jpg" alt="">
It incorporates fine, elegant lines, sandblasted concrete, Spotted Gum timber and floor-to-ceiling glass.
The five bedrooms are located on one side of the property, the master suite complete with its own walking wardrobe and bathroom.
<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/The%20Nest%20Bardon%204.jpg" alt="">
The open plan kitchen, living and dining space opens to the swimming pool. There's also a gym, 1000 bottle wine cellar and a tennis court in the grounds.
The former Bardon record has stood since 2016 when a five bed home sold for $4.55 million.
 
 
 
 
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j.ballantyne1990-6AQqhLzZaK

The Nest, the Shaun Lockyer-designed Bardon home, sells for over $7.5 million

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A vacant possession industrial premises located at Thomastown, Victoria has been sold at auction.
The 568 sqm building at 82 Lipton Drive attracted over 30 enquiries. 
There were 19 bids taken between two bidders.
 The property was purchased for $820,000 by an owner occupier, $70,000 above reserve. 
This result equates to a building rate of $1,443.66/sqm and a land rate of $950.17/sqm for the 863sqm site.
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Situated off Mahoneys Road, this location provides easy access to major roads and arterials including being under 3km from Hume Highway, 2.5km from the M80 Ring Road and its associated linkages to the Tullamarine Freeway, Hume Freeway and West Gate Freeway.
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It was sold by Craig McKellar and Oliver Price of CVA.
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Thomastown industrial building sold for $820,000

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GUEST OBSERVATION
Sydney’s Macquarie University <a href="https://www.smh.com.au/national/zero-growth-enrolment-troubles-force-university-to-make-budget-cuts-20191101-p536mc" target="_blank">announced budget cuts</a> in recent days, due to “zero growth” in enrolments next year.
Vice-Chancellor Bruce Dowton reportedly wrote a letter to staff announcing the cuts, which included a hiring freeze. The letter said:
"Enrolment growth domestically and internationally has slowed significantly at a time when our base operating costs continue to rise […] Current projections are that there will be zero growth in load [full-time student numbers] in 2020."
This <a href="https://www.afr.com/policy/health-and-education/unis-risk-catastrophic-hit-due-to-reliance-on-china-20190820-p52ivu" target="_blank">comes a few months</a> after a report from the Centre for Independent Studies warned Australia’s universities were in for a “catastrophic” financial hit due to their over-reliance on international students from China.
Macquarie has been hit harder than most other universities, but many universities are finding it more difficult to recruit students than they did a few years ago. New domestic enrolments are in a mild recession. And although international student numbers are still growing, demand from Chinese international students has stabilised.
No increase in school leavers wanting university
In 2018, the number of students starting a bachelor degree <a href="http://highereducationstatistics.education.gov.au/" target="_blank">fell for the first time since 2003</a>. Of Australia’s 37 public universities, 23 took fewer new bachelor-degree students in 2018 than 2017.
Enrolments are expected to be down again in 2019, following a drop <a href="https://www.education.gov.au/undergraduate-applications-offers-and-acceptances-publications" target="_blank">in applications</a>. Commencing domestic postgraduate student numbers peaked several years ago.
In a sector used to growth, a downturn causes problems.
Since a Commonwealth <a href="https://www.brisbanetimes.com.au/politics/federal/universities-warned-against-regional-cuts-as-turnbull-government-strips-22-billion-from-budget-20171218-h06i24" target="_blank">funding freeze announced in late 2017</a>, universities have not had strong financial incentives to enrol additional students. But this is not the main reason for falling enrolments. The issue is weak demand more than reluctant supply.
Demand for higher education is influenced by the population of potential applicants. Recent school leavers are the biggest bachelor-degree market. The number of year 12 school students fell slightly in 2018, mostly due to a downward trend in babies born 17 years previously.
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Birth and forecast population trends suggest year 12 student numbers will increase by only 1-2% in the next couple of years. So domestic demand for higher education from school leavers should stay close to current levels.
Mature-age students also affect enrolments
To date, <a href="https://andrewnorton.net.au/2019/10/29/has-the-university-funding-freeze-caused-commencing-enrolments-to-fall/" target="_blank">mature-age students are the principal cause</a> of falling commencing bachelor-degree enrolments. But the number of non-year 12 applicants new to higher education is not trending down. For the last few years their applications have fluctuated in a narrow range.
The drop in demand is driven by people who have been to university before. Possibly, <a href="https://theconversation.com/labor-wants-to-restore-demand-driven-funding-to-universities-what-does-this-mean-116060" target="_blank">more student places under demand-driven funding</a> triggered a boom in course switching and former students returning, which has now subsided.
Former students are also affecting the domestic postgraduate market. The number of people who already have a degree, which makes them eligible for postgraduate study, <a href="https://andrewnorton.net.au/2019/09/12/migration-has-outpaced-demand-driven-funding-as-a-source-of-additional-graduates/" target="_blank">is at record levels</a>. But domestic postgraduate coursework commencements peaked in 2014 <a href="https://www.propertyobserver.com.au/https://twitter.com/andrewjnorton/status/1188684271843606529/photo/1" target="_blank">and have declined since</a>.
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This is not an isolated trend. All types of structured education for <a href="https://andrewnorton.net.au/2019/10/18/the-changing-nature-of-work-training-further-evidence-and-puzzles/" target="_blank">people already in the workforce are in</a> <a href="https://andrewnorton.net.au/2019/09/26/contrary-to-expectations-reskilling-and-retraining-seem-to-be-in-decline/">decline</a>. It’s likely <a href="https://andrewnorton.net.au/2019/10/15/the-popularity-of-online-self-education/" target="_blank">online self-education is taking market share</a>.
What about international enrolments?
The story is very different in the international-student postgraduate market, which is growing rapidly. In 2018, for the first time ever, more international students <a href="https://www.propertyobserver.com.au/https://twitter.com/andrewjnorton/status/1188676824387051520/photo/1" target="_blank">started a postgraduate than an undergraduate course</a> in Australia.
Despite some soft international markets, the overall trend is up. The <a href="https://internationaleducation.gov.au/research/International-Student-Data/Pages/InternationalStudentData2019.aspx" target="_blank">most recent data</a>, which take us to August 2019 and cover all levels of higher education, show commencing enrolments are 7% higher than at the same time in the previous year.
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<a href="https://data.gov.au/dataset/ds-dga-324aa4f7-46bb-4d56-bc2d-772333a2317e/details?q=student%20visa" target="_blank">Student visa applications</a>, which go up to September this year, suggest overall demand continues to increase modestly. But we should wait until later in the year before drawing firm conclusions.
A key cause of enrolment increases is India’s rapid rise. Commencing Indian student enrolments have <a href="https://internationaleducation.gov.au/research/International-Student-Data/Pages/InternationalStudentData2019.aspx" target="_blank">more than doubled since 2016</a>. Although China remains the largest source of international students, new Chinese enrolments have stabilised this year.
International student issues could cause numbers to fall
Given enrolment and visa trends, total international student enrolments will increase in the short term. But there are many concerns about this industry, including <a href="https://andrewnorton.net.au/2019/09/18/how-bad-is-the-international-student-english-language-problem/" target="_blank">English language standards</a>, <a href="https://www-tandfonline-com.ezp.lib.unimelb.edu.au/doi/full/10.1080/03075079.2018.1462788" target="_blank">cheating</a>, <a href="https://issuu.com/nteu/docs/sotus_2017_report_1_overview" target="_blank">soft marking</a>, <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/4corners/red-flags/11601456" target="_blank">Chinese political interference</a>, university financial <a href="https://www.afr.com/policy/health-and-education/auditors-general-warn-again-over-reliance-on-international-students-20190602-p51tnh" target="_blank">over-reliance on international students</a>, <a href="https://www.smh.com.au/opinion/tackling-the-exploitation-of-international-student-workers-20150818-gj1ge3" target="_blank">labour market exploitation of students</a>, and <a href="https://theconversation.com/australias-temporary-graduate-visa-attracts-international-students-but-many-find-it-hard-to-get-work-in-their-field-123997" target="_blank">poor graduate outcomes</a>.
There are also broader issues of <a href="https://tapri.org.au/wp-content/uploads/2019/04/Overseas-students-are-driving-NOM-final-18-April-2019.pdf" target="_blank">international students driving up migration numbers</a>, as well as questions of whether we want a large proportion of the population living with <a href="https://www.textpublishing.com.au/books/not-quite-australian" target="_blank">limited political and welfare rights</a>.
<a href="https://www.stawelltimes.com.au/story/5964043/pm-morrison-hits-pause-on-migrant-intake/" target="_blank">Population issues</a> contributed to a <a href="https://campusmorningmail.com.au/news/the-international-education-regional-visa-scheme-is-working" target="_blank">rule change</a> to attract international students away from congested big cities to regional and minor city locations. I expect further regulatory changes and market reactions to international education issues to eventually cause a decline in numbers.
University luck might be about to run out
For universities addicted to international student dollars any enrolment decline is bad news. But universities have a history of luck. As international student numbers dropped a decade ago, domestic enrolments boomed. And as domestic numbers flattened in recent years, the international market took off.
As the domestic demography chart above suggests, there is potential for big increases in Australian undergraduates in the mid-2020s, as the mid-2000s baby boom children reach university age.
There is, however, a major obstacle to that scenario: with the end of demand-driven funding, there will be <a href="https://andrewnorton.net.au/2019/08/27/will-the-number-of-commonwealth-supported-student-places-fall/" target="_blank">no money to pay for those extra students</a>. Federal Education Minister Dan Tehan has <a href="https://ministers.education.gov.au/tehan/afr-higher-education-summit" target="_blank">acknowledged the problem</a> but so far has no solution.
Without one, the future contains major risks. Universities could have falling enrolments for both domestic and international students. This will mean staff cuts and less money for research.
And the people born in the mid-2000s could be part of an unlucky generation in which <a href="https://andrewnorton.net.au/2019/04/29/young-people-were-less-likely-to-enter-higher-education-in-the-years-after-whitlam-than-before-demography-and-deficits-were-against-them/" target="_blank">population growth collides with budget constraint</a>. Their chances of finding a university place will be lower than for people born in earlier decades.<img src="https://counter.theconversation.com/content/126342/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 Norton, Honorary fellow, 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/enrolments-flatlining-australian-unis-financial-strife-in-three-charts-126342" target="_blank">original article</a>.
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Enrolments flatlining: Australian unis’ financial strife in three charts

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GUEST OBSERVATION 
Feeling lonely? A dog may help. Our research out today confirms what many dog owners already know: dogs are great companions that can help you to feel less lonely.
Cuddles and slobbery kisses, meeting other dog owners in the park and a general lift in mood all likely help.
But our study, published today in <a href="https://bmcpublichealth.biomedcentral.com/articles/10.1186/s12889-019-7770-5" target="_blank">BMC Public Health</a>, found dogs didn’t affect psychological distress, the type seen in depression and anxiety.
Why are we studying this?
<a href="https://animalmedicinesaustralia.org.au/report/pets-in-australia-a-national-survey-of-pets-and-people/" target="_blank">Almost two in five Australian households own a dog</a>. And although most dog owners will assure you, in no uncertain terms, their dog is a source of sheer happiness, scientific evidence is lacking.
Most previous studies have compared the mental well-being of dog owners to non-owners at a single point in time. The problem with these studies is they cannot tell if dogs actually make us happier, less lonely or less stressed. They also cannot tell us if dog owners are simply in a more positive state of mind in the first place.
So, in this study, we measured mental well-being at three points in time: before owning a dog, three months after owning a dog and eight months after owning a dog.
What did we do?
<a href="https://sydney.edu.au/charles-perkins-centre/our-research/current-research/physical-activity-exercise-and-energy-expenditure/dog-ownership-and-human-health" target="_blank">Our study</a>, known as the PAWS trial, involved 71 Sydney adults who were separated into three groups:
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<li>people who bought a dog within one month of starting the study</li>
<li>people who were interested in getting a dog in the near future but agreed not to get one during the study, and</li>
<li>people who had no interest in getting a dog.</li>
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People filled out surveys to measure their mood, loneliness and symptoms of psychological distress at the three different time-points. We then compared the mental well-being of the groups at the beginning of the study, to the mid-point and to the end-point.
Here’s what we found
New dog owners felt less lonely after they got a dog compared to the other two groups. The effect happened quite quickly, within three months of acquiring a dog. There was no further decrease in loneliness between three months and eight months.
We also found some evidence that dog owners had fewer negative emotions, such as nervousness or distress, within three months of getting a new dog but this finding was not as clear cut.
We found that symptoms of depression and anxiety were unchanged after acquiring a dog. Maybe the dog owners in our study already had low levels of psychological distress before they got a dog, so dog ownership didn’t lower these levels any further.
What does it all mean?
There are lots of possible reasons dogs can help to lessen feelings of loneliness. We know having a quick cuddle with a dog <a href="https://www.tandfonline.com/doi/abs/10.1080/08927936.2015.1070008" target="_blank">boosts people’s mood in the short-term</a>. Maybe daily dog cuddles can also boost owners’ mood in the long-term which could help to lower feelings of loneliness.
Dog owners may also meet new people through their dog as <a href="https://www.propertyobserver.com.au/https://onlinelibrary.wiley.com/doi/abs/10.1348/000712600161673" target="_blank">people are more likely to talk strangers if they are accompanied by a dog</a>. In our study, dog owners also said they had met new people in their neighbourhood because of their dog.
So far, there have only been two similar studies to look at mental well-being in new dog owners, one of which was conducted almost 30 years ago.
Of these studies, one found dog owners had <a href="https://www.propertyobserver.com.au/https://www.ncbi.nlm.nih.gov/pubmed/1774745" target="_blank">fewer symptoms of psychiatric disorders</a> after they acquired a dog. The other study found <a href="https://www.tandfonline.com/doi/abs/10.2752/089279307X245473" target="_blank">no difference in loneliness</a> after people brought a new dog home.
Dogs may also improve our <a href="https://ahajournals.org/doi/full/10.1161/cir.0b013e31829201e1" target="_blank">physical health</a>, by reducing blood pressure, improving cardiovascular health and increasing the amount of physical activity their owners perform. But, as is the case with mental well-being, the scientific evidence is still limited.
So, what happens next?
One of the things our study cannot determine is how dogs affect men’s mental well-being. By chance, all the new dog owners in our study were women. So, we don’t know whether dogs affect men’s mental well-being in a different way to women’s.
Our next step is to look at mental well-being in a much bigger group of new dog owners to confirm these findings. A bigger study could also provide more insight into the relationship between dog ownership and mental illness, such as depression and anxiety.
If this article has raised issues for you, or if you’re concerned about someone you know, call Lifeline on 13 11 14.<img src="https://counter.theconversation.com/content/125495/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;">
Lauren Powell, PhD candidate, University of Sydney.
Emmanuel Stamatakis, Professor of Physical Activity, Lifestyle, and Population Health, 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/dogs-really-can-chase-away-loneliness-125495" target="_blank">original article</a>.
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Dogs really can chase away loneliness

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GUEST OBSERVATION
Australia was already <a href="https://www.propertyobserver.com.au/https://www.jstor.org/stable/44609144?seq=1#page_scan_tab_contents" target="_blank">one of the most urbanised nations</a> by the end of the 19th century. Unlike European and North American countries, Australia’s pattern of settlement did not have a neat urban hierarchy. The gap between the large and small towns was huge.
These patterns have intensified in the decades since federation, especially after the second world war. International and internal <a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/3218.0" target="_blank">migration trends have driven rapid growth</a> in the big cities, especially Melbourne and Sydney. This has created major problems with providing adequate <a href="https://theconversation.com/housing-policy-reset-is-overdue-and-not-only-in-australia-112835" target="_blank">housing</a>, <a href="https://theconversation.com/congestion-busting-infrastructure-plays-catch-up-on-long-neglected-needs-114598" target="_blank">infrastructure</a> and <a href="https://theconversation.com/some-suburbs-are-being-short-changed-on-services-and-liveability-which-ones-and-whats-the-solution-83966" target="_blank">services</a>.
The fundamental issue is the reluctance of urban communities and their leaders to discuss what might be sustainable populations.
The folly of unlimited growth
No Australian city has a long-term vision showing how a future stabilised population might be supported with the essential resources of food, water and energy. No Australian city has faced up to the inevitable social tensions of <a href="https://theconversation.com/what-did-the-rich-man-say-to-the-poor-man-why-spatial-inequality-in-australia-is-no-joke-73841" target="_blank">increasing inequality</a> between a well-served inner-urban elite and an increasingly under-resourced urban fringe.
Leaders in cities that have not grown as rapidly, such as Adelaide, <a href="https://www.news.com.au/finance/economy/australian-economy/as-the-east-coast-struggles-with-population-numbers-south-australia-is-desperate-for-a-boost/news-story/5ebca065ebe3f975ed83827d2373db37" target="_blank">lament their failure to grow like Sydney and Melbourne</a>, despite all the associated problems. All implicitly believe unlimited growth is possible.
In reality, the expanding ecological footprints of the large cities have created unsustainable demands on land to support urban dwellers. And the wastes the cities produce are straining the capacity of the environment to handle these.
Given the many unpriced flow-on effects from dense urban growth and market-led development, governments are struggling to deal with the undesirable consequences. <a href="https://theconversation.com/australian-city-workers-average-commute-has-blown-out-to-66-minutes-a-day-how-does-yours-compare-120598" target="_blank">Congestion</a> and <a href="https://theconversation.com/walking-mightnt-be-good-for-you-if-its-through-australias-polluted-city-streets-88772" target="_blank">pollution</a> threaten to overwhelm the many social and economic benefits of urban life.
The growth and concentration of populations are also driving chronic excess demand for appropriate housing. The result is <a href="https://theconversation.com/affordable-housing-lessons-from-sydney-hong-kong-and-singapore-3-keys-to-getting-the-policy-mix-right-123443" target="_blank">serious affordability problems</a>, which are adding to inequality across society and generations.
In 1970, urban historian <a href="https://theaimn.com/book-review-ideas-for-australian-cities-by-hugh-stretton/" target="_blank">Hugh Stretton pointed</a> to the role of Australia’s widespread owner occupation in offsetting the inequalities generated in labour markets and by inherited wealth. This is no longer the case.
The dominant neoliberal economic ideology has resulted in a <a href="https://theconversation.com/australia-needs-to-reboot-affordable-housing-funding-not-scrap-it-72861" target="_blank">retreat from providing public housing</a>. Abandoning would-be home-owners to the market has produced a situation in which urban land and house ownership is <a href="https://theconversation.com/how-the-housing-boom-is-remaking-australias-social-class-structure-66976" target="_blank">reinforcing class-based inequalities</a>. Home ownership is increasingly the preserve of the affluent and their children.
Housing-related inequality is also seen in the geography of our cities. <a href="https://theconversation.com/city-by-city-analysis-shows-our-capitals-arent-liveable-for-many-residents-85676" target="_blank">Poorer households are priced out of locations with better access</a> to good jobs, schools, transport, health care and other services.
Failures of governance
Governments in Australia’s federation are poorly placed to respond adequately. <a href="https://theconversation.com/metropolitan-governance-is-the-missing-link-in-australias-reform-agenda-55872" target="_blank">Responsibilities and fiscal resources are divided</a>, creating obstacles to effective planning and infrastructure provision.
The main factor driving urban population growth is an unprecedented <a href="https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/rp/rp1617/Quick_Guides/MigrationStatistics" target="_blank">rate of inward migration</a>. The national government <a href="https://immi.homeaffairs.gov.au/what-we-do/migration-program-planning-levels" target="_blank">sets large migration targets</a> as an easy way of creating economic growth. This leaves state governments with the impossible task of meeting the resulting demand for infrastructure.
Jane O’Sullivan <a href="/news">has shown</a> each extra urban citizen requires about A$250,000 of investment. The total sum is well beyond the capacity of state and local governments.
Arguments between federal and state governments are heavily politicised, especially when it comes to major transport investments. Even within single jurisdictions, complex demands and unexpected consequences prevent effective action. The <a href="https://theconversation.com/the-recycling-crisis-may-be-here-to-stay-112055" target="_blank">waste recycling crisis</a> is a prime example.
State governments must also deal with difficult trade-offs between, for example, allowing further <a href="https://theconversation.com/living-liveable-this-is-what-residents-have-to-say-about-life-on-the-urban-fringe-111339" target="_blank">development on the edges of cities</a> or <a href="https://theconversation.com/becoming-more-urban-attitudes-to-medium-density-living-are-changing-in-sydney-and-melbourne-84693" target="_blank">encouraging higher density in built-up areas</a>. This often involves <a href="https://theconversation.com/vested-interests-behind-city-shapers-often-subvert-higher-density-policies-74244" target="_blank">conflicts</a> with local governments and communities, concerned to protect their ways of life.
Australian planners and governments have long tinkered with <a href="https://theconversation.com/making-small-cities-bigger-will-help-better-distribute-australias-25-million-people-101180" target="_blank">policies to encourage decentralisation to smaller cities</a>. Despite these attempts, the dominant pattern of urbanisation with its seemingly intractable problems has hardened, a triumph of reality over rhetoric.
What needs to change?
To get beyond the rhetoric and make our cities more sustainably liveable requires a much more deliberate and interventionist role for government. It also requires residents of our cities and suburbs to be willing to allow their governments to interrupt business as usual.
This, we know from experience, is a big ask. It will step on the toes of the <a href="https://theconversation.com/housing-policy-is-captive-to-property-politics-so-dont-expect-politicians-to-tackle-affordability-55384" target="_blank">property lobby</a> and ordinary home owners. In some cases, for example, the short-term financial interests of property owners are leading local authorities to ignore scientific warnings about the impacts of climate change on coastal development.
Major changes are also needed in how urban land is taxed and the proceeds invested. “Simple” reforms like <a href="https://theconversation.com/the-way-australia-taxes-housing-is-manifestly-unfair-58421" target="_blank">replacing stamp duty on land transfer with a universal land tax</a>, as the <a href="http://www.taxreview.treasury.gov.au/content/Content.aspx?doc=html/home.htm" target="_blank">Henry Tax Review</a> recommended, will take political courage that has been absent to date.
More complex policies like finding ways of diverting population growth to non-metropolitan regions will take careful thought and experimentation. This might include relocating government agencies to provincial cities. This has been tried sporadically in the past at the <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2017-04-19/decentralisation-push-for-federal-government-departments/8453816" target="_blank">federal</a> level and in states such as <a href="https://www.theguardian.com/australia-news/2017/may/04/victorian-public-service-jobs-to-move-to-ballarat-and-latrobe-valley" target="_blank">Victoria</a> and <a href="https://psa.asn.au/wp-content/uploads/2013/01/NSW-Decentralisation-Taskforce-Report-April-2013-FINAL.pdf" target="_blank">New South Wales</a>. However, such cases tend to be one-offs and do not reflect an overall strategic plan.
Future generations will inevitably be critical of the complete failure of current leaders to plan for sustainable development.<img src="https://counter.theconversation.com/content/123916/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;">
Mike Berry, Emeritus Professor, RMIT University.
Ian Lowe, Emeritus Professor, School of Science, Griffith 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/no-australian-city-has-a-long-term-vision-for-living-sustainably-we-cant-go-on-like-this-123916" target="_blank">original article</a>.
This article is part of a series on rebalancing the human–nature interactions that are central to the study and practice of ecological economics, which is the focus of the 2019 ANZSEE Conference in Melbourne later this month.
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No Australian city has a long-term vision for living sustainably. We can’t go on like this

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There has long been a vigorous debate about the many and varied reasons why electricity prices in Australia are so high. 
An <a href="https://www.accc.gov.au/regulated-infrastructure/energy/electricity-supply-prices-inquiry/final-report" target="_blank" style="font-family: Tahoma, Helvetica, Arial, sans-serif; font-size: 12.15999984741211px;">ACCC review</a> found retail electricity markets mostly do not work in the interests of the customer – but this is only part of the story.
Another commonly accepted theory assumes that long-term customers of an electricity retailer pay a “loyalty tax” while those who switch every year save money.
But <a href="https://docs.wixstatic.com/ugd/cb01c4_8babedb580d44ca080fefea8b2ae8b0b.pdf" target="_blank">our research</a> has found that Victorians who switch their energy providers typically save less than A$50 a year. This challenges the common understanding of how these markets work.
<h2>Questioning common wisdom</h2>
Working from the assumption that seeking better deals can save households significant amounts, governments throughout Australia have encouraged customers to switch retailers often. Switching rates in Australia are actually very high, especially so in Victoria.
To test how well the theory matches reality, the Victorian government provided my colleagues and I with 50,000 real electricity bills uploaded by Victorian households to the government’s price comparison website in late 2018. (These households agreed their bills could be used for research purposes and bill uploads were voluntary.)
Our sample is reasonably representative of the population, although we think these customers may be a little more engaged with the energy market than typical Victorians.
What we found challenges the commonly accepted theory of how the retail market works. As it turns out, for most customers, switching retailers does not greatly reduce the amount of money they leave on the table (the difference between their annual bills and the market’s best offers).
The typical customer that has not switched energy retailers in the last year could have saved A$281 per year (about 20% of their bill) if they had signed up to the best possible deal.
 
But in reality, customers that did switch retailers in the last year saved only A$45 a year, or about 3% of their annual bill. This suggests that customers are not switching to the best possible deals. A A$45 saving is not a great reward for the time and effort they would have spent searching and then switching.
The first reaction of many economists to our finding would be that the retail market is working: the competitive pressures from switchers shows profits have been competed away and there is now little to be gained from switching.
From this perspective, those who did not switch could rest easy that the market was working for them. This is, after all, how many markets work. I am often amazed at the quality of many things I buy, and their prices that fall without me having to do anything to bring it about.
However, this does not seem to be the full picture in the electricity market. All customers, switchers and remainers, are typically paying some 20% more than the cheapest available option.
And it’s not that there are just one or two fantastic deals that customers are missing – there is a good number of much cheaper deals that they are not finding.
We also cannot assume customers are looking for other qualities, like customer service, instead of lower prices: saving money is by far the main reason customers switch.
<h2>Why is this happening?</h2>
Our finding begs an explanation. We suggest it starts with the observation that while electricity is extremely valuable, it’s just a utility. While people get pleasure from buying many things, electricity is certainly not one of them. Quite understandably, most customers want to spend as little time as possible engaging in electricity markets.
Many offers are also eye-wateringly complex. Large businesses fare far better than households in the energy market, through the simple but costly method of hiring professional consultants to find the best deals.
So, we have a complex product that requires skill to buy well but customers are, quite rationally in most cases, reluctant to spend the time acquiring those skills. It is understandable why most people do not do well when they navigate the market on their own.
But when customers seek advice from price comparison websites and similar advisors - as around half seem to do – they are often not getting good advice.
Perhaps this is to be expected in a market in which advisors are almost always paid by the sellers, and customers have little ability to assess the quality of the advice they get.
There are no easy solutions. Governments face the often mutually inconsistent objectives of stimulating choice and making choice simpler. The task is difficult at the best of times, and governments are seldom good at engaging with dynamic, fast-moving markets.
Some might argue that cheaper retailers simply have to convince customers of their merits, relative to the more expensive offers from the other retailers that most customers select. But electricity must already be one of the most advertised products in Victoria.
About 110 years ago, economist Alfred Marshall <a href="http://la.utexas.edu/users/hcleaver/368/368MarshallChivalrytable.pdf" target="_blank">suggested</a> that a government could print a good edition of Shakespeare’s works, but it could not have got them written. While the carcass of municipal electric works belongs to the officials, he said, the genius belongs to free enterprise.
The creation of a retail electricity market in Victoria 17 years ago sought to bring the “genius” of free enterprise to the sale of electricity to small customers. Taken in the round, the results so far are not entirely encouraging.<img src="https://counter.theconversation.com/content/122786/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/bruce-mountain-141253" target="_blank">Bruce Mountain</a>, Director, Victoria Energy Policy Centre, <a href="http://theconversation.com/institutions/victoria-university-1175" target="_blank">Victoria University</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/victorians-who-switched-energy-retailers-only-save-45-a-year-leaving-hundreds-on-the-table-122786" target="_blank">original article</a>.
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Victorians who switched energy retailers only save $45 a year – leaving hundreds on the table

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A castle-esque residence in Surrey Hills, Victoria, has been listed with a price guide of $3.4 to $3.6 million.
Located at 50 Wandsworth Road, the property comprises of 1,440 square metres.
It features four bedrooms, three bathrooms, a garage, study and library, large pool, and a personal gym. 
Built in 1888, the home has had wood-graining, marbling and gold-leaf detailing, carried out more recently by acclaimed artisan Derek Marvelley.
It last traded in 2001, when it sold for $1.3 million. 
The median house price in Surrey Hills is $1.738 million.
Richard Winneke and Campbell Ward, from Jellis Craig Boroondara, listed the sale. 
 
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Surrey Hills trophy home listed for sale

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Sydney's cheapest auction sale was $410,000 for a Newtown studio, one of just four reported weekend sales under $500,000.
The purchaser got a 39 square metre second floor corner position (pictured) overlooking King Street.
It was recently offered as a $430 a week rental, putting the sale at a 5.45 percent gross rental yield.
It had traded at $345,000 in 2014, at a slightly higher 5.8 percent yield. 
There were just three other reported sales where buyers got something in the $400,000s.
There was a two bedroom $446,000 Merrylands unit sold through Starr Partners. It last sold in 1999 at $215,000, so took around two decades to double in price.
A two bedroom Bankstown townhouse sold for $455,000.
There was a pre-auction $460,000 sale of a Potts Point studio, last sold at $36,500 in 1984.
The 27 square metre studio had city skyline views from its fifth floor Wylde Street vantage point.
The price guide had been $400,000 by McGrath agent Matthew Allerton.
A $382,000 Pemulwuy unit failed to sell.
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Newtown studio is weekend's cheapest sale

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Moving towards the latter part of 2019, the Central Coast region is seeing a little more stability in the residential market, according to the latest Herron Todd White (HTW) residential report.
The valuation firm took a look at rental yields across the nation. 
The report notes there is still the occasional outlier sale, but stability can be seen across all phases of the market.
The stability brings a good opportunity to look at where values are sitting and in the case of this month’s submission, where yields are sitting, the valuation firm said. 
"We generalise yields across several sectors of the market to include normal residential, prestige market and the holiday letting market," it said.
"No surprises that normal residential dwellings and units in the suburbs provide the bulk of rental accommodation."
Four-bedroom, new or newish project style dwellings towards the northern end of the region in suburbs that include Hamlyn Terrace, Woongarrah and Wadalba are showing yields in the vicinity of 4.5% to 5% gross.
In the older established locations and closer to the lakes and beaches, such as Bateau Bay, gross rental yield varies from 3.5% in the higher value bracket to 6% in the lower priced property segment.
The report suggests the unit market across the Central Coast Region is well established and like most of the eastern seaboard, it is expanding.
New developments are a prominent feature in the Gosford CBD and we can see that gross yields of between 4% and 5% can be expected.
The beachside suburb of Terrigal is a popular tourist and weekend destination, but it is also home to many living and working on the coast.
Gross yields on units seem to be hovering around the 4% mark at present.
"The Wyong unit market has traditionally been a solid investment choice and at the moment we are seeing gross yields varying anywhere from 5% to 7%," the valuation firm added. 
House and granny flat (secondary dwellings) have been popular in the peninsula suburbs of Umina Beach and Woy Woy for several years now.
This type of property is typified by an older dwelling, sometimes renovated and sometimes not, with a new granny flat erected within the rear yard area and accessed via the rear lane way.
A sample of this property from our records indicates that yields are around 5% to 6%.
"There have been some instances of 7% being obtained, but we believe a more representative level of yield to be slightly lower than this," the valuation firm said. 
In regard to the holiday letting market, getting a true market yield depends on a number of factors, least of which is disclosure of income to the market and that is a rare thing.
Other factors that can affect yields include the location, user reviews of a particular property, non-availability due to repairs and of course, occupancy rates.  
"There are more factors, but these are the ones we hear the most about," the valuation firm stated. 
"We hear and see yields ranging from sub-4% to well over the 10% mark.
"The end result for holiday lettings is that we find that the data is limited and too unreliable to make a call on yields." 
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Central Coast seeing more stability in the residential market: HTW

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In the Rockhampton region, yields have always been a strong consideration for the investor market as the region does not suffer the significant price fluctuations of the larger city markets, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at rental yields across the nation. 
"Any capital gain to be had in our region is therefore a long-term commitment. A high grossing yield provides the incentive to remain in the market," the valuation firm said. 
"On the other hand, most investors coming into the Gladstone market are more looking for short to medium term capital gains, especially given the timing of the current market cycle.
"The current state of the Rockhampton and Gladstone markets is considered to be at the early stages of recovery, so typically now is the best time to achieve a higher yielding property while values remain at an affordable low and rents are starting to creep up after a consistent tightening trend of vacancy rates over the past 18 months to two years."
Across the Rockhampton and Gladstone regions, the type of investor varies greatly from the typical mum and dad investor who may have one house other than the family home, through to interstate investors who invest significantly in the region via the purchase of multiple dwellings or sets of flats.
Whilst rarely seen, there is also a small degree of foreign investment.
"The emergence of the Rockhampton Riverfront precinct over the past ten years has also provided the opportunity to hold a holiday unit and receive the higher return over peak periods, or the benefit of a dual key arrangement, although there is a limited market for fully serviced apartments in our region," the valuation firm added. 
Gladstone has a significant supply of inner city apartments operated as serviced apartments aimed mainly at corporate travellers as well as tourists.
Non-traditional income producing properties (such as Airbnb) are less common regionally, with little evidence available to determine a yield.
There are however the occasional peak periods where traditional short-term accommodation cannot cater to the market, such as during the Beef Australia events held every three years, where Airbnb is extremely effective, however this is not an ongoing source of income throughout the year.
In the residential space, it is unlikely that a standard suburban home would attract what investors would consider to be a high yielding return on investment, depending on the location.
The report notes a typical 10 year old, four-bedroom home that may sell for $470,000 may only provide a gross yield in the order of 5% to 5.5%. This type of yield reflects the low-maintenance nature of the property.
An entry level home in the older, established areas of Rockhampton will be more attractive if assessed on a yield basis only, for example a 1940s high set three-bedroom fibro home, not directly flood affected (becomes isolated during flood periods) may sell at around $160,000 and provide a gross yield somewhere between 7% and 8%.
Whilst this may be more acceptable to most investors, there is likely to be higher levels of expenses involved with maintaining the property which would affect achievable rental income.
"Gladstone properties reflect similar yields, however the price points differ slightly," the valuation firm said. 
A typical five to 10 year old, four-bedroom home in Kirkwood or New Auckland would sell for around $300,000 and would reflect a gross yield in the order of 5% to 6%.
An older 1960s high set, three-bedroom home in a central suburb such as West Gladstone or South Gladstone would typically sell for around $200,000 and provide a gross yield somewhere between 6% and 8%.
The best high yielding property type in our region is flats or multiple properties on one title.
Due to the multiple occupancy nature, the income generated is often at least double traditional residential housing.
"Whilst we have example after example of traditional sets of flats achieving gross yields typically in the high 7% to low 8% range (buy in prices around the low to mid $300,000s), there are still some rare opportunities out there," the valuation firm said. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/30/koongal%202.jpg" alt="">
A recent sale of a two x two-bedroom duplex at <a href="https://www.realestate.com.au/sold/property-duplex+semi-detached-qld-koongal-130358254" target="_blank">12 Macarthur Street, Koongal</a> (pictured above) for $210,000, reflects a gross yield of 9.9%.
It is difficult to beat a near 10% return on a residential property in this region. This property then may benefit from the potential to increase the yield through a renovation and in turn increase the annual income able to be generated by the duplex.
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Now is the best time to find higher yielding properties in Rockhampton and Gladstone: HTW residential 

Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

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"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

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After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

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Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

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Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

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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.

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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.

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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.

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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.

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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."

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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."

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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.

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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.

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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.

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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.

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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;

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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."

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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.

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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.

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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."

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Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

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Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

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The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

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The apartment price gap drawing Sydney buyers west

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

Staff reporter

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