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GUEST INSIGHTS

The commuter's paradox: there's something to gain in the space between home and work

Academics <a href="https://theconversation.com/profiles/meg-elkins-427201">Meg Elkins</a> and <a href="https://theconversation.com/profiles/robert-hoffmann-219366">Robert Hoffmann</a> found for many of us, one of the upsides of 2020 was being freed from the grind of the daily commute.

For the <a href="https://theconversation.com/teleworkability-in-australia-41-of-full-time-and-35-of-part-time-jobs-can-be-done-from-home-140723">40% of the workforce able to “telecommute</a>”, COVID-19 social distancing measures saved us an average of <a href="https://theconversation.com/australian-city-workers-average-commute-has-blown-out-to-66-minutes-a-day-how-does-yours-compare-120598">about an hour a day</a> – and much more for those of us living in the outer suburbs of cities.

Studies show <a href="https://www.aeaweb.org/articles?id=10.1257%2F089533006776526030&amp;source=post_page">the morning commute</a> is the least favourite part of the day, and the commute home the third-least favourite (working is the second-least favourite).

Congestion, crowding and unpredictability increase stress and dissatisfaction. The longer it takes, and the more we have to do in the company of others, the more <a href="https://www.tandfonline.com/doi/full/10.1080/01441647.2019.1649317">we dislike it</a>.

But it’s also possible to miss aspects of that enforced time between work and home. For all its downsides, the daily commute does have some positives, acting as both a starter button and circuit breaker to differentiate work from home life.

As life returns to “normal” and employers ask us to return to the workplace, thinking consciously about those benefits can help make the most of your commute.

A commuting constant

Though we think of commuting as a modern phenomenon, spending time getting to and from work is as old as humanity. Hunting and gathering (going back 200,000 years), farming (about 10,000 years), and living in cities (about 5,000 years) all involved leaving and returning home. These routines seem to have ingrained in us an idea of acceptable travel times.

In 1994 an Italian physicist, Cesare Marchetti, wrote a paper, <a href="https://www.cesaremarchetti.org/archive/electronic/basic_instincts.pdf">Anthropological Invariants in Travel Behaviour</a>, on the “quintessential unity of travelling instincts around the world, above culture, race and religion”.

Drawing on the work of Israeli transport analyst Yacov Zahavi, Marchetti proposed humans had always been willing to spend about an hour a day travelling from and to home.

This idea of commuting time being 30 minutes each way has become known as Marchetti’s Constant. <a href="https://link.springer.com/article/10.1023/A:1010366321778">In a 2001 paper</a>, travel researchers Lothlorien Redmond and Patricia Mokhtarian found most people’s ideal commute time was, in fact, less – an average of 16 minutes – but their results also confirmed the dislike of any commute longer than 35 minutes.

A psychological buffer

The longer the commute times, the more <a href="https://www.propertyobserver.com.au/https://www.jstor.org/stable/25195346?seq=1">stressed and dissatisfied</a> we feel.

Yet without time between home and work, there’s also a downside. As Marchetti wrote: “Even people in prison for a life sentence, having nothing to do and nowhere to go, walk around for one hour a day, in the open.”

Commuting can be a ritual that helps us psychologically separate home life and work – switching off from personal concerns in the morning, and then detaching from work worries in the evening. A huge body of research over the past four decades show this “<a href="https://pdfs.semanticscholar.org/6d7e/066e2560942e54b68126cde36981e0a4ec9b.pdf">psychological distance</a>” is crucial to well-being.\

Research also shows that switching from our <a href="https://www.propertyobserver.com.au/https://doi.org/10.1177/036168430903300303">home to work “identities”</a> carries cognitive demands. A buffer between the two can help make this transition.

It is possible to achieve this psychological distancing without a commute, of course – by going for a morning walk and changing into work clothes – but the demands of both family and work responsibilities often mean we don’t make that time.

Making the most of your commute

So we shouldn’t necessarily spurn the return to the daily commute. Yes, there are downsides, but being conscious of the psychological benefits enables you to maximise its benefits.

Rather than thinking of it as dead time, think of it as “me” time.

In the morning, use your commute to plan your day. Research has found <a href="https://pubsonline.informs.org/doi/abs/10.1287/orsc.2020.1370">this increases satisfaction at work</a> and makes longer commutes more palatable. Maintaining <a href="https://hbr.org/2017/05/reclaim-your-commute?utm_source=zapier.com&amp;utm_medium=referral&amp;utm_campaign=zapier">small routines</a> on the way has also been found to help.

In the evening, use the time to unwind with pleasurable activities such as reading, playing mobile games, calling a friend or family member, listening to music or a podcast. These are activities you won’t necessarily have time for once you get home.

Doing nothing is good too. Many of us have little time for idle thoughts. Here’s a chance to let your mind wander. <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4711352/">Free thought time</a> helps to solve problems and inspire creativity.

And, of course, switch to walking or cycling if you can. Along with the “alone” time it gives you, physical activity is strongly associated with <a href="https://www.sciencedirect.com/science/article/pii/S2214367X17301527?casa_token=5Ip4F4cfTp4AAAAA:9KlCbm2Xwl_MrN5eJEhWQm5OSISOCMCr8uXw6BfnHZu4jaM3ZivUvnIEj162HmgUlgQ3KyEzrw">higher overall happiness</a>.

You can’t necessarily control the amount of time you spend commuting, but you can control what you get out of it.<img alt="The Conversation" edceja="" ewwhlmcbx="" height="1" or="" qalukrwlr="" rgdwemapd="" src="https://counter.theconversation.com/content/152887/count.gif?distributor=republish-lightbox-basic" width="1">

<a href="https://theconversation.com/profiles/meg-elkins-427201">Meg Elkins</a>, Senior Lecturer with School of Economics, Finance and Marketing, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a> and <a href="https://theconversation.com/profiles/robert-hoffmann-219366">Robert Hoffmann</a>, Professor of Economics and Chair of Behavioural Business Lab, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>

This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/the-commuters-paradox-theres-something-to-gain-in-the-space-between-home-and-work-152887">original article</a>.
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You can’t necessarily control the amount of time you spend commuting, but you can control what you get out of it

urban.com.au

The commuter’s paradox, what Australians gain and lose commuting

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Last year, Perth-based M/Group and its construction arm, M/Construction, delivered its second Quest Apartment project, Quest Perth Ascot and although construction of the 112-room apartment hotel was subjected to lengthy planning approval delay and Covid-19 regulations, it met strict building timeframes due to a new development model and building process that saw one floor completed every two weeks.

The main structure of Quest Perth Ascot officially commenced in January 2020 and the building was fully completed in August of the same year, an eight-month build.

M/Group Managing Director, Mr Lloyd Clark, said the formula used on the project had been perfected in the development of Quest Joondalup several months prior

“The M/Construction team used a building process that combined pre-cast concrete walls and a hollow core flooring structure with the integration of construction methodologies and custom-designed feature."

“The process allowed for up to 100 people on site at once, and the building program was coordinated and synchronised to adhere to new Covid-19 safety regulations."

With concrete floors and toppings poured and cured over the weekend to create self-supporting formwork, the workspace below was obstruction-free for follow-on trades to install framing and services unencumbered. The process effectively shaved some three to four months off the construction timeline

The Quest Perth Ascot project was the result of an $11.5 million development fund managed by M/Group. Its success was preceded by Quest Joondalup which won a finalist nomination in the 2020 World Travel Awards. 
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The main structure of Quest Perth Ascot officially commenced in January 2020 and the building was fully completed in August of the same year, a build time of just eight months

New apartment building process delivers a floor a fortnight 

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Australian homeowners rank paying off their mortgage as their greatest life priority yet over 50% don't know the exact current interest rate on their home loan, according to new research commissioned by Mortgage Choice.

The research survey found a disconnect between the increased financial concerns borrowers are experiencing from COVID-19 and knowledge of whether their interest rate is competitive.

Only 46.5% of respondents knew their current interest rate, Much fewer in 2020 compared to previous surveys commissioned by Mortgage Choice (61.5% in 2018 and 71% in 2016).

This increased complacency comes at a time when the coronavirus pandemic has put more people under financial pressure. Over 62% of Australians admit that COVID-19 has caused them to worry more about money, with 65.6% trying to boost their resilience by saving more, spending less and improving their financial knowledge.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/mortgage_choice_2020.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="387" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/mortgage_choice_2020.jpg?itok=Bk5UqzeU" width="580"></a></figure>"Our research suggests that Australians are more focused than ever on their finances, yet many are being complacent with their biggest expense and potentially biggest saving, Susan Mitchell, Chief Executive Officer at Mortgage Choice, said.

Homeowners aged 30 to 39 were the most likely to not know their interest rate (64.5%), with those aged 50 to 59 years close behind at 56.4%.

Ms Mitchell said, "it's so important to know your interest rate because if you’ve been complacent the chances that you are paying too much are extremely high. Every Australian should make it a New Year resolution to review their home loan. Give yourself an early Christmas present by reducing your rate and saving on repayments.”

However, Australians are not keeping track of interest rates or checking to see if they are getting the best deal. Asked how often they review their home loan, 13.7% said never, and 44.4% said every couple of years. Even fewer (41.9%) review their loan annually.

“I strongly encourage all borrowers who haven’t had their loan reviewed in the last 24 months to speak to their broker or their lender to learn if they’re still in a competitive home loan," added Ms Mitchell.

"In the past year alone, the cash rate has dropped by 65 basis points, and many lenders are open to negotiating on rate reductions. Let's say your principal and interest rate is 3.99% and shopping around with the help of a mortgage broker enables you to drop by 50 basis points to 3.49%. On a 30-year home loan of $600,000, the savings could be in the vicinity of $170 a month," she concluded.
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Only 46.5% of those surveyed by Mortgage Choice knew their current interest rate, much lower than 61.5% in 2018 and 71% in 2016

Majority of Australians don't know their home loan's interest rate

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A Soul Surfers Paradise sub-penthouse fronting the beach is set for auction in late January.

The four-bedroom four-bathroom apartment is located on the 63rd floor of the Soul building on The Esplanade.

It holds panoramic views encompassing the hinterland, city skyline and Pacific Ocean both from inside and from the covered wraparound terrace.

Featuring 455 sqm of internal space, it is one of only two apartments on 63rd floor, accessible via express lift from 4 car spaces.

Along with access to all Soul amenities, including gymnasium, indoor and outdoor swimming pools, spa/sauna/steam room, rooftop gardens and BBQ area, it is a stroll from world famous beaches, shops, restaurants and other amenities.

Robert Graham of Ray White Prestige Gold Coast is marketing 6302/4-14 The Esplanade.

Built in 2011, the sub-penthouse last sold for $3.2 million in 2013.

It was previously put up for sale from late 2017 to early 2018, but did not find a buyer at that time.

The other 63rd floor sub-penthouse, a three-bedroom, two-bathroom affair last sold for $2.4 million in mid-2019.

The penthouse in the Soul building is also currently for sale, having last sold for $3.3 million in June 2019. The most recent sale in the Soul, unit 6601 changed hands for $3.25 million in October last year, having previously sold for $4.6 million in 2013. It is a three-bedroom, three-bathroom unit.

Just below is unit 6402, also currently listed and seeking offers over $4 million.
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The four-bedroom four-bathroom apartment is located on the 63rd floor of the Soul building

Soul Surfers Paradise sub-penthouse set for auction

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From 1 January to 31 December there were 6,777 cuts to home loans, with an average cut of -0.30%, according to Canstar's database.

It recorded:

<ul>
<li>880 cuts to variable rates for owner occupiers, with an average cut of -0.21%</li>
	<li>2,455 cuts to fixed rates for owner occupiers, with an average cut of -0.33%</li>
	<li>764 cuts to variable rates for investors, with an average cut of -0.21%</li>
	<li>2,678 cuts to fixed rates for investors, with an average cut of -0.32%</li>
</ul>
Over the same period there were 535 home loan rate increases, with an average increase of 0.20%.

On 1st January 2020 the average variable rate for owner occupiers paying principal and interest was 3.73% (80% LVR). Today that rate is 3.32% The lowest variable rate was 2.69% and it is now 1.99% (80% LVR) or 1.77% (60% LVR).

On the 1st January 2020 the average 3-year fixed rate for owner occupiers paying principal and interest was 3.15%. Today the average 3-year fixed rate is 2.30%. The lowest 3-year fixed rate was 2.69% and it is now 1.89%.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/2020_home_loan_rate_changes.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="505" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/2020_home_loan_rate_changes.jpg?itok=dknBFocG" width="580"></a></figure>Savings interest rates

From 1 January to 31 December Canstar recorded:

<ul>
<li>529 cuts to savings, with an average cut of -0.18%</li>
	<li>262 cuts to regular savings accounts, with an average cut of -0.19% </li>
	<li>267 cuts to bonus savings accounts, with an average cut of -0.17%</li>
</ul>
On 1st January 2020 the average regular savings account rate was 1.12%. Today that rate is 0.43%. The maximum rate was 2.65% and it is now 1.75% (available for 4-months).

On 1st January 2020 the average bonus savings account rate was 1.47%, now just 0.75%. The maximum rate was 2.25% and it is now 1.35%.
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From 1 January to 31 December there were 6,777 cuts to home loans, with an average cut of -0.30%, according to Canstar

2020 saw 6,777 interest rate cuts across Australia's home loan institutions

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Sunshine Coast developer Cube Developments has achieved a near-sellout success across three of its projects totalling $132 million.

Of the three projects, <a href="/buildings/beach-life-alex-118-120-alexandra-parade-alexandra-headland">Beach Life Alex</a> (pictured) - a $70 million project opposite Alexandra Headland Beach - has seen 30 per cent of its stock snapped up by Melbourne and Sydney purchasers who are looking for a permanent sea change.

Some units are still available including three-bedroom, two bathroom units priced at $1.465 million.

Another development, Allura Coolum which comprises 43 residences, is now a sell-out success after Covid sped up sales in the past six months, while <a href="/buildings/one-prosperity-1-prosperity-drive-birtinya">One Prosperity</a> also has no residences remaining across its 50 residences.

A two bedroom unit in One Prosperity was priced around $495,000 while a three bedroom apartment sold for around $595,000. 

Director of Cube Developments Scott Juniper said around 30 per cent of purchasers across the company’s portfolio have come from outside South East Queensland, with majority of purchasers being owner-occupiers who feel the location is superior to where they’re currently living.

He said, while the borders were closed, Cube Developments successfully sold 15 of its residences virtually via Zoom with buyers choosing to make a decision site unseen; and now that borders are open across the country, Scott said he is expecting even greater demand.

Cube Developments also has land estates throughout South East Queensland, including Woombye, Palmwoods, Bli Bli, Rosemount and Forest Glen.

Now, they are set to market Nature, an 8-storey Cottee Parker-designed project in Cotton Tree that will be home to 13 boutique residences. Each will boast views over the water and have access to a host of amenities including a 25-metre lap pool, gym, steam room and spa, private dining room and a wine room. It will open for expressions of interest later this month.
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Director of Cube Developments Scott Juniper said around 30 per cent of purchasers across the company’s portfolio have come from outside South East Queensland

Cube Developments records near sell-out success across three South East Queensland developments

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Unaffordable home, contents and strata insurance is a major challenge to the liveability and prosperity of communities, towns and cities across northern Australia, but a range of actions could help address this, according to a major report published by the ACCC.

The final report of the ACCC’s three year Northern Australia Insurance Inquiry shows that home, contents and strata insurance premiums are, on average, considerably higher in northern Australia than the rest of the country, and over the past decade have increased at a faster rate.

Rising insurance costs are leading to higher rates of non-insurance in northern Australia, leaving more households and communities financially vulnerable to the impact of severe weather events, and potentially hurting the economic development of the region.

Insurers are increasingly assessing and pricing risk, based on a home or building’s individual characteristics and address rather than at a postcode or regional level, especially for cyclone or flood risk. This has resulted in very significant premium increases for some households.

“This inquiry has examined insurance in northern Australia in unprecedented breadth and detail, using an extensive volume of documents and data from insurers, and taking in significant information and feedback we have received from industry, local residents, consumer groups and communities across northern Australia,” ACCC Deputy Chair Delia Rickard said.

“We know that there are real reasons for more expensive insurance premiums in northern Australia. The risk of extreme weather is higher and it can be costly for insurers to service these regions. However, different insurers can quote vastly different premiums for the same property. While many consumers could save by switching, it is harder than it should be for consumers to shop around.”

“Our analysis has shown that, with the right actions, northern Australian insurance markets could work much better for consumers. We believe our wide-ranging recommendations would address many of the problems we have identified,” Ms Rickard said.

“Many of our recommendations, if adopted more broadly, could also benefit consumers and insurance markets across Australia.”

The ACCC has made 38 recommendations in this final report, including 11 new recommendations, that seek to improve outcomes in the short, medium and long term.

The inquiry considered a range of options that have been suggested to governments to improve affordability. The ACCC has recommended that, if governments want to provide immediate relief to consumers facing acute affordability pressures, subsidies be used in preference to other measures such as government reinsurance pools.

“Direct subsidies can be used in a highly targeted way to relieve some of the acute financial pressures faced by households in specific areas, at a lower cost and more effectively than other measures,” Ms Rickard said.

“We do not believe that government insurers and reinsurance pools can lower premiums without the government subsidising the insurer in some way. These measures also can’t be targeted to those consumers most in need, and so are more costly. Further, they involve transferring significant risks from insurers and reinsurers to governments, who are not well placed to manage them.”

Other recommendation that would provide immediate assistance include abolishing stamp duty on home, contents and strata insurance or, if it is maintained, that it be based on the sum insured of a property rather than the premium amount. The report notes that the rise in premiums on insurance in northern Australia has resulted in significant windfall gains for state and territory governments.

“We continue to advocate that a portion of any stamp duty revenue should be devoted to improving affordability of insurance for low income consumers or to funding mitigation works,” Ms Rickard said.

“However, the best outcome for consumers would be for stamp duty to no longer be applied to home, contents and strata insurance, which are often considered essential products that some households struggle to obtain.”

We also recommended that insurers provide more short-term help for customers struggling to pay their premiums when due, such as by deferring payments, reducing or waiving surcharges for monthly payments, or offering payment plans.

“The industry has no standard approach to assisting customers struggling to pay their premiums,” Ms Rickard said.

“It is crucial that we help households hold onto their insurance, because becoming uninsured can result in much greater financial hardship in the future if homes or possessions are impacted by a severe event.”

Better disclosure of surcharges imposed on monthly instalments has also been recommended, so that consumers can compare the difference in cost in dollar terms between paying annually or monthly. Some insurers apply a surcharge of up to 20 per cent, which can add hundreds of dollars a year to the cost of insurance.

The inquiry has also made a series of recommendations relating to risk mitigation, including new recommendations designed to make insurance more affordable in the future by reducing the risk of property loss or damage.

These include expanding the remit of the Australian Building Codes Board to explicitly include property protection as an objective when developing the National Construction Code, and that Standards Australia and the insurance industry develop voluntary standards for more resilient buildings, for both new homes and for retrofitting of existing homes.

“Importantly, we are calling on the insurance industry to commit to taking into account resilience measures when setting premiums,” Ms Rickard said.

The inquiry also looked at how risk data could be better shared and at improvements to land use planning.

The new recommendations add to the previous recommendations made by the inquiry over the past three years. These have included measures to make pricing more transparent, a ban on conflicted remuneration for insurance brokers and strata managers and that a national home insurance comparison website be considered.

During the past three years the ACCC considered more than 420 submissions and held public forums in Townsville, Cairns, Rockhampton, Mackay, Broome, Karratha, Darwin and Alice Springs.

“We have heard first-hand how many residents of northern Australia are struggling to find suitable and affordable insurance in this market, and the considerable impact this is having on them and their communities,” Ms Rickard said.

“We believe the work of this inquiry and the implementation of our recommendations will make a difference for people living in northern Western Australia, northern Queensland and the Northern Territory, and contribute to the long-term prosperity and liveability of this important part of Australia.”
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The final report of the ACCC’s three year Northern Australia Insurance Inquiry shows that home, contents and strata insurance premiums are, on average, considerably higher in Queensland than the rest of the country

Regional Queensland communities need more affordable strata insurance: ACCC

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The Sydney unit market held its ground showing signs of stabilisation, recording -0.1 per cent losses over December, according to data analytics firm CoreLogic.

It followed from -0.7 per cent losses in November and -0.6 per cent shrinkage in October to be down -1.4 per cent over the quarter. The quarterly performance saw apartments offset any early yearly gains to be down -0.2 per cent over the calendar year.

The housing market comfortably outperformed the unit market over 2020, with houses growing four per cent, CoreLogic's data found.

The unit median fell to $733,852 over December.

Urban has taken a look at three Sydney apartments blocks to secure under the median apartment value.

<h2><a href="/buildings/alex-collective-alexandria-163-173-mcevoy-street-alexandria-nsw-2015">Alex Collective</a></h2>

Address: 163-173 McEvoy Street, Alexandria NSW 2015

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/alex_collective_lead.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="327" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/alex_collective_lead.jpg?itok=SbUlKu9K" width="580"></a></figure>Alex Collective, will feature 163 residences, with a dual facade on McEvoy and Lawrence streets. The development is set to be delivered by Alexa Development and Ceerose, with luxury homes starting from $750,000.

A selection of lofts, maisonettes and penthouses will be available for sale, with most homes positioned to be north-facing, with properties on upper levels offering expansive views towards the city skyline, Sydney Park and Alexandria's streetscapes.

The four tower project was <a href="/news/nsw/alex-collective-new-four-tower-residential-development-launches-in-alexandria">approved in November last year</a>.

<h2><a href="/buildings/alex-collective-alexandria-163-173-mcevoy-street-alexandria-nsw-2015">Kew Schofields Stage 2- Georgette</a></h2>

Address: 23-27 Schofields Road, Schofields NSW 2762

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/kew_schofields_lead_interior.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="327" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/kew_schofields_lead_interior.jpg?itok=IxPl0EUP" width="580"></a></figure>Kew Schofields is a stylish new master-planned community located in north-western Sydney. Developer Positive Investment Enterprise plans to set a new benchmark for relaxed, community living with 2,700sqm of retail space, parklands and recreational facilities within walking distance from each property.

Prices start from $725,000 for a one-bedroom apartment designed by PBD architects, one of 106 residences in the development.

Take a look at Urban's tour of the <a href="/news/nsw/urbans-tour-of-the-kew-schofields-display-suite">Kew Schofields display suite</a>.

<h2><a href="/buildings/alex-collective-alexandria-163-173-mcevoy-street-alexandria-nsw-2015">Bloom Arncliffe</a></h2>

Address: 213 Princes Highway, Arncliffe NSW 2205

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/bloom_arncliffe_lead.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="327" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/bloom_arncliffe_lead.jpg?itok=Lu4vkt4v" width="580"></a></figure>Bloom Arncliffe, the residential precinct in Southern Sydney, <a href="/news/nsw/bloom-arncliffe-sydney-finishes-construction">recently finished its construction</a>.

The 318 apartments across seven buildings are ready for occupation, as part of the $136 million development which also features 36 commercial spaces and a youth centre with basketball courts, a gym and support facilities.

Developer Wingate had Richard Crookes Construction handle the construction of the mixed-use development with one bedroom, one bathroom, one park apartments starting from $595,000 and two bedroom, two bathroom, one park apartments starting from $710,000.
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Urban has taken a look at apartments in three Sydney developments to secure at or under the median apartment value

Sydney apartment opportunities at or under $733,852, Sydney's new median unit price

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Rental conditions across the Melbourne and Sydney unit markets have been characterised as having weak demand and high supply. It is driving a sharp drop in rents. Demand for inner city unit rentals has been significantly impacted by stalled overseas migration, especially from lower overseas student numbers, according to the latest data from CoreLogic.

Weak demand for inner city unit rentals has been exacerbated by a recent history of high rise apartment construction in Melbourne and Sydney, with the pipeline of new units that are still under construction remaining well above the decade average. Melbourne unit rents are down -7.6% over the calendar year and Sydney unit rents are down -5.7%.

The CoreLogic report posited that Weak rental conditions across the unit sector are likely to persist until overseas migration starts to ramp up and the higher levels of supply are absorbed.

Rental yields have been under some mild downwards pressure through the COVID period, with the gross yield across the combined capitals region reducing from 3.51% at the end of 2019 to 3.42% in December 2020, while yields across the combined regional areas have reduced from 5.03% last year to 4.83% this year. Despite the lower yield profile, with interest rates likely to remain at record lows for some time yet, the opportunity for positive cash flow properties is becoming more prevalent.

Opportunities for positive cash flow properties along with the potential for capital gains is likely to see investment activity consistently lift through 2021, CoreLogic noted.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/jan_4_rents_1.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="327" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/jan_4_rents_1.jpg?itok=RQIFTQP6" width="580"></a></figure>However rental conditions have diverged substantially in 2020 from both a geographical perspective and across the housing types. From a geographical perspective, the annual change in rents has been strong in Perth and Darwin where house rents are up around 10% in both cities and unit rents are 6.8% higher in Perth and 7.6% higher in Darwin.

CoreLogic Research Director Tim Lawless attributes the strength in Perth and Darwin rentals to both strong demand and a recent history of minimal supply additions.

“Both Perth and Darwin have recorded below average levels of investor activity since housing market conditions started to cool in mid-2014 which has led to a shortage of rental stock. More recently, with stronger interstate migration driving housing demand, rental rates have been under substantial upwards pressure as demand for rentals outweighs supply,” he said.

Although rents are surging higher in Perth and Darwin, the longer term trend highlights the weak rental conditions that persisted prior to the recent upswing. Perth rents remain -10.4% lower than the previous peak in May 2013 and Darwin rents remain almost -20% below their 2014 peak.
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Melbourne unit rents are down -7.6% over the 2020 calendar year and Sydney unit rents are down -5.7%

Melbourne and Sydney unit rents are down over five per cent

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One in four (25%) Australians are worried about how they will pay the rent or mortgage after Christmas, according to new research by Finder, Australia’s most visited comparison site. That’s the equivalent of 4.8 million Australians who may have difficulty coming up with the funds to pay their mortgage or rent.

The Finder survey of 1,004 respondents revealed 16% of Australians are somewhat worried about meeting payments, while a further 9% are extremely worried. The problem is more pronounced for men, with nearly one in three (31%) anxious about paying rent or mortgage after Christmas, compared with 19% of women.

Sarah Megginson, home loans expert at Finder, said in COVID times, Christmas could push people over the edge financially.

“Many households are still facing hardship and relying on stimulus money to get by as the pandemic goes on. For families whose income for December is less than it was last year, this can cause significant budget shortfalls and lead to financial trouble. Many will have to choose which bills to fall behind on,” Megginson said. 

The research shows that young people are the most vulnerable when it comes to missing their payments. One in three (33%) Gen X and Gen Y Aussies, respectively, are worried about paying their rent or mortgage over Christmas, compared to just 5% of Baby Boomers. Many young Aussies have found themselves jobless this year, as youth unemployment hit a 23-year high of 16.4% in June, leaving them the most vulnerable to missed rental or mortgage payments.

Victorian households are the most burdened by their living costs, with a whopping 37% of residents concerned about making rent or mortgage payments over the festive season. While Victoria bore the economic brunt of the pandemic, rental prices have not fallen in proportion with the recession. In Melbourne, the median asking rent in September was $425, down just 2% year-on-year, according to CoreLogic data.
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That means roughly 4.8 million Australians who may have difficulty coming up with the funds to pay their mortgage or rent.

25% of Australians are worried about housing costs post-Christmas

The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower rising to 67.9 metres AHD. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

The application is being assessed under Clause 53.23, a planning pathway reserved for large-scale housing projects with an affordable housing contribution. Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The site sits opposite Fawkner Park and within walking distance of Albert Park, the Royal Botanic Gardens, the Shrine of Remembrance and the future Anzac Station. The surrounding corridor has increasingly shifted toward high-density residential development, with a mix of luxury apartment projects and office redevelopments reshaping the southern end of St Kilda Road.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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[smartcode_project_cta:default project_id=112661]

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