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<h1>Three charts on: the great Australian wealth gap</h1>
Young Australians still remain locked out of the housing market as the wealth disparity grows across generations. <a href="https://theconversation.com/profiles/trent-wiltshire-316914"> </a>
It’s a tale of two Australias: older Australians are getting much wealthier, and the young are being left behind.
It’s a story only too familiar to Australians under 45 who have struggled to save enough money to access the housing market in Australian cities. They are a generation for whom the great Australian dream of home ownership has become largely elusive.
<a href="https://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/6523.0Main+Features12015-16?OpenDocument" target="_blank">Data</a> from the Australian Bureau of Statistics (ABS) shows that older Australians are capturing an increasing share of the nation’s wealth, and the house-price boom is a major cause of the growing divide between the generations.
As you can see in the following chart, households headed by 65-74-year-olds were on average A$480,000 wealthier in 2015-16 than households in the same age group 12 years ago. And that’s after taking inflation into account and despite the damage caused by the global financial crisis. Households headed by 45-54-year-olds are A$400,000 richer.
In contrast, households headed by 35-44-year-olds are on average only A$120,000 wealthier – and for 25-34-year-olds the figure is just A$40,000.
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<h2>Property is a key factor for wealth disparity</h2>
Soaring property prices are a major factor behind the rapidly growing wealth of older Australians. According to the <a href="https://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/6416.0Main+Features1Jun%202017?OpenDocument">ABS</a>, house prices grew by 37% on average across all the capital cities between 2003-04 and 2015-16 (and by more than 50% in Melbourne alone). The boom was not limited to the capitals; prices also grew strongly in <a href="https://www.corelogic.com.au/reports/CL_Housing-Affordability-Dec_2016.pdf">regional areas</a>.
The next chart shows that for households headed by someone aged 75 or over, greater property wealth contributed about three-quarters of the increase in their total net wealth. For households headed by 65-74-year-olds and 55-64-year-olds, property contributed about half of the total increase in wealth.
But for younger Australians, again it is a different story.
Bigger mortgages largely offset the increase in property wealth for households headed by 25-34-year-olds and 35-44-year-olds. Baby Boomers have also used the superannuation system to build their wealth. They took advantage of the <a href="https://grattan.edu.au/wp-content/uploads/2015/11/832-Super-tax-targeting.pdf" target="_blank">generous super tax breaks</a> on offer for people nearing retirement, such as the ability to put large, concessionally taxed sums into their super funds just before retirement.
Average superannuation wealth over the same 12-year period increased by A$230,000 in real terms for households headed by 65-74-year-olds, and by more than A$150,000 for households headed by 55-64-year-olds. Strong <a href="https://au.investing.com/indices/s-p-asx-200-net-total-return-historical-data" target="_blank">share market returns</a> have further boosted superannuation balances and other financial wealth.
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<h2>Young people locked out</h2>
As property prices have boomed, more young Australians have been locked out of home ownership.
As this last chart shows, home ownership rates among households headed by 25-34-year-olds fell between 1981 and 2016, from more than 60% to 45%. For households headed by 35-44-year-olds the fall was from 75% to around 62%. Home ownership rates are also falling for households headed by 45-54-year-olds.
Some of these falls are also partly the result of social changes: Australians are waiting until later in life before starting work, forming long-term partnerships, and having children. But most Australians still want to own a home, so it is reasonable to conclude that higher property prices are the <a href="https://www.rba.gov.au/publications/rdp/2017/2017-05" target="_blank">biggest cause</a> of lower ownership rates.
Two-thirds of 25-34-year-olds responding to a 2017 <a href="https://politicsir.cass.anu.edu.au/sites/politicsir.anu.edu.au/files/ANUpoll-24-Housing-2017.pdf" target="_blank">Australian National University survey</a> thought owning a home was an important “part of the Australian way of life”, and more than half were “very concerned” that younger generations won’t be able to afford a house.
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<h2>The bank of mum and dad</h2>
The wealth divide between generations can easily lead to a more profound divide within generations. For many younger people, the only way that they can afford to buy a house is with help from “the bank of mum and dad”.
As house prices have increased, <a href="https://www.rba.gov.au/speeches/2017/sp-ag-2017-02-16" target="_blank">more first home buyers are receiving assistance</a> from family and friends to enter the property market. The strong growth in the wealth of today’s older generations, combined with the steady shrinking of the family size from 1960 to 2000, will lead to more and larger inheritances.
Inheritances tend to transmit wealth to children who are <a href="https://grattan.edu.au/report/the-wealth-of-generations/" target="_blank">already well-off</a>, and home ownership is more likely among those who receive an inheritance, and more likely still among those who receive larger inheritances.
<img src="https://counter.theconversation.com/content/84515/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Australia is becoming wealthier, but much of the increase is concentrated in the hands of older generations. The trend is unmistakable: unless something changes, the young will fall further behind and inequality will get worse.
<a href="https://theconversation.com/profiles/trent-wiltshire-316914" target="_blank">Trent Wiltshire</a>, Associate, <a href="https://theconversation.com/institutions/grattan-institute-1168" target="_blank">Grattan Institute</a> and <a href="https://theconversation.com/profiles/danielle-wood-147710" target="_blank">Danielle Wood</a>, Fellow, Australian Perspectives, <a href="https://theconversation.com/institutions/grattan-institute-1168" target="_blank">Grattan Institute</a>
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/three-charts-on-the-great-australian-wealth-gap-84515" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

The great Australian wealth gap

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Dwellings with price tags above $1 million where there are no Chinese buyers in the market are the most vulnerable to price falls, in the spring selling season, according to the business columnist Robert Gottliebsen.
"We are watching a concentrated squeeze on the housing market the like of which we have not seen for a long time," he advised his readers in The Australian.
Large areas of the dwelling market are looking soft, particularly in Sydney and Brisbane, partly as a result of tighter bank credit in recent months on investors, he suggested.
"The bank finance squeeze is set to get tighter as several banks are becoming much more serious in implementing an APRA-imposed lending curb on residential homebuyers."
Gottliebsen says an important issue is that many buyers who entered into large loans in the recent past believed their income would rise.
"Not only has it not increased but there is now greater job insecurity and this is lifting stress levels.
"Falls in the price of dwellings will lift those stress levels," he said.
"The great risk is that as prices start falling there will be a bank panic, which tightens lending further.
"I don’t think this will happen this time because hopefully the banks understand that their liberal lending policies are a key reason the prices of dwellings have risen so far.
"Obviously there have been other forces, including supply restrictions, but if the banks cause severe price falls it will lift the levels of bank problem loans and reduce activity in the building industry.
"They are trapped," he concluded.
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Spring's most vulnerable property markets: Robert Gottliebsen

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The Tamarama home of sports and entertainment manager, Basil Scaffidi and his wife Catherine has been snappily sold for a suburb record $11.2 million.
The Thompson Street home, known as Pavilion House, edged out the $11 million Built chairman Marco Rossi and his partner Stephanie Stokes paid in 2008.
Scaffidi, the Bronte Surf Club president, paid $3,625,000 in 2005 for the property overlooking the beach and commissioned Walter Barda to design the residence on 390 sqm 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/2017/10/05/Pavilion1.jpg" alt="">
Spanning three levels with internal lift, the Hampton-style sandstone and timber home has five bedrooms, a home theatre, gym, 500 bottle wine cellar and a resort-style pool.
Scaffidi co-founded Sports and Entertainment Limited with James Erskine, Tony Cochrane and the late David Coe.
This article was first published in the Saturday Daily Telegraph.
<a href="https://www.domain.com.au/real-estate-agent/alexander-phillips-1133128/" target="_blank"> </a>
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Bronte Surf Club president sells Tamarama trophy home for suburb record

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The top 150 real estate sales performers across all markets in Brisbane and Queensland regional centres has been released.
The A List initiative was established five years ago by the Ray White Group, with the data is sourced and verified by Pricefinder.
The list of 150 agents uses sales data from the 16,500 registered salespeople based on three criteria; number of sales, value of sales and the number of listings for the previous calendar year.
The data found that one in eight properties in Queensland were sold by an A Lister in 2016, who make up just 2.2 per cent of all active agents.
They sold 12.4 per cent of all Queensland properties in 2016 typically with 45 sales against the average salesperson in Queensland making seven sales.
The average sales person in Queensland had a total sales value of $3.6 million but A-Listers averaged $23 million.
All up the 150 A List salespeople made 6831 sales, worth $3.4 billion in 2016.
Vicki Hodges of PRDnationwide Bundaberg, Jane Doogan of LJ Hooker Nerang, Judy Eddy of Action Realty, Harcourts Kingsberry Townsville agent Julie Mahoney, Nyree Ewings of LJ Hooker at Cleveland, Judi O’Dea of SPACE Property Agents Paddington, Sam Guo of Ray White Broadbeach, Dion Saab of Coronis Bracken Ridge, have all been on the list for five years in a row.
All 150 agents on the A List, sponsored by Mercedes Benz Brisbane, will gather together on 21 November 2017 in Brisbane.
2017 A Listers.
Listed in alphabetical order / not rank.
Aaron Woolard – Place New Farm Adam Cook – Yeppoon Real Estate Aidan Wales – Ray White Ipswich Alex Stassen –  Harcourts M1 Alex Telegin – Coronis Burpengary Alexandra Porter – Coronis Aspley Alli  Paterson – Freemans Residential Allison Gough – Explore Property Townsville Amanda Cepero – First National The Pines Andrew Dobbie – Ray White Beerwah Andrew Weston – Place Projects Andy Hogarth – McGrath Palm Beach Angela Duncan – Ray White Aspley Angela Mastrapostolos – Ray White Paddington Ann Vella – Raine &amp; Horne Beenleigh Barbara Harris – Ray White Rockhampton Ben Leong – LJ Hooker Sunnybank Hills Benjamin Hyrapietian – Kindred Property Group Brad Munro – Position Property Project Marketing Brad Scott – All Properties Group Brad Sissons – Coronis Coorparoo Brett Anderson  – Hillsea Real Estate Paradise Point Cain Scheiwe – Page &amp; Pearce Cameron Cole – Re/Max Excellence Cara Bergmann – Ray White Aspley Carmen Briggs – Harcourts Solutions Catherine White – Harcourts Pinnacle Chris Rhode – Coronis North Lakes Chris Wease – LJ Hooker Woodford Christine McKay – Harcourts Solutions Christopher Hubka – LJ Hooker Algester Clare Dawson – Raine &amp; Horne Tin Can Bay Clare Robins – Ray White Deception Bay Clint Hynes – Ray White Oxenford Clint Smith – McGrath Noosa Heads Craig Johnston – David Deane Real Estate Daniel Burrett – RE/MAX Success Danny Woolbank – Ray White Broadbeach Darrell Johnson – Knobel &amp; Davis Property Services Darren Bonehill – Place Coorparoo Dave Cooper – Positive Property People David Brown – LJ Hooker Coomera David Kopelke – Ray White Warner Dean Dank – Explore Property Townsville Dean Hamilton – LJ Hooker Stafford Debbie North – Elders Cairns Deon Calder – Coronis Mooloolaba Dion Saab – Coronis Bracken Ridge Dwight Colbert – Ray White Aspley Ed Hollingworth – Century 21 at the Pier Ela Milne – Ray White Eight Mile Plains (Eddie) Fai Nguyen Ly – Red Rocket Gary Kowaltzke – Ray White Toowoomba Range George Vuong        – RE/MAX Profile Georgia Tritton – Ray White Southport Georgie Haug – Belle Property Samford Heather Murray – Jan Jones Real Estate Ian Cuneo – Ray White Ascot Ilona Barry – LJ Hooker Robina Varsity Jack Harvey – Coronis Bracken Ridge Jacq Hackett – Coronis Springfield Lakes Jacqueline Farag – Elders Hervey Bay Jacqui Walker – RE/MAX Success James Gwynne – Harcourts Solutions Project Marketing Jamie Baker – Ray White Birkdale Jane Doogan – LJ Hooker Nerang Jared Young – Amber Werchon Property Jason Read – LJ Hooker Coomera Jayne Finlay – Page &amp; Pearce Jeanny Boyd – Coronis Burpengary Jess Nguyen – All Properties Group Jo  James – LJ Hooker Ipswich Joan Robb – RE/MAX Real Estate Services John McEwan – Bambling Property John Ryland – Professionals Cairns South Jonathan Wein – LJ Hooker Albany Creek Josie Smith – Crowne Real Estate Judi O’dea – SPACE Property Agents Indooroopilly Judith Crawford – Ray White Clayfield Judy Eddy – Action Realty Julie Mahoney – Harcourts Kingsberry Townsville Julie Munro – Ray White Townsville Justin Hagen – Calibre Real Estate Justine Dill – RE/MAX Success Kate Pade – PRDNationwide Toowoomba Kyle Davies – Henzells Agency Kym Saunders         – LJ Hooker Brisbane West Lee Doyle – LJ Hooker Kallangur Lee Sutherland – RE/MAX Property Sales Liam Booker – LJ Hooker Kallangur Lincoln Tatnall – Coronis North Lakes Lisa Etri – Ray White Rochedale Liz Brown – Ray White Rural Atherton Mal Lucas – Elders Morayfield Mark Daniel – Explore Property Mackay Mark Flinn – Ray White Port Douglas &amp; Mossman Mark Jensen – Ray White Palm Beach Mason Niari – Hillsea Real Estate Paradise Point Matt Boettcher – Yong City West Matthew De Maid – Belle Property Toowoomba Matthew Jabs – Place Newmarket Megs Walker – McGrath Cairns Melita Bell – RE/MAX Success Michael Folkard – LJ Hooker Nerang Michael Loader – Australian National Properties Michael Mills – Denovans Real Estate Michelle McLeod – Ray White Indooroopilly Michelle Wheeler – Harcourts North Lakes Nadine Edwards – LJ Hooker Cairns Edge Hill Narelle Lorensen – Place Nundah Nathan Strudwick – Elders Shailer Park Neil Mundy – Ray White Ipswich Nick Baxter – Ray White Benowa Nicole Devine – SPACE Property Agents Indooroopilly Nicole Plozza – Ray White Douglas Nyree Ewings – LJ Hooker Cleveland Patrick Kenny – Ray White Cairns South Patrick McKinnon – Coronis Hamilton Peter Houliston – LJ Hooker Cleveland Phil Edmunds – One Realty Maryborough Renae Duff – Elders Jimboomba Rob Karaka – All Properties Group Rob Williams – David Millar Real Estate Robbie Witt – Colliers International – Toowoomba Robert Taylor – PRDNationwide Whitsunday Robert Waterson – Hillsea Real Estate Parkwood Rory Wex – Cooke Property Agents Sam Guo – Ray White Broadbeach Sam Hargrave – Hargrave Real Estate Sharee Minnett – First National Toowoomba Shaun Bourke – Harcourts Coastal Shirley Chow – LJ Hooker Sunnybank Hills Shona McKenzie – Coronis Springwood Simon Booker        – LJ Hooker Kallangur Simon Salm – RE/MAX Bayside Properties Sonia Poole – Ray White Cairns Beaches Sonya Treloar – Ray White Bridgeman Downs Steve  Lane – Coolum Beach Realty Steve Venn – Harcourts Caloundra Steven James – LJ Hooker Gladstone Stuart Legg – RE/MAX Agency Stuart Thomas – McGrath Buderim Tait Batton – Coronis Springfield Lakes Todd Gerhardt – RE/MAX Advantage Tracey Child – All Properties Group Vern Gilbert – Plum Property Vicki Hodges – PRDNationwide Bundaberg Will Torres – Place Coorparoo Will West – Lacey West Zora Liu – LJ Hooker Sunnybank Hills
Source: Pricefinder, 2017.
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Eight Queensland estate agents rank on top 150 sales list for five consecutive years

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 The high-profile Sydney Inner West agent Michael Glynn has moved to The Agency, which claims to be Australia’s fastest growing agency network.
It comes after <a href="https://www.realestate.com.au/agent/michael-glynn-68688" target="_blank">23 years with McGrath</a> Estate Agents.
"Michael has an uncanny ability to calmly and confidently guide his clients to the best outcome and is renowned for these results,” Matt Lahood, CEO The Agency said.
Michael Glynn has focused on Sydney’s high-end, western inner city fringe markets, responsible for selling some of the most expensive and historically important homes within these postcodes such as Glebe.
Glynn said The Agency presented an exciting path with the view of delivering a better level of service to the market.
"I knew my clients would respond to and benefit from this service,” Michael Glynn says.
“I’ve worked with many of the people behind and at the forefront of the business, and so I have the confidence and belief that we can work in a meaningful, positive and genuine way together.”
According to Michael Glynn, many companies pay lip service to collaboration but in reality agents end up siloed.
The Agency strongly encourages referrals between agents, Lahood said.
“We have many agents who have never worked together before sharing referrals and even co-listing.
“This is The Agency’s culture – supportive, collaborative and cohesive – and it is how we deliver the best service to clients and give agents the best experience.”
The announcement follows the decision of Bethwyn Richards to leave McGrath for The Agency which is expected to be announced later this week.
The Agency is part of Ausnet Financial Services, formerly Namibian Copper which provides finance broking, real estate services, settlement services, property management, project marketing, insurance and financial services.
It was initially based just in the Western Australian market with an aim to be rolled out nationally.
After relisting on the ASX late last year it is trading at just below its 2 cents issue price with a $10 million market cap.
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Michael Glynn quits McGrath for The Agency

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A modern well-appointed South Hedland home has been sold by mortgagees for $280,000.
It was a two storey, four bedroom, three bathroom family home.
Monique Anlezark, the Hedland Property Shop agent, <a href="https://www.realestate.com.au/sold/property-house-wa-south+hedland-125479478" target="_blank">listed it in May at $300,000</a>.
The 2001-built home was offered as a $650 a week rental in 2016.
It had previously been a rental offering in the mining boom when around $1750 was sought.
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$1250 a week South Hedland rental sold by mortgagee at $280,000

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Colliers International (SA) will be closing its residential sales division.
It comes after two key staff left suddenly to set up on their own firm.
James Young, chief executive with Colliers (SA) said the departure of Nick Pelvay and James Polacek was disappointing.
“We won’t be moving forward with residential,” he told the local paper.
“We backed a team in, gave them 100% support and invested a lot of time and effort. I felt it was the right team. We will be closing residential down for the time being. Unfortunately they have decided that life on their own is more to their liking.”
Pelvay advised he'd have retained the contracts for the projects at East End Living and The Adelaidean.
"There are also a couple more to be announced,” Pelvay said.
The new sales company is to be called ‘Projected’ .
Construction at The Adelaidean on Frome Street will begin next month while the demolition at the East End Living site at 293 Pirie St begins this week.
Mid-year a sub-penthouse apartment at The Adelaidean sold off the plan for more than $3 million.
The apartment, designed by architects Brown Falconer, is the amalgamation of two apartments on sub-penthouse level 34, and measures more than 300 square metres.
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Colliers vacates Adelaide off the plan sales space

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A local investor has beat 20 other bidders to the $2.35 million purchase of the former Bank of New South Wales premises at 375 Queen Street, Melbourne.
Colliers International, in conjunction with Knight Frank brokered the packed boardroom auction sale last month.
More than 200 enquiries were generated for the A-grade heritage-listed freehold, with the majority of interest came from locally based investors.
“The extensive interest was due to the highly affordable price point,” one agent said.
It transacted at $11,500 per square metre of land.
The 350 square metre property, which is located on the corner of Queen and Franklin streets, metres from Queen Victoria Market, was subject to a council order for emergency repairs in late 2016.
It features high ceilings, ornate finishes and classic period architecture but has fallen into disrepair since its construction in the 1860s.
The investor said they have plans to restore the building to its former glory.
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Local investor secures decaying 1860s Melbourne bank premises

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A waterfront Palm Beach house has been listed for sale by the Pongrass family.
Nick Pongrass, who heads Pongrass Properties, and his wife Leigh, hold $5 million hopes.
Located at <a href="https://www.realestate.com.au/property-house-nsw-palm+beach-126453150">9 Thyra Road</a>, the 575 square metre property has a strongly influenced BKH design while retaining an old style beach feel.
It has been featured in numerous design publications.
Built in 1940, it last sold in 2006 for $4,278,225 when bought from former finance executive John Mills and Greg Clark.
It features an open plan design with indoor/outdoor living spaces with sandstone feature walls and bifolding glass walls.
<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/2017/09/20/9%20Thyra%20Road-2.jpg" alt="">
The bedrooms, study and bathrooms have the feel of a boutique hotel while the kitchen is sleek and streamlined.
There is also a DA approved plans for a double garage and self-contained studio.
It comes with self-contained boat shed with ramp and pool on Pittwater.
The property is offered through Michael King of LJ Hooker.
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Pongrass family list waterfront Palm Beach house

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A riverfront Hawthorne house has sold for $2.12 million making it Brisbane’s most expensive weekend auction sale.
Located at <a href="https://www.realestate.com.au/property-house-qld-hawthorne-126273230" target="_blank">33 Aaron Avenue</a>, the 683 square metre property has views of both the river and city.
Built in 2005 it last sold for $2,125,000 in 2014.
It features three levels with the first floor containing large living and kitchen areas that opens to the undercover alfresco and pool area.
The kitchen has European stainless steel appliances, gas cook top, intergrated coffee machine and granite benchtops.
Upstairs features additional living areas well as a separate study that leads to the river-view terrace.
<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/2017/10/01/33%20Aaron%20Avenue-2.jpg" alt="">
The other bedrooms all have their own built-in robes, while the master bedroom has its own ensuite and walk-in robe.
A large rooftop terrace is also featured upstairs.
Other features includes a four car garage with enough space for a gym.
Oxford Street and Hawthorne areas are minutes away while the CBD is five kilometres from the property.
The property was offered through Michael Clarke and Alex Donnan of Ray White.
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Riverfront Hawthorne house sold for $2.12 million

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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