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A 1972 Woolwich home designed by architect Philip Cox has been sold at $3.25 million.
The design was marketed as showcasing trendy character and flexible interiors when listed with $3.4 million hopes.
Its light filled arrangement including multiple skylights, along with polished timber floors and a working wood fireplace in the heart of Woolwich.
<a href="https://www.realestate.com.au/sold/property-house-nsw-woolwich-127442550" target="_blank">The 14 Gale Street offering</a> was listed through Ward Partners.
It previously sold at $1.49 million in 2009 and $695,000 in 1994.
The Modernish Australia website suggested it "expresses an almost rural-flavoured simplicity".
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j.ballantyne1990-6AQqhLzZaK

1972 Philip Cox-designed Woolwich home sold

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The Singaporean developer and hospitality group Roxy-Pacific has sold an office building in Sydney’s CBD for $153 million.
In an aftermarket filing on Friday, Roxy-Pacific says the sale WAs subject to the findings of a due diligence exercise and the approval of both parties’ boards of directors.
Its 117 Clarence Street purchaser is an Australian-domiciled institutional investor whose name was not disclosed.
Roxy bought the 11-storey property at 117 Clarence Street from Altis Property Group in 2015 for US$81 million ($108.1 million) with the Tong Eng Group.
The building is 100% occupied with a net lettable area (NLA) of 12,517 sq m, and a weighted average leasehold expiry (WALE) by income of 2.6 years.
The impact of recent stock withdrawals for residential conversion had led to unprecedented demand for B Grade office space in the Sydney CBD, according to recent research from Savills Australia, who noted the subsequent spike in rents.
Savills noted Sydney’s Western Corridor was a precinct that is undergoing a "vast transformation" both commercially and culturally.
The precinct is fast becoming a regional centre for Asia Pacific’s financial services leaders as well as offering an array of small bars and fine dining options, it noted.
Positioned 120 metres from Wynyard Station and Bus Interchange, 117 Clarence occupies a large corner site of over approximately 1,231 sqm.
The building has undergone a series of capital upgrades including advancements in the lift rides and door mechanisms as well high quality end of trip facilities (bike racks, showers and change rooms).
The property was listed for sale through Simon Fenn, Ian Hetherington and Ben Azar of Savills Australia and Richard Butler, Josh Cullen and Steven Kearney of Inc RE.
About 60 per cent of leases within the building expire before 2020 and 41 per cent of income is underwritten by Government. The building has a 4.5-star NABERS Energy rating.
 
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Roxy-Pacific sells Clarence Street, Sydney office block for $153 million

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Nardoo, a Riddells Creek country property in Victoria's Macedon Ranges has been sold by Dr Paul Carter, who published memoirs in his book Tales of a Country Doctor, then his 2014 publication, Further Tales of a Country Doctor.
Since being taken up in the late 1880s, the 165 hectare estate has been owned by only a few.
Ivor Manton, one of two brothers who ran the then prestigious Manton's department store, was a prior owner.
During World War II prisoners of war were kept at the property. Four Italian prisoners worked on the farm during the day and were locked-up in the upper storey of an outbuilding at night.
Nardoo is split up in to three lots and has three houses, stables, a tennis court and a three hole golf course. The custom-built main house was designed by Alistair Knox in the 1970s. It comes with Matchem Skipper-designed chandeliers.
Kennedy &amp; Hunt agent Jason Kennedy <a href="https://www.realestate.com.au/property-mixed+farming-vic-riddells+creek-7949998" target="_blank">had the listing</a> with $4 million to $4.4 million hopes.
The property, with 25 paddocks, came with shearing shed that can handle 150 sheep at a time.
There was a stallion standing area, stallion parade area, amphitheatre and function centre   It came with three stable complexes, totalling 15 stables including mare &amp; foal stable, nine post and rail quarantine day yards, and a vetting facility   The farm had 1.4 metre electric rail/wire mesh fencing, along with 2 metre high perimeter kangaroo proof fencing.
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Nardoo, Riddells Creek country property sold by Dr Paul Carter

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GUEST OBSERVATION
Revitalisation projects aimed at increasing residential populations in inner urban areas since the 1980s have resulted in almost wholesale expulsion of the marginally housed. The now mythic “doughnut city” that Melbournians became so embarrassed about, and so proud to repopulate, was in fact a city that housed its homeless.
The critic John Berger observed: "The 20th-century consumer economy has produced the first culture for which a beggar is a reminder of nothing."
We might ponder his concern in the Australian city today where the homeless have never been more visible and yet so ignored in mainstream urban discussion.
Infrastructure Australia’s recent report, Future Cities: Planning for our growing population, doesn’t mention homelessness once. This is sadly typical of major urban policy statements in the past few decades, many of which have championed inner-city renewal.
From doughnut city to cafe society
Melbourne, like most Western cities, experienced population decline in its core from the 1960s as relentless suburbanisation drew population outwards.
In 1977, the Melbourne Metropolitan Board of Works chairman, Alan Croxford, lamented: "Melbourne’s trend towards a ‘doughnut’ type of development is revealing the first signs of serious problems experienced in other cities of the world."
<a href="https://images.theconversation.com/files/212173/original/file-20180327-109193-1ujvgrb.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/212173/original/file-20180327-109193-1ujvgrb.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
The Department of Infrastructure’s 1998 report, From Doughnut City to Café Society. Author provided
Similarly, Jan Ghel describes Melbourne in the 1970s as a “neutron-bombed” city. The architectural commentator Norman Day portrayed it as “an empty useless city centre”.
The “doughnut” trope certainly stuck in the planning imagination. Urban strategies and programs in the 1990s were decidedly aimed at reintroducing a residential population and revitalising the city centre.
The Postcode 3000 program and the Keys to the City campaign were a resounding success. Residential accommodation in central Melbourne increased from 738 units in the 1980s to 9,895 units by 2002. The figure today is nearly 30,000 units.
This renaissance has been retailed and celebrated globally. It is, however, partial truth. The uplift was certainly not felt by all.
Melbourne when relief was cheap
<img src="https://images.theconversation.com/files/212174/original/file-20180327-109193-p7cbuv.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Gordon House Lodgings in Little Bourke Street, in the late 1960s, had about 500 beds. Alan Jordan/State Library of Victoria
<a href="https://images.theconversation.com/files/212175/original/file-20180327-109182-cj27t9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/212175/original/file-20180327-109182-cj27t9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
Relocated to Lorimer Street, Gordon House had about 300 beds. Graeme Butler, 1982
<a href="https://images.theconversation.com/files/212179/original/file-20180327-109182-9nqpt4.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/212179/original/file-20180327-109182-9nqpt4.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
Aerial view of Gordon House on South Wharf, 1979. Wolfgang Sievers/National Library of Australia
<a href="https://images.theconversation.com/files/214444/original/file-20180412-549-19unoty.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/214444/original/file-20180412-549-19unoty.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
Aerial view of South Wharf showing the Melbourne Exhibition Centre, built in 1996, located where Gordon House used to be. <a href="https://www.flickr.com/photos/popcorncx/155407300/" target="_blank">Stephen Edmonds/Flickr</a>, <a href="http://creativecommons.org/licenses/by-sa/4.0/" target="_blank">CC BY-SA</a>
The “doughnut city” in fact offered cheap accommodation for the marginal and homeless. This included night shelters, rooming houses, private residential hotels, and crisis accommodation.
Gauging the exact number of low-cost beds in the inner city at this time is difficult. Homeless population estimates and reported losses in crisis and transitional housing during this period give us some idea.
Alan Jordan’s seminal work on Melbourne’s inner-city homeless population in 1973 noted: “… at any given time in the period there were at least 3,000 and probably 4,000 homeless men within two or three miles of the centre of Melbourne who were currently using night shelters, lodging houses and handouts”.
A 1984 report on the City of Melbourne and its homeless indicated that about 3,700 rooming house rooms were available for rent. These housed an estimated 4,500 people.
In 1990, a report by the Council for Homeless Persons and the Victorian Council of Churches estimated that each night, within 5 kilometres of the GPO, there were 4,000 people in large rooming houses and private hotels, 930 in crisis accommodation, and 530 in squats and sleeping rough. The report estimated that rooming house stock had shrunk by 48% in the seven years from 1981 to 1988.
The erosion of low-cost accommodation in the 1980s and ’90s made way for the repopulation of inner Melbourne. A 1998 study on rough sleeping commissioned by the City of Melbourne reported an overall reduction of 78% in short-term housing stock between 1987 and 1997. This amounted to the loss of 1,400 crisis accommodation and low-cost hotel beds.
This transitional housing was hardly ideal, but its loss deprived homeless people of temporary shelter and no doubt contributed to burgeoning numbers of rough sleepers. It also signifies that Melbourne’s “doughnut city” was never entirely hollowed out. It offered relief to, and was occupied by, the homeless.
More homeless, more visible
<a href="https://images.theconversation.com/files/212180/original/file-20180327-109196-1pxizul.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/212180/original/file-20180327-109196-1pxizul.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
Remnants of Melbourne’s Skid Row: Three private hotels on the corner of Spencer and Flinders streets had about 268 low-cost rooms, early 1980s. Public Record Office Victoria<a href="https://images.theconversation.com/files/212182/original/file-20180327-109193-18z8gq9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/212182/original/file-20180327-109193-18z8gq9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
Sir Charles Hotham Hotel on Skid Row, which sold last year for a speculated $30 million. Melbourne History Workshop
Recently released 2016 Census results estimate about 116,000 people are homeless on any given night in Australia. Rough sleepers represent just 7% of the homeless population, but are increasingly visible in Australian cities.
In Melbourne, the increasing visibility of homelessness sits jarringly alongside its growing prestige as a thriving, culturally diverse and vibrant city. Being crowned the world’s “most liveable city” seven years in a row has helped to resurrect the narrative of “Marvellous Melbourne”.
Significant work has been done over this time to provide specialist homelessness services and support in the inner city. But accompanying low-cost accommodation to house the users of these services has become ever more residual. With about 36,000 applicants on the social housing register, and very little increase in supply, the demand for crisis and transitional accommodation is mounting.
Urban renaissance, a mixed tale
Urban redevelopment and displacement are intertwined trends familiar to many cities around the world. As with Melbourne, these revitalisation stories are often partial accounts, which smother more subjugated histories of a city.
By celebrating the demise of a doughnut city and its replacement by a superior café society, “liveable Melbourne” overlooks the vast dispersal that made way for a residential population that reinforces the commercial prospects of the city. The previous, more marginal city dwellers are simply abandoned. Versions of this are recurring today.
None of this is to wish a return to the past but to remind us of what can be lost in contemporary urban narratives – in this case Melbourne’s history of homeless occupation and subsequent displacement.
To heed Berger, the swelling of homelessness should remind us of the property dysfunction and spatial injustice that underlie our cities’ seeming prosperity. We can celebrate successes, but must also concede that urban renaissance is often a mixed tale of blinding optimism for the elite and cruel loss for the poor. Planning for future cities ought to take more care.
Claire Collie, PhD candidate in Urban Planning, University of Melbourne
Brendan Gleeson, Director, Melbourne Sustainable Society Institute, University of Melbourne
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/melbournes-doughnut-city-housed-its-homeless-93062" target="_blank">original article</a>.
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The story of how Melbourne’s ‘doughnut city’ housed its homeless

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GUEST OBSERVATION
Australia is a continent defined by extremes, and recent decades have seen some extraordinary climate events. But droughts, floods, heatwaves, and fires have battered Australia for millennia. Are recent extreme events really worse than those in the past?
In a <a href="https://www.clim-past.net/13/1751/2017/cp-13-1751-2017" target="_blank">recent paper</a>, we reconstructed 800 years of seasonal rainfall patterns across the Australian continent. Our new records show that parts of Northern Australia are wetter than ever before, and that major droughts of the late 20th and early 21st centuries in southern Australia are likely without precedent over the past 400 years.
This new knowledge gives us a clearer understanding of how droughts and flooding rains may be changing in the context of a rapidly warming world.
A history of drought
Australia has been shaped by floods, droughts, and blistering heat. How big and how intense these events were is poorly understood due to the limited historical and observational records.
Historical records provide rough estimates of the extent and intensity of droughts in parts of Australia since the late 1700s. For example, captains’ logbooks from ships anchored off of Sydney describe the Settlement Drought (1790-1793), which threatened the tenuous foothold of early European settlers in Australia. And farmers’ records describe the Goyder Line Drought (1861–1866) that occurred in areas north of the known arable lands of South Australia.
Observational weather records provide more detailed descriptions of climatic variability. However, systematic recording of weather in Australia only began in the late 19th century. Since then many parts of the continent have experienced prolonged wet periods and droughts. The most well known of these are the Federation drought (1895-1903), the World War II drought (1939-45), and the recent Millennium drought (1997-2009).
All three droughts were devastating to agriculture and the broader economy, but each was distinct in its spatial footprint, duration, and intensity. Importantly, these droughts also differed in seasonality.
<img src="https://images.theconversation.com/files/215802/original/file-20180422-75119-l7k2fy.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Recent and historical droughts in Australia for the different natural resource management (NRM) regions. Provided by M.Freund
For example, the Millennium drought, which was most severe in southwestern and southeastern Australia, was caused by poor rainfall during the cool season. In contrast, the Federation drought, which affected almost the entire continent, was predominantly due to rainfall declines during the warm season.
Although the historical and observational records provide a wealth of information about the frequency of wet and dry extremes, they provide only part of the picture.
Looking back
To understand possible trends in rainfall and assess the likelihood of prolonged droughts, we need to understand the long-term climatic context. For this, we need records that are much longer than existing observational and historical records.
Our new study used an extensive network of tree rings, ice cores, corals, and sediment records from across Australia and the adjacent Indian and Pacific Oceans to extend rainfall records across all of the major regions of Australia by between 400 and 800 years. Importantly, we did this for two seasons, the cool (April–September) season and warm (October–March) season, over eight large natural resource management regions spanning the Australian continent. This allows us to place recent observations of rainfall variability into a much longer context across the entire continent for the first time.
We found that recent shifts in rainfall variability are either unprecedented or very rare over the reconstructed period. The two most striking patterns were in tropical northern Australia, which as been unusually wet over the past century, and southern Australia, which has been unusually dry.
Our reconstructions also highlight differences between recent extreme drought events and those in earlier centuries. For example, the Millennium Drought was larger in area and longer than any other drought in southern Australia over the last 400 years.
Our reconstruction also shows that the most intense droughts described in the historical records – the Settlement Drought (1790-93), Sturt’s Drought (1809–30), and the Goyder Line Drought (1861–66) – were limited to specific regions. The Settlement Drought appears to have affected only Australia’s eastern regions, whereas the Goyder Line Drought, which occurred north of the northernmost limit of arable lands in Southern Australia, primarily impacted central Australia and the far north.
These historical droughts varied widely in the area they covered, highlighting at a continental scale the spatial diversity of drought. This spatial variability has also recently been demonstrated for eastern Australia.
<img src="https://counter.theconversation.com/content/94292/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Our multi-century rainfall reconstruction complements the recent Climate Change in Australia report on future climate. By providing a clearer window into climates of the past online, we can better see how extremes of rainfall may affect Australia in the future.
Mandy Freund, PhD student, University of Melbourne
Ben Henley, Research Fellow in Climate and Water Resources, University of Melbourne
Kathryn Allen, Academic, Ecosystem and Forest Sciences, University of Melbourne
Patrick Baker, ARC Future Fellow and Professor of Silviculture and Forest Ecology, University of Melbourne
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/recent-australian-droughts-may-be-the-worst-in-800-years-94292" target="_blank">original article</a>.
Main photo: Lancelot that became a ghost town following the Federation Drought. <a href="https://www.flickr.com/photos/82134796@N03/9520085195/" target="_blank">denisben/flickr</a>, <a href="http://creativecommons.org/licenses/by-nd/4.0/" target="_blank">CC BY-ND</a>
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Recent Australian droughts may be the worst in 800 years

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Demand is heating up for forest breeding country in the Burdekin River Valley from the Belyando in the south to Mount Garnet, Einasleigh and Georgetown in the north.
There is a shortage of forest breeding country on the market, valuer Herron Todd White's recent rural report suggested.
"There is a market disrupter in the room in the form of the Department of Defence," the firm suggested.
HTW advised as this year progresses, the property clock for this region of North Queensland is likely to rise from the nine o’clock (rising) position towards twelve o’clock (peak).
"Depending on how the Defence negotiations play out, this market may see record values later in the year. 
"There is a distinct possibility of vendors re-entering the market as buyers with significantly enhanced cash and reduced debt to acquire replacement cattle stations for the ones that they may have just sold to Defence.
"It will be interesting to see if any of the deals break the springs of the property clock!"
The valuation firm suggested there  ay be some overflow of demand in neighbouring market areas.
"These may include the Desert Uplands and the Hughenden basalts and the Georgetown, Einasleigh and Mount Garnet areas," it suggested.
The following table provides a run around the ridges of the north and north-west Queensland grazing property market areas:
<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/2018/4/6/north%20qld%201.jpg" alt=""><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/2018/4/6/north%20qld%202.jpg" alt=""><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/2018/4/6/north%20qld%203.jpg" alt="">
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Defence acquisitions could boost North Queensland rural market: HTW

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Queensland Government owned properties, once earmarked for the former Glendower Dam project around Beaudesert and Tabragalba, are on the market in the first stage of the open market sales program. 
The properties are a combination of large agricultural holdings, residential houses and lifestyle properties. 
Six properties will be offered by auction for June 7 auction.
These properties comprise of three blocks of vacant land around 50 hectares each, a house on 1.2 hecatres, a house on 20 hectares with frontage to the Albert River and lastly 193 hectares of prime river flats with irrigation licences, houses and sheds. 
The three lifestyle blocks are adjoining and are all fronted by Beaudesert Nerang Road.
One property comprises 193 hectares of rich river flats.
Three water licences are currently attached to the property. It is in eight freehold titles and has frontage to both Beaudesert Nerang Road and Tabragalba House Road. 
The properties are located 60 kilometres from Southport and 70 kilometres from Brisbane. 
Ray White Rural Queensland sales agent Peter Douglas and Ed Dalton, at Ray White Rural Beaudesert have been appointed to manage the sale process. 
“It is a very good mixture with properties in all price brackets," Douglas said. 
Properties will be open for inspections on Sundays. 
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Ray White Rural to sell Glendower Dam sites

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A modern five bedroom in the Central Highlands Region, has been sold at auction for $131,000.
It was sold by Jason Campbell from Blackwater Real Estate.
<a href="https://www.realestate.com.au/sold/property-house-qld-blackwater-127713130" target="_blank">Set on 28 Summer Red Court,</a> Blackwater, it comes with five bedrooms, open plan kitchen/dining/living area, and double lockup garage.
It also features outdoor entertainment area, air-conditioning throughout and ceramic tiles through living area. 
The house had last sold at $472,500 in 2011.
According to CoreLogic, the suburb's median house price sits on $88,750.
A large two storey house in Blackwater, a town in the significant coal mining area in Central Queensland, was sold for $67,000 last month by the mortgagee.
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Modern five bedroom Blackwater, Queensland sold by mortgagee

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EXPERT OBSERVATION
Last week was all about interest rates – even though the RBA and the US Fed kept both of their official rates unchanged at their most recent meetings.
But as usual, what’s likely to happen in the future is the interesting question.
In Australia, all eyes will be on how ASIC and APRA respond to the findings of the banking royal commission. Will they be defensive about past mistakes, or move forward with tighter regulations on banks and financial planning? What will the RBA do in this context?
On interest rates the answer is probably “nothing soon”.
<a href="https://www.rba.gov.au/media-releases/2018/mr-18-11" target="_blank">The official statement</a> by RBA Governor Philip Lowe makes one almost physically feel the contortions.
“The Bank’s central forecast for the Australian economy remains for growth to pick up, to average a bit above 3 per cent in 2018 and 2019. This should see some reduction in spare capacity in the economy.”
OK, growth is about to move up strongly.
“Household income has been growing slowly and debt levels are high.”
Well, that sounds concerning, since <a href="https://tradingeconomics.com/australia/household-final-consumption-expenditure-etc-percent-of-gdp-wb-data" target="_blank">household consumption accounts for nearly 60% of GDP</a>.
Unemployment was getting better, but that’s stopped happening.
“Inflation remains low…with both CPI and underlying inflation running marginally below 2 per cent. Inflation is likely to remain low for some time…A gradual pick-up in inflation is, however, expected as the economy strengthens.”
So inflation has been outside the target band of 2-3% for a very long time, but if that courageous GDP growth forecast pans out then we might end up back in the band.
And on, and on. No wonder US President Harry Truman once lamented “Give me a one-handed economist. All my economists say ‘on one hand…’, then ‘but on the other…’”
In any case, for the foreseeable future it is not what the RBA does, but what the big four banks do that will have the biggest impact on the interest rates Australian borrowers face.
Wholesale funding costs have been ticking up, cutting net interest spreads for the banks. And the wash-up of the Royal Commission is likely to lead to a further tightening of underwriting standards. As ANZ CEO Shayne Elliot put it:
“People are still going to buy a home, so it doesn’t change fundamental demand, but it will change the process and will probably make it harder for people to be successful in their applications.”
Those two factors taken together could easily see a 15-20 basis point increase in rates for home loan borrowers. That might be tempered by potential outrage from the public – banks behave badly and then put their prices up – but the banks have a lot of market power, as history has shown in these matters.
Across the pond, the US Federal Reserve left official rates unchanged from March at 1.5% to 1.75%. That ended, for now, a string of six rate hikes since December 2015.
In a <a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20180502a.htm" target="_blank">relatively brief statement</a> the Fed noted;
“the labor market has continued to strengthen and that economic activity has been rising at a moderate rate. Job gains have been strong, on average, in recent months, and the unemployment rate has stayed low. Recent data suggest that growth of household spending moderated from its strong fourth-quarter pace, while business fixed investment continued to grow strongly. On a 12-month basis, both overall inflation and inflation for items other than food and energy have moved close to 2 percent.”
The leading interpretation of this is that the Fed thinks inflation is ticking up and will likely raise rates another 25 basis points at the next meeting if nothing material changes in the economy.
All this is a reminder that monetary policy is as much art as it is science.
It is also worth remembering that the other key function of central banks is prudential regulation. That is where the real changes could be interesting. Fed Chair Jay Powell is known to be much more amenable to deregulation of the financial sector than his predecessor Janet Yellen. It may not be too long before we see those instincts put into action.
<img src="https://counter.theconversation.com/content/96006/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Perhaps the regulatory front will be more interesting than interest rates for the remainder of 2018.
Richard Holden, Professor of Economics and PLuS Alliance Fellow, UNSW
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/vital-signs-fallout-from-banking-crackdown-could-be-worse-than-interest-rate-rises-96006" target="_blank">original article</a>.
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The fallout from banking crackdown could be worse than interest rate rises: Richard Holden

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Mosman has reportedly secured a $10 million-plus sale of a four-bedroom harbour front apartment.
<a href="https://www.realestate.com.au/sold/property-apartment-nsw-mosman-128264030" target="_blank">The 1/2e Mosman Street, Mosman Bay</a> sale price was not disclosed, but it reportedly topped the $8.4 million paid in 2015 for apartment 3, two levels above.
It was however confirmed as a new record for the lower north shore suburb secured by the Quill family.
They paid $6.7 million when the Allen Jack + Cottier-designed building, Watermarque was developed in 2008 by Rodney Hills and Hugo van Krestchmar. The developer duo demolished two brown brick apartment buildings holding eight apartments.
Fairfax Media reported a local downsizing couple purchased the apartment through Belle Property.
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Mosman's $10 million plus Watermarque apartment record

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.

[smartcode_project:default project_id=112024 project_image_fid=343235]

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."

[smartcode_project:default project_id=108274 project_image_fid=365786]

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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[smartcode_project:default project_id=150414 project_image_fid=372743]

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."

[smartcode_project:default project_id=150414 project_image_fid=372744]

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.

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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.

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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.”

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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.”

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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]

Staff reporter

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