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The Law Institute of Victoria (LIV) has sold its long-term CBD headquarters at 470 Bourke Street Melbourne for more than $30 million.
The final sale price and purchaser details was not revealed, however, selling agents Colliers International confirmed the result comfortably exceeded the Law Institute’s reserve price.
The nine-storey 470 Bourke Street office building has a net lettable area of 3,339 square metres. The underlying land area is 916 square metres with dual street frontages to Bourke Street and Little Bourke Street with direct access to the prestigious Melbourne legal precinct.
LIV chief executive officer Nerida Wallace said: “Our building has served the Law Institute and the community well for almost 40 years. We’re excited to be moving to modern accommodation within the legal precinct so we can better support our members, the legal profession and the community.”
The property was offered by international expressions of interest by Colliers International Melbourne city sales team Oliver Hay, Matt Stagg, Daniel Wolman and David Sia. The purchaser was represented by Rob Harrington of Fitzroys.
The LIV sold the property subject to a six-month leaseback to provide sufficient time to relocate to another building within the legal precinct.
Hay said the campaign generated more than 130 buyer enquires and multiple bids from a range of owner-occupiers, investors and developers. 
The strong buyer response was due to the property’s prime location in Bourke Street and limited supply of significant freehold offerings during the first quarter of 2018, Hay said.
Stagg added the strong Melbourne CBD office leasing market and low interest rate environment had fuelled purchaser demand for commercial investments in the Melbourne CBD from local and international investors.
The Law Institute of Victoria was advised on the sale by Charter Keck Cramer and Russell Kennedy Lawyers. The LIV is examining several leasing opportunities and is being advised by Charter Keck Cramer in the process.
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Law Institute of Victoria sell Bourke Street headquarters

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The home of ASX-listed Austin Engineering in Perth’s Kewdale Industrial Precinct has come to market with expectations of $14 million to $15 million.
The 3.2-hectare site with 6,622 square metres of office/workshop space at 100 Chisholm Crescent is undergoing extensive upgrades to modernise the facility.
Savills Australia’s James Condon has been appointed to sell the property in conjunction with Knight Frank’s Jarrad Grierson via a four-week campaign.
With Austin Engineering signing a new eight-year lease for the premises, Condon said investors were likely to compete for the opportunity to own the refurbished asset.
“With more than $1 million in annual rental income and fixed rental increases, 100 Chisholm Crescent will be very well received by the Perth investor market,” he said.
The tenant has been in the area for more than 20 years and has just committed to an extension to the lease of their second site nearby at 2 Draper Place, Kewdale, for another five years, which they have occupied for more than 10 years.
Condon said Austin Engineering’s signing of the two new leases showed commitment to the ongoing evolution of the Kewdale Industrial Precinct.
Chisholm Crescent is within close proximity of the Kewdale intermodal facility and the Perth International Airport, about 12 kilometres from the CBD. 
The high-quality office/workshop has a heavy-duty support structure to cater for a variety of gantry cranes, including two 25-tonne, three 16-tonne and one 10-tonne crane. 
The facility also includes an ancillary workshop of 890 square metres.
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Austin Engineering’s Kewdale facility up for grabs

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A Melbourne investor has paid $1.82 million for a warehouse in a sought after precinct of Richmond on Melbourne’s CBD fringe.
Teska Carson’s Tom Maule and Matthew Feld said the property drew four bidders driving the price to achieve a land rate of $6570 a square metre.
Located at 79 Murphy Street, the property comprises a single level, 240 square metre, double-fronted, brick warehouse, with RSD access and two off-street car spaces.
The 277 square metre site, which includes 7.9 metres frontage to both Murphy and Blazey streets, is zoned Industrial 1.
"Richmond has become a very much sought after address for those looking for a location within easy reach of the CBD, at competitive rentals, with both parking and public and private transport access, and within close proximity of Richmond’s popular restaurant and fashion precincts," Maule said. 
The vendor was a private investor.
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Richmond warehouse fetches $1.82 million

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The Melbourne industrial market performed strongly in 2017, according to the recent report by valuers, Herron Todd White (HTW).
With interest rates remaining low and a relatively stable economy, new industrial developments are continuing to come onto the market, it noted.
"This can be seen in growth corridor areas where there is an abundance of vacant land prime for development, including suburbs such as Clyde and Pakenham in the south-east, Carrum Downs in the south, Truganina and Derrimut in the west and Epping in the north," the report said. 
"The need for small scale industrial units continues to grow, especially for tradies and retirees looking for extra space solutions to store their associated tools or lifestyle equipment."
HTW expect to see increased demand for large scale warehousing and distribution facilities, particularly in the western suburbs where the proximity to the western suburbs to the West Gate Freeway, Princes Freeway and Western Ring Road is a major draw card for transport, logistics and distribution.
It noted there have been a number of new major projects throughout Melbourne, including the Woolworths Distribution Centre in Dandenong South, the Merrifield Business Park in Mickleham and the Bund Business Park in Port Melbourne, which are all due for completion in 2018.
Throughout 2017 there was extensive investment in infrastructure with major road widening projects for the City Link Tullamarine Freeway, Western Distributor Project and the Monash Freeway. Industrial areas in the vicinity of these transportation routes are anticipated to have continued demand.
Rental levels are expected to remain reasonably stable for the first quarter of 2018. Prime face rental rates in Melbourne’s industrial outer areas have generally ranged between $70 and $90 per square metre of building area per annum net plus GST, with secondary rates around $50 to $70 per square metre of building area per annum net plus GST.
Tenant demand has remained relatively strong over the previous 12 months however we remain cautious of oversupply given the large amount of industrial development occurring, especially in the south, south-east and west.
Incentives are expected to remain reasonably high with larger scale new developments achieving a range of 15% to 35%, HTW noted.
Yields have been under increasing downward pressure for prime grade industrial development with yields for secondary development generally steady.
"This has been underpinned by the current low interest rate environment and investors hunting quality investments and there being limited properties for sale," the March report noted.
Vacancy rates are continuing to decrease in comparison with 2016 as tenant demand is increasing to match the supply on offer.
Demand has remained consistent this year in the northern suburb of Epping following the relocation of Melbourne’s fruit and vegetable market to Cooper Street in late 2015. This area has seen an influx of speculative development for both standard of office and warehouse accommodation and cold storage facilities.
Areas to avoid are markets with over supply, vacant older style properties without any development up side and industrial properties with high rental rates yet short WALEs.
Areas of continued demand include the Melbourne Airport precinct, west of the Essendon Football Club Training Facility in Tullamarine. Demand for larger warehouses, distribution centres and other transport and logistics facilities is expected to continue to grow in the south-east, where developers are listening to and meeting tenant and occupier requirements. Green eld land available throughout suburbs such as Keysborough, Dandenong South, Lynbrook and Cranbourne West are expected to be sought at strong levels, with rates breaking the $400 per square metre of land area barrier (for sites under 4,000 square metres).
In addition to the above, further opportunities foreseen in the market are those properties with solid cash flows underpinned with medium term redevelopment potential. 
A new factory in Epping Central Industrial Precinct has been sold for $1.27 million (pictured below).
<a href="https://www.realcommercial.com.au/property-industrial+warehouse-vic-epping-502692170" target="_blank">Located minutes from the Epping Fruit &amp; Vegetable market, Western Ring Road, Hume Highway &amp; Cragieburn bypass</a>, the total building area of the property is 827 square metres (732 square metre floor plus 95 square office), and the total land area is 1200 square metres.
It also includes 13 car bays.
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Strong demand for small scale Melbourne industrial units: HTW

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Coral Sea Resort, one of the tourist destinations at Airlie Beach, has been listed for sale.
CBRE Hotels have been appointed to market the four-star resort on behalf of Sydney-based owner Darrol Norman. 
The 25 Ocean View Avenue holding comprises 60 large guest suites, with a total inventory of 73 keys in the resort letting pool, conference and function facilities, tour desk, gazebo, private jetty, and the Clipper Restaurant and Lounge.
CBRE Queensland Director Paul Fraser said the asset has been held by the same owner for over 20 years.
"The family has now decided to divest their prized asset to focus on retirement," Fraser said.
"This is a quality hotel which presents exceptionally well, having been maintained with constant capital expenditure.
"The resort has an unrivalled location, positioned on a 7,521 square metre ocean front site between the CBD and Abell Point Marina and offering spectacular views over the Coral Sea coastline.
"It is arguably the best site in the Airlie Beach region," Fraser added.
Offers for the Coral Sea Resort close April 12.
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Coral Sea Resort at Airlie Beach listed for sale

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A main road site located at 1297-1299 Sydney Road, Fawkner to international doughnut giant Krispy Kreme.
The 1,823 square metre site has just been completed.
John Star of CVA leased the property.
It will be home to their second drive-through concept store after successfully opening in Bulleen in January this year.
The existing buildings were demolished to make way for the purpose-built 250 square metre store which features open plan seating area, storage, offices and amenities and customer parking.
Krispy Kreme have leased the site on a 10-year lease term plus options for $115,000.00 per annum equating to a building rate of $460 per square metre.
Located adjacent to the Gowrie Train Station and close to Jukes Road the property is situated less than 1.2 kilometres from the Metropolitan Ring Road and its associated arterials. 
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Krispy Kreme lease Fawkner drive-through location

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GUEST OBSERVER
A proposal to increase regulation for unlisted property products could result in fewer products being available to retail investors.
Treasury’s proposed product design and distribution obligations combined with new product intervention powers would lead to consolidation among retail providers of unlisted property funds, and fewer choices for retail investors. 
An increase in compliance, uncertainty and costs would make it harder for boutique and mid-market fund providers. Retail investors will likely miss out as more issuers decide to go wholesale only. 
Many in the small-to-mid-market will find the retail compliance demands too onerous and too costly. 
This could lead to consolidation in the retail market with fewer products available, which won’t benefit the average investor.
The proposed legislation, which could be enacted during 2018, shifts more risk to product providers. Key stumbling blocks include the need for product issuers to identify the ‘appropriate target market’ for their products. 
Legislating this requirement places more risk on the issuer and arguably shifts responsibility from the financial adviser to the product issuer. 
Unlisted property funds will need to spend more on compliance, legal advice, and possibly consumer testing to satisfy these requirements. Those funds which do go ahead will be under pressure to pass these increased compliance costs on to investors.
Investors must be protected but investors also benefit from product innovation, much of which comes via boutique providers. There is a balancing act between appropriate compliance measures and the freedom to bring new and innovative products to market. 
ASIC already has the tools available to protect unlisted property investors. There is strong demand among retail investors for unlisted property vehicles and we need to ensure industry can continue to bring appropriate, high performing products to this market.
Paul Healy is CEO of <a href="http://www.propertyfunds.org.au/" target="_blank">Property Funds Association</a>, an industry body for the $125 billion Australian unlisted wholesale and retail property funds sector. 
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Increased regulation of unlisted funds will impact investors: Paul Healy

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<div>Most market onlookers believe the cash rate will remain static at the April board meeting, but just two 25-basis-point rate rises is all it could take before some ‘risky’ mortgage holders lose grip of their repayments, according to new finder.com.au research.</div>
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Thirty one of the 32 (97%) panellists from the finder.com.au RBA survey are expecting the rate to remain on hold, with one respondent (Mark Crosby from Monash University) forecasting a rise to 1.75%. Eighty-three percent (24 of 29) of experts and economists believe the next rate move will be an increase, while the remainder of the panel believe the Reserve Bank will stay in the cutting cycle. Finder’s new Economic Sentiment Tracker, which was introduced to the survey last month, has found household debt to be the number one area of concern for the majority (55%) of panellists. Graham Cooke, insights manager at finder.com.au, says household debt is still a struggle for many Australians.
“Mortgage repayments are king of household debt, but other costs like personal loans and credit card repayments also comprise a large chunk of household debt — and they roll in like clockwork.
“Running costs like electricity and gas can also quickly deplete household savings,” he says.
Employment is viewed with optimism among the experts and economists (65%) while the panellists mostly felt neutral (50%) or negative (15%) about the nation’s wage growth.
Thirty percent of panellists expressed negative sentiment toward cost of living.
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UBS Wealth Management Australia recently released a report saying 18% of the home loan market included fraudulent details on their applications. With this in mind, panelists were asked how many 25-basis-point rate increases it would take before mortgage holders started defaulting.
In response to this, 56% of experts believe up to two rate increases could cause the “risky” end of the market to default on their repayments.
Thirty-nine percent think two cash rate increases would be enough to throw homeowners into default, while a further 17% said just one rate increase would put fraudulent borrowers in a precarious position.
According to recent data, Sydney’s auction clearance rates (ACR) have fallen from 73.7% in August 2017 to 63.8% on March 2018, hitting a low of 57.5% in February 2018.
Panellists were asked if clearance rates will fall below 50% in 2018. Most respondents (13 of the 20 who opted in to this question) said they don’t expect to see Sydney ACRs fall below 50%.
“We’ve seen some correction in the Sydney market, with some experts indicating the market may continue to slow and we may see an average clearance rate around the 55% mark,” Mr Cooke says.
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Here’s what the experts had to say: 
Jordan Eliseo, ABC Bullion (Hold):"The RBA will continue with their current monetary policy settings, though recent data will have dented their confidence regarding the outlook for employment, inflation and overall economic growth. We remain of the view that their next move will be a cut to the cash rate, particularly if house price weakness continues, but this will take time to play out."
Tim Nelson, AGL Energy (Hold):"No material changes to outlook since March. "
Shane Oliver, AMP Capital (Hold):"High business confidence, strong jobs growth and the RBA's own growth and inflation forecasts argue against a rate cut, but risks around consumer spending, weak wages growth and inflation, the slowing Sydney and Melbourne property markets and the still too high $A argue against a rate hike."
Alison Booth, ANU (Hold): "The fundamentals don’t want any change."
John Hewson, ANU (Hold):"[The RBA] simply can't move given level of household debt. The economy is still mixed."
Malcolm Wood, Baillieu Holst (Hold):"Inflation below target range, Moderate growth, global volatility."
Paul Dales, Capital Economics (Hold):"There are still no real signs that inflation is heading back up to the middle of the 2-3% target range, so interest rates need to stay low to give it a bit of a boost."
Saul Eslake, Corinna Economic Advisory (Hold):"Nothing has materially changed since the RBA last stated that current monetary policy settings were (in its opinion) appropriate. There’s been no new data on price or wage inflation; and the most recent labour force data suggests that the margin of spare capacity in the labour market remains unchanged, despite ongoing strong employment growth (because most of the new jobs are going to new entrants to the labour force). And the RBA has repeatedly made it clear that it feels under no pressure to follow other central banks in hiking rates."
Peter Gilmore, Gateway Bank (Hold): "The RBA is still concerned about low wages growth and household debt levels."
Mark Brimble, Griffith University (Hold): "Volatility and uncertainty are key factors in the global context and the Australian economy continues to show lackluster performance."
Shane Garrett, Housing Industry Association (Hold):"The current economic environment of strong job creation and fairly weak price pressures does not merit a change in monetary policy from the RBA at this time."
Alex Joiner , IFM Investors (Hold):"There is no material change in the outlook. The labour market continues to perform well however economic activity nor consumer price/wages inflation justifies a near term adjustment of policy."
Michael Witts, ING (Hold):"The RBA will keep rates unchanged as it is looking for the economy to gather further momentum."
Leanne Pilkington, Laing+Simmons (Hold):“The residential housing market, and the economy generally, requires the steady interest rate environment to continue. Employment growth has been encouraging but tempered by flattened wage growth, while house price growth is also subdued and clearance rates are solid if unspectacular. It amounts to a prudent case of the RBA leaving rates as is."
Nicholas Gruen, Lateral Economics (Hold): "The economy has spare capacity and the bank doesn't want to cut – even though for a long time it should have."
Mathew Tiller, LJ Hooker (Hold):"The global economy has continued to show signs of improvement, despite ongoing geopolitical uncertainty. In Australia, the economy remains on a steady footing with business confidence and employment improving. However, this is yet to flow through the increased wages or consumer prices. Housing markets across the country continue to remain active with listings numbers increasing and auction clearance rates sitting just below the long-term average. More properties on the market for sale has provided more choice for buyers and when combined with the moderation of investor demand has led to a slowdown in price growth. In weighing up these variables, it is likely that the RBA will keep the cash rate at the record low of 1.50% over the short-term."
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Marie Mortimer, loans.com.au (Hold):"We are speaking to a lot of borrowers who are refinancing with loans.com.au for a cheaper rate than traditional lenders because they are conscious of their household budget. The RBA are also aware of the impact on a rate rise to household budgets and we believe that rates will remain on hold in the short term due to the relatively low inflation rate and weak economic sentiment." 
Stephen Koukoulas, Market Economics (Hold): "The RBA is unable to get away from its obsession with non-existant financial instability. It should be cutting rates" 
John Caelli, ME (Hold): "The RBA has flagged they are in no hurry in increasing rates. They want to see inflation increase, a pick-up in wages and lower unemployment before they consider putting up rates again." 
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Michael Yardney, Metropole (Hold):"Despite an increasing divergence with overseas rates, the RBA will keep official rates at their historic low of 1.5% because of spare capacity in our employment markets. While the Australian economy added 17,500 jobs in February, strong population growth and increased labour-force participation meant the official unemployment rate crept up a notch from 5.5% to 5.6%."
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Mark Crosby, Monash University (Increase):"Despite ‘The Donald’s’ attempts to trash the world economy, the case for the RBA raising is now very strong." 
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Christopher Schade, MyState (Hold): "With wages growth subdued and inflation well contained; there is no need for the RBA to rush to raise rates. We would not be surprised to see the RBA on hold for much, if not all of CY 2018." 
Alan Oster, nab (Hold): "No increase until we get better wages and more consumer activity." Jonathan Chancellor, Property Observer (Hold): "More time and confidence is needed before any rate rise."
Matthew Peter, QIC (Hold): "No inflation to speak of, tepid growth, slowing housing market and an unsettled global outlook give the RBA more than enough reasons to remain on hold." 
Noel Whittaker, QUT (Hold):"Housing not rising - markets wobbly - no reason to move." Nerida Conisbee, REA Group (Hold): "Economy still isn't strong enough." 
Christine Williams, Smarter Property Investing (Hold):"Unemployment figures have reduced slightly across most states, however individual debt has increased per capita. Banks are continuing to tighten their policy to be in line with responsible lending with owner occupier and investment property loans, thus reducing their overall risk in the property segment." 
Besa Deda, St George Bank (Hold):“The inflation outlook does not warrant a near term rate increase from the RBA.” 
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Brian Parker, Sunsuper (Hold): "Labour market and inflation developments aren't robust enough to warrant any near term tightening, and the RBA is clearly unwilling to ease to boost growth. On hold for a long time!" 
Clement Tisdell, UQ-School of Economics (Hold):"No reason for a change." 
Bill Evans, Westpac (Hold):"Unlike the “immediate” Trump fiscal stimulus the AustralianGovernment is adopting a more structured, cautious approach."
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No RBA change says Finder.com.au experts

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The Gold Coast millionaire businessman and property developer Michael Issakidis has been sentenced to a decade in jail for his involvement in a $135 million tax evasion case, the largest ever successfully prosecuted in Australia.
Issakidis and his co-conspirator, former Ernst &amp; Young executive Anthony Dickson, used a web of companies to evade corporate tax.
The Supreme Court of NSW handed Issakidis the jail sentence, including a non-parole period of seven years and six months, on Thursday.
The frail 73-year-old faced a sentence hearing in the NSW Supreme Court after a jury found him guilty in June last year. There had been four trials.
The Federal Revenue Minister Kelly O'Dwyer said it was the "largest and one of the most complex investigations into tax fraud in Australia's history".
Issakidis had been allowed to return to his Sovereign Island mansion after posting bail of $1.5 million in 2016.
But the authorities held on to more than $40 million in assets including his prestige vehicle collection of several Rolls-Royces, a Lamborghini and an Aston Martin along with two yachts, which were seized during the Australian Federal Police raid (pictured above and below).
Issakidis was arrested at his waterfront mansion and charged with conspiracy to deal in the proceeds of crime and conspiracy to dishonestly cause a loss to the Australian Taxation Office.
The Federal Police allege Issakidis committed tax fraud through his medical company Neumedix and funnelled company funds through offshore accounts.
He initially faced Southport Magistrates Court, where he was refused bail and extradited to Sydney. He’d then been granted bail on the condition he live at his Paradise Point home.
The Australian Federal Police and Australian Tax Office said the arrest was after a seven-month investigation under Project Wickenby, the federal government's pursuit of wealthy alleged tax evaders.
The website of NeuMedix said Michael Issakidis was the commercial connoisseur for NeuMedix.
“A consummate statesman and pragmatist, Michael's legal background coupled with many years of property development provides a tempered prudence when assessing opportunities.”
After their move from Sydney, his wife, the Gold Coast socialite Donrika, once starred in a memorable 60 Minutes segment on the A-List on the Gold Coast in the 1990s. With a downwards sweep of her hand, she indicated she was dressed in "Chanel, Chanel, Chanel."
Issakidis and his wife were unconscious in their car after he failed to turn up to court to be sentenced last October. They were discovered after 22 hours by his brother, Con.
Crown prosecutor Michel McHugh SC noted in court, referring to a psychiatric report, that Issakidis said he was not depressed and that when the couple attempted suicide "we were just two people who wanted to be together".
It's expected he'll apply to be transferred to a Queensland prison on welfare grounds.
The businessman's barrister, Mike Smith, noted that Dickson had been found to be "the predominant player and motivating force behind the conspiracy.
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Dickson was in 2015 sentenced to 11 years' jail, which was later increased to 14 years on appeal. His sentence was the longest ever handed down for tax fraud and money-laundering.
The pair created a web of false identities to aid their deception and siphoned money through the UK, Hong Kong and the UAE via fake domestic and international companies. They deliberately absorbed $450 million of otherwise assessable income through falsely created losses in order to evade $135 million. They profited to the tune of $63 million, spending the money on lavish lifestyles.
The complexity of the offshore companies involved and the fact they were based in secrecy jurisdictions such as the Cayman Islands made the investigation difficult, but sources described the AFP officers involved as "relentless" in the pursuit of both Dickson and Issakidis.
At the centre of the scam was Neumedix Health Australasia Pty Ltd. Issakidis and Dickson caused Neumedix to fake losses on the acquisition of medical technologies. They then used those losses to avoid tax on income generated on the ownership of units in a number of trusts.
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<div class="cq-article-content-media section">"These trusts generated very large taxable profits from their participation in certain financing transactions that were arranged between the offender, ANZ and some of its clients," according to court documents obtained by the Australian Financial Review.</div>
 
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Gold Coast property developer Michael Issakidis jailed for tax evasion

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Liquidators are warning property buyers caught in the collapse of Deposit Power that there is no update yet on their deposit bond guarantees.
"It appears that, at this point in time, the interim liquidators cannot advise the timeframe in which claims will be paid or the dollar value that will be paid," stakeholders were told by the interim administrator.
<div>Deposit Power, which provided interim finance to property buyers, went into liquidation on February 23.</div>
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<div>Deposit Power offered deposit guarantee bond products, assisting Australian borrowers and investors to buy residential and commercial properties without the need to provide a cash deposit.</div>
The Administrators have urge all stakeholders, including property purchasers who have purchased deposit guarantee bonds to seek independent legal advice as to their rights generally. 
It means deals potentially coming undone if vendors are unwilling to wait for buyers to find alternative finance, according to mortgage brokers.
Existing deposit guarantee bonds cannot be amended because Deposit Power's parent, CBL Insurance, is in interim liquidation after the parent company into interim liquidation.
Gavin Moss, is the interim administrator of Deposit Power, which closed after the collapse of New Zealand's CBL Insurance.
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<div id="article-inline-ad">Bids for Deposit Power were being made on this month.</div>
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<div>An estimated 4000 local residential, commercial and property investors - down from the initial 10,000 in the initial Australian Financial Review report - have an estimated $200 million of deposits unresolved now for more than a month after the bond issuer and guarantor was placed in interim liquidation.</div>
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<div>Deposit Power had links with most of the major property broker networks and major banks through their broker networks.</div>
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Deposit Power was on the product panel of most of the leading mortgage brokerages and aggregators, including Mortgage Choice.
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Deposit Power collapse imperils smooth property settlements

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.

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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."

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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."

[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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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.

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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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