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The effects of COVID-19 on Mildura housing market are mostly limited at this stage to reduced sales volumes, as vendors and purchasers take time to weigh up the implications, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggests in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
"As we move through another month of COVID-19, there is a feeling that, in our region at least, we have mostly escaped the virus itself. There were a handful of cases identified in April, but none in the past month and our community can see a path back towards a more normal life.
"However our economy has been detrimentally affected, with a rise in unemployment resulting from the shut down of many businesses, especially those that rely on tourism or hospitality," the valuation firm said. 
The HTW report notes the effects have been most evident at the middle and upper end of the market. Agents have welcomed a return to being able to hold open inspections, which they hope will provide greater activity and confidence, however it is still too early to know what the lasting effects will be.
Local builders still report being busy completing work that started pre-COVID-19, and a drive around our new subdivisions shows that new construction is underway, however it is expected that the number of new builds will be reduced to some degree over the next 12 months as some people re- think their ability to take on debt at this time.
"There is no doubt that many people have had more free time, either through reduced employment or less recreation options on weekends. For many, this time has been devoted to some DIY maintenance in and around their homes. The Bunnings carpark test suggests that home improvement sales have been strong," the valuation firm said. 
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Renovating older homes for a profit has not been a common activity in Mildura, in part due to a lack of older homes with enough character to be popular with owner-occupiers.
"We simply don’t have the stock of pre 1950s homes. There are some scattered examples though and these are usually found in preferred positions on Mildura’s west side or close to the CBD and Murray River," the valuation firm said. 
There is considered to be good potential to renovate homes built in the 1950s and 1960s. These homes are usually conite clad, which was a building technique popular in Mildura, but rarely found elsewhere, the report noted. 
Many examples have reasonably large rooms and the ability to extend in a complementary way.
A well renovated home from this era will fetch similar values to new homes built in a new subdivision, but comes with the benefit of larger land size and superior position.
A current listing is a 1950s weatherboard home in Mildura priced at $260,000 to $285,000.
The three bedroom, one bathroom house is situated at <a href="https://www.realestate.com.au/property-house-vic-mildura-133788118" target="_blank">817-819 Fourteenth Street</a> (pictured below).
It features original kitchen, formal lounge, and open fire place. 
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For those after a less expensive challenge, there is also the potential to modernise homes built in the 1980s. This is considered a good option for owner-occupiers.
With many local tradespeople and suppliers of floor coverings, kitchen cabinetry etc. less busy at present, now may be a good time to do this upgrading, the report noted. 
A renovated weatherboard family home in Irymple has recently been sold for $535,000.
The country homestead at 3538 Benetook Avenue (pictured below) comes with four bedrooms, study, central kitchen, two bathrooms and decked entertaining area. 
It is situated close to Irymple and Mildura's shopping precincts. 
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Mildura home improvement sales remain strong: HTW residential 

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The initial stages of the COVID-19 crisis caused many sellers to shut up shop and batten down the hatches, according to the latest Herron Todd White (HTW) residential report. 
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The valuation firm suggests in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
"First up – let’s address the current state of play under COVID," the valuation firm said. 
The report notes some buyers believed they were about to snatch up outrageously good deals.
The market then settled quickly into a standoff where potential purchasers came up against a lack of stock. As such, transaction numbers dropped dramatically, but prices didn’t.
Now, three and half months in, the state of play is established. There is a still a wait-and-see approach being taken by owners, so buyers don’t have a heap to choose from. Prices are softer across many markets but they didn’t plummet like some may have predicted.
"Of course, this is an evolving situation. As we move through the machinations of the economy over the next six months - with politics, employment, finance, immigration and trade all playing their parts - thing could be turned on their head. It’s a case of wait, watch and see.
"Of course, the crisis has delivered us something that was in short supply for the average Aussie family – time," the valuation firm said. 
Requests from leadership that we stay in and keep each other safe had many running to Netflix and home offices, but there was also a fair proportion of the population who used the opportunity to tackle odd jobs around the house.
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"Skip bins and Bunnings lines revealed that when presented with the chance to do nothing, many of us actually want to do something productive.
"That said, most of what we’ve seen around the suburbs was maintenance," the valuation firm said. 
In Brisbane at least, demand for more extensive building and renovation work looks to have slowed, the report noted. 
Many households stepped through the uncertainty of March and April making plans to ensure that, over the foreseeable future, food would be on the table and a roof would stay overhead. Being frivolous with available cash could be hazardous with unemployment on the rise.
"As such, we generally observed a slowdown in substantive renovation and construction projects – particularly any ventures that involved signing a contract with a builder or tradesperson.
"But, as has been said many times before, you need to dig below these broad market generalisations and understand the nuances, because opportunity can be found at certain price points, property types and locations," the valuation firm said. 
For example, prestige property is seeing relatively more renovation upgrades than homes in the affordable price sector.
The report notes renos of inner-city holdings at the upper-price level have been mostly unaffected by the current environment. Owners are comparatively cashed up and willing to keep spending.
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"There’s plenty of reasons why. For starters, the lowest interest rates in living memory are enabling those with good financial standing to get access to cheap money," the valuation firm said. 
In addition, the building industry has become relatively competitive under the COVID regime. Tradespeople are hungry for work and head contractors are willing to compete on price so as to secure a pipeline of projects.
"The flipside in Brisbane is the investor market. We aren’t seeing landlords looking to spend sums upgrading homes beyond what’s necessary at this stage," the valuation firm said. 
There’s an expectation the rental market will continue to fall in favour of tenants with rising vacancies and falling rents, so investors are wanting to ensure they don’t spend too big too early.
"One thing that may well stimulate the desire for upgrades among homeowners is the work-from- home phenomena.
"It’s become evident many of us can operate productively from a home office. It’s also entirely possible on the other side of this event, employers will look for ways to reduce their office footprint, hoping to cut lease costs and improve the bottom line," the valuation firm said. 
The outcome may well be property owners seeking ways to adapt their current living space in order to improve their work environment.
Creating a work area that can be shut off from the family space will become an essential element of any home. Even if existing owners don’t look to create that for their own use, a good home office will be a feature in future real estate listings.
If there’s an efficient, cost-effective way to establish an office, then vendors will want to do this prior to selling.
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"And so on to locations if you do have a hankering for a renovation project. We’ve looked at a couple of options that might fit the bill," the valuation firm said. 
For example this one at 17 Hockings Street, Clayfield (pictured below) sold mid-2019 for $660,000 as a renovation project that required a heap of TLC.
"No doubt the original features will come up a treat," the valuation firm said. 
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The inner-west suburbs of Paddington, Auchenflower, Bardon and Toowong have been rife with renovation opportunities for decades.
 In fact, there have been a few Brisbane builders who’ve grown their fortunes by concentrating solely on these locations and completing beautiful, multi- million dollar do-ups.
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For example, this house at 12 Carey Street, Bardon (pictured below) was sold way back in October 2017 for $770,000.
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It received an extensive upgrade to become an ultra-modern four-bed, three-bath, two car home (pictured below) that was purchased in March 2020 for $1.552 million.
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Family friendly addresses such as The Gap: provide opportunity for those with a tighter budget. Renovatable home are available at the high-$500,000s price point.
"For those with a little more to spend, an address such as Ashgrove will set you back closer to $700,000-plus for a home with potential," the valuation firm said. 
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A perennial favourite for fixer-uppers is Petrie Terrace and Spring Hill. There are some raw homes on tiny lots for over $600,000, but it’s all about location here. 
The report notes these suburbs are literally walking distance to the centre of town as well as entertainment and retail precincts. And the results can be spectacular.
For example, a renovated home at 35 Sheriff Street, Petrie Terrace (pictured below) sold in November 2019 for $1,193,888. It’s on 228 square metres of land and provides four-bed, three-bath, three-car accommodation.
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"Looking a bit further out and Wavell Heights has good options with very basic renovators in average positions fetching between $550,000 and $600,000 – but you need to be fast as they sell quickly," the valuation firm said. 
 Other homes in Wavell Heights that’re in quieter positions with ready access to facilities are fetching between $600,000 and $700,000 for a renovation prospect. 
In these instances, smart renovation work will yield an end value above $1 million.
For more budget conscious renovation prospects, head a bit further up Gympie Road and check out Aspley and Bracken Ridge where a renovatable home can be purchased in the $500,000s. This area appeals to first home buyers and project- oriented builders.
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"A quick tip – make sure you check the town planning guidelines and building codes before proceeding. 
"The renovation options for Brisbane property can be limited by heritage and traditional-character overlays, building heights, setbacks, noise and flooding issues and other designations... and they can be property specific. Just because a neighbour is able to get certain works approved doesn’t necessarily mean you can," the valuation firm said. 
"Finally, while the level of future renovation activity remains generally uncertain, falling sale numbers under current market conditions in the wake of COVID may well fuel a rise in renos, however this will be dependent on indicators such as general confidence in the market, affordability, unemployment and economic conditions." 
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Brisbane prestige property renovation least affected by COVID-19: HTW residential 

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Sunshine Coast's stock levels continued to remain extremely low with no significant increase in property listings in April and May, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggests in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
The HTW report first provided an update on COVID. 
"When we try to break down the COVID-19 world and market place, the overarching theme is that we appear to be in a in a state of flux," the valuation firm said. 
Pressure on owners to sell remains limited but this may be delayed until the various support and stimulus packages come to an end (government’s Job Keeper allowance and bank mortgage holidays).
"When reviewing valuations of sales completed by our office and specifically properties contracted during April and into May, in excess of 95 per cent of the sales show a discount of five per cent or less from the list price," the valuation firm said. 
Also, 98 per cent of the sales occurred within 90 days. As previously stated, it remains extremely important to understand the circumstances of any sales that transact in this period.
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"As COVID-19 infection rate results improve and the restrictions start to ease, there is a feeling that there is some light at the end of the tunnel," the valuation firm said. 
The report notes subsequently there have been reports that overall enquiry has increased and open homes are resuming.
◗ Some of the demand has been in the pipeline for some time from a combination of potential purchasers who were in the market prior to the restrictions and upgraders and investors who sold in the first quarter of 2020.
◗ Interest continues to flow with both capital city and ex-pat international purchasers looking to secure property on the Sunshine Coast.Some of this is being fast tracked.
◗ Should this demand be absorbed and if there is an increase in supply in the coming months, it will be interesting to see if there is an increase in new demand to fill the void.
◗ Some new purchasers are wanting to find a bargain, although this is not apparent in the market to date, especially in highly sought after areas.
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Now, on to renovation
"They say 'idle hands are the devil’s tools', but when the pubs and clubs are shut, there are not too many other options.
"It appears they pick up a shovel, hammer or a paint brush. During the COVID-19 restrictions, it seems that one valuable commodity has been created....TIME. At the moment, there is plenty going on in the home improvement and maintenance space," the valuation firm said. 
"As we have previously mentioned, stock levels are extremely low. With the combination of these stock levels and the uncertainty of the market, the thought of selling and upgrading the house has slowly been losing some of its appetite, especially if you really like the area you live in," the valuation firm said. 
The feedback from local tradies, hardware shops and garden centres is that business has been pretty good as people look to upgrade their existing property.
"We have also received feedback that a local swimming pool building franchise has 21 new projects halfway through the month of May compared to seven for all of April. This appears to be occurring right throughout all the established areas of the coast, with older homes being transformed to little gems," the valuation firm said. 
Sure, some of this home improvement activity has been completed to add value to the home so that when they do go to sell, it is presented in the best possible condition, the report noted. 
If the property has a reasonable floor plan, the recent results of these renovated properties have shown good returns. 
"We note that some feedback from agents is that a number of builders have been looking for some little side projects just in case there is a bit of a slowdown in the future." 
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A fully renovated two bedroom apartment in Coolum Beach has recently been sold for $645,000.
The <a href="https://www.realestate.com.au/sold/property-unit-qld-coolum+beach-133275090" target="_blank">9/1682 David Low Way </a>home (pictured below) comprises two bedrooms, two bathrooms, PAC kitchen and two balconies. 
It is located within walking distance to cafes, shops and restaurants. 
<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/2020/6/22/coolum%20beach%201.jpg" alt="">
A current listing is a renovated townhouse in Caloundra priced at $559,000.
The three bedroom, two bathroom home is situated at <a href="https://www.realestate.com.au/property-townhouse-qld-caloundra-133625798" target="_blank">1/29 North Street </a>(pictured below).
It features open plan kitchen, dining and living, outdoor patios and double lock up garage. 
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Sunshine Coast's stock levels remain extremely low: HTW residential 

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EXPERT OBSERVATION 
International students made up more than 30 per cent of the population in some Australian suburbs before borders closed to prevent the spread of COVID-19.
The Mitchell Institute mapped where international students lived using data from the ABS census and Department of Home Affairs.
The results show striking growth in capital cities, and in some regional areas.
The mapping highlights how international students have become intertwined in Australia’s social fabric. Not only do they contribute A$38 billion to the economy annually and support 130,000 jobs (at any one time), they are also important members of local communities.
The Mitchell Institute research helps illustrate how, beyond universities’ suffering at the loss of international students, local businesses and communities are also being negatively affected.
City areas and suburbs close to university campuses have the most international students.
The centre of Melbourne had the largest number of international students in the country – at almost 20,000, or 38 per cent of the resident population. The neighbouring suburb of Carlton has the next largest with 9,600 or 39 per cent of the population.
The Canberra suburb of Acton, where ANU is located, had one of the highest proportions of international students in the country – at about 44 per cent.
<img src="https://cdn.theconversation.com/static_files/files/1075/Canberra.gif?1592181779" width="100%">International students in Canberra.
Many international students have chosen to live in suburbs further away from university campuses, too.
We estimate more than 10 per cent of the population in the Sydney suburbs of Hurstville and Strathfield were international students.
<img src="https://cdn.theconversation.com/static_files/files/1074/Sydney.gif?1592181643" width="100%">International students in Sydney.
International students made up more than 5 per cent of the population in areas such as Dandenong and Laverton in Melbourne, Joondalup in Perth, and Regency Park in Adelaide.
Affordable property and good transport links may make these suburbs attractive options.
<img src="https://cdn.theconversation.com/static_files/files/1073/Adelaide.gif?1592181536" width="100%">International students in Adelaide.
Regional areas have also benefited from international students, especially those with university campuses. For instance, in Darling Heights and Gatton in regional Queensland, more than 5 per cent of the population were international students.
<h2>Wherever international students live they will be important parts of communities and economies.</h2>
We also examined Universities Australia’s student finance data to identify the type of businesses that benefit most from international education.
We found over 36 per cent of international student spending goes towards retail and entertainment. This is money that will be spent in Australian cafes, markets and other venues.
Another 36 per cent of spending went to property. As 65 per cent of international students rent, much of this income will support Australian property investors.
The benefits international students bring extend beyond the economy. They also volunteer, contribute to Australia’s cultural diversity and enhance our international standing.
This research helps illustrate the many different roles of international students. They are colleagues, friends, neighbours, tenants, customers, classmates and future world-leaders.
Many will also become future Australian citizens. Of 1.6 million international students who started their course between 2001 and 2014, 16 per cent were granted permanent residency and a pathway to citizenship.
<h2>Department of Home Affairs figures show over 120,000 current student visa holders are outside Australia.</h2>
We estimate this translates into about 13,000 fewer people living in inner Melbourne due to travel restrictions. In places like Sydney’s city and inner south, this translates into 7,000 fewer people. In Adelaide’s Central and Hills region we estimate this means 5,000 fewer people.
These losses will grow as travels bans stop new international students replacing those who have finished their studies.
Every six months international students cannot enrol due to travel bans, between 110,000 to 140,000 won’t start their courses.
Problems with the international education sector will also affect Australian students. Domestic students share in the perspectives students from around the world bring into classrooms and the extra resources education institutions can afford because of them.
Early reports suggest more school leavers will choose to study at university because of an impending recession.
But while universities have capacity, there are currently funding caps which effectively limit the number of domestic students who can enrol.
Uncapping domestic university places will help ensure our universities can properly meet the needs of school leavers.
Continuing to support international students will also be vital. International students are particularly vulnerable to the economic impact of the pandemic. As non-citizens they are ineligible to access Australian government supports such as JobKeeper.
Many have had to rely on support packages offered by universities and state governments.
It is important that Australia continues to support international students who are struggling. This will signal to current and future international students that Australia values them and the enormous contribution they make to our country.
Peter Hurley is a Policy Fellow at the Mitchell Institute Victoria University
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International students were over 30% of some suburbs population pre-Covid: Peter Hurley 

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GUEST OBSERVATION
As Australia begins to plot a recovery strategy from the first recession in the country in decades, the Morrison government needs to examine what has worked well in the past.
Crises require strong leadership, national cohesion and a framework for carrying out recovery efforts on a grand scale.
As such, there is a case to be made for a new Commonwealth agency to lead the recovery effort, built on the model of the Department of Post-War Reconstruction that helped Australia emerge from the turmoil of the second world war.
<h2>In December 1942, Prime Minister John Curtin established the Department of Post-War Reconstruction. Even though the war was still raging, its task was to begin planning and coordinating Australia’s transition to a peacetime economy.</h2>
The department brought together a talented group of officials, many of them from the new discipline of economics, to advise the government. Its establishment reflected the efforts to which the Commonwealth government went after the war to professionalise the Australian public service.
The department did not have a large staff. It was devised as a policy department that would coordinate the work of other agencies. The treasurer, Ben Chifley, was appointed the first minister for post-war reconstruction. H. C. “Nugget” Coombs, one of Australia’s “seven dwarfs”, named for their diminutive stature, was his first departmental secretary.
One of the major successes of the department was its contribution to the full-employment policy, a goal set by post-war governments to achieve a higher standard of living and regular employment for all Australians after the war.
To that end, the department helped establish a new employment agency, the Commonwealth Employment Service, to match workers with jobs. It also helped overhaul the social welfare system and create the pharmaceutical benefits scheme.
Full employment became a bipartisan policy goal throughout the economic “golden age” from the end of the war to the 1970s. The policy was so popular that even the smallest deviation from it, such as during the “credit squeeze” of 1960-61, almost cost the Menzies government re-election.
The Department of Post-War Reconstruction didn’t succeed in pushing through sweeping new federal powers for reconstruction in a 1944 referendum. Nonetheless, it found ingenious ways to foster Commonwealth-state cooperation, for instance, through section 96 grants (which provided federal funding to the states on terms and conditions set by the Commonwealth), and the federal funding of housing, hospitals and later universities in the states.
New Commonwealth-state bodies were also devised to support the coal and aluminium industries. The Commonwealth and NSW state Joint Coal Board, for example, completely revamped the almost moribund NSW black coal industry. A revived and mechanised NSW coal industry became internationally competitive and a significant export earner for Australia by the 1970s.
On the international front, Chifley and Coombs supported Australia’s participation in the 1944 Bretton Woods Conference, which reinvented the global financial system based on fixed exchange rates with the US dollar as a reserve currency. The International Monetary Fund and the World Bank were also established at the time.
Chifley and Coombs supported the new international arrangements because they understood the revival of the global economy was essential for Australia’s own prosperity. As they hoped, the Bretton Woods system, the General Agreement on Tariffs and Trade (GATT) and the Marshall Plan for western Europe all laid the global foundations for Australia’s domestic recovery.
<h2>How a post-pandemic agency might work</h2>
The federal government has already trialled a new policy-making agency during the COVID-19 pandemic with its “wartime” National Cabinet, which featured federal and state governments and their agencies working as one.
There are many ways a new economic recovery agency could build on the cohesion demonstrated by the National Cabinet and advise the Commonwealth government on rebuilding the economy.
Specifically, it could help replicate Curtin’s achievement in 1942 by advising on comprehensive reform of the Commonwealth-state taxation system. This process is already under way with several states calling for the substitution of land taxes for stamp duties.
A post-COVID-19 agency could also be involved in the revamping of the welfare system (post-JobKeeper/JobSeeker) to cope with the higher levels of unemployment and under-employment.
The agency could advise or coordinate a strategy for new infrastructure to create jobs, such as the building of hospitals, public housing and a transition to cleaner energy. Another possibility would be a return to independent petroleum refining, similar to Billy Hughes’s Commonwealth Oil Refineries that operated from 1919-52.
And a new agency could advise on reviving other major industries, such as tourism, the airlines, the higher education sector and even the banking system. During the Global Financial Crisis, the Rudd government had to underwrite loans to the banks and guarantee bank deposits. A major intervention may again be required.
Creating a Department of Post-War Reconstruction was considered by some to be the “boldest experiment” the country took after the war. And as a result, Australia’s post-war recovery was a remarkable success. This is what we need now – another bold experiment, in the spirit of bipartisanship.<img src="https://counter.theconversation.com/content/137899/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
David Lee is an Associate Professor of History at UNSW
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What we can learn from the successes of post-war reconstruction: David Lee

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EXPERT OBSERVATION
Many countries around the world, including Australia, are looking to the construction industry to help rebuild economies.
Industry bodies such as the Master Builders Association are strongly urging governments to bring forward spending on already approved infrastructure projects.
They also want these projects to be unbundled into smaller contract packages so small local businesses and the whole sector get a piece of the pie.
We should not ignore the risks involved in the rush to get the economy going again. We will pay for mistakes made now in the form of debt created by cost blowouts and unscrupulous developers. We will have to live with poor-quality, ill-conceived and environmentally damaging developments for decades.
Of course, construction and infrastructure programs provide us with a powerful stimulus tool. It’s why federal and state governments are looking to this sector to drive recovery. The social impact of investing in more construction and infrastructure could certainly be significant.
Construction is one of the country’s largest employers. The sector employs about 1.2 million people directly, and indirectly much more. It’s one of the largest employers of apprentices, youth and disadvantaged groups such as Indigenous people and refugees.
Investment in construction flows through the broader economy. The Australian Bureau of Statistics estimates every A$1 million spent on construction output generates A$2.9 million in output across the economy as a whole. Every job created in construction leads to another three in the wider economy.
Knowing this, state and local governments are relaxing hard-won controls to fast-track projects. Planning ministers are being given more power to override many of the statutory timeframes that govern normal planning and approval processes.
This approach creates many risks as well as many opportunities. If we do not control these risks in our rush to stimulate the economy, we are likely to regret this in future.
While the construction industry includes some world-class firms, the government-commissioned Productivity Commission inquiry into infrastructure raised many concerns about the lack of transparency and trust in development and infrastructure approval processes. It noted infrastructure project overruns were common. The extra costs amount to billions of dollars.
We are already battling a crisis of confidence in the residential apartments sector. Poor-quality buildings have devastated people’s lives. In New South Wales, the state government has appointed a building commissioner to clean up the mess.
Relaxing controls also opens the door to unscrupulous developers to exploit the crisis for their own personal gain. Transparency International’s recent submission to a Senate inquiry argues that powerful groups have too often prevailed over public interest. It warns:
Businesses in highly regulated industries, such as transport, mining, energy and property construction, all actively seek to influence politicians, although the channels of influence vary by industry.
In some countries we are already seeing developers exploiting the COVID-19 crisis to argue for relaxation and even removal of regulations put in place to ensure projects contribute positively to the communities in which they are built. A former senior adviser to US President Donald Trump has argued that his administration should trigger an emergency override of America’s environmental protection laws and establish “Australian-style permitting”.
If fast-tracked projects are undertaken without appropriate controls purely to boost the economy rather than meet a real community need, then we will be paying for this crisis for far longer than we expect.
As Elizabeth Mossop warned in her recent Conversation article, our governments are committing taxpayers to further debt to stimulate recovery from the economic impacts of the coronavirus pandemic. Infrastructure spending is great for economic stimulus, but it still has to be the right kind of infrastructure that meets local community needs.
Mossop argues for small-scale stimulus projects focused on local small businesses, rather than multinationals, to deliver broad, long-term community value. Investing stimulus funding in local businesses means the money recycles in the community, reduces inequality and helps meet real community needs.
Of course we need to move quickly to rebuild our economy. But we must also place the community at the heart of any decisions about which projects we push through the system.
We could learn much from the principles of urban acupuncture, which would advocate a community-based approach to stimulus. It would also warn against awarding contracts to major multinationals. These corporations suck money out of needy communities into the pockets of shareholders with no links to the communities we need to help.
Research shows procuring from local businesses provides a 77-100 per cent economic advantage and an 80-100 per cent increase in jobs compared to procuring from multinationals.
If stimulus programs follow traditional approaches to infrastructure procurement in Australia, then we will miss an unprecedented opportunity to tackle growing inequity. Even before this crisis, many younger and poorer members of our society were already being left behind.The Conversation
Martin Loosemore is a Professor of Construction Management at the University of Technology Sydney
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We may live to regret open-slather construction stimulus: Martin Loosemore

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Variable home loan rates continue to drop with Freedom Lend today, the new leader in the mortgage rate wars, according to RateCity.com.au data.
The online lender is now offering a new record-low variable rate of 2.17 per cent, for new customers with a deposit of 30 per cent of more.
Home loan rates have continued to drop despite no official change to the cash rate.
Analysis of the RateCity.com.au data base shows his month alone, 15 lenders have cut more than 50 variable home loan rates for new customers.
<img src="https://www.urban.com.au/images/2020/6/25/Lowest%20rates.JPG" alt="">
RateCity.com.au research director Sally Tindall said, “The fight is on between the non-bank lenders to have the lowest variable rate in Australia.”
“Over the last couple of months, smaller providers have had to chip away at their rates in order stay ahead of the big banks."
“Just three months ago, the lowest variable rate was 2.44 per cent. Since then it has dropped 27 basis points."
“With the number of new home loans on the decline, lenders desperately need new business so they’re looking to refinancers to make up the difference."
“The recent increase in refinancing activity suggests rock bottom rates are prompting people to switch to take advantage of the relentless market competition,” she said.
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Australia’s lowest variable interest rate reaches 2.17%

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Killarney Castle, a five-bedroom, three-bathroom castle in Gordon has been listed for sale by Black Diamond estate agents Alice Chen and Greg Howard. 
The <a href="https://www.realestate.com.au/property-house-nsw-gordon-133717414" target="_blank">3 Glenview Street property</a> is a local landmark and crafted from hand-hewn sandstone.
It has $4.95 million hopes.
The 1918 castle features lush established gardens with lawns and courtyards, high ceilings, exquisite joinery and intricate timber work, formal living and banquet dining rooms each with a fireplace, and a Chef's kitchen with high end Gaggenau appliances and gas cooking.
<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/2020/6/19/19_Kitchen.jpg" alt="">
For entertainment, the caste offers a large loft-style retreat, entertainment room, artist's studio or gym, wine cellar, and solar swimming pool. 
The castle last sold for $2,600,000 in 2013 and at $1,530,000 in 2000. 
<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/2020/6/19/19_Castle%20Pool.jpg" alt="">
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Gordon's Killarney Castle on the North Shore listed for sale

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Tech giant Atlassian has revealed its plan to build the world's tallest commercial hybrid timber tower to host their headquarters.
It will be located next to Sydney's Central Station.
The 40-storey building will be 180 metres tall and accommodate up to 4,000 Atlassian staff, with a YHA hostel occupying the lower levels.
It is Designated as part of the NSW Government's tech hub which is set to from Central into Redfern.
Atlassian plans to take up the majority of the floors in the building, while the rest are likely to be occupied by other tech or start-up companies. It declined to say how much it would cost to build.
CEO Mr Scott Farquhar said they hired New York architects SHoP to design the tower in partnership with Australian firm BVN. The building will operate on 100 per cent renewable energy and includes solar panels in its facade.
The tech giant will lodge development applications for the 40-storey building within months, and plans for construction to start next year.
The new headquarters is due to be completed in 2025, if all goes according to plan.
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Atlassian plans to build world's tallest commercial hybrid timber tower

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A four-bedroom, two-bathroom house in South Australia's Angle Vale has been listed for mortgagee sale.
The property is located in a cul-de-sac on Edmonds Road.
The 2,079 square metre parcel of land features a formal lounge with fireplace, family room, dining room and meals area.
There are rainwater tanks, and a large 20m x 6m pitched roof workshop with three roller doors.
It also features a two-bedroom granny flat.
<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/2020/6/19/20_Mortgagee%20Roller%20Roof.jpg" alt="">
The master bedroom has a large walk-in robe with ensuite, while the two-bedroom self-contained granny flat features its own bathroom and kitchen.
Outside features a variety of fruit trees, large lawn area and pond. 
The home was previously sold in 2004 for $315,000.
It as then listed unsuccessfully for 121 days in 2019.
Century 21 estate agent Simon de Wit has the current listing on behalf of Westpac Bank.
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Angle Vale, South Australia mortgagee family home listed

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Joel Robinson

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

The long-planned transformation of Brisbane's historic Shafston Estate has taken another major step, with Capella Hotel Group announced as the luxury hospitality partner behind what will become Brisbane's first branded residences.

The project, to be known as Capella Residences Brisbane, is being delivered by Verso Projects at the landmark Kangaroo Point riverfront estate, with completion targeted for 2029.

The announcement follows a series of planning changes to the project over recent years. The site was originally approved in 2023 for a 15-level, 37-apartment development designed by Rothelowman for Burgundy Group before Verso Projects took over the 10,070 sqm riverfront holding and lodged revised plans with Kerry Hill Architects to increase the development to a 25-level tower with 51 apartments.

The latest announcement confirms Capella Hotel Group will bring its branded residential offering to the project, marking just the second Capella Residences development globally after Seoul, and the group's first branded residential project in Australia.

The <a href="https://www.apartments.com.au/new-apartments/23-castlebar-street-kangaroo-point-qld-4169">Castlebar Street development</a> will centre around the restoration of the heritage-listed Shafston House, one of Brisbane's oldest residences, originally constructed in 1851 by Reverend Robert Creyke as a single-storey cottage known as Ravenscott.

<img alt="Capella" data-entity-type="file" data-entity-uuid="2b9f4ce5-638f-4d6b-8082-3ca7e4b75fca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-09%20at%207.20.41%E2%80%AFAM.png?VersionId=f7aeqsW_DzOJI4FymWb3lD8NptSfsP7q" />

Capella said the project aligns with its focus on heritage-led developments, with the Brisbane estate combining the restored historic residence with a new luxury apartment tower and hospitality-inspired resident amenities.

Residents will have access to the Capella Living Room, a concierge-led communal space inspired by the group's luxury hotels, alongside landscaped gardens, six swimming pools, wellness and recreation facilities.

The broader estate will also include two riverfront homes, a six-berth private marina, porte cochère arrival experience, secure basement parking and a new section of public riverwalk along the Brisbane River frontage.

The heritage Postal Depot Building will also be retained and repurposed as a guest house, in line with the revised development plans.

The project represents another evolution for the site, which Kerry Hill Architects previously described as a rare opportunity to restore one of Brisbane's most significant heritage estates while creating a new benchmark for apartment living.

"The Shafston Estate provides a once-in-a-generation opportunity to restore one of Brisbane's finest heritage precincts and to reinstate residential use as a unique site perched on the edge of Kangaroo Point," Kerry Hill Architects said in its Urban Context Report accompanying the planning submission.

"The project will celebrate excellence in sub-tropical residential design, setting a new benchmark for vertical living in Brisbane."

Verso Projects, which now has an $8.5 billion development pipeline spanning more than 6,000 dwellings across apartments, townhouses, retail and commercial projects, said the partnership with Capella would elevate the development beyond a traditional residential project.

"We feel honoured to be restoring Shafston Estate to its former glory, elevating it to new heights of luxury and excellence underpinned by Capella's distinctive service ethos and design philosophy, and making it a standout landmark in Brisbane," Verso Projects CEO Steve Laffey said.

"By partnering with Capella, globally recognised for its refined approach to luxury hospitality and deep respect for cultural and historical context, we will elevate this project beyond a residential offering into a world-class destination."

Capella Hotel Group President Roland Fasel said Brisbane's emergence as a global city made it the right location for the company's Australian residential debut.

"Brisbane is a city on the cusp of something remarkable, and Capella Residences is our commitment to being part of that story," Fasel said.

"The Capella residential experience is more than luxury. It is about a sense of belonging to a place with deep meaning."

Private appointments have now opened for the project, with a display suite expected to open in late 2026 ahead of the planned 2029 completion.

Capella to launch Brisbane's first branded residences at Shafston House, Kangaroo Point

Lewis Land's latest apartment release within its <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan is targeting one of the Gold Coast's fastest-growing buyer groups, with almost a third of apartments at Solis priced below $1 million.

The seven-storey building at Biggera Waters will comprise 91 apartments, including 24 one-bedroom residences starting from $778,000, a price point Lewis Land says is aimed squarely at first home buyers struggling to enter the Gold Coast market.

<img alt="Harbour Shires" data-entity-type="file" data-entity-uuid="e7486e37-22f6-4c92-b212-9b0622070b8f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.34%E2%80%AFAM.png?VersionId=W8MJwJUCf6HkIyl_EVSksnd.QI6MZryY" />

<a href="https://www.apartments.com.au/developers/lewis-land-group">Lewis Land</a> Head of Development Michael Long said the developer deliberately allocated a significant proportion of the project to more affordable apartment types.

"First home buyers have been priced out of many parts of the Gold Coast, and we saw a clear opportunity to address this and play our part in a longer-term housing solution," Long said.

"That's why 24 of the 91 apartments being delivered at Solis have been designed and priced for the city's next generation of homeowners, quality one-bedroom apartments, half of which include an additional multipurpose room to maximise space and flexibility.

"This approach places 30 per cent of apartments in Solis under $1 million, and with close proximity to Harbour Town's future light rail extension connecting residents to the city's major employment and knowledge hubs, it's a win for buyers looking to secure their first property."

<img alt="Sores" data-entity-type="file" data-entity-uuid="550526d3-73ba-4710-9739-c5f4294a30ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.29%E2%80%AFAM.png?VersionId=cQQdXHt9wS0UXwZEm5Py5bH_3kAmzyhu" />

Designed by BDA Architecture, Solis will deliver a mix of one, two and three-bedroom apartments, with residences ranging up to 232 sqm. Apartments feature generous balconies and contemporary finishes, while residents will have access to Harbour Shores' lagoon pool, clubhouse, tennis court, gym, yoga studio and sauna.

The focus on first home buyers resonated with purchaser Holly Humphreys, who said she and her boyfriend spent more than a year searching for their first property before shifting their attention from houses to apartments.

"We fell in love with the first house we bid on and got our hopes up, but after repeated knockbacks we learned not to get too attached," Humphreys said.

"We offered at the high end of price guides, but sales kept going even higher. That's where we really struggled and we needed to re-evaluate our budget and our expectations. Standalone houses were off the table, and we pivoted to apartments and townhouses."

Humphreys said it was encouraging to see developers recognising the growing demand from first home buyers.

"There's a growing number of young buyers looking to enter the market earlier because they understand that getting in now can make a real difference as prices continue to rise," she said.

"It's fantastic to see a developer recognise this and then actively take measures to deliver an apartment with us in mind."

Solis is the first development planned within the second stage of the Harbour Shores masterplan, with early works expected to commence in September 2026.

[smartcode_project_cta:default project_id=113271]

Lewis Land targets first home buyers at latest Harbour Shores release, Solis

Luxury apartment developer Abadeen has recorded $19.25 million in apartment sales across two of its Lower North Shore developments in the lead-up to the end of the financial year, headlined by the sale of a $6.75 million penthouse at <a href="https://www.apartments.com.au/buildings/koyo-crows-nest-5-rodborough-avenue-crows-nest-nsw-2065">KOYO in Crows Nest.</a>

The transactions also included the sale of a newly completed three-bedroom apartment at <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences in Cremorne</a> for $6.35 million, with the residence selling shortly after the project's first public inspections following completion.

The sales come as completed, owner-occupier-focused apartments continue to attract strong demand across Sydney's Lower North Shore, particularly from buyers looking for certainty and immediate occupancy.

The penthouse at KOYO spans 491 sqm across a single level and was designed by architect Koichi Takada. The development is one of Abadeen's flagship boutique projects in Crows Nest.

[smartcode_project:default project_id=108800 project_image_fid=370093]

Abadeen Executive Chairman and Founder Justin Brown said buyer activity lifted noticeably in the lead-up to the end of the financial year.

"We saw a clear increase in enquiry levels, inspection numbers and buyer engagement across our completed projects leading into the end of the financial year," Brown said.

"Buyers have become far more decisive over the past six months. The combination of improving confidence, limited supply and the ability to physically inspect completed residences is creating strong competition for premium apartments in the best locations."

Brown says the&nbsp;response to Park Residences following completion has been particularly strong.

"Buyers want certainty and are responding positively to the opportunity to walk through a finished product, inspect the quality firsthand and move in immediately," Brown suggested.

"Projects such as Park Residences and KOYO demonstrate that when the product is exceptional and the location is irreplaceable, buyers are prepared to act quickly."

[smartcode_project:default project_id=114246 project_image_fid=370116]

Abadeen CEO Joe Tack said quality continued to differentiate projects in the current market.

"Today's buyers are incredibly discerning," Tack said.

"They are seeking larger floorplans, premium finishes, walkability, lifestyle amenity and confidence in the developer delivering the project. Well-designed boutique developments continue to outperform because they offer something genuinely difficult to replace.

"The enquiry we are seeing across our completed and recently completed Lower North Shore portfolio is very encouraging, and we expect this momentum to continue into spring."

The sales follow increased enquiry across Abadeen's Lower North Shore portfolio which also includes <a href="https://www.apartments.com.au/buildings/northcote-collective-naremburn-2-northcote-street-naremburn-nsw-2065">Northcote Collective in Naremburn</a> which also completed recently.

KOYO penthouse headlines Abadeen's $19.25 million EOFY sales flurry

The City of Sydney has approved plans for <a href="https://www.apartments.com.au/developers/billbergia">Billbergia Group</a> and Metrics Credit Partners’ $3.5 billion Castlereagh Place project in the heart of the Sydney CBD

The towers will be among the tallest in <a href="https://www.apartments.com.au/developments/sydney-nsw-2000">Sydney</a>'s CBD, with more floors than any other residential tower in the city.&nbsp;

The 6,000 sqm site was acquired by the joint venture partners in 2024. It is the largest amalgamated land parcel in the Sydney CBD and comprises eight individual sites fronting Castlereagh, Pitt and Liverpool Streets.&nbsp;

<a href="https://www.apartments.com.au/new-apartments/castlereagh-place-sydney-324-348-pitt-street-sydney-nsw-2000">Castlereagh Place</a> will transform an underutilised city block into a landmark mixed-use destination, anchored by two 82-storey towers comprising 607 luxury residences above an 8-level podium housing a 209-room luxury hotel. A 1,000 square metre civic park on ground level features a curated mix of food, beverage and retail.

The plans have been refined over the past year to rebalance the residential and hotel offering, and reconfigure the retail footprint to create a stronger, more dynamic dining experience.

A three-level flagship building on the prominent corner of Pitt and Liverpool Streets will be the gateway to the Castlereagh Place lifestyle precinct. Set to become a Sydney icon, the building is capable of housing multiple hospitality venues.

“Castlereagh Place is designed to be the City's next great urban oasis - an energetic mixed-use precinct that pulses with life, day and night,"&nbsp;said Joseph Kinsella, Group Director of Billbergia.

"It will bring the vibrancy of places like Barangaroo and Darling Quarter into a more accessible, central destination at the very heart of Sydney."

Kinsella said the project will build on&nbsp;Sydney’s growing laneway culture with the City’s largest network of new activated lanes - an expanded, next-generation take on precincts like Angel Place, Palings Lane and Ash Street in Wynyard.

[smartcode_project:default project_id=134477 project_image_fid=374401]

Castlereagh Place has been designed by architects <a href="https://www.apartments.com.au/architects/fjc-studio">fjcstudio</a> in collaboration with Trias Studio, Aileen Sage and Polly Harbison Design, joint winners of an international design competition in 2018.&nbsp;

Signature design elements from the original scheme remain unchanged, while the public domain has been significantly enhanced, delivering 60 per cent more open-to-sky space.

Pedestrian access will also be enhanced through new laneways linking Pitt, Liverpool and Castlereagh Streets, drawing people into a new civic park with outdoor seating, landscaping and integrated public art.

With activated laneways supported by strong hospitality offerings, Castlereagh Place is tipped to become a vibrant new dining destination in the heart of Sydney’s CBD.

It marks the largest undertaking to date for the Billbergia and Metrics Credit Partners partnership. Together they are developing other underutilised Sydney sites into mixed-use precincts, including the $2.2 billion Concord Central and the $1.3 billion Chatswood Grand Residences.

Metrics Managing Partner and Group CEO Andrew Lockhart said Castlereagh Place is a landmark project that will redefine Sydney’s skyline.

"As the tallest residential high-rise development, the revitalised site will offer panoramic views across the CBD and surrounds. We are excited to partner with Billbergia to reinvigorate an underutilised site and create a sophisticated and contemporary mixed-use offering situated in the heart of Sydney.”

Total apartments within the towers have increased to 607 dwellings, with a focus on larger floorplans. Aligned to growing market demand, Castlereagh Place now comprises 299 three-plus-bedroom apartments, 198 two-bedroom units and 110 one-bedroom configurations.

[smartcode_project:default project_id=134477 project_image_fid=374402]

Resident amenities will include an exclusive residents club containing a gym, rooftop pool, dining rooms, co-working spaces, library, golf simulator, games room, cinema room, and access to an exclusive concierge service. There will be around 500 basement car spaces below the towers.

The development will also include a state-of-the-art wellness centre, set to feature a bathhouse with magnesium pools, hot/cold plunge pools and premium amenities.

&nbsp;

According to fjcstudio, the towers will feature distinctive yet elegant architectural design reflecting Sydney’s geometry and urban character, with a network of through-site links and intimate public spaces activating the streetscape.

"Castlereagh Place is a city-making project of significant scale and ambition," said Richard Francis-Jones, Design Director at fjcstudio.

"It will create a rich urban complex of public open spaces, landscaped gardens, and vibrant laneways. Defining these new public spaces and the important streetscape of Castlereagh Street is a sequence of fine-grained, diverse retail and hotel architecture designed in collaboration with Aileen Sage, Polly Harbison Design and Trias.

“Rising above the tree-lined, human-scale streetscape are two slender residential towers that will transform the city skyline and look towards the Harbour, Hyde Park, and the Royal Botanic Garden.”

Demolition and early construction works have commenced onsite at Castlereagh Place.

[smartcode_project_cta:default project_id=134477]

Staff reporter

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