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David Jones is pressing ahead with its first stand-alone gourmet food store under its new owner, South African retailer Woolworths Holdings.
It has plans to open in the up-market Capitol Grand retail arcade development on the Chapel Street and Torook Road, South Yarra corner.
Its scheduled opening is in 2019.
The Capitol Grand store will be about 500 square metres. Larry Kestelman, with financial backing from the US investment bank Goldman Sachs, is currently constructing the $700 million Capitol Grand luxury high-rise tower. Over 75 per cent of the 500 apartments across the two towers have been sold with about 80 per cent of purchasers owner-occupiers. One-bedroom apartments in the LK Property Group development start at $700,000.
David Jones will also open a food hall in its suburban Malvern store in Melbourne in March.
It plans to spend at least $100 million over three years building a retail food business, restoring its reputation for gourmet food, differentiating the department store from rival Myer and also protecting sales from new competitors such as Amazon.
The strategy includes building a new food hall in the flagship Elizabeth Street store to replace its Market Street store in Sydney.
Most of the products, including 90% of the store's fresh food offering, will carry the new David Jones Food brand, which was launched last year.
David Jones chief executive David Thomas hopes the new proposition will resonate strongly with the local customer.
The Insider Retail website reported David Jones said that the new store format store was designed with an emphasis on fresh premium produce including pre-packed meat and seafood, and a comprehensive convenience selection comprised of pre-prepared vegetables, salads and fruit as well as innovative, restaurant-quality ready meals.
Most of the fresh produce and ready-made meals will be supplied by In2Food, a South African-based company which is the largest food supplier to Woolworths Holdings.
Last week Woolworths cut the value of David Jones by $712 million - around 34% - citing poor execution of its previously announced turnaround plans along with emerging structural changes in retailing.
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j.ballantyne1990-6AQqhLzZaK

David Jones plans Capitol Grand, South Yarra food store

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The median house price in most capital cities rose over the December quarter, according to the latest Domain House Price Report. 
Weakening investor activity and tightened lending conditions continue to impact Sydney, but Domain reported a slight increase over the December quarter.
Sydney prices in the NSW capital still sit lower than six months ago.
Meanwhile Melbourne exceeded a median of $900,000 for the first time narrowing the gap between Sydney and Melbourne to a three-year low.
Brisbane and Darwin were the only two capital cities to record median house price decreases over the quarter.  Median unit prices varied across the capital cities, with an oversupply of units that continues to impact Brisbane and Darwin.
Hobart recorded the strongest annual growth in units over the December quarter, followed by Melbourne, Adelaide, Sydney and Canberra.    The national median house price increased by 1.4% over the December quarter to $813,024, while the annual rate of growth has slowed to 5%, the lowest in 15 months.   Capital city unit markets reported a minor price growth over the December quarter, increasing by 0.3% to $557,794.
Unit growth across the capital cities slowed to a 15-month low of 2.3%.  
<table class="domain-table" style="height: 201px; width: 302px; border-color: #000000; border-width: 1px; border-style: solid;">
<thead><tr>
<td>HOUSE</td>
<td>DEC 2017</td>
</tr></thead>
<tbody>
<tr>
<td>Sydney</td>
<td>$1,179,519</td>
</tr>
<tr>
<td>Melbourne</td>
<td>$903,859</td>
</tr>
<tr>
<td>Brisbane</td>
<td>$548,918</td>
</tr>
<tr>
<td>Adelaide</td>
<td>$522,815</td>
</tr>
<tr>
<td>Perth</td>
<td>$557,567</td>
</tr>
<tr>
<td>Canberra</td>
<td>$753,516</td>
</tr>
<tr>
<td>Hobart</td>
<td>$443,521</td>
</tr>
<tr>
<td>Darwin</td>
<td>$565,696</td>
</tr>
<tr>
<td>National</td>
<td>$813,024</td>
</tr>
</tbody>
</table>
 Sydney  “A varied level of price growth across all capital cities was reflected in both the national median house and unit prices this quarter. Overall, prices rose marginally in the three months to December but the slower pace has weighed down the annual growth to its lowest rate since September 2016,” said the newly installed top spokesperson, Domain data scientist, Dr Nicola Powell. 
House prices in Sydney increased marginally by 0.5% over the December quarter, reaching $1,179,519. Following a recent price decline over the September quarter, Sydney’s median house price remains lower than it was six months ago, with annual growth slowing to 4% year-on-year.  
Sydney’s unit prices decreased slightly to $736,879, a 0.4% drop over the quarter. Annually, units in Sydney grew 1.7%, a 15-month low for the capital city.  
“House prices in the Harbour City continue to moderate in line with an investor activity slowdown, and first home buyer participation rates are at their highest level in six years as entry-level buyers respond to State Government incentives,” said Powell. 
“Sydney’s double-digit growth phase appears to be in the rear-view mirror, and with no further rate cuts in sight, the market may continue to moderate in 2018. Demand is likely to weaken, as the heightened investor activity that Sydney has experienced is unlikely to be significantly offset by the rising number of first home buyers.” 
Melbourne
Another quarter of solid growth has pushed Melbourne’s median house price to $903,859, exceeding the $900,000 mark for the first time and narrowing the median price difference between Melbourne and Sydney to a three-year low. House prices in Melbourne grew 3.2% over the quarter and 11.3% over the year, resulting in Melbourne’s fifth consecutive quarter of double-digit annual growth.  
Similarly, Melbourne’s unit market delivered strong results over the December quarter, increasing by 2.8% to reach a record high of $506,079. This reflects a healthy 8.0% annual price jump, the strongest annual gain for the Melbourne unit market in seven years.  
“As investor activity retreats and the housing market adjusts to tighter lending standards, it remains to be seen whether Melbourne’s remarkable price growth will continue. However, steady population increases and government incentives may support ongoing demand as the year unfolds,” said Powell. 
“Similar to Sydney, first home buyer numbers in Melbourne have risen, recording its highest level of activity since 2009. This can be attributed largely to the Victorian government’s entry-level buyer incentives. In the coming months we are likely to continue to see a higher demand for entry-level homes, helping to drive price growth at the lower end of the market, as well as support regional price movements throughout the state.” 
Brisbane
Over the December quarter, median house prices in Brisbane decreased slightly by 0.6% to $548,918, the second consecutive quarter of decline for the capital city. This has slowed the annual price growth to a margin increase of 0.4% year-on-year, the lowest rate of advancement in five years.  
Brisbane’s heightened supply continues to impact price movement in the unit market, with units recording a decline of 2.2% over the December quarter to $385,955 — a 4.5% drop compared to last year. Unit prices in the capital city are now at a four-year low.  
“Brisbane offers a large inventory of houses and units that fall under $500,000, and interstate migration has fuelled the Brisbane market over the past two years as out-of-state buyers head to the Sunshine State in search of a lower price point,” said Powell.  
“The surge of new apartments in Brisbane remains ahead of the demand, and although this continues to impact unit prices, population increases and a slowdown in new development starts and completions may work together to help balance the market.” 
<table class="domain-table" style="height: 235px; width: 314px;">
<thead><tr>
<td>UNIT</td>
<td>DEC 2017</td>
</tr></thead>
<tbody>
<tr>
<td>Sydney</td>
<td>$736,879</td>
</tr>
<tr>
<td>Melbourne</td>
<td>$506,079
</td>
</tr>
<tr>
<td>Brisbane</td>
<td>$385,955
</td>
</tr>
<tr>
<td>Adelaide</td>
<td>$315,794
</td>
</tr>
<tr>
<td>Perth</td>
<td>$369,402
</td>
</tr>
<tr>
<td>Canberra</td>
<td>$426,124
</td>
</tr>
<tr>
<td>Hobart</td>
<td>$318,467
</td>
</tr>
<tr>
<td>Darwin</td>
<td>$395,279
</td>
</tr>
<tr>
<td>National</td>
<td>$557,794
</td>
</tr>
</tbody>
</table>
Adelaide 
Adelaide house prices rose slightly by 0.9% over the December quarter to reach a median price of $522,815. This reflects a 3.5% increase year-on-year. 
For the second consecutive quarter, Adelaide’s median unit price of $315,794 is the most affordable of the capital cities. A heightened level of supply continues to undermine Adelaide’s unit prices, which declined by 1.6% over the quarter — the second steepest quarterly decline after Brisbane. However, unit prices are up 2.0% over the year. 
“Adelaide has avoided the extreme price surges impacting Australia’s east coast markets. Its steady pace of growth and diverse coastal lifestyle makes it a reliable location for buyers heading into 2018,” said Powell. 
Perth 
A marginal 0.5% increase over the December quarter has pushed Perth’s median house price to $557,567 — 2.5% lower than the previous year. 
Lower levels of construction have buffered the local unit market in Perth, which improved by 1.0% to reach $369,402 over the quarter. However, year-on-year the city recorded a 1.7% drop. 
“After multiple consecutive quarters of house price declines and fluctuating unit prices, the Perth market is showing signs of growth. The annual pace of decline in Perth house prices has slowed compared to the steeper falls recorded in 2016, and the annual unit price decline is at its lowest in almost three years,” said Powell.  
“Perth’s housing market outlook for 2018 depends largely on whether the city’s economy and population track upwards throughout the year.” 
Canberra 
Houses in Canberra reached a record high median price of $753,516 in December, recording a 5.0% quarterly increase and an 8.4% annual increase. 
Canberra unit prices are beginning to show signs of recovery increasing for the second quarter by 0.1% to $426,124 in the three months to December. This is 0.4% higher than last year. 
“Canberra house prices have been tracking upward for 15 consecutive months, delivering the second-best performance this quarter after Hobart. Renewed buyer and seller confidence has provided the nation's capital with a substantial price boost that will likely continue throughout 2018,” said Powell.  
“Housing finance, retail trade and strengthening business confidence has been key to driving the ACT economy, in addition to spikes in tourism, infrastructure and capital initiatives have stimulated business, contributing positively to the economy.”
Darwin 
Darwin recorded its second consecutive quarter of negative price movement, falling by 2.6% and reaching an eight-year low of $565,696 over the December quarter. This follows an annual decline of 7.4% over the year. 
Although median unit prices in Darwin remain 14.0% lower than last year, the unit market spiked over the quarter, jumping 9.3% to reach a median of $395,279. This is the highest quarterly price increase of all the capital cities. 
“Darwin was the only capital city to record a median house price decline over the quarter and over the year, and a strengthening in the local market depends primarily on the state of the economy as we head into 2018,” said Powell.  
“Despite the recent uptick in prices, annual trends in Darwin’s unit market are still on double-digit decline. The oversupply of unit stock in the city is impacting the market, and price drops have been a consistent trend for Darwin since December 2016.”
Hobart 
Over the December quarter, Hobart house prices surged 10% to a record high median of $443,521. Hobart was the only capital city to record double-digit growth quarterly and annually, with a 17.3% increase year-on-year. 
Despite a minor decline of 0.8% over the quarter, unit prices in Hobart jumped 14.2% to reach a median of $318,467. Hobart recorded the strongest annual growth of all capital cities in both houses and units. 
“It has been over a decade since Hobart experienced such a surge in house prices over a quarter, and the capital city’s results over the December quarter highlight the growing demand for homes in the Tasmanian capital,” said Powell. 
“Despite the surges in price, Hobart still has the lowest median house price of all the Australian capital cities, and it remains a great option for buyers seeking an urban lifestyle with an affordable point of entry.”
 
<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/2018/1/31/unnamed.jpg" alt="">
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Price gap narrows between Melbourne and Sydney: Domain 

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Slower investor demand as a result of APRA’s macro-prudential policy measures is having an impact on all major capital city apartment markets, but so too are other state and federal imposts on foreign buyers, according to JLL’s Apartment Market report for 4Q 2017. 
But despite the slower demand, markets are still weathering the recent strong new supply additions "relatively well".
According to JLL, tight development finance conditions and slower pre-sale rates are seeing a self-regulation of supply pipelines and far less projects move into construction.
The amount of stock under construction across the five major capital city markets (Sydney, Melbourne, Brisbane, Perth and Adelaide) at the end of 3Q17 fell to 39,760 apartments, which has shrunk by around 10,000 apartments over the last two quarters.
JLL said the peak in supply was in 2017.
They expect around 25 percent less stock to be delivered in 2018 ensuring that the major markets do not move far into over-supply and that it is a relatively soft landing for the apartment market.
JLL’s Head of Residential Research, Leigh Warner said APRA’s intention in clamping down on investor lending was always to slow the housing market down, particularly in Sydney and Melbourne.
"This has been successful, but the risk we are now facing is that the added imposts imposed by state governments and the Federal Government on foreign investors in residential property is slowing this important portion of demand by much more than intended.
“It appears that foreign investors that have already invested are still settling sales at present, albeit often over a longer than normal period. However, it is also clear new offshore demand has fallen sharply and this is particularly impacting some larger CBD projects and projects by foreign developers.”
Warner believes the markets are still showing "remarkable resilience" noting Melbourne continues to operate at low levels of rental vacancy and is seeing rental growth, while apartment prices were still growing in late 2017.
“Sydney too is holding up relatively well in the face of significantly slower Chinese demand than it has enjoyed over recent years.
"Apartment prices have flattened off and are falling in some locations where supply is particularly concentrated, but the rental market is still tight and the market still appears relatively balanced after years of under-supply.”
 
<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/2018/1/31/NATIONAL.jpg" alt="">
 Warner noted while the large Sydney and Melbourne markets are slowing and driving overall national trends, other markets remain at very different points in the cycle. 
Adelaide and Canberra are less mature apartment markets, but both have seen much stronger apartment development and are slightly less progressed in the cycle than Sydney or Melbourne.
Perth and Brisbane are more advanced in the cycle and, after a very challenging 2017, both markets appear to be edging towards the trough in the cycle.
For Brisbane, JLL said the issue has been very much about supply levels, with a considerable amount built over the past two years.
However, Brisbane’s supply peak was in 2016 and a particularly tough development-financing environment will mean the pipeline will drop sharply from 2018 onwards.
Brisbane’s population growth is also picking up after several weak years following the end of the mining boom, which should also help soak up surplus supply.
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Curtailed supply ensures soft landing for resilient apartment market: JLL

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GUEST OBSERVATION
Cities policy in Australia has historically had a clear focus on the largest state capitals, but there are signs this is changing. Recent City Deals and smart cities funding shows that five of the six City Deals now in place are regional, and 55% of Smart Cities and Suburbs Program funding also went to regional cities. On the evidence so far, regional cities appear to be in the spotlight for the Australian government’s cities policy agenda.
Big and small cities matter to Australia. They are the concentrations of population, economic output, trade, commerce, cultural and social life. They are also the sites where most of the nation’s future growth, both population and economic, is forecast to occur. Australia’s economic future is closely linked to that of its cities.
In 2015, there was much excitement when the Turnbull government first announced a cities agenda, which (after a rocky start) delivered the Smart Cities Plan.
This was followed by two City Deal announcements and in 2017 much “busy work” behind the scenes; for many watching the City Deals space it was very quiet. By early 2018, when the most recent deals were signed, things had started to move in city policy, and recognition of the important role of regional cities became quite clear.
Regional cities now in the picture
Regional cities have been largely absent in past urban policy programs and debates. Most programs have focused on big city challenges: congestion, pollution, affordable housing, public transport and urban sprawl. The advent of the Smart Cities Plan has changed this with its focus on innovative policy mechanisms that require collaborative investment to drive national economic outcomes.
Many regional cities were waiting to see how the new agenda would roll out in reality. Recent interest has highlighted the role and importance of the smaller, regional cities’ economic performance. Still, too little discussion has occurred on their role in national policy.
Australian cities come in all shapes and sizes, from 50,000 to 5 million. Big metropolitan cities (Sydney, Melbourne, Brisbane, Perth and Adelaide) as well as Australia’s smaller regional cities (Cairns to Hobart, Shepparton to Mandurah – 31 in total) are part of a growing national network of cities.
Internationally, the role of stimulating the economies of regional or second cities to lift overall national performance has been much more closely considered and acted on in the form of policy and programs. With the emerging emphasis on regional City Deals and Smart Cities funding, perhaps Australia is beginning to act on the lessons from overseas.
Regional cities benefit from funding shift
<img src="https://images.theconversation.com/files/203728/original/file-20180129-100905-1u6ev2w.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt="">
 Author provided
When we look at the City Deals announcements made and agreements reached, we see that these still involve only an elite group of six cities (see timeline of agreements). Five of the six are regional cities: Launceston, Townsville, Darwin, Hobart and Geelong.
Of course another way of looking at this is that half the City Deals involve capital cities. Either way, this is a higher proportion of investment in regional cities than programs from decades ago, such as Building Better Cities (1991-96).
The regional focus is also very evident in the first round of funding released under the Smart Suburbs and Cities Program, a pillar of the Smart Cities Plan. Initial funding in 2017 was directed to delivering innovative projects to improve the liveability, productivity and sustainability of cities and towns across Australia.
Half of the first-round grants under the program (see table below) went to regional towns and cities. Two decades earlier, they received just over a third under the Building Better Cities program.
<img src="https://images.theconversation.com/files/203727/original/file-20180129-100912-19g68qd.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
 ‘Other’ category indicates a project that involves both metropolitan and regional cities. Author provided
A breakdown of the 2017 funding round shows regional cities received 55% of the grant funds. The metropolitan “big five” received only 34%.
Future directions for regional cities
The City Deals policy and Smart Suburbs and Cities Program are pillars of the Smart Cities Plan. And both have had stronger regional city representation. Why?
First, European evidence is pointing to potentially stronger economic output per person where there are many cities, as opposed to only one or two big cities, driving a nation’s growth. Hence, investing in regional cities could be a reflection of the development opportunities for small cities to contribute to national economic growth – rather than focusing all policy effort on fixing big city problems like congestion. This multi-city investment might then stimulate stronger national economic growth, compared to a purely two-city investment strategy.
Second, it could be because both City Deals and the Smart Cities Plan are trials of new policy mechanisms. City Deals is a partnership requiring cross-jurisdictional and issues-based negotiations with local, state and federal government agencies for success. The Smart Cities and Suburbs Program is essentially a technology funding program based on collaboration with private enterprises to deliver local solutions on the ground.
Regional cities are ideal test beds for these policy mechanisms. They are contained entities, where engagement is clear and vertical, transaction costs are low, and learnings are transferable to other (bigger) cities. This ensures a clear role for experimenting with policy mechanisms.
But what about the longer term? Is it just convenient to work in smaller cities with proof of concepts? Will the real innovation be centralised back into the metropolitan areas? And will the nation spread the economic growth load across the nation or concentrate it among the few big cities? Only time will tell.
In 2015 Jago Dodson asked: “Could the federal government finally ‘get’ cities?” Recent progress looks promising. We are starting to see a national cities policy, rather than just a big cities policy.
Leonie Pearson, Adjunct Associate, University of Canberra
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/cities-policy-goes-regional-90856" target="_blank">original article</a>.
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Cities policy goes regional: Leonie Pearson

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The debenture company Angas Securities hopes it is close to securing the sale of the Fernhill Estate at Mulgoa on the outskirts of Sydney.
The intending buyer is undisclosed.
“I expect to be meeting with this party and solicitors next week to finalise negotiations surrounding a small number of contractual issues,” Angas chairman Andrew Luckhurst-Smith told The Australian.
Sydney's Rookwood General Cemeteries Reserve Trust walked away from plans to buy Fernhill last November for close to $30 million amid plans to expand.
The listing agent Ken Jacobs, of Christie's International, was then dealing with parties who had expressed interest in the property should the sale not proceed.
Fernhill, the Georgian mansion in Mulgoa on the outskirts of Sydney, was the former home of bankrupt property tycoon Warren Anderson.
It was then under the control of SimonTripp who had substantially upgraded the estate.
But Tripp quit the seven bedroom sandstone home and the subdivision partnership in 2016.
The Australian advised the struggling debenture group told its investors that it had agreed terms with an Australian buyer.
It for the section known as central Fernhill, not the eastern portion of the estate.
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Hopes held by Angas that Fernhill at Mulgoa is close to being sold again

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A vacant Munno Para West house has been sold by mortgagees for<a href="https://www.realestate.com.au/sold/property-house-sa-munno+para+west-126820578" target="_blank"> </a>$200,000.
It was sold by Kathy Healey from Smarte Real Estate. 
Built in 2009, it has three bedrooms, open plan kitchen and living area, a secure backyard fully fenced front and back. 
It sits on<a href="https://www.realestate.com.au/sold/property-house-sa-munno+para+west-126820578" target="_blank"> Peerless Road</a>, Munno Para West, having last sold at $265,000 in 2010.
Schools including St Columba College, Mark Oliphant College are a short car trip away. 
According to CoreLogic, the median price for houses is $280,000.
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Munno Para West house, SA sold by mortgagees 

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An Australian Securities and Investments Commission (ASIC) review of financial advice provided by the five biggest vertically integrated financial institutions has identified areas where improvements are needed to the management of conflicts of interest.
<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/2018/1/25/AISC%203.jpg" alt="">
The review looked at the products that ANZ, CBA, NAB, Westpac and AMP financial advice licensees were recommending and at the quality of the advice provided on in-house products.
The review was part of a broader set of regulatory reviews of the wealth management and financial advice businesses of the largest banking and financial services institutions as part of ASIC's Wealth Management Project.
<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/2018/1/25/ASIA%204.jpg" alt="">
The review found that, overall, 79% of the financial products on the firms' approved products lists (APL) were external products and 21% were internal or 'in-house' products. However, 68% of clients’ funds were invested in in-house products.
The split between internal and external product sales varied across different licensees and across different types of financial products. For example, it was more pronounced for platforms compared to direct investments. However, in most cases there was a clear weighting in the products recommended by advisers towards in-house products.
<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/2018/1/25/ASIC%205.jpg" alt="">
ASIC noted that vertical integration can provide economies of scale and other benefits to both the customer and the financial institution. Consumers might choose advice from large vertically integrated firms because they seek that firm's products due to factors such as convenience and access, and recommendations of 'in-house' products may be appropriate. Nonetheless, conflicts of interest are inherent in vertically integrated firms, and these firms still need to properly manage conflicts of interest in their advisory arms and ensure good quality advice.
ASIC will consult with the financial advice industry (and other relevant groups) on a proposal to introduce more transparent public reporting on approved product lists, including where client funds are invested, for advice licensees that are part of a vertically integrated business. ASIC noted that any such requirement is likely to cover vertically integrated firms beyond those included in this review. The introduction of reporting requirements would improve transparency around management of the conflicts of interests that are inherent in these businesses.
ASIC also examined a sample of files to test whether advice to switch to in-house products satisfied the 'best interests' requirements. ASIC found that in 75% of the advice files reviewed the advisers did not demonstrate compliance with the duty to act in the best interests of their clients. Further, 10% of the advice reviewed was likely to leave the customer in a significantly worse financial position. ASIC will ensure that appropriate customer remediation takes place.
Acting ASIC Chair Peter Kell said that ASIC is already working with the major financial institutions to address the issues that have been identified in the report on quality of advice and management of conflicts of interest.
'There is ongoing work focusing on remediation where advice-related failures have led to poor customer outcomes, and the results of this review will feed into that work,' said Mr Kell.
ASIC is already working with the institutions to improve compliance and advice quality through action such as:
<ul>
<li>improvements to monitoring and supervision processes for financial advisers; and</li>
<li>improvements to adviser recruitment processes and checks.</li>
</ul>
ASIC will continue to ban advisers with serious compliance failings.
<img src="https://www.urban.com.au/images/2018/1/25/AISC%207.png" alt="">
ASIC highlighted that the findings from this review should be carefully examined by other vertically integrated firms. 'While this review focused on five major financial services firms, the lessons should be considered by all vertically integrated firms in the financial services sector.'
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ASIC reports on how large financial institutions manage conflicts of interest

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MMJ Real Estate has announced the further growth of its national commercial network with McGees Sydney office merging with MMJ Sydney’s business.
MMJ currently comprises six offices in Sydney, Melbourne, Brisbane, Perth, Canberra and Wollongong.
MMJ Real Estate chief executive, Chris Johnson announced the merger.
Ian Dimond, who has managed McGees in Sydney for over 20 years, will join MMJ Sydney’s current directors Cameron Algie and Chris Johnson, in driving the continued development of MMJ throughout New South Wales.
The McGees' clients include many Australian and international corporations, as well as government bodies, private investors and the legal fraternity. 
Other senior operatives who will join MMJ Sydney as part of the merger include Tony St Leon and Callum Macgregor.
The MMJ network also residential offices located in Wollongong, Illawarra North, Illawarra South and Dapto.
Picture above L-R: Cameron Algie, Chris Johnson, Ian Dimond.
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MMJ Real Estate merges with Sydney office with McGees Sydney

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GUEST OBSERVER
Many cities are keen on dockless share-bike schemes such as oBikes or Reddy Go, and for good reason. They promote greater physical movement, help solve transport problems in congested cities, and can be fun.
But there’s a downside. Share-bikes can litter our cities and be found in rivers, up trees, in gutters, and strewn around public places. One of the reasons for this is culture.
There are three factors influencing the use of share-bikes:
<ul>
<li>
There’s behaviour, or making choices about how to act.
</li>
<li>
There’s cognition, or how our brain works to process information.
</li>
<li>
And there’s context, or the environment we’re in at the time of the behaviour. National culture is a significant aspect of context.
</li>
</ul>
Cultural differences
To understand Australian culture and see why it’s problematic for share-bikes, let’s compare it to one of our neighbours – Singapore.
While there has been poor behaviour with share-bikes in Singapore, there are three key cultural reasons why a business model that could be successful in Singapore is much less likely to be so in Australia: power distance, individualism, and uncertainty avoidance.
The Hofstede model describes national culture using six dimensions, three of which apply here. A comparison of Australian and Singaporean national culture is shown in the figure below.
<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/2018/1/31/5362a5da41204752a04209d06c15b397.jpg" alt="">
Power distance could be thought of as respect for authority, or as the likelihood to be influenced by an injunctive norm.
Australians are much more likely to consider an edict from someone in authority as a general guideline or the starting point for negotiation, whereas Singaporeans are much more likely to take such messages literally. This is reflected in the relative scores on the Hofstede model, showing much greater power distance for Singapore at 74 versus Australia at 36.
So, how might this impact share-bike use?
Australians and Singaporeans both know share-bikes should be returned to a designated parking space, but Singaporeans are more likely to be open to messages telling them to park appropriately than Australians.
Put together with injunctive norms in Australia having been quite faint and you can see why Australians are not as likely to do the right thing at the end of a trip.
The second major difference is individualism. Australians are reported to be much more individual than Singaporeans; Singapore is a more collectivist society than Australia. If you add in the other differences in indulgence and long-term orientation, you can see why Australians are more likely to do what feels good for the individual in the short term rather than what’s best for society in the long term.
So, at the end of a share-bike trip, an Australian is more likely to leave the bike in a non-designated area if it suits them than a Singaporean is.
Uncertainty avoidance, or worrying about the unknown, is the third major way the two countries differ.
Singapore has one of the lowest uncertainty avoidance scores in the Hofstede database. This means Singaporeans are much more likely to be open to change, for instance, than almost any other country in the world. As a result, Singaporeans are more open to being influenced by what they see their friends do than almost anyone else.
This openness helps the adoption of new business models such as share-bikes. And if the right social norms around behaviour can be engineered, Singaporeans are much more likely to behave in pro-social ways, such as leaving the share-bike in the right place.
What Australia can do about share-bike littering
Changing national culture to make Australians better users of share-bikes would be extremely difficult, if not downright impossible in the short term. It’s questionable whether that would be a good thing to do, anyway.
So, if we can’t or shouldn’t change our culture, then we should try to modify the share-bike business model to better fit Australian ways.
It’s highly unlikely that the dramatic examples of share-bike littering we see, such as bikes in rivers or up trees, are caused by share-bike users themselves, as they would pay a penalty under most business models. What’s much more likely is that share-bikes are left in awkward or undesignated places for the “free spirits” in society to take advantage of.
By their carelessness, known users are contributing to the problem. As such they are a priority target for behavioural change.
Loss-aversion theory says we are much more likely to be motivated by the prospect of a loss than a gain. And the sense of being observed – for example, a visible police presence – can change our behaviour.
So, if it was made clear to a user that they were being watched when they were about to return a bike to a non-designated place – and that there would be immediate and certain consequences – they would be much more likely to do the right thing.
While most share-bike business models have deposits, incentives and penalties, they are too vague and uncertain when it matters.
The sense of being under scrutiny needs to be front of mind at the time of the behaviour. For some share-bike operators, such a solution is either in development or close at hand. And much more precise geolocation capability could give users a sense of being watched.
<img src="https://counter.theconversation.com/content/90312/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">If the share-bike business model is tweaked, Australians could embrace a clever and fun form of transportation.
Conor Wynn, PhD Candidate at BehaviourWorks, Monash Sustainable Development Institute, Monash University.
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/three-reasons-why-share-bikes-dont-fit-australian-culture-90312" target="_blank">original article</a>.
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Three reasons why share-bikes don’t fit Australian culture: Conor Wynn

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Apartment supply in inner Brisbane exceeds demand, pushing the vacancy rate to 4%, according to REIQ December quarter rental data.
Inner Brisbane (0-5 kilometre ring) vacancies rose from 3.7% in September last year to 4% in the December quarter, however the middle ring tightened from 3.4% to 2.1%. 
The REI advised the vacancy rate of inner Brisbane had only reached 4% or higher twice before – December 2013 when it reached 4.1% and March 2017 when it peaked at 4.4%, the highest level since records began in 2008. 
REIQ CEO Antonia Mercorella said this news was disappointing for investors, but not unexpected give strong levels of apartment supply coming to the market. 
“Approvals have fallen in the past six months and we know that this period - where supply exceeds demand - is likely to be only temporary thanks to a steadily growing population and consistent demand for inner city accommodation,” she said. 
“Just how temporary is difficult to predict but our expectation is that demand will start to catch up to supply very quickly and vacancy rates will return to the typically healthy levels this market usually achieves of around 2.5 – 3.5%.”  
The middle ring (5-20 kilometres) is affordable, and in most suburbs there is the convenience of good infrastructure and public transport and tenants have a good range of options to suit many budgets, Ms Mercorella said. 
 
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Empty apartments a concern for anxious off the plan Brisbane landlords

Sydney developer&nbsp;<a href="https://www.apartments.com.au/developers/central-element">Central Element</a>&nbsp;is doubling down in Drummoyne, lodging plans for a boutique apartment development on St Georges Crescent, only one-kilometre down the road from its first Drummoyne development, Bianca.

The new project at 15A-21 St Georges Crescent,&nbsp;a&nbsp;1,701sqm north-facing site overlooking Iron Cove, will have 45 apartmnts across 10 levels. Eight of the units will be dedicated to affordable housing.

The site sits within walking distance of Drummoyne Village, Birkenhead Point, ferry services and the Bay Run, and offers harbour views towards the Sydney Harbour Bridge and CBD skyline.

Designed by MHN Design Union, the development will deliver a mix of one, two and three-bedroom apartments, alongside resident amenity including a gym, landscaped communal open space and three levels of basement parking.

The project has been lodged under the NSW Government's Low and Mid-Rise Housing reforms, with Drummoyne Village identified as a town centre capable of accommodating additional housing supply.

Central Element acquired the site earlier this year as part of its continued expansion across Sydney's eastern suburbs, lower north shore and inner west.

The developer's current pipeline includes luxury apartment projects Pearl Bondi and a separate development on Lamrock Avenue in Bondi, a residential project in Barry Street, Neutral Bay, and a mixed-use seniors living community in Greenwich.

Central Element Managing Director Nathan Chivas said the project would address a shortage of new owner-occupier housing opportunities in Drummoyne.

"While we're seeing a significant shift across Canada Bay as major infrastructure investment, population growth and planning reform drive a new chapter for the region, in suburbs like Drummoyne there remains a genuine shortage of new boutique luxury housing opportunities for owner occupiers," Chivas said.

"Sites of this nature are increasingly difficult to secure, particularly those that combine a north-facing aspect with direct water outlook. Our St Georges Crescent project responds directly to the market demand, offering a level of exclusivity, outlook and lifestyle in the highly sought after suburb."

The development application has been lodged with the City of Canada Bay Council, with the project expected to launch to market in early 2027.

&nbsp;

Joel Robinson

Central Element seeks second Drummoyne apartment development

The NSW Government has unveiled plans that could deliver around 1,300 new homes across Nowra and Kiama, continuing its push to unlock housing in well-located regional centres along the South Coast.

The proposals, now on public exhibition, would pave the way for around 830 homes in Nowra and a further 450 homes in Kiama, while also introducing affordable housing requirements and increased building heights in key locations.

The larger of the two proposals is centred on Nowra, where the NSW Government is seeking to rezone land within the Mandalay and Riverfront precincts.

The Mandalay sub-precinct, located close to Shoalhaven Memorial Hospital, Nowra Library and the city's aquatic centre, could accommodate around 530 new homes. Around 30 per cent of housing delivered on Homes NSW-owned land would be dedicated to social and affordable housing, equating to roughly 100 homes. Building heights would increase from the current two-storey limit to between three and six storeys.

A separate rezoning proposal for the Nowra Riverfront Precinct would unlock a further 377 homes while creating stronger connections between the Shoalhaven River and the CBD. The plans include building heights ranging from five to 12 storeys, floor space ratios of up to 2:1 and a requirement for two per cent affordable housing.

Together, the two proposals would deliver more than 900 homes across the broader Nowra area, reinforcing the city's role as one of regional NSW's key growth centres.

The housing push builds on previous infrastructure commitments in the Shoalhaven, including government funding aimed at supporting thousands of future homes in West Nowra through upgrades to water and wastewater infrastructure.

Further north, the NSW Government is also progressing plans for the former Kiama Depot site, a two-hectare parcel near Kiama's town centre.

The rezoning proposal would transform the former industrial site into a residential community capable of delivering up to 450 homes. Buildings would range between six and eight storeys, with at least 10 per cent of homes allocated as affordable housing. The proposal also includes approximately 600 parking spaces and improved walking and cycling connections.

Planning Minister Paul Scully said the proposals are designed to increase housing supply in locations close to jobs, transport and services.

"For too long, families have struggled to find somewhere to live, and activating underutilised sites allows us to deliver the new homes these families need," Scully said.

"The Minns Labor Government is getting on with the job of unlocking well-located sites close to transport, jobs, and town centres and building the homes our communities need.

"These rezonings are about removing barriers to housing delivery and making sure land is put to better use so more people can find a place to call home within the communities they choose."

The latest rezonings form part of the Minns Government's broader strategy to accelerate housing delivery across NSW, particularly in established centres where existing infrastructure can support additional population growth.

Community consultation on the proposals is now underway, with feedback set to inform the final planning controls before the rezonings are determined.

Around 1,300 new homes earmarked for Nowra and Kiama as NSW Government pushes housing supply

<a href="https://www.apartments.com.au/developers/mrcb">MRCB International</a> has commenced construction on its latest Gold Coast apartment development, Maris, on the site of the former Sundale Motel in Southport.

The start of construction by <a href="https://www.apartments.com.au/builders/binah-constructions">Binah</a> follows an exceptionally strong sales campaign, with more than 90 per cent of apartments sold since launch. Every purchaser has been local, an&nbsp;indicator of confidence in both the development and Southport's evolution into a thriving CBD.

<a href="https://www.apartments.com.au/new-apartments/maris-southport-20-queen-street-southport-qld-4215">Maris</a> will deliver 192 residences across 20 levels. The project forms part of MRCB's Australian and New Zealand development pipeline now exceeding $1.6 billion in gross development value, alongside a growing portfolio of projects globally.

[smartcode_project:default project_id=134403 project_image_fid=350663]

The company also commenced construction on its $600 million 26 Vista residences in Surfers Paradise last year, following strong sales momentum, with over 70 per cent of residences sold.

Maris has been designed to meet evolving buyer demand, offering architecturally designed layouts suited to long-term liveability. The approach reflects a growing preference for quality and adaptability among Gold Coast buyers.

Positioned next to the Broadwater in the <a href="https://www.apartments.com.au/developments/southport-qld-4215">Southport</a> CBD, Maris sits directly opposite the Broadwater Parklands light rail station and within easy reach of retail, dining and lifestyle precincts, placing residents at the centre of one of the Gold Coast's most connected and rapidly maturing urban centres.

[smartcode_project:default project_id=134403 project_image_fid=372756]

Maris will offer a full suite of resort-style residential amenities, including a pool, gym and sauna, along with a rooftop level featuring decks, lounges and dining and yoga areas that command sweeping views across the Broadwater and out to the ocean.

Binah, a New South Wales headquartered company co-founded by Amen Zoabi and Khalil Hafza in 2008, has expressed its excitement at establishing its first partnership with MRCB.

Binah's Managing Director Khalil Hafza said partnering with MRCB on Maris is a significant moment for Binah.

"MRCB's financial strength and a track record that speaks for itself give this project a solid foundation, and this marks the beginning of what will be a long and successful relationship.

"With the right people, systems and partnerships behind it, Maris is set to become a significant addition to the Gold Coast's premium residential market."

[smartcode_project:default project_id=134403 project_image_fid=350664]

MRCB International CEO Ravi Krishnan said the project's progression to construction reflects both sustained demand and tightening conditions across the apartment sector, as well as MRCB's continued confidence in the Gold Coast market.

"Commencing construction at Maris is a significant step and reflects the depth of demand for quality apartments in well-connected urban locations," said Krishnan.

"Across Southeast Queensland, new apartment supply remains constrained, particularly in established precincts with infrastructure and amenity already in place. Projects like Maris are increasingly critical in meeting that demand, especially on the Gold Coast and in the city's CBD precinct."

[smartcode_project:default project_id=134403 project_image_fid=372761]

Krishnan said Southport's ongoing transformation, supported by infrastructure investment and long-term planning, was underpinning renewed buyer confidence.

"We're seeing a clear shift back towards well-located urban centres where infrastructure, connectivity and amenity are already established," said Mr Krishnan. "Southport is evolving into a more mature CBD environment, and that is being reflected in buyer behaviour."

Construction at Maris is anticipated to be completed in 2029.

[smartcode_project_cta:default project_id=134403]

Construction commences on MRCB’s $200m Maris Residences in Southport

Moonee Valley Park’s latest residential release <a href="https://www.apartments.com.au/new-apartments/the-eveline-at-moonee-valley-park-moonee-ponds-100-thomas-street-moonee-ponds-vic-3039">The Eveline</a>, has achieved a new benchmark for off-the-plan apartment sales in the suburb, with the sale of The Alexandra penthouse selling for $5,435,000.

Positioned on the top floor of a 16-level residential building, the three-bedroom, three and-a-half-bathroom penthouse features uninterrupted city skyline views across the future Valley racetrack.&nbsp;

The landmark sale comes as momentum at the precinct continues to build, with the Moonee Valley Racing Club progressing works on its new racetrack ahead of the 2027 Cox Plate. The transformative development will see MVRC reimagine the beloved Valley as a vibrant year-round entertainment and lifestyle destination.

Alongside a world-class racing experience, the historic precinct will be activated with events, hospitality and public green spaces designed to attract broader audiences, while breathing new life into one of Melbourne’s most iconic destinations.&nbsp;

[smartcode_project:default project_id=142519 project_image_fid=372786]

Development partners <a href="https://www.apartments.com.au/developers/hamton">Hamton Property Group</a> and Hostplus have delivered five residential stages over the past four years, the most recent in November 2025 with Trackside House and Stonepine House. The flourishing community is now home to almost 500 families.&nbsp;

The latest residential release, The Eveline, has recorded strong demand since launching publicly last July, securing more than $200 million in sales to date, satisfying its pre sales hurdle for construction to commence.&nbsp;

Hamton Founder and Executive Chairman, Paul Hameister OAM said, the sales&nbsp;team have been overwhelmed by demand for these unique homes in this unique project.

"Buyers continue to be predominantly hyperlocal and attracted by the 40 hectare botanic masterplan in Melbourne’s inner north west," Hameister said.

[smartcode_project:default project_id=142519 project_image_fid=372788]

Hamton’s Sales and Marketing Director Fergus Humphries said the team has achieved more than 70 sales over the past eight weeks, including the penthouse purchase by a local buyer.

"These results reinforce that, even in a challenging market, purchasers continue to be drawn to quality projects that offer more than just a home, they offer a lifestyle.”

Designed by Cera Stribley, the penthouse has been created with entertaining in mind, spanning close to 400 sqm of indoor and outdoor living space, including multiple terraces designed to capture sweeping views across Melbourne’s skyline, the new Valley racecourse and sunset views over Moonee Ponds.

Moonee Valley Park is one of Melbourne’s largest urban renewal projects, transforming the iconic racecourse site into a vibrant mixed-use neighbourhood integrating homes, parklands, retail, racing and community amenities.

[smartcode_project_cta:default project_id=142519]

Moonee Valley Park penthouse sets suburb record as sales surge clears construction benchmark

A company linked to one of Australia's largest privately owned cattle businesses has lodged plans for a new residential tower in <a href="https://www.apartments.com.au/developments/newstead-qld-4006">Newstead</a>, continuing the rapid transformation of one of Brisbane's most sought-after, inner-city precincts.

Bottletree Holdings, an entity associated with Stanbroke Managing Director Brendan Menegazzo, has submitted a development application for a 28-storey mixed-use tower at <a href="https://www.apartments.com.au/new-apartments/9-longland-street-newstead-qld-4006">9 Longland Street</a>, a site that made headlines last year when it changed hands in an off-market transaction that reportedly set a benchmark land rate for the suburb.

The proposal would replace an existing two-storey commercial building on the 1,510 sqm corner site with a Bureau Proberts-designed tower comprising 76 apartments, ground-floor retail, office space and a suite of resident wellness amenities.

<img alt="9 Longland" data-entity-type="file" data-entity-uuid="c710a836-568e-4382-bc91-3c34b8e80a8b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.41.45%E2%80%AFAM.png?VersionId=Vy.mQWBc7GA_a.vIBdxKqRC9XGjWalo2" />

According to planning documents lodged with Brisbane City Council, the development would comprise a mix of 36 two-bedroom apartments, 24 three-bedroom apartments and 16 four-bedroom residences, positioning the project firmly at the premium end of the market. The apartments would sit above a podium containing retail and commercial space, with three levels of communal recreation facilities spread throughout the tower. The proposal also includes 198 car spaces and 95 bicycle spaces.

Bureau Proberts has drawn heavily on Newstead's industrial heritage in developing the architectural response.

"Occupying a prominent corner in the heart of Newstead, the proposal draws from the area's industrial lineage of robust brick warehouses to deliver a distinctly contemporary response," the architects said in the design statement.

"It is conceived as a subtropical sanctuary and elevated private retreat embedded within one of Brisbane's most vibrant lifestyle precincts."

The design seeks to reinterpret the traditional Queensland vernacular through wraparound verandahs, deep shading elements and permeable facades that respond to Brisbane's subtropical climate.

<img alt="9 Longland" data-entity-type="file" data-entity-uuid="25524f59-395c-4825-8fad-9b639822fa8a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.42.09%E2%80%AFAM.png?VersionId=dlWlbpCc_g3Y6yTLGqRVKvGJvO2ubMJ3" />

Planning documents describe the building as embodying the principles of "buildings that breathe", a design approach increasingly favoured in Brisbane's apartment market as developers focus on natural ventilation and outdoor living spaces.

The tower itself would rise above a heavily landscaped podium designed to reference the woolstore architecture that helped define Newstead and neighbouring Teneriffe for generations. At ground level, fine-grain retail tenancies would activate Longland Street, Wyandra Street and the existing Wyatt Street laneway, further extending the pedestrian network that has become a hallmark of the Gasworks precinct.

The application notes that more than 54 per cent of the site would be dedicated to landscaping and deep planting, while approximately 1,750 sqm of communal recreation space would be delivered across multiple levels.

<img alt="Planning" data-entity-type="file" data-entity-uuid="fed3b189-1054-4b68-af5f-b0befc4a66e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.42.19%E2%80%AFAM.png?VersionId=gqeE3cjsbnLAfeTUKA1HtPZfqDs6S4Xa" />

Bottletree paid $22 million for the 1,510 sqm development site, equating to more than $14,500 per sqm, a reflection of the strong demand for development opportunities in Newstead. The suburb continues to attract both developers and buyers, underpinned by the ongoing evolution of the Gasworks and Teneriffe precincts into some of Brisbane's most sought-after lifestyle destinations.

Brisbane City Council's Sustainable Growth Strategy and Inner City Strategy both identify Newstead as a priority growth precinct capable of accommodating additional housing density due to its proximity to employment hubs, public transport and lifestyle infrastructure.

The proposed tower joins a growing pipeline of high-end apartment developments in the suburb. Fortis recently launched <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a>, a 65-apartment owner-occupier-focused development on Kyabra Street, while Consolidated Properties Group is preparing to launch <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a 227-apartment waterfront project on Skyring Terrace.

Meanwhile, builder-developer BPG is planning its own Newstead project on Maud Street, comprising just over 100 apartments and more than 1,380 sqm of dedicated wellness and resident amenity spaces, further highlighting the shift towards lifestyle-driven apartment developments in Brisbane's inner-city market.

Staff reporter

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