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The Block is reported to be buying a vacant block of land in Melbourne's bayside Brighton for its 2020 season.
The 2770 square metre block is at 360-364 New Street, on the north-east corner of Orchard Street.
It once accommodated the Andrina Private Nursing Home.
According to the Sunday Herald Sun, the producers are seeking to subdivide the holding into five lots. The holding reportedly cost $15 million.
It is unknown whether they will try a new concept for the 202 season perhaps allowing for contestant couples to build from scratch.
When The Block producers acquired land in Elsternwick two seasons ago, they also subdivided the holding into five, and then relocated onto them, historic weatherboard homes from elsewhere in Melbourne and Victoria which were facing the wrecking ball.
The former Andrina Private Nursing Home was acquired as a residential development prospect for $5.3 million in 2013 by Nick Williams, the son of horse trainer, Lloyd Williams.
<img src="https://www.urban.com.au/images/2019/7/17/BLOCK%202020-1.png" alt="">
More recently, the parcel was controlled by another developer proposing 13 townhouses known as One Orchard.
The Block producers have recently rebuilt the former Oslo Hotel in Grey Street, St Kilda, the subject of the 2019 series set, to air from August.
The aged care residence has been vacant since 2014. 
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j.ballantyne1990-6AQqhLzZaK

The Block 2020 whispered to be heading to demolished Brighton nursing home

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Chinese owned farming operation Rifa Salutary Pty Ltd is offering its NSW and Victoria based agribusiness portfolio to the market.
Owned by China's Zhejiang Rifa Holding Group, it was Rifa's first Australian agriculture purchase in 2014.
It has since acquired a total of 14 properties in Western Victoria and Northern NSW.
The properties combined land area totals roughly 44000 hectares and Rifa has expectations of selling it for around $150 million.
The largest farm Rifa purchased was the the 22,548 hectare Cooplacurripa Station that runs 5,000 head of cattle for a reported $29 million.
Other purchases by Rifa include two properties adjacent to Cooplacurripa – the Kerriki and “Number One” for $3.5 million – that have a combined acreage of 1,457 hectares.
Plus four additional acquisitions totaling 4,050 hectares – Highland Plain, Avondale, Stonefield, and a portion of Durkin at Warialda have also been purchased for between $12 million and $14 million.
The director of Rifa Salutary and Vice President of Rifa Holding Group, Bobby Jiang, said the company felt the time was right to capture value as a result of completed expenditure and improvement programs, combined with the growth in land value.
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<div id="adspot-1x1-pos1" data-hide-platforms="" data-lazy-load="no">The company's Australian Chief Executive Officer, Cameron Hall said recent investment in infrastructure and improvement programs had set the business up for the future.</div>
</div>
RIFA has also invested in specialist machinery and textiles, aeronautics and aviation, as well as finance and agriculture both in China and around the world.
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Chinese company Rifa offloading some of its Australian agribusiness portfolio

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A Bayles landholding 10 minutes from the centres of Pakenham and Kooweerup has been listed for sale.
Set on 66.77 hectares over four titles, the property at 980 Main Drain Road has about 620 metres frontage to the Bunyip River along Main Drain Road. 
The sale price is negotiable around $2.9 million, accord to the marketing material.
The property features the coveted black peat loam soils for which this district is revered, especially by asparagus and more recently strawberry and other crop enterprises.
Historically, the property has operated as an organic dairy farm but it has since changed hands.
The property is under a negotiable lease currently with another dairy farmer as a dry herd turnout block. 
It is subdivided into 25 paddocks with established tree breaks along the fence lines. 
Selling agent Ray Cullen from Rodwells Ruralco Property says that with its very clean pastures and a large water trough in every paddock there is significant grazing potential.
“The current grazing lease could be continued by negotiation if the purchaser requires, while there is also rental of $400 per week from the tenant occupying the original three bedroom brick veneer homestead on the property,” said Cullen. 
“Combined these two leases provide a worthwhile holding income and could be continued while future development or new use plans are formulated.”
Cullen said that in addition to the home there is quite a bit of useful infrastructure that is related to its earlier dairy farm use. 
These include two haysheds, a lockup machinery shed, a set of cattle yards and the now disused original dairy building. 
The property has a three-phase power supply with irrigation plant plus a current 20 megalitre water license to pump from the Bunyip River.
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Leased 66 hectare former dairy farm in Bayles, Victoria listed

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Nimmie Glenn, a 16.35 hectare holding with a homestead, has sold under the mortgagee auction hammer for $1.4 million.
The property went to auction with a price guide of $1,175,000 to $1,275,000.
Adam Jones of McGrath marketed the listing.
<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/2019/7/31/wallaroo%202.jpg" alt="">
Situated at 151 Gooroomon Ponds, the listing said "it offers limitless potential and redevelopment options".
Set on the 40 acre plot of land is a four bedroom one bathroom homestead.
Featuring a workshop, dog kennel, stables, single and double carport, it is located less than one minute from Gooromon Park Horse riding school and eight minutes to a number of wineries including Brindabella Hills Winer.
It is also close to Westfield Belconnen and Gungahlin CBD.
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Wallaroo, NSW mortgagee farm Nimmie Glenn sold above auction price guide

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Hexadome, a 1986-built home in Eden Hills, South Australian with views of Shepherds Hill Recreation Park has hit the market. 
Jill Wehrs of Ouwens Casserly Real Estate has the listing which comes with $480,000 to $499,000 hopes. 
The multi-sided structure of the home at 18 Chitunga Road was adapted from the original concept design by Richard Buckmeister Fuller, an American architect, designer, inventor and futurist.
The design features self-supporting elements and open plan living areas. 
Nestled on a 2,853 square metre elevated bushland, the main hexagon structure comprises master bedroom, dressing room, open plan living and dining area, functional kitchen with breakfast sitting nook and double French doors leading to the north facing deck. 
<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/2019/7/15/eden%20hills%202.jpg" alt="">
An attached smaller module comes with a queen size bedroom with access to the rear garden and a bathroom with roomy shower. 
Other highlights include radiant heating, ceiling fans, air conditioning, electric heat panel, covered car parking, and terraced rear garden. 
<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/2019/7/15/eden%20hills%203.jpg" alt="">
It has easy access to the coast, Flinders, Blackwood, the CBD or Marion. 
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Eden Hills trophy home conceptualised by futurist Richard Buckmeister Fuller listed

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EXPERT OBSERVER
Westpac is forecasting a 0.5% rise in the June quarter consumer price index (CPI) lifting the annual pace to a 1.5% rise from a 1.3% rise.
The June quarter tends to be a seasonally soft quarter with the ABS projecting a seasonal factor of 0.2ppt increase. The seasonally adjusted CPI is forecast to rise 0.7%.
The trimmed mean is forecast to rise 0.33% in the June quarter or 1.5% over the year and the weighted median is forecast to rise 0.30% in the June quarter/1.1% over the year.
The average of the core inflation measures is forecast to print 0.31% in the June quarter with the annual pace easing back to a 1.3% rise from a 1.4% rise.
In June, we forecast that fresh fruit and vegetable prices drag food prices down 0.4% in the quarter.
<a href="https://www.propertyobserver.com.au/images/2019/7/16/CPI%201.jpg" target="_blank">Click here</a> to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/16/CPI%201.jpg" alt="">
Source: Westpac 
Housing costs are down slightly due to falling utilities and there is the usual seasonal fall in pharmaceuticals while car prices fall again.
Auto fuel is forecast to make the single largest contribution rising 11%.
Alcohol and tobacco rose modestly while clothing and footwear had a positive quarter.
Health costs continue to rise solidly (as rising medical and hospital services more than offset falling pharmaceuticals) and there was an unseasonal gain in domestic holiday travel.
Traded prices are forecast to rise 0.8% in the June quarter while non- traded prices are forecast to rise 0.4% in the June quarter.
Outside of fuel, there is very little inflationary pressure in the Australian economy.
<a href="https://www.propertyobserver.com.au/images/2019/7/16/CPI%202.jpg" target="_blank">Click here</a> to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/16/CPI%202.jpg" alt="">
 
Core inflation remains well below the bottom of the RBA target band as moderating housing costs hold back modest inflationary pressure elsewhere.
Competitive deflationary pressure in consumer goods is limiting the pass through of the weaker AUD though it is having an impact.
As such, we find it hard to see how core inflation could break higher any time soon.
<a href="https://www.propertyobserver.com.au/images/2019/7/16/2019%20Q2.jpg" target="_blank">Click here</a> to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/16/2019%20Q2.jpg" alt="">
Recap March quarter CPI - above expectations
The CPI was flat in the March quarter compared to a market median expectation of 0.2% and Westpac’s 0.1%.
The annual rate eased back to 1.3% from 1.8% in Q4.
Of note, housing costs were flat in the quarter as falling dwelling prices offset modest gains in rents and other housing costs which is key to low non-tradable and core inflation prints.
<a href="https://www.propertyobserver.com.au/images/2019/7/16/dwelling%20inflation.jpg" target="_blank">Click here </a>to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/16/dwelling%20inflation.jpg" alt="">
<a href="https://www.propertyobserver.com.au/images/2019/7/16/dwelling%20prices.jpg" target="_blank">Click here</a> to enlarge: 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/16/dwelling%20prices.jpg" alt="">
<a href="https://www.propertyobserver.com.au/images/2019/7/16/weaker%20AUD.jpg" target="_blank">Click here</a> to enlarge: 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/16/weaker%20AUD.jpg" alt="">
Drought is a surprising negative for food prices in Q2
The continuing dry conditions on the east coast have, for now, suppressed wholesale prices for agricultural goods as growers sell stock they can no longer support increasing supply. 
This is particularly so for meat (beef and lamb) but we have to be careful not to take this too far due to significant variation in the quality of stressed stock plus, for now, anecdotally many growers are choosing to bear the costs of feeding stock rather than selling.
<a href="https://www.propertyobserver.com.au/images/2019/7/16/lamb%20price%201.jpg" target="_blank">Click here</a> to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/16/lamb%20price%201.jpg" alt="">
<a href="https://www.propertyobserver.com.au/images/2019/7/16/beef%20price.jpg" target="_blank">Click here</a> to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/16/beef%20price.jpg" alt="">
Beef and veal prices are expected to rise modestly as are lamb and goat prices.
Pork should have a seasonal fall in price but we are closely watching the rise in global pork prices as a large proportion of the Chinese pork herd is slaughtered to control an outbreak of African swine flu. This should be boosting the price of imported pork and has been boosting the demand for alternative meats including chicken.
<a href="https://www.propertyobserver.com.au/images/2019/7/16/veggie%20price.png" target="_blank">Click here</a> to enlarge:
<img src="https://www.urban.com.au/images/2019/7/16/veggie%20price.png" alt="">
Wholesale prices are pointing to meaningful fall in fresh fruit and vegetable prices. All up we are looking for a –0.4% fall in food prices (–0.07ppt contribution).
Alcohol and tobacco remains a source of inflation
Tobacco in particular remains a key source of inflationary pressure.
Even without excise indexing, tobacco prices are expected to rise 2% in Q2 contributing 0.06ppt to the CPI.
By comparison alcohol is expected to rise 0.4% contributing 0.02ppt to the CPI.
Clothing and footwear has a small seasonal rise
In recent years clothing and footwear prices have tended to rise in the June quarter due to the repricing post the New Year sales and before the start of the end of financial year sales.
We also expect to see some pass-through from the weaker AUD that has given a small boost to imported goods prices.
However, the trend has been for the Q2 rise to be softer than historically hence Westpac is forecasting a very modest 0.5% gain in the quarter contributing 0.02ppt.
Housing set to be flat in the quarter
We are looking for rents to be flat in Q2. Industry data suggests that with vacancy rates rising, particularly in Sydney, the pressure remains on rents.
But this series measures all rents being paid, including public sector rents, and not just the new contracts being signed (which is what is reported in most industry data).
As such, we caution against forecasting ongoing falls in rental prices, at least for now.
Dwelling purchase price changes in Sydney and Melbourne have been quite volatile on a quarterly basis but there has been a moderation in the annual pace consistent with industry data.
Price changes have eased in Brisbane and Adelaide while the correction in Perth was having a second wind through the second half of 2018 but stabilised in 2019 Q1.
For utilities we are also looking for the usual June quarter rebound in gas prices while the wholesale prices suggest some further correction in electricity prices is likely.
Our forecast a 0.1% fall in housing costs will contribute –0.01ppt to the CPI.
Household contents and services to have a seasonal bump
Furniture and carpets, household textiles and appliances are set to have a seasonal bump but we have muted it a bit for appliances as the price competition here has been limiting this rise.
Our estimate is 0.5% (contributing 0.04ppts) does include an allowance for some modest pass through from the impact of the weaker AUD on import goods prices.
Health has a seasonal bump despite falling pharmaceuticals
The June quarter is the first quarter for many households where the PBS (Pharmaceutical Benefits Scheme) kicks in as they have spent over the threshold limit on healthcare and thus can access government assistance.
But the rise in other health costs more than offsets this price fall and Westpac is forecasting 2.1% rise in health costs contributing 0.12ppt.
Automotive fuels will be the main boost to prices
For transport, pump prices of automotive fuels lifted 11% in the June quarter.
However, allowing for a seasonal fall in vehicle prices, and modest gains elsewhere, transport costs are likely to rise 2.9% in the June quarter contributing 0.29ppt.
<a href="https://www.propertyobserver.com.au/images/2019/7/16/auto%20fuel.jpg" target="_blank">Click here</a> to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/16/auto%20fuel.jpg" alt="">
Airfare data suggests domestic holiday travel prices are rising rather than the seasonal norm for a fall.
Normally domestic holiday travel costs fall in the June quarter as it is the offseason for the Australian travel/holiday industry. But BITRE airfare data suggests there were some modest gains in the quarter.
In addition, the weaker AUD is pointing to some price gains for international holidays.
When you add in the ongoing falls in the price of audio visual and computer equipment, recreation and culture is forecast to rise 0.7% in the June quarter contributing 0.07ppt.
<a href="https://www.propertyobserver.com.au/images/2019/7/16/domestic%20travel.jpg" target="_blank">Click here</a> to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/16/domestic%20travel.jpg" alt="">
Core inflation remains below the bottom of the band.
The trimmed mean is forecast to rise 0.3% with the annual pace easing back to 1.5% from 1.6% over the year.
Our forecast for the average of the RBA core measures of inflation is a modest 0.3% in the June quarter with the annual rate easing back to 1.3% from 1.4% over the year.
This will see the two quarter annualised pace of the average of the core measures ease back to 1.0% from 1.2% over the year.
Traded goods and services are forecast to rise 0.8% in the June quarter/0.7% over the year and non–traded prices are forecast to rise 0.4% in the June quarter /1.9% over the year.
<a href="https://www.propertyobserver.com.au/images/2019/7/16/indicator%20of%20cpi.jpg" target="_blank">Click here</a> to enlarge: 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/16/indicator%20of%20cpi.jpg" alt="">
JUSTIN SMIRK is ‎a senior economist, Westpac Group and can be contacted <a href="https://www.westpac.com.au/about-westpac/westpac-group/" target="_blank">here</a>.
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CPI forecast to rise for June quarter: Westpac's Justin Smirk

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Raise Projects is set to launch a new six-storey apartment building called Bloom on Wesley to the Brisbane property market.
The goal is to offer buyers oversized apartments with elevated city views.
Positioned in Brisbane’s city-fringe suburb of Lutwyche, Bloom on Wesley incorporates 36 two-bedroom plus study, three-bedroom plus study and three-bedroom plus multi-purpose room apartments across six levels with resort-style amenities featuring a rooftop infinity pool, gymnasium, BBQ and recreational area.
It is located at 17-21 Wesley Street in the heart of Lutwyche, 5.4 kilometres from Brisbane's CBD and minutes away from the Airport Link motorway.
<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/2019/7/15/Bloom%20on%20Wesley%20Master%20%20Courtyard%20Rustic.jpg" alt="">
The apartments have up to 159 square metres of space in a variety of floor plans.
Bloom on Wesley Marketing Manager and TOTAL Property Group Managing Director Adrian Parsons said the city-fringe suburb of Lutwyche was fast becoming a lifestyle destination of choice for home buyers looking for property in Brisbane.
Prices start from $495,000 for two-bedroom apartments and from $645,000 for three-bedroom apartments.
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Bloom on Wesley apartment project launched in Brisbane

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GUEST OBSERVATION
Australia’s super rich are richer than ever, but not like they used to be.
Since the surprise re-election of the Coalition, there has been renewed debate about the role the “aspirational” Australian played in the final outcome. The debate is taking place against the backdrop where income inequality has been growing in most developed countries over the past half-century, including in Australia.
Bureau of Statistics figures released on Friday show that the wealth of Australia’s wealthiest households has grown <a href="https://www.abs.gov.au/ausstats/abs@.nsf/Lookup/by%20Subject/6523.0%7E2017-18%7EMain%20Features%7EKey%20Findings%7E1" target="_blank">much faster</a> than the wealth of the rest.
<hr>
Household net worth by quintile (top fifth to bottom fifth)
<a href="https://images.theconversation.com/files/284287/original/file-20190716-173351-ydebm9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/284287/original/file-20190716-173351-ydebm9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
AUD millions, top quintile is the wealthiest 20% of households. <a class="source" href="https://www.abs.gov.au/ausstats/abs@.nsf/Lookup/by%20Subject/6523.0~2017-18~Main%20Features~Key%20Findings~1" target="_blank">ABS 6523.0</a>
<hr>
Over the course of the 20th century, income equality has been U-shaped, a point noted by French economist <a href="https://theconversation.com/is-pikettys-capital-in-the-twenty-first-century-really-the-most-unread-bestseller-67713" target="_blank">Thomas Piketty </a> and Australia’s Productivity Commission.
In Australia, the income share of the top 1% peaked at 14% in 1950, then fell to a low of 5% in the early 1980s before climbing again to 9% by 2015.
Wealth inequality has also followed a long term U-pattern, and in many countries wealth is even more concentrated than income.
The Productivity Commission finds that in Australia, a person at in the top 10% of wealth distribution has <a href="https://www.pc.gov.au/research/completed/rising-inequality" target="_blank">40 times</a> as much wealth as a person in the bottom 10%. That person has four times as much income.
<hr>
Income shares of the top 1%, by country
<a href="https://images.theconversation.com/files/283954/original/file-20190713-173334-1sivwtw.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/283954/original/file-20190713-173334-1sivwtw.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Per cent of unequivalised gross taxable income earned by the top 1% of adult income earners, 1913 to 2013. <a class="source" href="https://www.pc.gov.au/research/completed/rising-inequality/rising-inequality.pdf" target="_blank">Productivity Commission, 2018</a>
<hr>
In a paper to be presented to the Australian Conference of Economists in Melbourne on Tuesday, my colleague Monica Jurin and I shed light on wealth inequality over the past three decades through the lens of Australia’s super rich – the richest 200 households and families.
The super rich are changing
<a href="https://images.theconversation.com/files/283918/original/file-20190713-173355-1exi30j.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/283918/original/file-20190713-173355-1exi30j.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a> 
<a class="source" href="https://www.afr.com/rich-list" target="_blank">The BRW/AFR Rich List, updated since 1984</a>
Based on the <a href="https://www.afr.com/rich-list" target="_blank">Rich List</a>, compiled by the Business Review Weekly since the 1980s, and now updated annually by the Australian Financial Review, we examine the importance of inherited wealth versus entrepreneurship among Australia’s super rich.
The Rich List confirms the rise in wealth inequality. In 2019, the richest 200 families accounted for 3.6% of the aggregate net worth of all Australian families, up significantly from 2.3% in 1989.
But the importance of inherited wealth appears to have diminished.
Those with inherited wealth and family businesses today make up one-third of the super rich, well below 43% in 1989, with a gradual decline over each of the past three decades. Inherited wealth by itself accounts for 37% of the Rich List’s net worth today, well below 55% in 1989.
The emergence of technology entrepreneurs such as <a href="https://www.afr.com/rich-list/how-the-rich-invest-mike-cannonbrookes-20180605-h1107b" target="_blank">Mike Cannon-Brookes and and Scott Farquar</a>, founders of software company Atlassian, stand out.
Today, the technology sector accounts for almost 8% of the Rich List’s net worth, compared to almost none in 1989.
The results seem somewhat less egalitarian when we examine whether those on the list have appeared on it before.
They’ve more persistence, less inheritance
For instance Frank Lowy, co-founder of Westfield, is considered to be self made. But once on the list, he remained on in each of the four decades we examined.
Whatever the sources of one’s entry to the Rich List, members like Mr Lowy provide evidence of persistence. Conditional on being on the list a decade earlier, members have a slightly higher probability of remaining on it than they did in 1999, controlling for death and other factors.
Our findings complement those of <a href="https://www.aeaweb.org/articles?id=10.1257/aer.103.3.158" target="_blank">Steven Kaplan and Joshua Rauh</a> who observe similar patterns in the <a href="https://www.forbes.com/forbes-400/#332701f57e2f" target="_blank">Forbes 400</a> list in the US.
Here, and in the United States
They find that inherited wealth has become less important and being college educated has become more important.
In Australia we find that a substantially higher share of the richest individuals are tertiary qualified today than they were in 1989, but we are reluctant to draw strong conclusions because the entire society has greater access to tertiary education than it did in 1989.
The super rich have occupied a unique place in modern Australian culture since the emergence of conspicuous entrepreneurs and the emergence of the Rich List in the 1980s.
They are changing, and probably in a good way, even as inequality is growing.

<hr>
Salvatore Ferraro, Lecturer, RMIT 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/inequality-is-growing-but-it-is-also-changing-as-australias-super-rich-evolve-119925" target="_blank">original article</a>.
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Inequality is growing, but it is also changing as Australia's super rich evolve: Salvatore Ferraro

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There are certainly opportunities in the current 2019 market to pay less than the last price.
But is there really such a thing as buying a bargain when it comes to property? And where are they?
This series of articles looks are specific examples of sale price or asking price falling. 
We take a look at where and if possible why this is happening.  
We came across this property for consideration.
A three bedroom, two bathroom house in Urangan, a coastal suburb of Hervey Bay in Queensland, has been re-listed with another reduction in its asking price.
The waterfront reserve home was first listed for $748,000 in 2009.
It then spent a year on the market in 2010 where its asking price dropped over the campaign to be asking for offers over $600,000.
Now it's been re-listed with a guide of $575,000 plus. 
The home at <a href="https://www.realestate.com.au/property-house-qld-urangan-131472406" target="_blank">685 Esplanade</a> was built in 1999 and is described by the agents as a beautiful Queenslander inspired home.
It has uninterrupted sea views across the Great Sandy Straits towards World Heritage Listed Fraser Island.
Scott &amp; Katrina Mitchell of Mitchell's Realty are marketing the home on 600 sqm.
<img src="https://www.urban.com.au/images/2019/7/16/URANGAN%202.png" alt="">
<div class="story-content">
<div class="w650 h365 image media">
<div class="image-wrapper">Property Observer advise that it is up to you to determine if the offering is a truly beneficial bargain.</div>
<div class="image-wrapper">
Remember buying at the bottom of the cycle is fraught – as you can't really precisely pick the bottom nor know just how long until you see some price growth.
Be aware you could be buying a poor quality property in an area with ongoing issues of oversupply of stock.
The oversupply could be also putting downward pressure on rents.
Other price declines could be because the vendor needs a quick sale or paid way over the top on its last purchase chase.
Property Observer suggests property purchasing really does need to be a very well considered proposition with a long term mindset.
As a part of this series, we've already had a look at properties in <a href="/expert-insights/buying/bargain-property-at-mount-eliza-home-at-2-million-discount">Mount Eliza</a>, and <a href="/expert-insights/buying/bargain-property-in-central-geelong-sale-price-dips-after-one-year">Central Geelong</a> and <a href="/expert-insights/buying/bargain-property-in-east-perth-near-new-apartment-makes-150-000-loss">East Perth</a>.
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Bargain property in Urangan? Waterfront reserve home re-listed with price slash

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After an estimated 18% decline in the median house price in Sydney in the two years to June 2019, house price growth is expected to stabilise through 2019/20 as affordability improves and credit conditions ease, a new report said.
A strong supply pipeline will see dwelling completions remaining relatively high in 2019/20 after peaking at record levels in 2018/19, which in turn will dampen price growth, according to the BIS Oxford Economics Residential Property Prospects 2019 to 2022 report.
A total rise of 6% is forecast for Sydney’s median house price in the three years to June 2022.
With investor demand being more negatively impacted by tightened credit, and supply concentrated in the unit sector, the median unit price is forecast to rise by only 1% in this time.
However, with supply falling away sharply from 2020/21, the market is expected to tighten quickly and see price growth accelerate beyond the forecast period.
<a href="https://www.propertyobserver.com.au/images/2019/7/15/BIS%201.jpg" target="_blank">Click here</a> to enlarge:
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<a href="https://www.propertyobserver.com.au/images/2019/7/15/BIS%202.jpg" target="_blank">Click here</a> to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/15/BIS%202.jpg" alt="">
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<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/2019/7/15/BIS%203.jpg" alt="">
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Sydney median house price expected to rise 6% by 2022: BIS Oxford Economics 

Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.

Off the plan purchasers have started moving into the 49-apartment project on Pier Street, with the remaining move-in-ready one-, two- and three-bedroom apartments starting from just over $500,000.

Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.

[smartcode_project:default project_id=112195 project_image_fid=372638]

The completed apartments feature open-plan living and dining areas which extend onto private balconies and terraces, while full-height glazing maximises natural light throughout the interiors.&nbsp;

Hybrid timber-look flooring, stone benchtops, Miele appliances, porcelain-tiled bathrooms and generous storage feature throughout the building which also features landscaped communal areas, expansive shared terraces, lift access and secure on-grade parking.

Drawing inspiration from its bayside setting, Voyage adopts a restrained palette of warm neutral tones and textured finishes. Many of the apartments take advantage of views across Port Phillip Bay, while the indoor-outdoor living spaces have been designed to make the most of the coastal outlook.

[smartcode_project:default project_id=112195 project_image_fid=3286]

Voyage was developed to address what Spacious Group identified as an undersupply of higher-quality apartment product in Altona, with a focus on owner-occupiers looking to remain within the bayside community.

"Voyage responds to very strong local buyer demand for quality, owner-occupier-focused product," says Barry Plant Projects Director Jarrod Farey, who has handled sales since the project's launch.

"The project delivers an elevated lifestyle proposition, with its design and quality of finish far exceeding anything previously produced in the area, as well as its proximity to Pier Street Village and the beach."

The majority of purchasers have been local downsizers and owner-occupiers looking to stay within the Altona community but who previously had limited opportunities to buy a brand-new apartment.

[smartcode_project_cta:default project_id=112195]

Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

Homecorp has secured approval for a $360 million apartment development at Budds Beach, paving the way for one of the Gold Coast's most amenity-rich residential projects to launch later this year.

Gold Coast City Council has approved Lýon Residences, a 32-level tower that will deliver 178 two and three-bedroom apartments across a prominent corner site at 8-10 Acacia Avenue and 25-27 Oak Avenue.

The approval comes as developers continue to invest in premium lifestyle-driven apartment projects on the Gold Coast, where owner occupiers are increasingly prioritising amenity as much as apartment size and location.

<a href="https://www.apartments.com.au/new-apartments/l-on-residences-25-27-oak-avenue-surfers-paradise-qld-4217">Lýon Residences</a> has been designed around a resort-style wellness offering, headlined by a Moroccan-inspired spa precinct featuring treatment rooms, a Nordic sauna and steam room, hot and cold plunge pools, a soaking pool and a residents-only juice bar.

The rooftop will include a heated infinity pool and spa, residents' lounge with private kitchen and bar, gymnasium, yoga and Pilates studio, outdoor entertaining areas and barbecue facilities overlooking the Surfers Paradise skyline.

<img alt="Lyon" data-entity-type="file" data-entity-uuid="2d3e29af-8793-486e-a684-52cef862241f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-15%20at%204.32.26%E2%80%AFPM.png?VersionId=ayG2zpLf3SS6Zy8XmKDcQods4kVWb0gm" />

Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.

"Budds Beach represents one of the most unique and sought-after pockets of the Gold Coast, and Lýon Residences has been designed to reflect that sense of rarity and refinement," Bakir said.

The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.

The latest Global Wellness Institute figures show wellness real estate remains the fastest-growing segment of the global wellness economy and is forecast to exceed $1.8 trillion by 2030. Australia continues to rank among the world's 15 largest wellness real estate markets, with developers increasingly integrating health, recreation and community facilities into apartment projects.

Queensland is also experiencing strong population growth, with the Gold Coast continuing to outperform many other Australian cities as demand for new housing remains elevated ahead of the 2032 Olympic and Paralympic Games.

Bakir said the project had been designed to respond to that shift in buyer expectations.

"Strong population growth and sustained demand across the Gold Coast continue to highlight the need for well-designed new housing supply. Lýon Residences responds directly to this demand while setting a new benchmark for residential living," he said.

Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.

Located just minutes from Surfers Paradise beach and the Broadwater, the development also offers easy access to the light rail network, Broadbeach and Burleigh Heads.

Early site works are underway, with construction expected to commence later this year.

Homecorp approved for Budds Beach apartment tower, Lýon Residences

New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.

Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.

Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.

[smartcode_project:default project_id=28384 project_image_fid=3823]

Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.

The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.

"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.

"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."

[smartcode_project:default project_id=28384 project_image_fid=3826]

The rarity of the development hasn't been lost on prospective buyers, McSweeney says.

For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.

"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."

The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.

<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/N_FowNW0wu8?si=vb25XFq1wZ-iufAW" title="YouTube video player" width="560"></iframe>

A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.

The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.

At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.

[smartcode_project:default project_id=28384 project_image_fid=372542]

The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.

Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.

Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.

"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."

Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.

[smartcode_project_cta:default project_id=28384]

North-facing Swan River views drive demand at Rivière Residences in Applecross

Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.

The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.

[smartcode_project:default project_id=143337 project_image_fid=374768]

McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.

"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.

"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."

[smartcode_project:default project_id=143337 project_image_fid=374767]

A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.

The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.

[smartcode_project:default project_id=143337 project_image_fid=374760]

Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.

Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.

"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."

Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.

[smartcode_project:default project_id=143337 project_image_fid=374761]

Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.

"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.

She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.

Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.

Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.

Construction is underway, with completion expected in the second half of 2027.

[smartcode_project_cta:default project_id=143337]

More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Staff reporter

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