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Harry Triguboff, one of the country's biggest owners of rental apartments, has accused unspecified rival developers, but the likes of Lendlease, Mirvac and Stockland, of supporting build-to-rent housing because they were trying to drum up capital at a time of harder access to funds.
Triguboff owns a portfolio of more than 4000 apartments that he rents out.
He suggested the current build-to-rent drive was pushed by his rivals.
"They want… a tax break," Meriton boss Mr Triguboff told The Australian Financial Review, though not naming them directly in the article.
"But the interesting thing is, it's not the people with the money talking.
"It's the snorers that have no money to build."
Housing built for long-term rent to middle-income households has yet to become established in Australia because tax concessions for investment in residential housing are not available to institutions in the way they are to mum-and-dad investors and low yields on residential property do not make it viable.
Last year, Treasurer Scott Morrison ruled out the use of managed investment trusts, a vehicle that pays a low 15 per cent withholding tax, for at-market residential property, saying they had to be limited to the purpose of affordable, or key-worker, housing.
The shadow treasurer Chris Bowen last month signalled he would reconsider the issue.
But Mr Triguboff, who subsidises his own rental portfolio with profit from his development projects in Sydney, Brisbane and Gold Coast, questioned whether foreign institutions were interested in Australian build-to-rent as an asset class.
"I'm critical of people talking about it without naming who are the people that will invest," he said in an interview with the Financial Review.
"I don't think they have people that will invest. I think what they are trying to do is sell the idea to Morrison, then they will run around and get somebody. That's how it appears."
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j.ballantyne1990-6AQqhLzZaK

Triguboff says the likes of Lendlease, Mirvac and Stockland support build-to-rent to drum up capital

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Harvey Norman will be the most vulnerable of the ASX listed retailers to the housing downturn, Citi analysts Bryan Raymond and Craig Woolford have told clients.
It came in a 38-page report ranking the retailers the broker considers most exposed to a fall in house prices.The analysts point out that the housing cycle had already turned, but this is yet to be reflected in retailer share prices.
According to the broker, Harvey Norman and Wesfarmers are most exposed, with 39 per cent of Harvey Norman's group earnings driven by furniture and appliances and 40 per cent of Wesfarmers' earnings from hardware chain Bunnings.Metcash and JB Hi-Fi were high up the list, with 25 per cent of the wholesaler group's earnings from hardware businesses Mitre10 and Home Timber and Hardware.
About 18 per cent of JB Hi-Fi's earnings are in whitegoods following its Good Guys acquisition.
But Harvey was quick to denounce the report.
"I've been doing this for 50-odd years, and I've had this question only asked 20 to 30 times.
"There's not a lot of validity to it," Mr Harvey said, adding he tended not to read any broker reports, this one included.
"When the housing prices do go down a bit – and I don't know how much they are going to go down, my view is it will be very minimal – the population is still increasing at the moment by 300,000 a year. I'd much rather that than property prices go up and there's no extra people." Citi estimates that for every 1 per cent move in house prices, Harvey Norman's sales, earnings and share price increase by 4 per cent and Nick Scali by 6 per cent.
The broker says that hardware retailers are more protected than furniture retailers.
The broader market has a 1.8 per cent rise for every 1 per cent increase in housing prices, the broker said.
The broker considered the impact of the housing downturn in 2011 and 2012 on Harvey Norman's share price, suggesting it triggered an earnings fall, price earnings de-rating and share price decline. It suggested it was among the retailers that experienced significant average sale price declines in the television category.
Harvey said there was "no proof" that television sales were linked to housing prices.
"It's tied to technology a lot more than it is to housing downturns," he said. "That just shows people don't understand the industry."Citi has a "sell" recommendation on Harvey Norman.It values the company currency trading at $3.52 at $3.12 a share. The broker also argues that as Harvey Norman owns some 95 of its 195 Australian sites, that rental income could come under pressure.
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Citi says Harvey Norman will be hit hardest in the housing downturn

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There have previously been attempts to restrict Airbnb in Sydney, but owners corporations have failed.
Owners corporations in the past have attempted to block Airbnb letting, the most notable case was in Woollahra.
Alisa Taylor, a partner at Meyer Vandeberg Lawyers, noted the issue.
The landlord was Ms Peta Estens, who paid $580,000 for her one bedroom courtyard apartment in 2015.
Estens regularly let her apartment, due to her frequent travelling interstate and overseas.
"She was selective with the guests she permitted to lease the property and always found the apartment in impeccable condition when she returned," Taylor noted.
There were only two complaints over a 12 month period, with guests misusing the washing machine in the commercial laundry.
Taylor said Ms Estens changed the rules on her listing, limiting the use of the washing machines and also prohibiting pets.
The owners corporation in the small block of five had passed a 'special by-law', having the effect that Airbnb was an illegal use for all units in the complex.
Estens then sought an order from the NCAT to invalidate the rule, on the basis the owners corporation didn't have the power to make it.
She relied on a 2016 NSW Legislative Committee Environmental Planning Report which said that (among other things) the committee regarded short term letting of a residential property as ‘residential use of the same character as longer term letting or traditional tenancy’.
The owners corporation argued that no section Strata Schemes Management Act 2015 (NSW) permitted the use of Airbnb.
The owners corporation said that the common areas of the building were being subjected to a high rate of wear and tear as a result of luggage being continuously moved in and out of Ms Esten’s unit, and also pointed to issues of security and control of short term occupiers including abatement of noise.
Ultimately the NCAT agreed with Ms Estens, declaring an owners corporation cannot pass by-laws banning short-term letting.  
"The NCAT said that it was satisfied that the manner in which the Airbnb arrangement operates ‘is sufficient to constitute a tenancy or lease’," Taylor advised.
"The NCAT based this on the fact that the tenant has exclusive possession of the property, and concluded that the arrangement is properly described as a lease rather than a licence."
 
<a href="mailto:Alisa.Taylor@MVLawyers.com.au" target="_blank" rel="noopener noreferrer"> </a>
 
 
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Airbnb court case ends in landlord owner win against owners corporation

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Accusations from Mortgage Choice franchisees accusing the aggregator of running a harsh business model and remuneration structure have triggered a promise to change its remuneration model.
Mortgage Choice released an announcement on the ASX yesterday in response to an investigation by Fairfax Media and ABC’s 7.30. The investigation had been looming for some time among tweets as franchisees readied to set up a fund to take legal action.
Towards the end of last year they agreed to commit $200,000, but put this on hold after Mortgage Choice said it would review the structure.
The media report outlined how the broker previously employed an up-front commission model and changed this to a performance-based model based on loan targets in the wake of the 2007-2008 Global Financial Crisis. 
But it never changing back to the original structure once the crisis had passed.
The recently appointed Mortgage Choice chief executive Susan Mitchell admitted the model was “outdated.”
In the ASX statement from company secretary David Hoskins, Mortgage Choice advised it would be working closely with franchisees about a more “competitive remuneration model”.
The statement said the purpose of this would be to “increase franchisee remuneration and reduce franchisee income volatility to allow them to grow their business and assist more customers with their home loan needs”.
CEO of Mortgage Choice, Susan Mitchell, said she anticipated the changes would support the long term sustainable growth of Mortgage Choice.
“We want to continue to help Australians with their financial services needs for many years to come and having thriving, growing franchisees that have the confidence to invest in their business is critical to achieving this.”
Mortgage Choice expects to finalise a new remuneration model in this coming July and implement an opt-in basis across the network in August.
Documents suggest almost half of Mortgage Choice’s franchisees were considering legal action to get a better and fairer remuneration scheme.
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Mortgage Choice saw its shares plunge 40 per cent on Tuesday after Fairfax and the ABC reported 173 of its franchisees were considering a fighting fund to take on the home loan giant. Shares were up 1 percent in Wednesday morning trade.
<a href="http://www.abc.net.au/7.30/" target="_blank" title="www.abc.net.au">On ABC’s 7.30</a>, a number of struggling Mortgage Choice franchisees spoke about having to sell their houses because of their financial struggles brought on by the business.
Franchisees are reportedly being pressured to sign $1.5 million in loans per month, much higher than the national average of any other company.
If brokers fail to meet that target, Mortgage Choice takes a greater section of the franchisee’s profit.
Melbourne franchisee Russell Chellew told the program he’s become physically sick since owning his own Mortgage Choice franchise.
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Mortgage Choices advised shareholder that change in the remuneration model does not affect the FY2018 cash result.
"Market updates will include guidance on a one off adjustment to the FY2018 IFRS result based on the change in the average payout rate to franchisees once this is known."
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Mortgage Choice moves quickly to quell franchisee revolt 

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The NSW government will impose a 180-day cap on the number of days empty properties can be rented out by Airbnb in Sydney.
It will also give strata corporations the power to ban Airbnb in their buildings if 75 percent of owners seek the ban. 
Short-term holiday letting is currently unregulated in NSW. 
Sydney ranks as one of Airbnb’s top ten cities for most properties on the platform.
The new laws come with no caps across the rest of the state, but councils outside of greater Sydney will have the power to impose their own caps, though no lower than 180 days per year. Byron Bay could move first as its locals have been affected by increased rent as its short-term holiday rental market booms. It has been calculated that in Byron shire visitors outnumber locals by a ratio of 70 to one.
Better Regulation Minister Matt Kean was forced to go back and consult with the government's backbench after MPs revolted over the initial cabinet-approved policy, which proposed only the 180-day cap but gave no power to the individual strata committees.
Hosts or guests who commit two serious breaches of the code within two years could be by Airbnb from using Airbnb and other similar platforms for five years, and placed on an exclusion register.
Kean described the reforms as the "toughest laws in world to crack down on bad behaviour" in the short-term letting industry.
"We've got the balance right between protecting people's property rights, between recognising owner's corporations have a role to play in the governance of strata schemes, and ensuring people who want to use these platforms like Airbnb are able to do so," Mr Kean said.
Airbnb’s Global Head of Policy Chris Lehane championed the reforms as a potential "world model" for the industry, describing them as "fair and balanced". Lehane said Airbnb was comfortable with sharing its data with government agencies.
International cities like Berlin and Barcelona have found regulating these platforms is not always easy with enforcing restrictions against individual hosts cumbersomely costly.
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The home sharing platform Airbnb came out in support of a limit on the number of days a investment property can be rented in NSW strata, as it sought to avoid a tougher regulatory crackdown by the NSW government.
In a submission to the NSW government, Airbnb said there were more than 45,000 Airbnb listings in the state with average host earning around $5,300 a year.
The NSW government's options paper, which was released last July, considered a range of options balancing protecting neighbours and allowing people to profit from providing short-term accommodation.
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<a href="https://www.parliament.nsw.gov.au/committees/inquiries/Pages/inquiry-submission-details.aspx?pk=%2053960" target="_blank">Airbnb's prior submission</a> has called for a statewide planning framework which clarifies how individuals are allowed to rent out the homes.
"Airbnb supports a clear, statewide approach that supports our host community sharing their own primary place of residence without the need for approvals, registrations, or caps, and for non-­primary places of residence, an approach that is streamlined with clear information about the safety and planning standards to adhere to," it said in the submission.
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London introduced a 90-day limit a calendar year on Airbnb rentals. 
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In June 2015, Philadelphia became the largest city in the U.S. to pass legislation specifically enabling people to share their homes for up to half a year.
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The city of Hamburg acted to clarify that rules restricting tourist accommodation in residential areas do not apply to primary residences.
The Hamburg housing law gives residents the right to use all of their home to host guests for up to 50% of the year. Alternatively, they can use 50% of their home to host guests all year round. 
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A recent City of Sydney Council survey of 1000 residents showed more than 40 per cent of Sydney inner-city residents oppose short term rentals on Airbnb or Stayz as a full-time investment and believe strata bodies should be able to ban short-term rentals.
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Airbnb also recommends the NSW government set up a "three-strikes-and-you're-out" framework to manage complaints.
Airbnb opposed giving strata bodies the power to prohibit short-term renting. 
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New South Wales’ host community has welcomed nearly 420,000 Airbnb guests during a recent twelve months which represented a year-over-year growth rate of 167 percent.
In an Economic Impact Study that Airbnb conducted in Sydney, Airbnbn found that the majority of hosts (85 percent) rent their primary residences occasionally and earn a modest but significant amount of extra income that they use to help make ends meet.
In Australia, the average host earns $7,100 per year and hosts approximately 51 nights per year.
Martin North at Digital Finance Analytics suggests a significant share of Airbnb Sydney hosts are using the platform to engage in economic activity that existed long before Airbnb did – that is, dwellings are used as serviced apartments, B&amp;Bs or holiday rentals.
"This is commercial activity, not sharing.
"These properties aren’t just “excess” unused housing space and there’s no “sharing attitude” involved," he blogged today.
Mapping the Sydney listings shows these traditional short-term lets were only about a quarter of listings, but they were overwhelmingly concentrated in suburbs with very tight rental markets.
LOCATION OF TRADITIONAL SHORT-TERM LETTING
<img src="https://images.theconversation.com/files/221663/original/file-20180605-175451-1eumaun.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
LOCATION OF HOUSE SHARING
<img src="https://images.theconversation.com/files/221664/original/file-20180605-175438-10z7exq.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
"That’s a lot of properties in popular neighbourhoods that might otherwise be long-term rentals," North suggested.
 
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NSW Government puts cap on Sydney Airbnb rentals, with regional councils able to follow 

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ASIC has permanently banned Desiree Veronica Macpherson from providing financial services.
ASIC found that in relation to Ms Macpherson’s involvement with the development and promotion of the Newman Estate Project in the Pilbara region of Western Australia that Ms Macpherson had engaged in misleading and deceptive conduct, that she was not of good fame or character, that she had engaged in dishonest conduct and that she was involved in a contravention of financial services laws.
Ms Macpherson has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
ASIC’s investigation is ongoing.
Macpherson was last in the news earlier this year when she was contemplating publishing a book.
Veronica Macpherson, once the head of the collapsed Macro Realty Group, gave the a book a working title, "The Great Australian Ponzi". 
Her Pilbara property scheme fell over leaving thousands of investors owed millions in 2015. But bizarrely she suggests there could be a happy ending.
The local media indicated she would launch the book in April featuring "political backflips, errors, mismanagement of the Australian economies — suicides, nasty threats and wild accusations."
Ms Macpherson says it was a book "to get the truth known". 
Featuring the Pilbara Cities that were meant to be, she will be pedalling the line that "ASIC was their own worst enemy."
"One of my sayings is that ‘I am a big fan of the truth’ and unfortunately many people have been left wondering what the truth of the matter actually is with our Pilbara developments," she suggested.
In online material advertising the book, Ms Macpherson was using a picture of herself with Gina Rinehart, believed to have been taken at the CEO Magazine’s Australian Executive of the Year awards in late 2015.
That photograph posted alongside the book title was causing some consternation amongst Ms Hancock’s inner circle yesterday.
A spokeswoman for Mrs Rinehart confirmed to the Perthnow website that the event was the only time the two had ever met.
Mrs Rinehart had no business relationship with the would-be property developer and accused Ponzi queen.
Macpherson, in a five-page letter to “investors, affiliates and associates” sent out under a Macro Investments and Securities letterhead, also contemplated the establishment of a “Pilbara Cooperative” which she claims could provide hope to her many investors.
“The media has not bothered to showcase our past successes, but don’t worry there will be many more through this collaborative structure and great, like minded individuals,” the letter advises.
Macro Realty Developments’ former brand ambassador was former rugby champion, David Campese. 
 
 
 
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Queen of the Pilbara Veronica Macpherson cops ban from ASIC

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A contemporary inner-city Preston office suite has been leased  within one day of it becoming available.
The 525 High Street space is located 500 metres from Preston Train Station, Preston Market and an array of cafes and restaurants.
The ground floor office was leased to CVGT Pty Ltd, an employment services company on a three year lease plus options for $40,000 per annum, equating to a building rate of $239.52 per square metre for the 167 square metre space.
The fully partitioned office further features staff amenities including shower, air-conditioning throughout and secure under cover parking.
John Star of CVA had the listing.
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Preston office suite leased within one day on the market

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A prime Red Rooster-anchored fast food complex centre located on one of the Gold Coast’s busiest intersections has been listed for sale.
The Red Rooster Centre Burleigh has been placed on the market through Savills agents Peter Tyson, Jon Tyson and Michael Harcourt.
The fully leased complex comprises a diverse and complimentary fast food mix, anchored by a Red Rooster Drive-Thru Restaurant, Subway and Zambrero’s outlets as well as award winning seafood, vegan and sushi traders.
The centre is situated adjacent to the Coles anchored Treetops Plaza centre and features exposure to over 70,000 cars per day on the junction of two major arterial traffic routes. 
Peter Tyson said the Red Rooster Centre Burleigh provides a tremendous opportunity for longer term investors underpinned by an annual income stream of over $470,000, a secure seven year lease profile and strong embedded real estate value.
It came with a flexible mixed use “Centre” zoning which allows development potential up to 30 metres or 10 stories in height.
Offers close June 21.
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Red Rooster Centre in Burleigh, Gold Coast listed

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The largest leasing deal of the year has seen Suncorp take a lease in Adelaide's newly refurbished 1 King William Street (1KW).
The finance, insurance and banking giant has committed to 4,660 square metres of office space spanning levels four, five, six and 13.
Savills Australia’s Adam Hartley negotiated a seven-year term, with options to renew.
“Suncorp was attracted to 1KW for its ability to accommodate the business’ need for expansive floor space in one building,” he said.
Hartley said Suncorp, which was represented by JLL, was impressed by the property’s location and recent upgrades. 
“1KW has undergone a significant makeover to make it one of Adelaide’s most technologically advanced buildings, targeting a 5.5-star NABERS base building energy rating,” he said.
The ground floor renovations were completed in December which piqued interest.
The 19 storey tower last traded for $38.6 million in 2010.
Prime Super owns 90% of the 1968 building that was constructed by AMP.
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Suncorp commits to 1 King William Street in Adelaide's biggest leasing deal of the year

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A four level freestanding CBD retail building situated in the heart of Melbourne’s Chinatown Precinct has been sold at $6.3 million.
It was last traded for $2.7 millionin 2013 when bought by Little Laneway Property Group - owned by shoe retailer Peter Wittner and My Size fashion mavens Robyn and Andrew Nissen.
<a href="https://www.commercialrealestate.com.au/property/11-heffernan-lane-melbourne-vic-3000-2014313075" target="_blank">Positioned at 11 Heffernan Lane</a>, it is in Melbourne CBD’s retail core located between Swanston and Russell Streets.
The building was built in 1891 for solicitor M Mornane as a four level brick warehouse.
It was then occupied by the Wing Ching café in 1892 run by Ah Gee.
It now trades as a the GT Internet Game Club.
The lane was named in 1857 after Rolly Heffernan, owner of the Melbourne Hotel in Lonsdale Street.
It was home to several Chinese restaurants in the early 1900s.
It offered with an eight year net lease returning $213,075 per annum with 4% fixed annual rental increases. 
The price reflected a sharp yield of 3.3 per cent through CBRE and Morley Commercial.
Set on a 440 square metre block, the building is surrounded by major shopping centres and transport nodes including QV Complex, Emporium Melbourne, Melbourne Central, Mid City Centre and Target Centre. 
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Four storey Chinatown, Melbourne retail building sold

The Gold Coast economy has grown by 25 per cent since 2020/21 to surpass $55 billion, but perhaps the more significant story is what sits behind the headline number.

For decades, the Gold Coast has been viewed through the lens of tourism, lifestyle and population growth. The latest State of the City Report suggests that perception is increasingly out of step with reality.

Released by Invest Gold Coast, the report ranks the Gold Coast as Australia's largest non-capital city economy and, perhaps more notably, second nationally behind Sydney for Economic Complexity, a measure that assesses the diversity and sophistication of an economy.

It's a result that places the Gold Coast ahead of Melbourne, Brisbane, Perth and Adelaide, highlighting the extent to which the city's economic base has broadened beyond its traditional industries.

Today, the Gold Coast supports more than 350,000 jobs, is home to over 83,000 businesses and generates $19 billion in annual exports. Manufacturing now accounts for 62 per cent of international export growth, while sectors including health, education, advanced manufacturing, technology and professional services are becoming increasingly important contributors to the local economy.

[smartcode_project:default project_id=150017 project_image_fid=372547]

Gold Coast Mayor Tom Tate said the report confirmed the city's evolution into one of Australia's most significant economies.

"The Gold Coast economy continues to grow at an incredible pace. This is no surprise to those of us who have watched the evolution up close," Mayor Tate said.

"As one of the most entrepreneurial, investment driven and opportunity focused economies in the country our ambition has been realised and possibilities are endless.

"The Gold Coast has built a reputation as the city that says yes. We say yes to investment, yes to opportunity and yes to people who want to build something.

"It's this mindset helping us drive major growth across health, advanced manufacturing, screen production, marine, technology and the knowledge economy."

[smartcode_project:default project_id=149670 project_image_fid=360975]

While population growth has been one of the defining stories of the past decade, the report points to a broader economic transformation taking place.

The city's knowledge economy now contributes $7.9 billion annually and supports around 31,000 jobs, while the health and wellbeing sector contributes $5.2 billion and employs more than 42,000 people. Together, the six priority sectors identified in the report account for almost $24 billion in economic output and more than 145,000 jobs.

One of the strongest examples is the Gold Coast Health and Knowledge Precinct at Southport. The 200-hectare precinct now contains more than $5 billion worth of health, education, research and innovation infrastructure and supports over 16,000 jobs.

The report also highlights the growing role of advanced manufacturing, particularly in aerospace, defence and modular construction.

Gold Coast-based Gilmour Space Technologies recently became the first Australian commercial company to attempt an orbital launch, while companies including Modscape and ModnPods are helping establish the Yatala-Stapylton corridor as one of Australia's fastest-growing advanced manufacturing hubs.

The city's entrepreneurial culture is also translating into business growth.

Since 2019/20, the number of businesses operating on the Gold Coast has increased by 22 per cent, while firms employing more than 200 people have grown by 80 per cent. The report suggests the next challenge is converting more local start-ups and medium-sized businesses into nationally significant companies.

Development activity remains another key indicator of confidence.

There are currently more than $23 billion worth of major projects underway across the Gold Coast, supported by a record 75 active cranes, a figure that now exceeds Brisbane and represents a 150 per cent increase since 2016.

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Importantly, the report notes the next phase of investment will need to extend beyond residential development.

While 93 per cent of crane activity is currently tied to housing, Invest Gold Coast argues future investment will increasingly need to focus on cultural, civic, infrastructure and industry-enabling projects that strengthen the city's long-term economic resilience.

Invest Gold Coast Chair Will Hodgman said the city was now benefiting from years of economic diversification.

"What is happening on the Gold Coast is the result of the city's economic base broadening, fuelled by industries with long-term, high-growth potential," Mr Hodgman said.

"This is no longer a secondary Australian economy, the Gold Coast is becoming a globally connected city with deeper capability across health, knowledge and creative industries, advanced manufacturing, technology and exports."

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Looking ahead, the Gold Coast's population is projected to exceed one million residents by 2046.

For a city that was once largely defined by tourism and lifestyle, the latest figures suggest the Gold Coast is becoming something more significant, one of Australia's most diverse and economically sophisticated urban economies, and increasingly one that national and international investors can no longer afford to overlook.

Joel Robinson

75 cranes, $23 billion pipeline and a $55 billion economy: Inside the Gold Coast economic boom

Ron Bakir's Homecorp has sold more than 75 per cent of the apartments in its wellness-driven Florence Residences in Surfers Paradise following its first weekend release.

The <a href="https://www.apartments.com.au/new-apartments/florence-residences-24-monte-carlo-avenue-surfers-paradise-qld-4217">26-storey project on Monte Carlo Avenue</a>, which commenced construction earlier this year, has seen a flurry of buyers secure their slice of the Gold Coast's latest wellbeing-focused offering in one of the nation's most competitive property markets.

Since the pandemic, the Gold Coast's population has grown by more than 11 per cent, a rate approximately four times faster than Sydney's, driven largely by lifestyle changes and interstate migration. While buyer activity has moderated in some markets nationally, demand for newly built dwellings on the Gold Coast continues to gain momentum as purchasers increasingly prioritise lifestyle, amenity, wellbeing, liveability and long-term investment potential.

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Homecorp CEO Ron Bakir says buyers today are looking for more than just a home.

"What we are seeing is a shift in how people define value in property," Bakir says.

"What attracts residents to new developments is a desire for more than just a residence. They are looking for a place that complements their lifestyle, supports their wellbeing and reflects the way they want to live into the future.

"Lifestyle, longevity, proactive health, wellbeing, connection and a sense of community are increasingly shaping purchasing decisions, particularly on the Gold Coast, where these factors continue to be a major drawcard."

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Bakir says Homecorp is responding to this shift through an approach that places greater emphasis on design, amenity and experience working together to create places that feel considered, connected and enduring in value.

Inspired by Eastern European design, Florence Residences will comprise 120 apartments alongside a private residents-only wellness club featuring a resort-style rooftop pool, hot and cold plunge pools, a spa retreat, contemporary gymnasium, and a spacious yoga and Pilates studio.

The development will also feature a residents-only lounge with private dining facilities and a rooftop bar, premium outdoor entertaining areas, a hotel-style lobby lounge, generous bike parking, and pet-friendly amenities including a heated dog wash.

[smartcode_project:default project_id=150414 project_image_fid=372742]

A limited number of apartments remain available, with an exclusive collection of four-bedroom sub-penthouses set to be released in the coming months.

Florence is one of the latest additions to Homecorp's expanding multi-billion-dollar property portfolio, which also includes plans for a <a href="https://www.apartments.com.au/news/qld/homecorp-lodges-plans-for-260-million-moroccan-bathhouse-inspired-tower-in-budds-beach">$260 million development in Budds Beach</a> tailored to the growing wellness market.

A development application has been lodged for a 27-storey, 156-residence tower at 8–10 Acacia Avenue and 25–27 Oak Avenue, featuring a residents-only Moroccan spa-inspired sanctuary.

Apartments at Florence Residences are priced from $1,249,000, with construction expected to be completed by late 2027.

[smartcode_project_cta:default project_id=150414]

Buyers rush to Homecorp's Florence Residences as Gold Coast wellness trend gains momentum

The NSW Government has expanded its $1 billion Pre-sale Finance Guarantee program, broadening access for affordable housing providers and smaller residential developments as it seeks to accelerate housing delivery across the state.

The Minns Government says the program has already helped bring forward more than 600 homes across Sydney and regional NSW since launching in September 2025, with similar models now adopted in South Australia and Western Australia.

The latest changes, announced by Treasurer Daniel Mookhey and Minister for Planning and Public Spaces Paul Scully, are designed to improve access to finance for projects that have planning approval but are struggling to secure funding.

Among the key changes is an expansion of support for community housing providers. The program will now support up to 100 per cent affordable housing projects valued at up to $30 million when delivered by not-for-profit providers, while support for larger affordable housing developments will increase for projects worth up to $80 million.

The government says the changes will help accelerate the delivery of housing for low-income workers, older people, people living with disability, and those at risk of homelessness, while reducing reliance on direct grants or subsidised loans to bridge funding gaps.

The eligibility criteria for smaller residential developments have also been broadened. The previous $5 million minimum project value threshold has been removed and replaced with a requirement that projects deliver at least four homes.

Support has also increased for projects delivering fewer than 20 homes, with the guarantee now able to cover up to 75 per cent of dwellings in a development, capped at $30 million per project.

The changes are expected to particularly benefit smaller-scale and regional developments, which often face greater challenges meeting pre-sale requirements imposed by lenders.

Treasurer Daniel Mookhey said the scheme demonstrates how government can use its balance sheet to stimulate housing supply without relying solely on taxpayer-funded grants.

"The Pre-sale Finance Guarantee shows how this Government is using its balance sheet to reduce risk and unlock private investment, enabling new homes to move from design to construction faster," Mookhey said.

"This landmark reform allows us to deliver homes for working families at a lower cost to taxpayers, while also maintaining strong financial discipline."

Planning Minister Paul Scully said the program had already proven effective in bringing stalled projects to market.

"The Pre-sale Finance Guarantee has already proven it can unlock stalled projects and accelerate housing delivery by giving lenders the confidence they need to back good developments," Scully said.

"These changes will allow more affordable housing and smaller developments to access support so more homes can be built faster where communities need them most."

Housing Minister Rose Jackson said the expansion would help community housing providers overcome financing barriers that often delay projects.

"We know community housing providers are ready to build more homes, too often they're held back by barriers to finance," Jackson said.

"Expanding the Pre-sale Finance Guarantee helps remove those barriers so more affordable homes can get off the ground sooner."

The announcement was welcomed by the Property Council of Australia, which has long advocated for measures aimed at improving project feasibility and access to finance.

Property Council NSW Executive Director Katie Stevenson described the expansion as a practical intervention that addresses one of the most immediate constraints on housing delivery.

"This is exactly the kind of practical intervention we need right now, focused on getting projects out of the ground, not just approved," Stevenson said.

"It builds on a model the Property Council has worked closely with government to develop following calls for such a scheme ahead of last year's NSW Budget, so it's great to see it being expanded."

Stevenson said the reforms would help unlock projects that are ready to proceed but have been delayed by financing challenges. However, she noted that broader feasibility issues remain a significant barrier to increasing housing supply.

"The biggest challenge in NSW housing today is delivery. Too many projects have planning approval but are simply not financially viable to proceed under current settings," she said.

Speaking at the Property Council's NSW Housing Summit, Housing Minister Rose Jackson acknowledged that feasibility and financing pressures continue to constrain housing delivery, while reaffirming the government's commitment to work with industry on solutions.

Stevenson said the government's recognition of those challenges was encouraging ahead of next week's state budget.

"It's positive to see the government clearly recognising that feasibility pressures are now a binding constraint on supply," she said.

"With the Budget just days away, the focus must be on backing delivery, making sure projects stack up, finance can flow, and more homes can move from approval to construction."

The expanded Pre-sale Finance Guarantee forms part of the NSW Government's broader housing agenda, which also includes planning reforms, the NSW Housing Pattern Book, and a series of rezonings intended to increase housing capacity across the state.

NSW expands Pre-sale Finance Guarantee to unlock more affordable and regional housing

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

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[smartcode_project:default project_id=146717 project_image_fid=372212]

Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

[smartcode_project:default project_id=146717 project_image_fid=372227]

Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

[smartcode_project:default project_id=146717 project_image_fid=372225]

While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

[smartcode_project:default project_id=146717 project_image_fid=372222]

The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

[smartcode_project_cta:default project_id=146717]

Lowe Living launches Jardin House in Camberwell

As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.

Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.

At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.

[smartcode_project:default project_id=134323 project_image_fid=6395]

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project takes advantage of the site’s natural topography and elevated position above the harbour. Rather than relying on density alone, the architecture focuses on outlook, orientation, and spatial flow, with every apartment occupying a corner position to maximise natural light and cross ventilation.

Rothelowman says the site itself shaped much of the architectural response.

“The site has a long history in terms of its inevitable transformation and when we came in, we took inspiration from the idea of reestablishing a sense of the site’s natural terrain and fall. Our scheme aims to integrate with the terrain and the landscape, using the undulating site to slowly reveal glimpses and views of the harbour. The rotation of the tower off grid means every apartment has a view and is naturally cross ventilated. The building's colour palette is quintessentially Sydney, with bronze and sandstone and a luminescent green colour in the glass, making it very earthy and grounded in its location.”

[smartcode_project:default project_id=134323 project_image_fid=6399]

Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

[smartcode_project:default project_id=134323 project_image_fid=353235]

A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

[smartcode_project:default project_id=134323 project_image_fid=6390]

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

[smartcode_project_cta:default project_id=134323]

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