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GUEST OBSERVATION<a href="http://theconversation.com/institutions/griffith-university-828"></a>
That casualisation and self-employment rates are not increasing is often trotted out to dispute perceptions that workplace insecurity is growing.
But retorts like this miss a few key points.
First, the real causes of growing insecurity aren’t the type of contracts people are on. While these things matter, the real causes of insecurity are the way organisations are being structured these days. This is designed to minimise costs, transfer risk from corporations to employees, and centralise power away from employees.
Second, aggregate data mask variations between industries.
Third (and least importantly) there are some measurement issues.
Reducing cost and risk
Large corporations want to minimise their costs and risks, avoid accountability when things go wrong and ensure products have the features they want.
This partially explains the dramatic increase in franchised businesses – the franchisee bears responsibility for scandals such as underpaying workers.
Other corporations call in labour hire companies to take on responsibility for their workers. This cuts costs and transfers risk down the chain – which means jobs are more insecure.
Some set up spin-offs or subsidiaries. Some just outsource to contracting firms.
Most people working for franchises, spin-offs, subsidiaries and labour hire firms are still employees. It’s more efficient for capital to control workers through the employment relationship than to pay them piece rates as contractors. That would run the risk of worker desertion or of shortcuts affecting quality.
Is casualisation the same as insecurity?
Even employees at the bottom of the supply chain might get annual and sick leave. Offering leave helps attract labour and might be cheaper than paying casual loading.
And there’s no need to hire someone on a casual contract if you can make them redundant when the work dries up — if, for example, you lose your contract with the main parent firm. If your firm can go bankrupt, then you often won’t even have to pay redundancy benefits.
There are also the measurement issues. The Australian Bureau of Statistics counts the number of “employees without paid leave entitlements”. People take this to mean “casuals”. On this measure, the share of casuals in the workforce has shifted little in a decade, after growing substantially earlier.
If we take the liberty of labelling people without leave as “casuals”, then the number of “casual” full-timers grew by 38% between 2009 and 2017. Labour hire workers are usually casual full-time workers.
“Permanent” full-timers (those with annual leave) grew by just 10%.
On the other hand, some organisations have found relying on part-time casuals counterproductive, as workers had no commitment and became unreliable. Some large retailers now use “permanent” part-timers rather than casuals.
So-called “casual” part-timers grew by just 13% between 2009 and 2016. “Permanent” part-timers grew by 36%.
A lot of variation between industries and periods is hidden by aggregate figures. Franchising has grown in retailing. Labour hire in mining. Outsourcing in the public sector. Second jobs in manufacturing. Spin-offs in communications. Casualisation in education and training. Global supply chains send jobs overseas to low-paid, often dangerous workplaces in a number of industries.
The ABS doesn’t measure the precarity of work experienced by people who now work in franchises, spin-offs, subsidiaries or contractor firms. But as their continued employment depends on the fortunes of their direct employer, more than the firm at the top of the chain, precarity is real.
Underemployment has grown
Many “permanent” part-time jobs may be good jobs. But the continuing growth of part-time employment is linked to another form of insecurity – underemployment.
Between 2010-11 and 2016-17, the number of hours sought, but not worked, by underemployed people grew by 31%. This is five times the total growth in hours worked.
Large firms don’t even need to spin off workers to smaller business units to make use of underemployment.
There are other important sources of worker insecurity. In Australia, for example, firms can seek to have enterprise agreements terminated, or get a handful of workers to sign new agreements, to cut pay and conditions.
Some firms seek to put employees onto contrived arrangements that make them out to be contractors. Often that’s illegal.
The growing insecurity and hence low power of workers – even those with leave entitlements – helps explain why wage growth is stagnating.
Indeed, the successful “war on wages” may be the biggest sign of worker insecurity.
And what about the gig economy?
The gig economy, or more accurately the platform economy, is a big challenge to the employment relationship. This is because virtual platforms provide a new, cheap form of control that may replace the need for the employment relationship.
But there are still limits to the use of cost cutting and of platform control. The gig economy will grow, but it won’t overtake the employment relationship.
Gig work is one form of self-employment and we should remember that, overall, self-employment is not increasing. Self-employment declined between 2000 and 2014 in 26 countries for which data were available, and increased in only 11 (see chart below).
<img src="https://images.theconversation.com/files/229705/original/file-20180729-106521-3hokgi.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Changes in self-employment, 2000-2014, various countries. OECD, Author provided
What’s more, even the relative importance of large firms in total employment is not decreasing. That’s probably because of another trend — the concentration of markets in the hands of those firms.
In short, large powerful firms are getting more powerful, but their directly employed workforces are not getting larger. The result is a lot of workers with insecure incomes and a lot of insecure small-business owners as well.
<img src="https://counter.theconversation.com/content/100668/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">This means insecurity gnaws away, even while the employment relationship remains the dominant mode for deploying labour, and employment with leave entitlements remains its main form.
David Peetz, Professor of Employment Relations, Centre for Work, Organisation and Wellbeing, Griffith University
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/self-employment-and-casual-work-arent-increasing-but-so-many-jobs-are-insecure-whats-going-on-100668" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

Self-employment and casual work aren’t increasing but so many jobs are insecure – what’s going on?

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EXPERT OBSERVER
The CoreLogic Home Value Index of capital city home prices fell by 0.6% in July to stand 2.4% lower over the year.
The national home price index also fell by 0.6% in the month to be down 1.6% over the year.
The monthly decline was the largest fall in six and a half years.
 <img src="https://www.urban.com.au/images/2018/8/2/CommSec%201.JPG" alt="">
Manufacturing activity
The Australian Industry Group (AiGroup) Performance of Manufacturing Index fell from 57.4 points to 52.0 in July.
And the CBA/Markit Manufacturing Purchasing Managers’ Index fell from 55.0 points to 52.4 in July.
Both surveys have readings above 50 points, indicating that the manufacturing sector is expanding.
Home price data is important for retailers, especially those focussed on consumer durables.
The manufacturing data provides guidance for companies in the Industrials sector.
<img src="https://www.urban.com.au/images/2018/8/2/CommSec%204.JPG" alt="">
What does it all mean? 
The correction in Aussie home prices continues. National home prices have fallen for 10 straight months. The monthly decline in prices was the largest decline since September 2011. 
The rebalancing of supply and demand in Australia’s two largest cities – Sydney and Melbourne – will be ongoing. Despite strong population growth, demand is receding as falling prices and tighter lending conditions discourage property investors from taking out loans. And if building approvals are any guide, the supply of homes being built is still elevated. 
Home prices still increased in three cities – Darwin, Canberra and Brisbane – while Hobart prices were flat in July. And the annual growth rate of home prices in the ACT and Queensland appear to have stabilised. Queensland prices have consolidated at 0.7% for three successive months. In the ACT, the annual growth rate has lifted to 2.4% in July from 2.3% in May and June. 
Over the coming year, we expect variable capital city and regional home price direction. While some capital city home prices will fall, others will lift. The recovery in the mining sector should eventually support prices in Western Australia, Queensland and the Northern Territory as job opportunities are created. 
And retiring Baby Boomers will continue to seek a “Sea Change”, driving up prices in Newcastle, the Shoalhaven, the Mornington Peninsula and the Southern Highlands – all regions within a two hour commute of Sydney and Melbourne. And affordability has made Hobart Australia’s star property market performer. 
Business conditions are still positive, supported by a falling Aussie dollar. The AiGroup gauge has expanded for 22 successive months. The manufacturing surveys highlight that wages are beginning to lift, increasing costs for businesses. The drought and lifting energy costs are likely to increase input costs to production. And trade protectionism and weaker Chinese demand may impact new export orders.
<img src="https://www.urban.com.au/images/2018/8/2/CommSec%203.JPG" alt="">
What do the figures show? 
The CoreLogic Home Value Index of capital city home prices fell by 0.6% in July to stand 2.4% lower over the year. The national home price index also fell by 0.6% in the month to be down 1.6% over the year. 
In capital cities, house prices fell by 0.6% in July and apartment prices fell by 0.5%. House prices were down 3.1% on a year ago and apartments are down by 0.5%.
In regional areas, home prices were down by 0.4% in July, but are still up 1.6% on the year. 
The average Australian capital city house price (median price) was $690,512 and the average unit price was $571,618. 
Dwelling prices fell in four of the eight capital cities in July. Home prices fell in Melbourne (down 0.9%); Perth (down 0.8%); Sydney (down 0.6%); and Adelaide (down 0.1%).
Prices rose in Darwin (up 0.4%); Canberra (up 0.2%) and Brisbane (up 0.1%). Hobart was flat. 
Home prices were higher than a year ago in four of the eight capital cities in July. Prices rose most in Hobart (up 11.5%); Canberra (up 2.4%); Brisbane (up 1.2%); and Adelaide (up 0.7%). Prices fell in Darwin (down 6.2%), Sydney (down by 5.4%); Perth (down by 2.3%); and Melbourne (down 0.5%). 
Total returns on capital city dwellings rose by 1.9% in the year to July with houses up 1.3% on a year earlier and units up 3.8%. 
The Australian Industry Group (AiGroup) Performance of Manufacturing Index fell from 57.4 points to 52.0 in July. And the CBA/Markit Manufacturing Purchasing Managers’ Index fell from 55.0 points to 52.4 in July. Both surveys have readings above 50 points, indicating that the manufacturing sector is expanding.
CBA noted: “Manufacturing activity has proved volatile of late. The July readings indicate a sluggish start to Q3. The downside looks limited, however, with firms remaining very positive on the outlook for the year ahead. They are also indicating that employment is lifting on the back of planned business expansion and inventories are lifting in anticipation of additional work. Demand appears strong enough to allow a relatively rapid lift in prices charged. The negative impact of a trade war would be magnified by any weakness in business confidence. That weakness is not evident at this early stage. New export orders fell in July. But they remain comfortably in expansion territory.” 
AiGroup highlights: "Infrastructure projects continue to support demand for manufacturing products, but rising energy costs and growing wage pressures are constraining activity." Of particular note, "many respondents noted an increase in wage rates from 1 July (including this year’s minimum wage increase of 3.5%) that are pushing up their labour input costs."
<img src="https://www.urban.com.au/images/2018/8/2/CommSec%202.JPG" alt="">
What are the implications for interest rates and investors? 
The rebalancing of the Aussie housing market continues. There will be winners and losers. While home prices are retracing in Sydney and Melbourne, prices are still up by 45-50% over the past five years. 
Home price leadership has been handed over to Hobart where home owners are now enjoying significant price appreciation of 11.5% over the past year. Prices in the Apple Isle are quickly closing in on the gains seen in Sydney and Melbourne over the past five years, with prices up by almost 39%. 
Both the bank regulator APRA and the Reserve Bank will be quietly pleased with their “managed slowdown” of the Sydney and Melbourne property markets, with unsustainable price gains and rising mortgage debt both posing financial stability risks to the broader economy at the height of the housing boom. 
But clearly developments in the housing sector will be watched carefully by the Reserve Bank. Tightening credit conditions, in particular, will need to be monitored. Some smaller lenders are lifting mortgage rates, squeezing households struggling with elevated mortgage debt and anaemic wages growth. 
Total returns on shares have lifted 14.9% over the past year while returns on capital city homes are up 1.9%. And the Aussie sharemarket has posted gains for four consecutive months now and is up around 3.5% so far in 2018. Performance of these asset classes fluctuate over time, highlighting the value of diversification. 
CommSec expects official interest rates to be stable until 2019.
Ryan Felsman, Senior Economist, CommSec
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Home prices experience largest monthly fall in 6.5 years: CommSec

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A Gladstone Harbour townhouse in central elevated position with river, marina and harbour views has been sold for $120,000 by mortgagees.
It was sold on July 27 by Bevan Rose from Gladstone Real Estate.
It was previously sold at $250,000 in 2009. It sold at $148,000 in 2005.
Situated in a complex of six,<a href="https://www.realestate.com.au/sold/property-townhouse-qld-gladstone+harbour-128245754" target="_blank"> 6/8 Oaka Lane</a> comprises of two bedrooms, open plan living, functional kitchen, and timber deck with harbour views.
Other features include under stair storage, slate floor and powder room. 
Located about 100 metres from Gladstone Sailing Club, it is with walking distance to CBD amenities including restaurants, cafes and main street shops.
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Half price $120,000 Gladstone Harbour mortgagee sale

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The Hotspotting columnist Terry Ryder has nominated Langwarrin, as “the nation’s most consistent market” in his latest report.
Langwarrin is a suburb of Melbourne, located 42 km south-east from Melbourne's central business district.
Property Observer went to <a href="https://www.propertyobserver.com.au/terry-ryder/87612-australia-s-most-consistent-property-market-hotspotting-s-terry-ryder" target="_blank">check it out</a>. 
A recent sale in Langwarrin was a Rubida Drive three bedroom house which has been sold for $550,000 (pictured below).
It was listed by Andrew Guerin from Harcourts Langwarrin.
Located in the Lang Park Estate, the <a href="https://www.realestate.com.au/sold/property-house-vic-langwarrin-128761254" target="_blank">24 Rubida Drive</a> house comes with three good-sized bedrooms, formal lounge room, separate family living area, spacious kitchen with the gas cook.
Other features include large grassed rear yard, gas wall heating, split system A/C, security doors and single garage.
It is close to local shops, schools, public transport and parks.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/8/6/24%20rubinda%20drive%20.jpg" alt=""> 
Another recent sale was an Anthony Street three bedroom house which was sold for $641,000 last month (pictured below).
It was sold by Robert Anderson and John Walsh from Barry Plant Frankston.
Set on an 838sqm allotment, <a href="https://www.realestate.com.au/sold/property-house-vic-langwarrin-128739070" target="_blank">14 Anthony Street </a>comes with expansive living, dining &amp; meals zones, versatile studio/office, kitchen with stainless steel appliances and undercover alfresco area.
Additional features include ducted heating, split system cooling, and a single lock up garage.
It is only moments to Lloyd Park, Langwarrin Park Primary and The Gateway Shopping Centre.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/8/6/14%20anthony%20st.jpg" alt=""> 
A North Road two bedroom unit has been sold for $410,000 (pictured below).
It was sold by Ange Sarailis from Purplebricks.
Set at the rear of a 2013-built complex,<a href="https://www.realestate.com.au/sold/property-unit-vic-langwarrin-128756846" target="_blank"> Unit 5/200A North Road </a>consists of two carpeted bedrooms, living area, tiled dining/kitchen and private north-west facing pergola-covered deck.
It is close to local North Rd corner shops and 4-min walk to Bus 771 to Frankston shops and Station.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/8/6/200a%20north%20rd.jpg" alt="">
A new offering is an Allington Place four bedroom house priced at $649,950 (pictured below).
It has been listed by OBrien from Jared McGovern.
Located at <a href="https://www.realestate.com.au/property-house-vic-langwarrin-129007058" target="_blank">27 Allington Place</a>, it comprises of four bedrooms, study, two separate living rooms, two separate dining/ meals areas as well as breakfast bar to the kitchen.
Extra features include solar electricity, ducted heating, split system heating/cooling and two separate backyards.
It is situated a short walk to the Langwarrin Plaza as well as nearby to Woodlands Primary School, public transport and both the Peninsula Link and Western Port Hwy.
The suburb's median house price sits at <a href="/news">$613,000</a> and its median unit price sits at<a href="/news"> $446,750</a>, according to CoreLogic. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/8/6/27%20allington%20palace.jpg" alt="">
A Cedar Street four bedroom house has been listed for $650,000 to $700,000 (pictured below).
It has been offered by Jamie Universita and Michael Spring from Eview Group - Universia Spring Estate Agents.
Situated in the heart of Leafy Langwarrin,<a href="https://www.realestate.com.au/property-house-vic-langwarrin-128972158" target="_blank"> 43 Cedar Street </a>house features four bedrooms, huge designer kitchen, open plan living with high vaulted ceilings, and spacious lounge.dining.
Additional features include ducted heating, split system cooling, inground pool, and single carport.  
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/8/6/43%20cedar%20rd.jpg" alt="">
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Langwarrin pinpointed by Hotspotting's Terry Ryder as the nation’s most consistent market

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The last winners of the Block series, model Elyse Knowles and her boyfriend Josh Barker, are taking their time on their latest renovation project.
They have spent $1.35 million on an 1880s Albert Park terrace (pictured above) - but have yet to lodge any development application on the home that had previously sold in 1978 for $34,000.
It is on the same block as where the 2014 series took place.
The couple were clear winners of last year's series in Elsternwick when selling the 1920s farmhouse for $3.07 million to the Melbourne comedian Dave Hughes. Winning them $547,000, it was the highest price ever seen on The Block since its 2003 inception at Bondi Beach.
Their own interrupted Coburg Californian bungalow transformation secured a windfall $1.63 million sale after paying $600,000 in 2014.
It was advertised as "the home of a master craftsman and an interior designer".
But Elyse's fashion modelling career is taking off as she makes her runway debut for Myer on August 23 in Sydney alongside Jennifer Hawkins and other Myer faces such as Rachael Finch, Kris Smith and former AFL player Josh Gibson.
This article first appeared in The Sunday Telegraph
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Block winners Josh and Elyse spend $1.35 million in Albert Park

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A four bedroom 2012-built Bulgarra house has been listed for $305,000 by the mortgagee.
It has been listed as a "cash cow."
It was up for rent at $340 a week in 2016. It was listed by Rachel Ross at LJ Hooker in the WA town near Karratha. Situated at <a href="https://reiwa.com.au/36b-wellard-way-bulgarra-4113138/" target="_blank">36B Wellard Way</a><a href="https://reiwa.com.au/14-21-disney-road-parmelia-4096569/" target="_blank"></a>, the house comes with four bedrooms, four bathrooms, four kitchens, and four dinings. It was listed as a great investment home has its dividing doors between four studio units that can be kept opened or closed. Each section has a bedroom, kitchen and dining and bathroom. There is one laundry to rear of the property. 
The suburb's median house price sits at <a href="/news">$260,000</a> according to CoreLogic. 
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Bulgarra, WA home listed by mortgagee for $305,000

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Landcom and Mirvac Group have neared completion of OVO at Green Square, which more than 600 residents set to call the landmark building home. 
It was designed by Francis-Jones Morehen Thorp (FJMT) design director, Richard Francis-Jones.
It is the second Landcom and Mirvac building to be completed at Green Square, following the completion of Ebsworth in early 2017 in the transformed former industrial area.
Designed by FJMT in partnership with Mirvac Design, OVO features a distinctive ellipsoid-shaped tower taking advantage of the prime views of the city.
The façade of the building has one of the most complex colour, detail and manufacturing systems Mirvac has delivered, including 1,800 panels in 134 different shapes and 17 different colours.
Mirvac’s CEO Susan Lloyd-Hurwitz said OVO was the gateway to the heart of the Green Square Town Centre, on the corner of Bourke Street and Ebsworth Street.
Green Square’s high street along Ebsworth Street now features a 2,000 square metre Woolworths supermarket and The Social Corner - a community space and cafe.  
Later this year, the City of Sydney will open the civic plaza and library, with more amenities, such as parks and an aquatic centre, set to open in the coming years. 
This has followed the completion of a $32 million community and cultural precinct, complete with a three-storey creative centre, which opened in May 2018.
It as in April 2015 when Mirvac sold 221 apartments on the opening weekend. 
Pricing on the apartments in the 28-storey tower was equivalent to the last two towers the developer had sold in the same burgeoning new precinct.
Rates on level 12 were around $13,000 per square metre, with lower floors cheaper and higher floors dearer. 
Studios were priced from $650,000, with first home buyers paying more than $700,000 for a one bedroom apartment without parking, and two bedroom apartments with one bathroom in the $900,000 range and going up in Ovo, which occupies a prominent gateway location at 956-960 Bourke Street.
Designed by architect Richard Francis-Jones in an elliptical shape, the curving, 28-storey tower features a larger mix of three-bedroom apartments with layouts designed to appeal to households with children.
Some apartments have a bathroom for every bedroom. 
When fully completed around 2030, Green Square’s total population could reach 53,000, according to planning estimates.
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All set for the tallest building at Green Square as OVO celebrates completion

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A retreat-style, Wyong Creek property owned by a former Real Living magazine writer has sold for $815,000.
It was listed by Shaun Coffey and Scott Wall from Capital One Real Estate.
Treetops Retreat, at <a href="https://www.realestate.com.au/sold/property-acreage+semi-rural-nsw-wyong+creek-127611318" target="_blank">1282 Yarramalong Road</a>, was sold by writer and stylist Natalie Walton and her husband Daniel Rowllston.
The couple moved to the Central Coast for a treechange from Sydney two years ago, running their homewares company Imprint House from the property.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/8/6/wyrong%20creek%202.jpg" alt="">
Once featured in Australian House &amp; Garden, it has three bedrooms, two bathrooms and a treehouse.
Amid access to walking trails and creek access in the wooded hills of the Yarramalong Valley, the cabin style cedar home features terraced gardens, three dams and an artist's studio.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/8/6/wyrong%20creek%203.jpg" alt="">
Set on 26 acres of bushland the house is set back from the road by 150 metres.
Rented out occasionally on AirBnb, the property is described online as “perfect for yoga, meditation and ‘shinrin-yoku’ forest bathing, too … you might even see a platypus.”
It is only 20 mintues to Westfield, 30 minutes to the beach, and 45 minutes to Wahroonga.
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/8/6/wyrong%20creek%204.jpg" alt="">
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Stylish tree change Wyong Creek retreat style property sold for $815,000

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GUEST OBSERVER
People who have a financial shock are at greater risk of depression and a raft of other physical and mental health issues.
Public hearings for the <a href="https://financialservices.royalcommission.gov.au/Pages/default.aspx" target="_blank">Financial Services Royal Commission</a>, which resumed this week, are bringing to light some questionable practices in the sector – from lending beyond people’s means, to giving the <a href="https://www.propertyobserver.com.au/http://www.abc.net.au/news/2018-04-19/banking-royal-commission-live-blog-cba-westpac-anz/9674830" target="_blank">wrong financial advice</a> and <a href="https://www.propertyobserver.com.au/http://www.abc.net.au/news/2018-04-16/banking-royal-commission-financial-planners/9662166" target="_blank">charging for advice</a> that was never given.
Unaffordable home loans, poor financial advice and unmanageable consumer credit may have serious consequences for many Australians, beyond bankruptcy and debt. Financial loss can have catastrophic effects on mental health and relationships, and even physical health.
Spiraling down
Some of the most well-established consequences of major financial losses involve mental health. <a href="https://www.propertyobserver.com.au/https://www.ncbi.nlm.nih.gov/pubmed/2230754" target="_blank">One study</a> of people who lost their retirement savings due to bank fraud found markedly elevated rates of depression and anxiety, and increased use of anti-anxiety medications.
Similar findings of high rates of depression and anxiety have been shown to follow <a href="http://npc.umich.edu/publications/u/2011-23-npc-working-paper-revised-dec-2011.pdf" target="_blank">mortgage foreclosure</a> and <a href="https://onlinelibrary.wiley.com/doi/full/10.1002/hec.2983" target="_blank">rising unemployment</a>.
A more recent study of “<a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3874451/" target="_blank">recession depression</a>” followed around 10,000 Americans over 50 years of age at the time of the 2008 stock market crash. During the last three months of that year, retirement accounts lost one-third of their value on average. Study respondents who were financially exposed to the crash reported substantially higher levels of depression and consumed more anti-depressants than their peers.
Financial and housing distress also increase the risk of suicide. Economic crises are associated with <a href="https://journals.lww.com/co-psychiatry/Abstract/2010/03000/Economic_crisis_and_mental_health_.9.aspx" target="_blank">increased suicide rates</a>, especially in countries with weaker labour market programs.
These rises are <a href="https://www.propertyobserver.com.au/https://www.ncbi.nlm.nih.gov/pubmed/25054280" target="_blank">greater among men</a>, tied particularly to home repossession and debt for younger men and long-term unemployment for older ones. <a href="https://www.propertyobserver.com.au/https://www.ncbi.nlm.nih.gov/pubmed/26082406" target="_blank">One study</a> attributed a 57% increase in men’s suicide in Ireland to recession and austerity between 2008 and 2012.
Economic crisis also has implications for behaviour towards loved ones. Although it may paradoxically <a href="https://theconversation.com/fewer-births-and-divorces-more-violence-how-the-recession-affected-the-american-family-34272" target="_blank">decrease rates of divorce</a>, research indicates it may <a href="https://link.springer.com/article/10.1007/s10995-014-1469-0" target="_blank">increase child maltreatment</a> and intimate partner violence. One study revealed a link between foreclosure rates and <a href="https://www.propertyobserver.com.au/https://search.proquest.com/openview/538d3645dafadc71ce096aa98f44cf15/1?pq-origsite=gscholar&amp;cbl=18750&amp;diss=y" target="_blank">domestic violence calls to police</a>.
Crises may also ensure there are fewer loved ones to start with: <a href="https://www.propertyobserver.com.au/https://www.ncbi.nlm.nih.gov/pubmed/21592423" target="_blank">birth rates decline during recessions</a>.
Shortening life
<a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3874451/" target="_blank">Several studies</a> have noted a link between economic shocks such as <a href="https://www.sciencedirect.com/science/article/pii/S0277953616302957" target="_blank">foreclosure</a> and poor physical health. And a <a href="https://www.propertyobserver.com.au/https://jamanetwork.com/journals/jama/fullarticle/2677445" target="_blank">new paper</a>, published this month in the Journal of the American Medical Association (JAMA), shows that negative wealth shocks can endanger life itself.
The researchers examined mortality due to any cause in a sample of 8,714 adults who were representative of the US population. Study participants were aged 51 to 61 at the start of the 1994-2014 study period, and were followed every two years.
The sample was divided into three groups. One group, representing 67% of the sample, maintained continuous positive wealth over the 20-year period. A second, “asset poverty” group (7%), began the study with zero or negative net household wealth. The “negative wealth shock” group (26%) experienced at least one two-year period in which their household wealth dropped at least 75%.
People in the negative wealth shock group had a 50% higher death rate than those in the positive wealth group, after statistical controls were applied. By the end of the 20-year period, more than half of the former group had died, compared with less than 30% of the latter.
Death rates for people who underwent wealth shocks were comparable to those of people who began the study with nothing, or less than nothing.
Several other findings of the study stand out. First, women, ethnic minorities, and people who were divorced, widowed or never married at the start of the study period were especially vulnerable to negative wealth shocks.
Second, the risk of death due to negative wealth shocks was especially bad if it involved the loss of a primary residence.
Third, the risk was equally severe regardless of people’s initial net wealth: being richer before the shock was not protective.
How does it happen?
The JAMA study reveals the striking mental and physical health effects of negative wealth shocks, but it does not directly enlighten us as to their causes. Other research points to some answers.
As we have seen, one direct cause of elevated death rates among people who experience abrupt loss of wealth is suicide.
A less direct cause is a reduction in the use of health care. People who experience sudden loss of wealth <a href="http://www.nber.org/papers/w15843" target="_blank">visit doctors and dentists less</a> and reduce their adherence to treatment regimes, such as prescription medicines.
Relatedly, economic downturns in societies and households foster a variety of unhealthy behaviours and choices. <a href="http://www.nber.org/papers/w16638" target="_blank">Fruit and vegetable</a> consumption declines and fast food consumption rises. People may also <a href="http://www.nber.org/papers/w18660" target="_blank">increase alcohol use</a>.
In addition to health effects caused by unhealthy behaviour, economic losses can have adverse consequences via short-term and chronic stress on the body. Stress contributes to depression, which has downstream implications for physical ill-health and premature death. But it can also contribute to physical damage to the body.
One <a href="https://www.propertyobserver.com.au/https://www.ncbi.nlm.nih.gov/pubmed/26773705" target="_blank">recent study</a> followed up older Americans over a five-year period from 2005-2006 to 2010-2011 that bridged the 2008 Great Recession. As part of the study, two biomarkers of stress response were assessed.
Systolic blood pressure is an indicator of heart function and predictive of chronic disease and premature death. C-reactive protein is a marker of inflammation, produced by the liver, that is associated with risk of coronary heart disease, cancer, diabetes, stroke and premature death.
<img src="https://images.theconversation.com/files/215545/original/file-20180419-164001-fw51vu.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
High systolic blood pressure (the top number on the reading) indicates a greater risk of chronic disease.<a href="https://www.shutterstock.com/image-photo/human-check-blood-pressure-monitor-heart-1065979691?src=pRbwE1cva97U5Kmv5Fsnxw-1-28"> </a>
The researchers found that both of these biomarkers rose among adults who suffered greater losses of wealth over the study period. They provide the best evidence to date of how major macro-level economic shocks have physiological effects on our bodies and “get under the skin” to impair health.
Positive wealth shocks?
Negative wealth shocks evidently have an assortment of dire consequences. But what about positive wealth shocks, where people receive sudden gains. Do these windfalls produce an equivalent assortment of positive effects on health?
Surprisingly, perhaps, the evidence for such effects is weak and inconsistent. <a href="https://www.propertyobserver.com.au/https://www.ncbi.nlm.nih.gov/pubmed/24677260" target="_blank">Lottery winners</a> appear to reap modest increases in “subjective well-being” (formerly known as “happiness”) but little if any improvement in physical health.
 
However, recipients of bequests experience few psychological or physical benefits, perhaps because the windfall is often anticipated and tempered by a sense of loss.
Evidence that the psychological and physical benefits of windfalls are smaller than the costs of negative wealth shocks exemplifies a well known phenomenon. “<a href="https://en.wikipedia.org/wiki/Loss_aversion" target="_blank">Loss aversion</a>” refers to the principle that losses loom larger than gains in our minds. It has been used to explain the value we attach to things we own, and the emotional toll we suffer when a possession – such as a foreclosed home – is lost.
Where we sit relative to ownership appears to be critical in this regard. A <a href="https://www.sciencedirect.com/science/article/pii/S0277953617305415?via%3Dihub" target="_blank">recent study</a> showed people who own their homes outright have seen health benefits from the wealth windfall due to rising house prices in Australia. These benefits spring from their investment of effort in exercise and weight loss.
However, rising house prices have had a negative effect on the physical and mental health of renters. For people who have won the generational lottery of home ownership there is some uplift, but for those who have lost there is a greater pain.
Nick Haslam, Professor of Psychology, University of Melbourne
This article was originally published on The Conversation.
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Losing wealth and losing health

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The Productivity Commission has recommended an overhaul of the way the mortgage brokers get paid.
Trail commissions should no longer form part of a broker's remuneration structure, the Productivity Commission has recommended to the government.
While the Productivity Commission (PC) has not recommended that consumers pay mortgage brokers directly through fees for service — as was mooted in the 640-page draft report — it has put forward a recommendation for trail commissions to be removed.
The PC's outgoing chair, Peter Harris has suggested trail commissions were a conflicted form of remuneration that creates "perverse incentives" for brokers by "rewarding" them for keeping customers in their current loan.
"Trail commissions must be abolished — as they have already been in other parts of the financial system," the report said.
But brokers argue trail is needed to assist clients post settlement with discharges, pricing requests, product changes, splitting loans, fixing loans, IO conversions, construction progress payments, phone calls on future deals that never proceed, general advice and loan reviews.
"The clients are not paying for the trail, the bank is," one broker said.
"I have never had a client say, "I would rather you charge me than you receive trail."
The commission's final report into Competition in the Australian Financial System contains 11 rec'ommendations related to mortgage broking and home loans.
The report also described a cosy environment where the oligopoly enjoyed by the big four banks is the dominant feature that has allowed the major banks to keep prices elevated, provide inferior products and stop smaller competitors from growing.
It calls out "a blizzard of barely differentiated products" that create "the illusion of choice" as an example of the tactics deployed by the banks to maintain market share.
One recommendation would see APRA tasked with delivering data to ASIC, which would maintain a 'fuel watch' style website for mortgages.
The PC wants to scrap trailing commissions for several reasons, including their potential to add additional costs to all home loan borrowers regardless of which channel they choose.
The PC said it had not been able to prove this conclusively as "lenders were not forthcoming when we asked them to explain further the basis for aggregator ownership".
The PC lashed the banks for exploiting the structure of the market to the detriment of loyal customers, zeroing in on strategies such as opaque pricing and introductory rates as being symptomatic of a wider problem.
"The huge product variety combined with price obfuscation provides latitude for exploitative price discrimination, with associated profit opportunities for the relevant financial institutions," the report said.
"Typically, it is existing customers that get a poor offer, as institutions jostle to attract new customers with products that offer temporary benefits (such as discounted interest rates and fee-free periods)."
It found customer loyalty or inertia could add as much as 0.4 percentage points to the cost of a mortgage or up to $87 dollars a month.
"Approximately half of the average loan price that major banks charge is estimated to be a premium over the marginal cost," the report found. "Although there is no explicit encouragement for banks to cluster around a particular level of return or interest rate, their observed tendency to do so is a persistent feature of the market."
Prime Minister Malcolm Turnbull said the sector had a long way to go to restore its reputation and the government was on high alert for news of misconduct.
"We are determined to hold the wrongdoers to account and we are changing the law to make sure that banks do the right thing," he said on Friday.
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Fuel watch-style website urged for mortgages

An entity directed by HSN's Rafi Assouline and Rebel Property's Allen Linz has filed plans for an impressive new precinct in Woolloomooloo.

The major mixed-use development would transform a prominent William Street site into a new residential village anchored by affordable housing and a large public park.

The proposal, submitted as a State Significant Development Application, covers 164-172 and 174-194 William Street, a 6,398 sqm site between Forbes Street and Dowling Street on the southern edge of Woolloomooloo.

Designed by fjcstudio in collaboration with Bangawarra, Studio Bright and Tribe Studio Architects, the scheme would deliver 227 apartments across four residential buildings ranging in height up to 18 storeys, alongside retail space, public domain improvements and a new publicly accessible park.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="0eb59b7c-914a-4a5c-b849-3a56749f5e93" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.18.51%E2%80%AFAM.png?VersionId=mxM6EEqeoLjrCiTlCzTKTvzpKuh6kSkH" />

It's another design scheme for Rebel, who took <a href="https://www.apartments.com.au/news/nsw/first-look-rebel-property-group-takes-woolloomooloo-precinct-to-nsw-government">concept plans to the NSW Gov late last year</a>.

The latest plans will be a mix of 167 build-to-sell apartments and 60 affordable apartments, with the affordable housing component representing 15 per cent of the project's gross floor area. The apartment mix includes 12 one-bedroom, 53 two-bedroom, 89 three-bedroom apartments and 13 penthouses, while the affordable housing component would comprise 42 one-bedroom and 18 two-bedroom apartments.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="3b3d4553-8a8c-4af5-aa8c-519ffb1e28c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.12%E2%80%AFAM.png?VersionId=_Yb6ibN7eDnOtQjCNDK2eviORa4qzgv." />

Rebel Property is seeking to take advantage of the NSW Government's infill affordable housing bonus provisions under the Housing SEPP, which provide additional floor space and height in exchange for the delivery of affordable housing for a minimum of 15 years. The planning pathway allows a 30 per cent increase in floor space ratio and building height where 15 per cent of the development is dedicated to affordable housing.

&nbsp;

At the centre of the development is a 1,356 sqm sunlit public park designed to become a new community gathering space at the gateway to Woolloomooloo. The park would be complemented by a network of pedestrian laneways connecting William Street with the surrounding streets, improving permeability through what is currently a largely impermeable block.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="257af931-a393-4007-8c6d-7219796df58d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.51%E2%80%AFAM.png?VersionId=KAHy94GrhaReFsWTGDKfy39EDJ8gEEv4" />

The design team says the public domain has been heavily influenced by the site's topography and Aboriginal cultural heritage, drawing on the escarpments, gullies and landscape characteristics that historically defined the area before urbanisation. The landscape design has been developed in partnership with First Nations consultancy Bangawarra.

The project would be delivered across four separate buildings. The William Street East and William Street West buildings, designed by fjcstudio, would contain the majority of the apartments. Melbourne-based Studio Bright has designed the Forbes Street building, while Tribe Studio Architects is responsible for the Dowling Street building.

Rebel had secured approval for the concept plans late last year.

Joel Robinson

First look: HSN, Rebel, advances Woolloomooloo precinct plans

A locally heritage-listed furniture showroom on Water Street is set to become the centrepiece of a new mixed-use residential development as local developer&nbsp;<a href="https://www.apartments.com.au/developers/keylin-group">Keylin</a> seeks approval for <a href="https://www.apartments.com.au/new-apartments/lotus-on-water-street-290-water-street-fortitude-valley-qld-4006">Lotus on Water Street</a>, a 15-storey project on the Fortitude Valley side of Spring Hill.

The proposal spans 290 Water Street and 137-141 Warry Street, combining several properties into a 2,869 sqm site that sits between Fortitude Valley, Spring Hill and the rapidly evolving Victoria Park precinct. Keylin's plans would deliver 132 apartments alongside new retail, hospitality and commercial space, while retaining and repurposing the historic Brunswick Home Furnishers Showroom that fronts Water Street.

Designed by <a href="https://www.apartments.com.au/architects/jackson-teece">Jackson Teece</a>, Lotus on Water Street comprises a 12-storey residential tower rising above a three-storey podium and communal rooftop terrace. The development includes 76 apartments classified as multiple dwellings and a further 56 units proposed as short-term accommodation, designed to be flexibly used as either accommodation or permanent residences. The apartment mix comprises six one-bedroom, 54 two-bedroom and 16 three-bedroom homes.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="9822bb79-6c49-49c9-95ba-319e8c8d81c3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20front.png?VersionId=ioW8zbN4UVebbLetTFuv92t.HkdgfR5e" />

Residents would have access to an extensive rooftop recreation level spanning more than 1,200 sqm of communal open space. Plans include a pool, gym, sauna, infrared sauna, yoga area, library, private dining room, barbecue facilities and landscaped entertainment spaces, making the rooftop the project's largest shared amenity offering.

At street level, the proposal focuses on the adaptive reuse of the heritage buildings along Water Street, where 518 sqm of retail and commercial space is planned across shop, office and food and drink outlet uses. A permeable residential lobby would be positioned between the retained heritage buildings, creating a pedestrian connection between the historic streetscape and the new tower behind.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="269cf3e0-7d13-48bf-a318-05a00deb5c10" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20podium.png?VersionId=DLXmTCLsp6GOcLpQ0h.0z7wKCw59EhN_" />

The heritage retention strategy is central to the scheme. The development application notes that the Brunswick Home Furnishers Showroom and adjoining heritage buildings will remain, with only non-significant structures on the site earmarked for removal under a previously issued Heritage Exemption Certificate. Levels one and two of the new podium are recessed behind the heritage façades to maintain their prominence within the streetscape.

Jackson Teece has drawn inspiration from the site's manufacturing history when designing the podium. The planning documents state that the façade incorporates perforated metal screening that references the woven and rattan furniture historically produced on the site. Cascading and climbing plants are integrated throughout the podium to soften the building's presentation and screen parking levels behind. The landscape strategy also informs the project's name, Lotus on Water Street, drawing on the historic Spring Hollow waterholes that once ran through Spring Hill and the blue water lilies associated with Meeanjin, Brisbane's traditional name.

The proposal also incorporates the neighbouring property at 141 Warry Street, currently occupied by a healthcare service. The existing building would remain, with nine dedicated parking spaces allocated within the new development to support its ongoing operation. In total, Lotus on Water Street proposes 117 car spaces, including 110 resident spaces and seven visitor bays, alongside 100 bicycle spaces.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="70cf07bc-4fd8-4e70-92dd-be8b21c4e4f0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20site.png?VersionId=txlxrJImM0Sm_vTzHVKh5DDUkyL_CiiA" />

The site sits within the Spring Hill East Precinct of the Spring Hill Neighbourhood Plan and is positioned around 650 metres from both Fortitude Valley Station and Exhibition Station. It is also within walking distance of the King Street precinct, Royal Brisbane and Women's Hospital, Herston Quarter and Victoria Park, which is earmarked to become a major venue precinct ahead of the Brisbane 2032 Olympic and Paralympic Games.

Planning documents describe the location as a key gateway between Spring Hill and Fortitude Valley and highlight the area's increasing importance as new transport infrastructure and Olympic-related investment reshape Brisbane's inner north. The development team argues the project will contribute additional housing supply while activating a section of Water Street that has historically received less investment than other parts of the Valley.

Keylin has become increasingly active across Brisbane and southeast Queensland, assembling sites in strategic inner-city locations. They are currently selling and delivering <a href="https://www.apartments.com.au/new-apartments/oria-spring-hill-447-gregory-terrace-spring-hill-qld-4000">Oria Spring Hill</a>, just over 140 apartments due for completion in 2027.

Keylin plans heritage-led Lotus on Water Street apartment development in Fortitude Valley

Roseville is poised for a wave of new apartment development following the NSW Government's rezoning of land around Roseville Station under its Transport Oriented Development program.

The new planning controls have unlocked significant development potential within walking distance of the station, with a number of sites expected to be amalgamated and redeveloped in the coming years as developers seek to take advantage of the increased density allowances.

One of the more restrained developments in the precinct, and set among the first to be delivered having commenced well before the recent changes, is Hyecorp's Juliet. The boutique apartment project is already well under construction and remains on track to welcome residents by the end of the year, offering a markedly different proposition to many of the larger-scale developments now likely to emerge across the suburb.

[smartcode_project:default project_id=7395 project_image_fid=278194]

<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet</a> will comprise just&nbsp;34 one-, two-, and three-bedroom apartments opposite Roseville Station. For Hyecorp, which has delivered projects across Sydney's Lower North Shore for more than three decades, Roseville presented a rare opportunity to address a growing gap in the market.

"<a href="https://www.apartments.com.au/developments/roseville-nsw-2069">Roseville</a> has long been one of the North Shore's most tightly held and desirable suburbs, offering a unique combination of village charm, established greenery, excellent transport connections, and proximity to some of Sydney's best schools and lifestyle amenities," Hyecorp said.

"We recognised a growing demand from local homeowners seeking to downsize without leaving the community they have built their lives around. The location presented a rare opportunity to create homes that cater specifically to that buyer profile."

[smartcode_project:default project_id=7395 project_image_fid=278196]

The six-level development has been designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> as a collection of residences that feel more like homes than apartments. The brief centred generous floorplans, abundant natural light, quality finishes, and strong connections to outdoor space.

PBD Architects drew inspiration from Roseville's established garden suburb character, creating a building that sits comfortably within its surroundings rather than dominating them. The architecture incorporates natural materials, soft forms, layered landscaping, expansive balconies, and generous setbacks to strengthen the connection between residents and the suburb's leafy environment.

"The focus was on designing spacious, house-like residences for discerning owner-occupiers and downsizers who wanted to remain on the North Shore without compromising on comfort, privacy, or design," PBD said.&nbsp;

"Every apartment was to feel considered, timeless, and highly functional."

[smartcode_project:default project_id=7395 project_image_fid=278195]

Inside, residences feature engineered timber flooring, stone kitchen benchtops and splashbacks, integrated Fisher &amp; Paykel appliances, ducted air conditioning, and large outdoor entertaining areas designed to take advantage of district and treetop views.

Residents will also have access to a rooftop barbecue and lounge area, alongside practical amenities including parcel lockers, EV charging capability, bicycle storage, a dog wash bay, and a basement car wash facility.

The majority of purchasers so far have been local owner-occupiers from Roseville, Lindfield, Chatswood, Killara, and the broader Upper North Shore, many of whom are transitioning from larger family homes.

"Buyers are looking for spacious, house-like apartments that allow them to downsize without feeling like they are sacrificing comfort or functionality," Hyecorp noted.

"They value large kitchens, generous living areas, ample storage, quality finishes, secure parking, lift access, and low-maintenance living."

[smartcode_project:default project_id=7395 project_image_fid=278204]

Juliet sits directly opposite Roseville Train Station and within walking distance of Roseville Village, while Chatswood's retail and dining precinct is only minutes away. The development is also surrounded by some of Sydney's most established schools, including Roseville College, Ravenswood, Pymble Ladies' College, and Knox Grammar, as well as nearby parklands and golf courses.

Juliet is currently more than 75 per cent sold ahead of its anticipated completion in late 2026.

[smartcode_project_cta:default project_id=7395]

Juliet to sit quietly amid Roseville apartment boom

Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

[smartcode_project:default project_id=150017 project_image_fid=370959]

“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

[smartcode_project:default project_id=150017 project_image_fid=370964]

“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

[smartcode_project:default project_id=150017 project_image_fid=371430]

Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

[smartcode_project_cta:default project_id=150017]

Sherpa unveils $500m mixed-use Palm Beach precinct, Flourish Soleira

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Staff reporter

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