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Australia’s current expansion is its longest boom.
GDP growth has been continuous for 26 years, with no ‘technical recession’ during that period.
By some measures, Australia’s is the longest boom of any developed economy, although there is some debate about that. What it means can also be disputed.
For example, Australia has had contractions in per capita GDP, so part of the boom is due to strong population growth. Although the cycle is not dead, its amplitude has been tamed, at least for now. It is also important to understand how it happened. Luck and good management have both played a role. There may also be lessons that can help sustain growth in the future, as well as for other countries. Fiscal reform is a priority if the longest boom is to continue.
Recessions are nasty. They usually result in a rise in unemployment, which is highly positively correlated with ill-health, high crime rates, and other negative social and political outcomes. Recessions can also have lasting effects. Long-term unemployment can lead to skill atrophy, making it harder to find a job even once the economy recovers. Deep and long recessions, like the Great Recession, have had a lasting negative effect on a generation of workers.
Although not recent, examples from Australia’s recessions are still powerful and worth recalling. The impact of Australia’s early 1990s recession (1991) on the labour market was deep and damaging. The unemployment rate rose significantly and did not return to its pre-recession level for 14 years. It caused significant harm. For example, many middle-aged workers who lost their jobs in Victoria’s manufacturing industry, which was hard hit, never worked again. Designing policy to avoid recessions has been the macroeconomist’s ‘Holy Grail’.
Australia’s 26 years of growth are important and worth acknowledging. They will also hopefully yield lessons for the future. However, it is important to be clear about what Australia’s experience is not. It does not mean that the cycle is dead. The world has had a number of periods where sensible observers claimed that this was the case. In 2003, Nobel prize-winning economist, Robert Lucas, famously stated that the ‘central problem of depression-prevention has been solved’, ahead of the Great Recession in 2008. Harking back to earlier days, there was a strong belief in Australia in the 1960s that the Keynesian prescription of active demand management, using fiscal policy, had solved the macroeconomic problem of that time. This was before significant recessions in the 1970s, 1980s, and 1990s. These accounts proved to be hubris.
Australia will almost certainly have a recession at some point. However, what is clear is that over the past 26 years, the volatility of Australia’s economy has been much lower than at any other time in the country’s history and most other countries experiences. This is worth studying. Australia has managed to dodge a number of global shocks, including: avoiding a recession during the Asian financial crisis in 1997/1998, the IT bubble of 2000, and the Global Financial Crisis of 2008/2009. Australia also avoided having a recession at the end of a housing credit and price boom in 2002/2003, during a drought of the early 2000s and at the end of the recent mining investment and commodity price boom, which peaked in 2011/2012.
Part of it has been luck. Australia’s geography has become a blessing. What Australian historian, Geoffrey Blainey, famously described in 1967 as a ‘tyranny of distance’ from Western markets has become the ‘power of proximity’ as global growth has shifted towards Asia. Australia has also been fortunate to have a large stock of high-quality resources, such as iron ore, coal, and gas that have been in high demand.
However, it is not all luck. A strong rule of law has helped. While many other large mining economies, with weaker institutional foundations, have suffered from the ‘resources curse’, Australia has managed to benefit from its large resource endowment. Market reforms in the 1980s and 1990s, including the floating of the Australian dollar, made the economy more flexible and better able to deal with global shocks. There may be lessons for other countries. Although the Global Financial Crisis raised questions about the ability of market-based systems to deliver widespread benefits, Australia stands out as a successful market-based economy.
Good economic management has also played a role. An independent central bank with a clear mandate to flexibly target inflation has proved to be an appropriate institutional arrangement for a medium-sized commodity-producer. The RBA has adeptly managed the cycle maintaining on- target inflation and financial stability and deserves significant credit for the long boom.
There have also been challenges. In recent times it has proved difficult to run balanced budgets, with the federal budget approaching its tenth consecutive year of deficit, despite the earlier boost to national income from the mining boom. Economic reform has also proved difficult, particularly of the tax system, which is becoming increasingly inefficient. Housing supply, energy, and climate policy also need reform and policymakers ought to continue to focus on ramping up infrastructure investment. The lack of reform may, itself, be a consequence of the long boom as policymakers and voters may have become complacent. It would be disappointing to think that Australia might need a recession, with all of its damaging effects to the economy and communities, in order to motivate reform.
Eventually, Australia’s long boom will end. The trigger will most likely be a negative shock from overseas. A sharp downturn in Asia, when one arrives, would prove harder for Australia to deal with than the Global Financial Crisis, which was centred on the developed world. Australia’s high levels of household debt would be likely to exacerbate any downturn.
Australia needs reform to support productivity growth and prepare for the next downturn. The priority should be fiscal reform, which leads to sustained budget surpluses. Measures should include, shifting the tax mix towards more efficient taxes, such as consumption tax, and cutting back on public spending commitments that do not deliver strong economic returns.
If there is one clear lesson from the long boom it is that Australia has benefited from a key part of the policy apparatus that is used for managing the cycle and securing the economy – the Reserve Bank of Australia – being independent from the political process. With this in mind, policymakers ought to consider ceding more authority for reform of other policy areas, such as transport and social infrastructure, energy and tax policy, to independent agencies. This could involve making recommendations by agencies such as the Productivity Commission, Infrastructure Australia, or Australia’s Parliamentary Budget Office, more binding. While politically challenging, the government could consider setting up an independent fiscal authority, akin to the RBA, but aimed at managing fiscal spending and taxation decisions.
As the global economy finally recovers from the lingering effects of the financial crisis, now is the time to focus on reform. It is clear that reform would help if the longest boom is to continue.
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Paul Bloxham is the <a href="https://www.about.hsbc.com.au/hsbc-in-australia/management-team" target="_blank">chief economist</a> of Australia and New Zealand for HSBC.
 
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j.ballantyne1990-6AQqhLzZaK

Australia’s longest boom: How Australia did it and can it keep growing?

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The NSW Land and Environment Court will rule on developer RDA Property Group's controversial amendments to the apartment block on the Bronte RSL site in Sydney's eastern suburbs. 
The apartments were marketed for sale last year.
RDA, headed by former fashion identity Danny Avidan, has since lodged a revised development application to build more apartments at 109-113 Macpherson Street. 
The site has been mired in controversy for five years, with local residents protesting against high-rise apartment developments. 
Before RDA bought the site in August last year it was owned by Sydney developer Winston Langley, sold the 2,231 square metre site with 21 apartments at the project, called Bronte Place. 
</div>
<div class="related-quotes section">Last December RDA lodged a new development application to put up two more apartments and five townhouses, which would require another floor at the development, resulting in the court case with Waverley Council.</div>
<div class="related-quotes section"> </div>
<div class="related-quotes section">The LEC's Commissioner Dickson has reserved judgment at the end of the hearing.</div>
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The community, led by the Save Bronte group, described the new plans as "looking like a brick on its side."
The proposal is almost 22 metres in height, which is nine metres over the allowable height limit, and it breaks the floor area limit by almost 50 per cent, Dr Stephen Lightfoot from Save Bronte said.
There have been around 1100 submissions against the new proposal.
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“We thank the council for standing strong, he told News Local.
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Danny Adivan seeks more apartments at controversial Bronte RSL site 

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Mortgagees have sold a four-bedroom weatherboard for $169,000 at Stanhope in Victoria's north central district.
The property at <a href="https://www.realestate.com.au/sold/property-house-vic-stanhope-125981422" target="_blank">2 Ross Court</a> had country style verandahs.
Set behind a picket fence, the home came with a renovated kitchen.
It was sold by Peter Cardamone.
It last sold at $117,000 in 2003.
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Stanhope mortgagee offering sells for $169,000

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Ararat is the slowest locality in Victoria to sell a unit, according to a recent Investar report.
The property data firm says that it takes 849 days in Ararat to sell a unit.
This is followed by Portland with 695 days and Kyabram with 594 days.
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="85">
Suburb
</td>
<td valign="top" width="85">
Postcode
</td>
<td valign="top" width="85">
Bedrooms
</td>
<td valign="top" width="85">
Days on market
</td>
<td valign="top" width="85">
Current median price
</td>
</tr>
<tr>
<td valign="top" width="85">
Ararat
</td>
<td valign="top" width="85">
3377
</td>
<td valign="top" width="85">
2
</td>
<td valign="top" width="85">
849
</td>
<td valign="top" width="85">
$215,000
</td>
</tr>
<tr>
<td valign="top" width="85">
Portland
</td>
<td valign="top" width="85">
3305
</td>
<td valign="top" width="85">
2
</td>
<td valign="top" width="85">
695
</td>
<td valign="top" width="85">
$175,000
</td>
</tr>
<tr>
<td valign="top" width="85">
Kyabram
</td>
<td valign="top" width="85">
3620
</td>
<td valign="top" width="85">
2
</td>
<td valign="top" width="85">
594
</td>
<td valign="top" width="85">
$185,500
</td>
</tr>
<tr>
<td valign="top" width="85">
Cowes
</td>
<td valign="top" width="85">
3922
</td>
<td valign="top" width="85">
Studio and 1
</td>
<td valign="top" width="85">
581
</td>
<td valign="top" width="85">
$235,000
</td>
</tr>
<tr>
<td valign="top" width="85">
Bairnsdale
</td>
<td valign="top" width="85">
3875
</td>
<td valign="top" width="85">
3
</td>
<td valign="top" width="85">
574
</td>
<td valign="top" width="85">
$295,000
</td>
</tr>
</tbody></table>
A two bedroom unit at <a href="https://www.realestate.com.au/property-apartment-vic-ararat-106644264" target="_blank">6/27 Basham Street</a>, Ararat (above) has been on the market since 2011.
Another two bedroom unit at <a href="https://www.realestate.com.au/sold/property-apartment-vic-ararat-121471774" target="_blank">6/130 Lambert Street</a>, Ararat (below) was sold this year for $147,000 after spending 480 days on the market.
Built in 1975, it last sold in 2010 for $145,000.
<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/2017/09/14/6_130%20Lambert%20Street.jpg" alt="">
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Ararat the slowest Victorian locality to sell units: Investar

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Flemington and Kensington are the fastest selling localities in Melbourne for houses, according to a recent Investar report.
The property data firm says that houses in Flemington and Kensington takes 41 days to sell.
This is followed by Moonee Ponds with 52 days and Avondale Heights with 53 days.
<table style="width: 424px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="107">
Suburb
</td>
<td valign="top" width="54">
Postcode
</td>
<td valign="top" width="60">
Bedrooms
</td>
<td valign="top" width="89">
Days on market
</td>
<td valign="top" width="113">
Current median price
</td>
</tr>
<tr>
<td valign="top" width="107">
Flemington
</td>
<td valign="top" width="54">
3031
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="89">
41
</td>
<td valign="top" width="113">
$870,000
</td>
</tr>
<tr>
<td valign="top" width="107">
Kensington
</td>
<td valign="top" width="54">
3031
</td>
<td valign="top" width="60">
2
</td>
<td valign="top" width="89">
41
</td>
<td valign="top" width="113">
$800,000
</td>
</tr>
<tr>
<td valign="top" width="107">
Moonee Ponds
</td>
<td valign="top" width="54">
3039
</td>
<td valign="top" width="60">
2
</td>
<td valign="top" width="89">
52
</td>
<td valign="top" width="113">
$780,000
</td>
</tr>
<tr>
<td valign="top" width="107">
Avondale Heights
</td>
<td valign="top" width="54">
3034
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="89">
53
</td>
<td valign="top" width="113">
$720,000
</td>
</tr>
<tr>
<td valign="top" width="107">
Jacana
</td>
<td valign="top" width="54">
3047
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="89">
54
</td>
<td valign="top" width="113">
$485,000
</td>
</tr>
</tbody></table>
A two bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-flemington-126170326" target="_blank">37 Waltham Street</a>, Flemington (above) recently sold for $1.225 million after spending 10 days on the market.
Built in 1890, the 150 square metre house last sold for $686,000 in 2010.
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-flemington-126167510" target="_blank">127 Princes Street</a>, Flemington (below) was recently sold for $885,000 after spending 25 days on the market.
The 185 square metre house last sold in 2011 for $599,000.
<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/2017/09/15/127%20Princes%20Street.jpg" alt="">
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-kensington-126119614" target="_blank">2/57 Bayswater Road</a>, Kensington (below) was recently sold for $960,000 after spending 15 days on the market.
Built in 1995 it last sold in 2001 for $340,000.
<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/2017/09/15/2_57%20Bayswater%20Road.jpg" alt="">
A two bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-kensington-125553186" target="_blank">18 Altona Street</a>, Kensington (below) was sold for $1.07 million this year after spending 18 days on the market.
The 283 square metre property last sold for $460,000 in 2006.
<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/2017/09/15/18%20Altona%20Street.jpg" alt="">
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Flemington and Kensington, Victoria houses takes 41 days to sell: Investar

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Theodore is the fastest ACT locality for houses, according to a recent Investar latest report.
The property data firm says that it takes 66 days for houses in Theodore to sell.
This is followed by Ainslie and Bonner with 68 days and Palmerston with 69 days.
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="83">
Suburb
</td>
<td valign="top" width="55">
Postcode
</td>
<td valign="top" width="60">
Bedrooms
</td>
<td valign="top" width="89">
Days on market
</td>
<td valign="top" width="121">
Current median price
</td>
</tr>
<tr>
<td valign="top" width="83">
Theodore
</td>
<td valign="top" width="55">
2905
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="89">
66
</td>
<td valign="top" width="121">
$460,000
</td>
</tr>
<tr>
<td valign="top" width="83">
Ainslie
</td>
<td valign="top" width="55">
2602
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="89">
68
</td>
<td valign="top" width="121">
$850,000
</td>
</tr>
<tr>
<td valign="top" width="83">
Bonner
</td>
<td valign="top" width="55">
2914
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="89">
68
</td>
<td valign="top" width="121">
$437,500
</td>
</tr>
<tr>
<td valign="top" width="83">
Palmerston
</td>
<td valign="top" width="55">
2913
</td>
<td valign="top" width="60">
4
</td>
<td valign="top" width="89">
69
</td>
<td valign="top" width="121">
$675,000
</td>
</tr>
<tr>
<td valign="top" width="83">
Narrabundah
</td>
<td valign="top" width="55">
2604
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="89">
70
</td>
<td valign="top" width="121">
$700,000
</td>
</tr>
<tr>
<td valign="top" width="83">
Conder
</td>
<td valign="top" width="55">
2906
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="89">
72
</td>
<td valign="top" width="121">
$437,500
</td>
</tr>
<tr>
<td valign="top" width="83">
Evatt
</td>
<td valign="top" width="55">
2617
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="89">
73
</td>
<td valign="top" width="121">
$499,000
</td>
</tr>
<tr>
<td valign="top" width="83">
Franklin
</td>
<td valign="top" width="55">
2913
</td>
<td valign="top" width="60">
4
</td>
<td valign="top" width="89">
73
</td>
<td valign="top" width="121">
$789,000
</td>
</tr>
<tr>
<td valign="top" width="83">
Wanniassa
</td>
<td valign="top" width="55">
2903
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="89">
75
</td>
<td valign="top" width="121">
$480,000
</td>
</tr>
<tr>
<td valign="top" width="83">
Amaroo
</td>
<td valign="top" width="55">
2914
</td>
<td valign="top" width="60">
4
</td>
<td valign="top" width="89">
76
</td>
<td valign="top" width="121">
$650,000
</td>
</tr>
</tbody></table>
A five bedroom house at <a href="https://www.realestate.com.au/sold/property-house-act-theodore-125897566" target="_blank">5 Burhop Close</a>, Theodore (above) was recently sold for $600,000 after spending 64 days on the market.
Built in 1988, the 502 square metre house last sold for $404,000 in 2012.
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-act-theodore-125987982" target="_blank">64 Ern Florence Crescent</a>, Theodore (below) was sold this year for $425,000 after spending 38 days on the market.
Built in 1988, the 360 square metre house last sold in 2005 for $280,000.
<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/2017/09/15/64%20Ern%20Florence%20Crescent.jpg" alt="">
A four bedroom house at <a href="https://www.realestate.com.au/sold/property-house-act-theodore-124953502" target="_blank">33 Vonwiller Crescent</a>, Theodore (below) was sold for $555,000 after spending 51 days on the market.
Built in 1985, the 802 square metre property last sold for $560,000 in 2012.
<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/2017/09/15/33%20Vonwiller%20Crescent.jpg" alt="">
Another three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-act-theodore-125120830" target="_blank">93 Chippindall Circuit</a>, Theodore (below) was sold for $455,100 after spending 31 days on the market.
Built in 1990, the 1036 square metre property was last sold last year.
<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/2017/09/15/93%20Chippindall%20Circuit.jpg" alt="">
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Theodore fastest ACT locality to sell houses: Investar

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East Side is the fastest Northern Territory locality to sell houses, according to a recent Investar report.
The property data firm says that it takes 107 days to sell houses in East Side.
This is followed by Gillen with 149 days and Wulagi with 179 days.
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="62">
Suburb
</td>
<td valign="top" width="54">
Postcode
</td>
<td valign="top" width="60">
Bedrooms
</td>
<td valign="top" width="91">
Days on market
</td>
<td valign="top" width="113">
Current median price
</td>
</tr>
<tr>
<td valign="top" width="62">
East Side
</td>
<td valign="top" width="54">
0870
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="91">
107
</td>
<td valign="top" width="113">
$480,000
</td>
</tr>
<tr>
<td valign="top" width="62">
Gillen
</td>
<td valign="top" width="54">
0870
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="91">
149
</td>
<td valign="top" width="113">
$440,000
</td>
</tr>
<tr>
<td valign="top" width="62">
Wulagi
</td>
<td valign="top" width="54">
0812
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="91">
179
</td>
<td valign="top" width="113">
$500,000
</td>
</tr>
<tr>
<td valign="top" width="62">
Anula
</td>
<td valign="top" width="54">
0812
</td>
<td valign="top" width="60">
3
</td>
<td valign="top" width="91">
180
</td>
<td valign="top" width="113">
$515,000
</td>
</tr>
<tr>
<td valign="top" width="62">
Leanyer
</td>
<td valign="top" width="54">
0812
</td>
<td valign="top" width="60">
4
</td>
<td valign="top" width="91">
183
</td>
<td valign="top" width="113">
$632,000
</td>
</tr>
</tbody></table>
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nt-east+side-125586330" target="_blank">81 Undoolya Road</a>, East Side (above) was sold for $420,000 after spending 46 days on the market.
Another three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nt-east+side-125496738" target="_blank">17 Chewings Street</a>, East Side (below) was sold for $495,000 after spending 57 days on the market.
Built in 1955, the 1130 square metre house last sold in 2005.
<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/2017/09/15/17%20Chewings%20Street.jpg" alt="">
Another three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nt-east+side-125540426" target="_blank">51 Coolibah Crescent</a>, East Side (below) was sold for $625,000 after spending 86 days on the market.
<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/2017/09/15/51%20Coolibah%20Crescent.jpg" alt="">
Another three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nt-east+side-125378746" target="_blank">3 Bauhinia Court</a>, East Side (below) was sold for $545,000 after spending 78 days on the market.
Built in 1975, the 1080 square metre house last sold for $207,000 in 2001.
<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/2017/09/15/3%20Bauhinia%20Court.jpg" alt="">
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East Side, Northern Territory houses sells within 107 days: Investar

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Melbourne fund manager Peak Equities has purchased an A-grade office building in Melbourne's Camberwell Junction for $27.5 million.
It takes the value of its property portfolio to more than $177 million.
The five-level commercial building at 250 Camberwell Road boasts 5,420 square metres of lettable space.
it is leased to ASX top 200 company Australian Pharmaceutical Industries (API) until March 2023, with three five-year options. 
API is a wholesale supplier and owns 400 Priceline Pharmacy stores across Australia, along with the rights to Soul Pattinson Chemists and the Pharmacist Advice brand.
The building also features a ground floor cafe, Pour &amp; Sip, managed by Camberwell Food Group on a 10 year lease until February 2026.
It is anticipated the fully refurbished Camberwell Road office building will deliver a first year return of 8.54% for Peak Equities investors, increasing to 11.14% as the investment matures.
The property was sold by Bricktop, a Sydney based investment firm and negotiation by Peter Bremner of Colliers International.
Peak Equities, established in 2014, has properties in Melbourne, South Australia and Queensland worth a combined $74.5 million, with eight syndicates now under management.
The company is headed by chartered accountant Tom Borsky, who was also the founding treasurer and a Life Member of Property Funds Association of Australia - the representative body of the multi-billion dollar Unlisted Property Trust industry.
<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/2017/09/20/Camberwell%20Road.jpg" alt="">
Assets acquired by Peak Equities in the past 12 months include a $17.55 million commercial complex at Noarlunga in South Australia.
They paid $22 million for The Precinct retail centre in Townsville and the $7.65 million for 69 Laver Drive office building in Robina on the Gold Coast. 
The company also acquired a one-third stake in a residential development at 102 Balaclava Road in Caulfield, Melbourne.
Over the past year, Peak Equities sold a 30,000 square metre industrial asset at 57 Northgate Drive at Thomastown in Melbourne and an office building at 183 Varsity Parade in Varsity Lakes on the Gold Coast, and saw the completion of a residential apartment project, in which it owned a 20% stake, in Heidelberg in Melbourne.
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Peak Equities make $27.5 million acquisition in Camberwell

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An undisclosed wealthy Sydney family has bought a low-rise office building on Melbourne's St Kilda Road for $14 million.
The seven storey glass and concrete office building is at 1 Bowen Crescent near the Domain Road interchange.
It was sold on a yield of 4% by the philanthropist and tech entrepreneur Malcolm Freake, who bought it in 2002.
It was built by trucking magnate Lindsay Fox as Linfox company offices.
It sold fully leased to insurance services company Innovation Group with the current lease term ending in May next year.
The underbidder was an Asian buyer.
The sale illustrated the "gravitational pull of Melbourne for interstate buyers" who see better value in markets like St Kilda Road than in markets like Sydney, the CBRE selling agent said.
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Sydney buyers beats Asian interest to secure St Kilda Road office

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A 1900 Alberton house has sold for $339,000 making it Adelaide’s cheapest weekend auction sale.
Located at <a href="https://www.realestate.com.au/property-house-sa-alberton-126433910" target="_blank">60 Prince Street</a>, the 152 square metre property is positioned on a low maintenance corner allotment.
Built in 1900, it last sold for $260,000 in 2015.
It features an open living area with an updated kitchen and a master bedroom, plus another area that can be converted into either a study, home office or second bedroom.
There is also a modern bathroom available while outside is a garden and an undercover entertainment area with timber decking and ceiling fan.
Other features includes a cellar and wood combustion heater.
Shops, public transport and cafes are a short distance away from the property.
The property was offered through Nino Micic of Harcourts Plus.
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1900 Alberton house sold for $339,000

One of Brisbane's last major riverfront redevelopment opportunities has taken a significant step forward, with Lendlease selected as the Queensland Government's preferred development partner for the former Visy site in South Brisbane.

The seven-hectare industrial site, positioned between South Bank and West End and 1.3 kilometres from the Brisbane CBD, will be transformed into a mixed-use precinct expected to deliver more than 4,000 new homes alongside extensive public open space and riverfront parkland.

The project is one of the largest urban renewal opportunities currently planned in Brisbane and is expected to play a key role in accommodating the city's growing population ahead of the 2032 Olympic and Paralympic Games.

Plans for the precinct include a network of riverfront promenades and boardwalks, new public plazas, parkland, amphitheatre-style gathering spaces and shared pedestrian and cycling links designed to reconnect the long-isolated site with the Brisbane River.

The Queensland Government is targeting delivery of the first homes and key public spaces before the 2032 Games, allowing the precinct to begin contributing new housing and public amenity well before the broader masterplan is complete.

The redevelopment is also expected to support more than 3,000 jobs across planning, construction and ongoing operations.

For Lendlease, the appointment adds another major urban regeneration project to its Queensland portfolio. The developer has operated in the state for more than 70 years and has delivered a number of large-scale mixed-use precincts in partnership with government.

Lendlease Development CEO Claire Johnston said the project represented one of Brisbane's most significant redevelopment opportunities.

"The transformation of the former Visy site represents a rare opportunity to reimagine one of Brisbane's most significant riverfront locations, deliver thousands of much-needed homes, and create long-term legacy," Johnston said.

"In partnership with the Queensland Government, we have the opportunity to create a new riverside destination that will help shape Brisbane's growth and how people experience the city for decades to come.

"This is exactly the type of large-scale, city-shaping development that will provide lasting benefits for Queensland, bringing together housing, jobs and world-class public spaces."

Deputy Premier and Minister for State Development, Infrastructure and Planning Jarrod Bleijie said the riverfront transformation would deliver a thriving new community precinct.

“The Crisafulli Government is delivering this golden opportunity to unlock a riverfront jewel for all Queenslanders,” Deputy Premier Bleijie said.

“This is a once-in-a-generation moment to reshape a significant slice of Brisbane and deliver lasting benefits – thousands of new homes, and public spaces for all Queenslanders to enjoy well beyond the 2032 Olympic and Paralympic Games – unlike Labor’s plan which would have delivered zero benefits and zero new homes.

“Queensland is well and truly open for business and through partnership with the private sector, we are accelerating delivery while ensuring strong housing, community and economic outcomes."

Early works on the precinct are expected to commence in April 2027.

Joel Robinson

Lendlease selected to deliver transformative South Brisbane riverfront precinct

Eddy Haddad's <a href="https://www.apartments.com.au/developers/level-33">Level 33</a> is levelling up its approved Wollongong development, as the coastal city south of Sydney continues to prove popular in the high-density development space.

Level 33, a longtime developer in the Wollongong area, has gone through the NSW Government's Housing Delivery Authority to upsize its approved two-tower development on the corner of Crown Street and Gladstone Avenue, just 100 metres from Wollongong Station.

The developer currently has approval for 252 apartments across two buildings rising to 19 storeys. It is now seeking approval for 33 and 38-storey towers that would deliver 467 apartments, including 67 affordable homes.

Designed by <a href="https://www.apartments.com.au/architects/bka-architecture">BKA Architecture</a>, the development would comprise apartments above a three-level podium with around 1,100 sqm of retail space, along with basement parking for 448 vehicles.

According to the Urban Design Report by BKA, the proposal has the capacity to "reinforce the precinct's identity by strengthening links between health, education, and transport services, while also contributing to Wollongong's ongoing evolution as a key regional centre."

Wollongong is somewhat in vogue. Between Level 33 and Urban Property Group, the two developers have several thousand apartments planned across the city.

Level 33 is currently delivering Easterly Wollongong, one of its most boutique projects to date with just 21 high-end apartments, as well as Atchison &amp; Kenny, a 329-apartment development due for completion later this year.

The developer plans to redevelop the 13,088 sqm WIN Grand megasite into <a href="https://www.apartments.com.au/new-apartments/crown-square-216-238-keira-street-wollongong-nsw-2500">Crown Square</a>, a new $500 million precinct with nearly 600 apartments. It also has more than 900 apartments planned for the former Bunnings Warehouse site at the intersection of Gipps and Flinders streets.

Urban Property Group is also playing a major role in the city's transformation. Its five-tower Keira Place precinct will deliver more than 800 homes, and it has recently lodged plans for a further 300 apartments near Wollongong Station.

First look: Level 33 upsizes Wollongong apartment towers

Just a week after filing plans for the final stage of its major Keira Place masterplan, <a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has unveiled another significant housing proposal in Wollongong, this time targeting a prominent site opposite North Wollongong Station.

The developer has lodged a State Significant Development Application for a 38-storey mixed-use tower at <a href="https://www.apartments.com.au/new-apartments/4-4a-flinders-street-north-wollongong-nsw-2500">4-4A Flinders Street</a>, around one kilometre north of the <a href="https://www.apartments.com.au/new-apartments/keira-place-wollongong-120-122-smith-street-wollongong-nsw-2500">Keira Place precinct</a> currently taking shape on the edge of the CBD.

<img alt="First look: Urban Property Group plans 38-storey North Wollongong tower as Keira Place expansion gathers pace" data-entity-type="file" data-entity-uuid="2b6428f1-6405-4038-8476-897de440e90d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/flinders%20podium.png?VersionId=QLqEvK0OuCEwRC47oHNftrw2B1YqaHF8" />

Designed by Studio.SC, the proposal comprises a 38-storey mixed-use development containing 303 apartments, including 45 affordable housing units, alongside 174 co-living residences. The scheme also includes ground-floor retail space, extensive landscaping and public domain improvements.

Studio.SC noted in the proposal it "outlines a vision for a landmark transit-oriented mixed-use development centred around North Wollongong Station, designed to support the city’s future growth while responding to the NSW Government’s housing and planning reforms."

The architecture firm said the proposal responds to the opportunities and constraints shaping future growth within the 400-metre catchment of the station and represents "a coordinated and future-focused approach to urban intensification, contributing to the long-term evolution of North Wollongong as a connected, walkable and high-density station precinct."

The site occupies a strategic corner bounded by Flinders Street, Station Street, Stafford Street and the Princes Highway, directly opposite North Wollongong Station.

<img alt="First look: Urban Property Group plans 38-storey North Wollongong tower as Keira Place expansion gathers pace" data-entity-type="file" data-entity-uuid="7863adad-1f71-4022-b850-f44b252738fd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/flinders%20podium%20a.png?VersionId=WsU7av0g8_8R2tGHWxgHeFSlhu7yeY1V" />

The proposal follows Urban Property Group's recent submission for the second and final stage of Keira Place, which would deliver a further three buildings comprising 657 homes opposite Beaton Park. It builds on the first stage, which features 150 apartments across two towers and recently commenced construction.

Urban Property Group CEO Patrick Elias said breaking ground on the first stage marked a significant milestone for Wollongong and reflected the developer's long-term commitment to regional cities.

"Today's groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong's city centre," Elias said.

"Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection."

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/urban-property-group-unveils-trio-of-towers-for-next-stage-of-new-wollongong-precinct-keira-place">Urban Property Group unveils trio of towers for next stage of new Wollongong precinct, Keira Place</a>

First look: Urban Property Group plans next major Wollongong tower

<a href="https://www.apartments.com.au/developers/arada">Arada</a> has wasted little time expanding its ambitions in Campsie, lodging plans for a second major project in the rapidly transforming town centre just months after unveiling its three-tower One Campsie proposal on Beamish Street.

The UAE-backed developer has now taken aim at one of the suburb’s most strategically positioned sites, filing a State Significant Development Application for a <a href="https://www.apartments.com.au/new-apartments/10-north-parade-campsie-nsw-2194">33-storey mixed-use tower</a> at 10 London Street and 43 North Parade, directly opposite the future Campsie Metro Station. The proposal is currently on public exhibition and represents another significant vote of confidence in Campsie's emergence as one of Sydney’s key transit-oriented growth centres.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the development would deliver 156 apartments above a podium containing retail and commercial space, creating a new residential and commercial gateway to the town centre. The scheme also includes a four-level above-ground parking podium and a dedicated residential amenity floor featuring wellness and recreation facilities. At least 10 per cent of the apartments would be allocated as affordable housing for a period of 10 years.

The proposal occupies a 1,631 sqm site bounded by London Street, North Parade and Dispensary Lane, immediately adjoining the future Metro station precinct and just metres from Beamish Street’s retail and dining strip. According to the Urban Design Report, the project seeks to deliver "a great place that prioritises human-scaled experience and provides spatial improvements to the area."

<img alt="First look: Arada doubles down in Campsie with 33-storey Metro-front tower plans" data-entity-type="file" data-entity-uuid="175a8324-015b-4856-abe3-ce6f23199fa7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium%20campsie.png?VersionId=742UGwXFhFBX4GEl6wX4PYIWREAgn6il" />

Woods Bagot describes the tower as a key marker within Campsie's next phase of growth.

"Located directly opposite the new Campsie Metro Station on North Parade, 10 London Street is a thoughtfully composed 33-storey mixed-use tower that contributes to the ongoing transformation of the town centre," the Architectural Design Report states. The report says the project is intended to provide "high-quality homes within a vibrant, connected urban environment, while helping define Campsie's future skyline."

A strong emphasis has been placed on the public realm. The ground floor incorporates over 500 sqm of retail space and active frontages along both London Street and North Parade, while the podium is wrapped by extensive landscaped planting intended to soften the building's scale and strengthen the pedestrian experience. The development would also widen surrounding footpaths and improve connections between the Metro station and the broader town centre.

Above the podium, residents would have access to more than 1,400 sqm of communal amenities, including a pool, gym and landscaped recreation spaces. A distinctive green-wall treatment extending across four podium levels forms a major architectural feature, helping differentiate the project within the emerging high-density precinct.

The tower's design is closely tied to the broader Campsie Town Centre Master Plan and the arrival of Sydney Metro. The Urban Design Report notes the proposal "directly supports the Campsie Town Centre Master Plan by delivering new homes in a location explicitly identified for growth, improved accessibility, and high-quality urban renewal." It adds that the project contributes to the master plan's vision for a strengthened town centre supported by thousands of new homes around the future Metro station.

<img alt="First look: Arada doubles down in Campsie with 33-storey Metro-front tower plans" data-entity-type="file" data-entity-uuid="bfd17654-253e-489a-bade-6278d63db412" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/base%20campsie.png?VersionId=3roJPMQGs36dazpkhvpvbDDP73Ld.Ica" />

The application follows Arada's recently lodged One Campsie project at 124–142 Beamish Street and 16–18 Ninth Avenue, where the developer is seeking approval for 346 apartments across three towers rising 24, 32 and 39 storeys. Together, the two proposals would cement Arada as one of the most influential developers shaping Campsie's future urban form.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-arada-files-for-trio-of-apartment-towers-in-campsie-town-centre">First Look: Arada files for trio of apartment towers in Campsie town centre</a>

Arada entered the Australian market in 2024 and has rapidly assembled a significant development pipeline across Sydney. Alongside its Campsie holdings, the developer is soon to launch <a href="https://www.apartments.com.au/new-apartments/wattle-green-2-fishburn-crescent-castle-hill-nsw-2154">Wattle Green</a> in Castle Hill, and has expanded its local operations following its acquisition of construction firm Roberts &amp; Co.

Located around 14 kilometres south-west of the Sydney CBD, the site sits at the centre of one of Sydney's fastest-changing middle-ring precincts. The Metro conversion of Campsie Station, combined with Canterbury-Bankstown Council's master planning framework, is driving significant residential intensification around Beamish Street and North Parade, with thousands of new homes expected over coming decades.

First look: Arada doubles down in Campsie with 33-storey Metro-front tower plans

For the first time in a long time, Australia's inflation story is starting to look more like a landing than a fight.

The latest Consumer Price Index figures from the Australian Bureau of Statistics showed annual inflation eased to four per cent in May, down from 4.2 per cent in April. On the surface, that might not seem like a major move. Inflation remains above the Reserve Bank's target range and some categories continue to record stubborn price growth.

But the significance of this result lies less in where inflation sits today and more in what it means for where interest rates are likely heading next.

The biggest takeaway is that inflation continues to move in the right direction.

Markets had been bracing for another sticky result after a period where progress appeared to stall. Instead, headline inflation came in softer than expected, helped by falling fuel prices and easing transport costs. Annual transport inflation halved from 6.6 per cent in April to 3.3 per cent in May, while automotive fuel prices fell 11.9 per cent during the month following lower oil prices and the impact of reduced fuel excise measures.

While petrol prices don't solve Australia's affordability challenges, they are one of the most visible and immediate costs for consumers. Falling fuel costs feed through the economy quickly, helping ease pressure on household budgets and business operating expenses.

The ABS data also showed headline inflation is now sitting at its lowest annual level in several months, reinforcing the broader trend that price growth is gradually moderating.

That trend is important because it aligns with what many economists and lenders have been saying for the last month.

Prior to this week's inflation data, ANZ, NAB and Commonwealth Bank had all shifted their forecasts, now believing the Reserve Bank had likely reached the peak of the interest rate cycle. Following the May inflation release, ANZ reaffirmed that view.

In its latest economic update, ANZ said it expects quarterly trimmed mean inflation to come in at 3.7 per cent for the June quarter, slightly below the Reserve Bank's forecast of 3.8 per cent. Importantly, the bank said that outcome, when combined with slowing economic activity, "supports our view that the cash rate has peaked".

The Reserve Bank has spent the better part of three years attempting to bring inflation under control through higher interest rates. If Australia's major banks are correct and rates have now peaked, the conversation shifts from how much higher rates could go to when they might begin coming down.

Westpac's caution comes from underlying inflation. The trimmed mean, the measure most closely watched by the Reserve Bank, increased from 3.4 per cent to 3.6 per cent annually. Housing inflation remains elevated at 6.5 per cent, reflecting ongoing increases in rents, electricity costs and new dwelling construction.

Electricity prices remain particularly problematic, rising 21.1 per cent over the past year following the removal of government rebates.

Housing construction costs are also showing signs of renewed pressure. ANZ noted new dwelling costs rose 0.9 per cent in May and are now running at an annualised pace of 8.6 per cent over the past three months. Builders continue to face higher labour, fuel and material costs, a reminder that inflationary pressures have not completely disappeared.

Housing affordability has deteriorated largely because of higher interest rates rather than higher property prices alone. Even modest reductions in mortgage rates would improve borrowing capacity, increase buyer confidence and reduce repayment pressure on existing homeowners.

While August is far from a certainty, the latest inflation result has strengthened the view that the next move in rates is more likely to be down than up. For borrowers, buyers and the development sector, that alone represents a significant shift from the conversation that dominated much of the past two years.

Staff reporter

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