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The 2014 property market kicked off powerfully, with clearance rates on the weekend in Melbourne and Sydney reaching the record-breaking heights recorded in spring last year.
Listing numbers started low for the first week of the season, but are predicted to pick up in the coming weeks.
Sydney recorded a clearance rate of 80.3%, while 73.6% of houses in Melbourne sold, according to Australian Property Monitors.
The numbers show a continuing of the confidence which typified the market in 2013.
APM senior economist Andrew Wilson told said the real strength of the market will be seen in the next few weeks when listing numbers skyrocket.
“As expected listing numbers were a little low, but there were some interesting trends in terms of where the market finished last year and where it started this year, there was a great similarity between the two,” he says.
“You expect the market to pick up where it left off last year. If anything I’d say Melbourne’s trend was down slightly, so it looks like it may have peaked in November.”
In Sydney, 95 properties were up for grabs over the weekend, while in Melbourne there were 72.
“There will be very big numbers in Sydney over the next two to three weeks,” Wilson says.
“In Sydney there will be about 30% more auctions than this time last year and in Melbourne it will be up around 20%. This reflects the confidence in the market and perhaps there are buyers who purchased properties in spring last year now putting their houses on the market.”
House prices boomed in 2013 and over the weekend the median value of homes for sale had increased significantly.
This time last year Sydney recorded a median auction house price of $585,000, while over the weekend that price has lifted to $825,000.
Melbourne had a similar story, with the median price of houses sold this weekend up more than $100,000 on 2013, increasing from $456,500 to $563,000.
The increase isn’t surprising considering data from RP Data-Rismark published last month revealed capital city house prices rose by almost 10% in 2013, the strongest growth in four years.
In Sydney the growth rate reached 14.5%, in Perth prices jumped 9.9% and in Melbourne they were up 8.5%.
Thanks to the price rises many first home buyers have been locked out of the market, although Wilson predicts they will eventually trickle back into the market.
“Looking at the median house price from this time last year, the average was up by about 20%... There are now some big barriers for first home buyers,” Wilson says.
“In Sydney and Melbourne there is no grant for established properties anymore… there is a longer wait in the queue and with the wavering economy and jobs growth moderating over the past year, that impacts upon people in their early career and consequently first home buyers.”
In 2014 <a target="_blank" href="https://www.smartcompany.com.au/finance/investment/35385-brisbane-to-boom-house-price-growth-to-slow-property-trends-for-2014">Brisbane has been tipped as a new property hot spot</a> and experts say this weekend’s clearance rate of 54.55%, according to APM, doesn’t accurately reflect the market.
“It doesn’t have the auctions culture that Melbourne and Sydney do, with lots of properties sold through private sale and the auction season differing from Melbourne and Sydney,” Wilson says.
“The mood is positive for Brisbane and it’s generating an investor buzz. The budget market in Brisbane will be the last to pick up, particularly in the outer northern suburbs of Brisbane because there is still an oversupply there.”
However, Wilson says the middle-market is up and running.
“Brisbane has strong yields, potential for capital growth and a rising rental market.”
This article first appeared on <a target="_blank" href="https://www.SmartCompany.com.au">SmartCompany.</a>
 
 
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Auction season kicks off: Melbourne and Sydney still strong, but Brisbane’s got buzz

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Property company The GPT Group has enlisted Popup Brands to reach the growing market of retailers looking for short-term commercial spaces.
The move is a sign of increasing acceptance of pop-up shops by landlords and commercial real estate agents, as they begin to embrace short-term leases to fill spaces.
Popup Brands is an online marketplace for listing and finding pop-up spaces, which can be leased for hours, days, weeks or months.
Popup Brands founder Marianella Watman said in a statement Popup Brands allows retailers to book spaces directly with landlords, without going through a middleman.
“This was tough for tenants until now, because there was no single place to look for short-term space so finding the right space for their brand took lots of legwork,” she says.
“Popups are a great way to provide shoppers with a constant flow of new experiences and offers. We also see the potential for big savings on traditional casual leasing expenses like brochures and print advertising.”
Founder of Instant Retail and Pop Up Shops Melbourne, Scott Williams, said landlords and commercial real estate agents are starting to realise pop-ups are a “win-win”.
“It means they get someone in their property again and there’s always the potential the person going in there could become a long-term tenant,” he says.
“The advantage to them is that the shop is open again. If it’s been vacant for a while they tend to fade into the background and it’s not noticed. If someone’s in there, the lights are on and people come and go, the neighbourhood notices it again and interest is sparked.”
Williams says commercial real estate agents are realising finding short-term occupants can quell the anxieties of landlords.
“Some of the commercial agents are seeing the potential in this because they can be under pressure from landlords to get a tenant in and having a pop-up shop is seen as being proactive in trying to find a tenant, plus some rent comes in,” he says.
Pop-up stores first began when Japanese fashion label Comme des Garçons opened a pop-up shop in 2004 in Berlin. Since then they’ve been growing in popularity around the globe and have the capacity to generate a buzz amongst consumers.
In November last year online marketplace <a target="_blank" href="https://www.smartcompany.com.au/marketing/796-online-sales/34766-etsy-launches-sydney-pop-up-shop">Etsy launched a pop-up shop</a> in Sydney in time for Christmas.
Williams says pop-up shops can be used by online retailers to offer a temporary permanent presence, but also have a variety of other purposes.
“They’re not just about holding sales, they’re also about testing the location, a demographic, trialing a new product or even the presentation of a shop,” he says.
“They’re appealing because retailers can do them at a low cost and fairly low commitment.”
Williams says how long the shop stays open depends on the motivation of the retailers.
“For quick sales the shop could be there for a few days to a week, but if they’re testing a location or product it may stay for a month or three months to get a feel for what they’re doing,” he says.
“If it’s longer than three months, I don’t consider it a pop-up shop anymore.”
Williams says pop-ups shops are likely to continue to grow in popularity.
“They’re becoming more mainstream for anyone wanting to do a sale, for online businesses, start-ups and just people wanting to test the waters of a market,” he says.
“A Sydney shopping centre has actually set aside space for a rotating pop-up shop section.”
This article first appeared on <a target="_blank" href="https://www.SmartCompany.com.au">SmartCompany.</a>
 
 
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Property group looks to pop-up retail tenants as short-term fix

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In 2013 the property market had a bumper season. House prices in major cities rose substantially, investors bolstered the Sydney market to new heights and clearance rates in Melbourne and Sydney returned to three-year highs.
The median house price in Sydney rose by 15.1% to $793,000 and in Melbourne the median price jumped 8.6% to $569,000, according to Australian Property Monitors (APM).
With house prices through the roof and predictions first home buyers are being locked out of the market by the skyrocketing values, 2014 is set to be an interesting year in property.
APM chief economist Andrew Wilson gave us his five predictions for 2014.
1. House price growth to slow
Sydney and Melbourne were the hot markets in 2013, but this is set to change in 2014.
Wilson says house price growth peaked in Melbourne and Sydney in the December quarter last year.
“Sydney reached record-level price growth rates, the best in 10 years, and was overall very high by historical standards, but economic headwinds are blowing against medium-term growth in house prices now,” he says.
“The lower dollar will impact inflation, wage growth has slowed and this will impact living standards.”
Wilson says the level of growth reached in 2013 will be difficult to sustain.
“Markets will start well, there is still a lot of energy in the market, but this will moderate and we’re looking at likely growth rates of about half of what was achieved in 2013 in Melbourne and Sydney,” he says.
“There is more pessimism than optimism about the New South Wales and Victorian economies. The Sydney market will also have issues to do with affordability because of low income growth.”
2. Brisbane and Perth – the new hotspots
While Melbourne and Sydney slow, Brisbane is tipped to bang.
“The Brisbane market is still in catch-up mode, but the Queensland economy is ramping up with regional centres recording growth. There will be an increase in job seekers in Queensland too, as they shift from Melbourne and Sydney where the jobless rate is higher,” Wilson says.
“Investors will be more interested in Brisbane real estate because of its potential for high yields and prospects of high capital growth.”
Wilson says the Adelaide market is resilient, despite there being issues with its local economy.
“It doesn’t have that volatility in the housing market, so modest growth of about 3% is expected. Canberra is a similar story with jobs being shed in the public service, so house price growth of around 3% to 5% is expected in 2014.
Hobart is starting to show some improvement in its property sector, so modest house price growth can be expected.
Wilson says Perth is tipped to perform well, continuing its strong run in the property sector with growth between 6% and 8% for 2014 predicted.
3. Clearance rates to moderate
The cause and effect between clearance rates and house price growth was observed in 2013, with strong clearance rates reflecting higher prices.
Wilson says one of the early signals of the market starting to moderate will be clearance rates falling back from high percentages in Melbourne and Sydney.
“I expect to see that as a forward indicator of moderating buyer activity. This will be apparent in the June quarter, rather than March and it will be interesting to see if they can be maintained in Sydney,” he says.
“Clearance rates started to fall away in November-December last year, but there was a lot of stock going into the market. With record levels of properties auctioned, this could have easily caused clearance rates to fall slightly, so we’ll see how it pans out over March.”
4. Suburbs to watch
Sydney’s prestige market had lagged behind the rest in 2013, but it’s expected to pick up pace in 2014.
“It started to pick up toward the end of the year and it will take advantage of that increased confidence,” Wilson says.
“Sydney’s northern shore and eastern suburbs will do well. Growth levels were modest in 2013 and there is room to grow there. If we see strong results from the sharemarket, the prestige market will keep bubbling along.”
In Melbourne, the expensive areas of the eastern suburbs were the best performers of 2013.
“The eastern suburbs have been the star performers of 2013, but there are questions as to whether they’ve reached affordability barriers,” he says.
“They still have some upsides like Sydney’s premium markets, but generally there will be a moderation of price growth. Declining numbers of first home buyers is also likely to impact the outer eastern suburbs.”
5. Owner-occupier versus investors
Each city has its own property market characteristics and in 2013 investors dominated the Sydney market, while owner-occupiers were more prevalent in Melbourne.
“In NSW there were record numbers of investors recorded by the Australian Bureau of Statistics,” Wilson says.
“But we have to be mindful of overshooting the rental market in Sydney and I question if there’s enough demand. We’re already seeing rents flat lining and vacancy rates start to rise.”
Wilson says this will put pressure on investors looking for cash flow.
“The only hook will be prices growth, but I think investors will start to look at Brisbane instead, and possibly Adelaide to a lesser extent.”
This article first appeared on <a target="_blank" href="https://www.SmartCompany.com.au">SmartCompany.</a>
 
 
 
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Andrew Wilson's five property predictions for 2014

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Mobile payments company Square, founded by Twitter co-founder Jack Dorsey, is rumoured to be coming to Australia, potentially providing small businesses with an easy in-store payment solution.
Speculation started circulating earlier this month after a photo was posted on Twitter of Dorsey and Communications Minister Malcolm Turnbull, accompanied by the message “disruptive innovation soon to come to Aus”.
Since then sources have confirmed to The Australian Financial Review preparations have begun to launch the business down under.
The technology has been a success in the United States and should it enter the Australian market is expected to disrupt the banks and provide businesses with a cheaper and simpler solution to electronic payments.
Square allows businesses to accept electronic payments on their iPhones, iPads or Android devices through the attachment of a card reader.
It’s also created the Square Wallet, an app which allows people to pay at some US retailers by simply saying their name.
Pin Payments head of business development Chris Dahl told SmartCompany new players coming into the market help to drive innovation.
“It’s a good thing for Australian tech companies and also for Australian businesses. From our experience helping small and medium-sized businesses get online and start transacting quickly, this is effectively what Square will be able to do in the retail space,” he says.
“We help online business and Square is a clear alternative for the retail space. We think it’s great and we’ve been following its progress.”
Dahl says there are local competitors to Square such as Kounta, but more competition in the space is a good thing.
“Anything which helps businesses to not have to liaise with the banks is a good thing,” he says.
“Before solutions like Pin Payments, or in retail companies like Square, businesses had to go to one of the banks, approach their merchant team and explain the business. The bank would generally ask for a business plan and a transactional history and the process can take weeks to months.”
Dahl says online businesses frequently approach them after waiting months to set up a payment system with a bank.
“Banks are big organisations and for small-to-medium-sized businesses where they might not have a business plan completely fleshed out or have a transactional history, players like Pin and Square are filling that void,” he says.
In the past two years <a href="https://www.smartcompany.com.au/growth/economy/33127-the-future-of-payment-technology-new-systems-which-could-help-your-business">payment systems have started to develop rapidly</a>, as Australian businesses have pushed for innovation in the space.
In 2013 Pin Payments launched, Braintree came to Australia and PayPal launched new technology allowing businesses to accept payments via mobile phone and letting consumers order and pay on the go.
Speaking to the Australian Payments Clearing Association in 2012, Reserve Bank of Australia governor Glenn Stevens said elements of Australia’s payments infrastructure are “a bit dated”.
“It is very clear that both individuals and businesses are demanding greater immediacy and greater accessibility in all facets of their day-to-day activities,” Stevens said.
“This includes payments.”
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany.</a>
 
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Square set to come to Australia, small retailers set to gain

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The slower sectors of Australia’s two speed economy are set to have a boost from the lower Australian dollar and rising wealth thanks to a strengthening property market and strong share price growth, according to a new report.
Despite 2013 being the worst year since the global financial crisis for retailers, tourism businesses, utilities companies and manufacturing firms, the Deloitte Access Economics December quarter Business Outlook report suggests these sectors will start to rebound in 2014.
But while some businesses are set to improve, a possible “construction cliff” and general market caution are predicted to threaten economic growth this year.
“Resource-related construction has peaked, and its fall from heady heights will hurt an Australian economy where businesses are already facing soft revenues and stagnant profits,” the report says.
“Add in continuing caution from corporates and families and the potential for modest federal government cutbacks to address a Budget black hole, and that backdrop for business should keep overall Australian economic growth a bit below trend through to late 2015.”
The budget deficit made headlines in 2013 and this is unlikely to change in 2014, with Deloitte Access Economics saying both sides of politics have contributed to the problem.
“A budget crisis? What a surprise. After all, both sides of politics promised they could sign on to vast new spending at the same time as they carried out a rapid surge back to surplus,” the report says.
“But don’t get lost in ‘who’s to blame?’ arguments. Both sides are, having spent a temporary boom on permanent promises. The focus needs to be on sensible repair. More effort should be on expenses, where the bulk of Canberra’s bodies are buried.”
Spending cuts of $25 billion a year are required to return the budget to surplus, according to the report.
“At around $25 billion a year, the new federal government doesn't have a mandate for the scale of cuts required to return the budget to health and the opposition (like the current government before it) is already succumbing to the temptation to oppose even sensible savings,” it says.
Deloitte Access Economics says it’s likely to take at least five years to reach surplus, while economic growth won’t return to above its trend rate of 3% until 2016.
The official interest rate is tipped to stay low in 2014, as jobs growth remains weak, but in 2015 it will start to climb higher.
“The global crisis led to an extraordinary response, with central banks opening the taps on cheap money. But 2014 will be the year in which money becomes less cheap, first with less money being ‘printed’, and then in 2015 as interest rates rise,” the report says.
Jobs growth in Australia is said to be “crawling” thanks to the weak economy and rapid pace of baby boomer retirement.
In 2014 this is expected to remain the same, as the construction cliff and Australian dollar remains at “job killing levels”.
Unemployment rates are expected to be limited though, as the retirement of baby boomers will keep unemployment from rising much above 6%.
Over the next five years the major source of economic growth is predicted to be resource exports, as liquefied natural gas, iron ore and coal projects are completed. But the decline in business investment will continue to slow economic growth.
This article first appeared on <a target="_blank" href="https://www.SmartCompany.com.au">SmartCompany.</a>
 
 
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Property market strengthening but warnings of a possible "construction cliff": Deloitte Access Economics

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Western Australia has once again topped the states when it comes to driving the nation’s economic growth, despite the downturn in the mining boom.
The Northern Territory has <a target="_parent" href="https://www.smartcompany.com.au/finance/34215-wa-continues-to-lead-but-the-rest-of-australia-is-catching-up-state-of-the-states-report">leap-frogged the Australian Capital Territory</a> into second place, according to the latest CommSec State of the States report, further demonstrating the strength of the mining states.
Queensland and the ACT tied in third place, while New South Wales and Victoria also tied in fourth.
A significant gap then separates these states and South Australia, while Tasmania continues to lag behind the rest of the nation.
While WA is still on top, it came out first in only one of the eight criteria, compared to five categories in April 2012. However, it did manage to come second in a further six categories.
CommSec economist Savanth Sebastian told SmartCompany overall the resources states are strengthening.
“WA was front and centre in terms of growth. The income flow is now filtering through the economy and retail spending was particularly strong,” he says.
“The Northern Territory and Queensland were healthy in terms of business investment and this has been supported by lower interest rates, fostering a turnaround in the economies of these states.”
The NT’s main strengths include construction work, retail trade and dwelling starts, however it came in last place in the housing finance category.
“The resource states will dominate going forward in terms of an income boom. The mining boom isn’t tapering to the extent that it was once thought and even though it will taper the property boom will support the economy,” Sebastian says.
The ACT slipped to third place because of a loss of momentum in business investment, however it continues to perform well in the population growth criteria.
Sebastian says the biggest driver of the 2014 growth story will be the housing sector.
“Victoria remains about six to nine months behind what we’re seeing in NSW in the property market,” he says.
Tasmania came in last on all indicators, except housing finance where it placed sixth.
Sebastian says its main weakness is a stagnant population and a high unemployment rate, although all hope is not lost.
“In Tasmania the weaker currency will be beneficial in a broader sense. When you see a lift in housing activity, particularly when housing affordability is strong in the region, it can support a turnaround, so we could see some other sectors start to get some support,” he says.
CommSec predicts in 2014 growth in all states and territories should start to lift as consumers and businesses show a sustained level of optimism.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
 
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Resource states still fueling economic growth, while Tasmania continues to lag

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Online retail spending growth is slowing, as sales in the past month increased by only 0.3%, according to the latest NAB figures.
The low growth rate for the past three month is likely to have been caused by the lower Australian dollar, but experts suggest it’s only a “blip” in the broader scheme of online retail growth.
The NAB Online Retail Sales Index for October 2013 reveals online sales have increased by only 16% to $14.4 billion for the past 12 months, notably lower than the 26% year-on-year growth rate recorded this time last year.
Since this time last year, NAB figures reveal the value of online sales has increased by $2 billion.
The past three months have been particularly poor for online sales growth, with sales growth from traditional bricks-and-mortar retailers exceeding online retailers in October, recording rates of 0.5% and 0.3% respectively.
Growth of 0.3% was also recorded in September and in August NAB figures show online retail sales actually contracted by 0.2%
Retail Oasis director Nerida Jenkins told SmartCompany the slowdown in growth in the past few months has been influenced by the lower exchange rate.
“According to the RBA daily exchange rates, the dollar dropped below 90 in the first month of the last quarter, so the level of sensitivity around that currency drop kicked off the level of conservatism in online sales,” she says.
“Daily deals, fashion and electronic goods fared worst in this period, showing the more discretionary retail goods and international retailers were most affected by the lower exchange rate.”
Spend on international online retail goods contracted by 0.5% in October.
As the growth in online spending dips, so is the value of purchases consumers are making.
NAB analysis found 90% of all transactions made in the past year were for products under $100, with less than 3% of transactions to the value of $250 and just 0.2% of purchases were over $1000.
The average value of an online purchase has dropped from $64 in January 2010 to $41 in October 2013.
NAB chief economist Alan Oster said in a statement more people are looking to purchase low-cost goods online.
“Retailers are cutting prices to build sales volume, changes to shipping arrangements and a significant increase in people purchasing low-cost media products like eBooks, movies and music online are factors driving the lower transaction sizes,” he says.
“While areas like homes, appliances and fashion have seen declines in the average transaction size, the groceries and liquor, and personal and recreational goods sectors have experienced an upward trend since early 2010.”
NAB analysis also reveals domestic retailers now make up the dominant force in the online retail scape, accounting for 73% of businesses, up from around 50% three years ago.
Jenkins says online spend should pick up again in the next few months.
“People have started to settle into the lower exchange rate now. Consumer behaviour toward online is now maturing, but it’s not at an end,” she says.
“It will continue to grow in double digit figures, although perhaps at slower rates. Forces like the exchange rate and taxes will continue to act as short-term stimulants and detractors, but will not have much impact in the long term.”
This year online retailers have been pushing for the <a target="_blank" href="https://www.smartcompany.com.au/finance/tax/34727-gst-threshold-for-online-shopping-how-australia-stacks-up-compared-to-the-world">GST levy on overseas online goods to be lowered</a> from $1000 to $20.
Based on NAB’s retail figures, should the GST threshold be lowered to $25, this would yield revenue of $309 million.
Jenkins says this amount will not be enough to cover the administration costs.
“The level of administration to collect the tax will be higher,” she says.
National Online Retailers Association chief executive Paul Greenberg toldSmartCompany retailers need to “stop holding their breath about the GST and stop using it as a smokescreen for not innovating”.
“As an industry we’ve been waiting for some act of God which will give us some relief by levelling the playing field or a lower Australian dollar, but we’re deluding ourselves,” he says.
“We should stick to the three key pillars improving the technology of our business, looking at global opportunities and being customer-centric.”

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This article first appeared on <a target="_blank" href="https://www.SmartCompany.com.au">SmartCompany.</a>
 
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Experts suggest online sales slowdown is only a "blip"

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Australian retail turnover increased 0.5% in October, following a rise of 0.9% in September, according to the latest Australian Bureau of Statistics figures.
Turnover in the cafes, restaurants and takeaway food category recorded the biggest rise, jumping 1.2% for the month.
Food retailing in general increased 0.5%, while clothing, footwear and personal accessory retailing was also up 0.6%.
These gains were partially offset by a 0.3% fall in department store spending.
On a state basis, Tasmania and the Australian Capital Territory recorded the biggest gains, jumping 1.3% and 1.4% respectively.

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This article first appeared on <a target="_parent" href="https://www.SmartCompany.com.au">SmartCompany</a>.
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Retail spending lifts in October

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The high clearance rates and double-digit house price growth being experienced in the property market is expected to moderate in the next few months, as experts say the market is unable to sustain momentum.
The final weekend of spring saw the highest number of property listings for the year to date, but clearance rates in Melbourne and Sydney were below the season’s strong average.
According to RP Data figures, 74.7% of houses sold over the weekend in Sydney, while Melbourne recorded a clearance rate of 69.2%.
There were more than 3400 homes up for grabs, with most of these located in Melbourne and Sydney.
Australian Property Monitors senior economist Andrew Wilson said it had been a record-breaking spring, but he doesn’t expect the momentum to be carried forward to 2014.
“We’ve had some extraordinary results throughout spring… it shows there has been a surge in sellers into the market to take advantage of the best-selling conditions in three to four years,” he says.
“I wouldn’t be surprised to see the clearance rates drop down a bit, as in the next few weeks there will be increased competition between sellers, so reserves might moderate a bit and there could be weaker price growth.”
In the last weeks of the year Sydney is expected to have around 1700 auctions and Melbourne will see up to 2700.
Wilson says people are making sure they settle before the end of the year when the market drops off until February.
“Clearance rates have flattened a little bit in recent weeks, but it’s been nothing dramatic in terms of decline… buyers have been spoilt for choice,” he says.
“While there is no real sign of creaking under the massive load, the tests do still remain. The question is, are there enough buyers to soak up properties at the rates we’ve seen this year? We should expect some moderation in clearance rates.”
While Sydney and Melbourne have performed strongly this year, the markets in Perth and Tasmania remain weak.
Over the weekend, 30.8% of houses sold in Tasmania, while 42.9% of homes in Perth were successfully shifted. In Brisbane homebuyers were deterred by heavy rain, seeing it record a clearance rate of 44.2%.
In Sydney and Melbourne, the current average time on the market for a house is 26 and 34 days respectively, according to RP Data.
Wilson says in 2014, high unemployment rates and broader economic concerns could hamper the property market.
“The economy is still mixed. Where the property market goes from the middle of next year will depend on where the economy goes,” he says.
“A lot of this year has been spent playing catch up and the Melbourne market is now just about back to where it was three years ago. We’ll have a solid start to the year, but Sydney can’t sustain the double figures prices growth of this year.”
According to APM, the most expensive property sold over the weekend was a four bedroom house in Port Melbourne which went for $5.175 million.
The cheapest property in Melbourne, a three bedroom unit in Seaford, sold for $247,000.
Across the year, the strongest performing Melbourne suburbs have been the outer and inner east, while in Sydney the inner west, south and north shore suburbs have done best.

<hr>
This article first appeared on <a target="_blank" href="https://www.SmartCompany.com.au">SmartCompany</a>.
 
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Experts say property market is unable to sustain momentum

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Australians are set to work longer than they want to, often well into their 80s.
That’s the finding of a study released yesterday that predicts most baby boomers won’t have enough money for retirement.
The study, by Suncorp Superannuation, found a gap between when Australians would like to retire and when they will be able to afford to, with many still in the workforce a decade longer than they’d like.
The number of Australians working past the age of 55 has more than doubled in the past decade and Suncorp predicts in the next 10 years there will be a 52% increase in the number of people aged over 65 in the workforce.
In the next decade, 2.6 million Australians will need to work their entire lives out of financial necessity.
The research comes as this morning it was revealed an 80-year employee of Goldman Sachs, Alfred Feld, has died at age 98.
Feld had worked at Goldman Sachs for more than half of the firm’s history, starting in the mail room and then progressing to a stockbroker. As of 2008, Feld was still working three days a week and had managed money for three generations of some of America’s richest families.
In light of the greying of the working population, the Association of Superannuation Funds of Australia chief executive Pauline Vamos is pushing for Australians to take steps to boost their retirement savings.
“Making small changes can have a big impact on a person’s superannuation account balance in retirement,” Vamos said in a statement.
“Spending one hour today to look at ways to boost your super savings could save you hours of time working past the age you want to retire in the future.”
The ASFA recommends people consolidate their accounts, finding their lost super, make contact with their fund to ensure you’re getting the best possible service and simply save more.
The ASFA says there are billions of dollars in unclaimed super which can aid Australians in their retirement.
“If you have had more than one job, chances are you also have more than one super account. Moving all your super into one account can help you save on fees and will also make managing your super easier,” the ASFA says.
According to the Australian Bureau of Statistics, in the past decade the number of people working in their 70s, 80s and 90s has increased from 59,000 to 102,000 and this number is expected to continue to rise.
The Suncorp survey found 20% of baby boomers expect they’ll be working past the age of 75, while the majority want to retire between the ages of 55 and 70.
Almost 25% of Gen Y and Gen X respondents think they will be working into their twilight years.
Suncorp found overall only 3% of Australians wanted to retire after age 75, while in reality at least 23% of people will have to work into their 80s.
The chief executive of the Self-Managed Super Fund Professionals Association of Australia, Andrea Slattery, told SmartCompany SMSF holders need to ensure they seek specialised advice in order to get the best returns from their super.
“You need to then match the advice you’re given with what you want your future lifestyle to be and your objectives for retirement,” she says.
“It’s important to consider your investment strategy and see your investments as a way in which you prepare for your retirements.”
Slattery says understanding your investments is also crucial to achieving the best returns.
“You need to be aware of the risk and the performance returns of each investment. It’s really important for people to get specialised SMSF advice and for people to make an informed decision about the ways in which they want to save for retirement.”

<hr>
This article first appeared on <a target="_blank" href="https://www.SmartCompany.com.au">SmartCompany</a>.
 
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Australians could be forced to work into their 80s: How to get more from your superannuation

Apartment buildings are increasingly being designed around how people actually live day to day, not just how they want a building to look.

For buyers, that shift is showing up in practical inclusions that respond to changing habits. Work-from-home spaces, EV charging, wellness amenities, secure bike storage and parcel management are becoming part of the broader apartment conversation, reflecting a move toward buildings that reduce friction in everyday life.

Online shopping has become one of the clearest examples of that change.

Australians spent a record $82.6 billion online in 2025, with nearly one in four retail dollars now spent online. That has made parcel delivery a regular part of apartment living, rather than an occasional inconvenience.

For apartment residents, however, the delivery process can be less straightforward than it is for detached homes. Parcels may be left in lobbies, redirected to Post Offices, missed entirely, or placed under the responsibility of building managers and concierge teams.

That is why secure parcel infrastructure is increasingly being considered alongside more familiar apartment amenities.

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Australia Post Parcel Lockers offer one way to address the issue. When a parcel arrives, residents receive a notification through the AusPost app or SMS, then collect it using a QR code or one-time PIN. The parcel is kept secure, accessible and removed from common areas.

The broader Parcel Locker network now includes more than 1,500 locations across Australia, positioned at Post Offices, shopping centres, supermarkets, transport hubs and other accessible locations.

For new apartment projects, the relevance is clear. A building’s amenity offering is no longer only about lifestyle spaces, but also about convenience, security and functionality.

As buyer expectations evolve, secure parcel delivery is becoming part of the same design conversation as flexible working, sustainable transport and resident wellbeing.

It is one less thing for residents to worry about, and another example of apartment design adapting to the way Australians now live.

Joel Robinson

Apartment design is adapting to the way Australians shop

While school holidays and trips to Europe tend to define the winter property market, there's been no cold snap at <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> in North Sydney.

Developer-builder&nbsp;<a href="https://www.apartments.com.au/developers/aland">ALAND</a> sold more than $35 million worth of apartments throughout June, including a $6.8 million apartment that now ranks among the highest apartment sales ever recorded in North Sydney.

SRM Residential agent Ben Stewart said buyer demand throughout June reflected a mix of improving market confidence and longer-term thinking from owner-occupiers.

"We're seeing strong demand from owner-occupiers who are taking a longer-term view," Stewart said.

"Many recognise the opportunity to secure an apartment in an iconic building and premium location while values remain attractive. They may initially lease the property, but the intention is to eventually move in themselves, rather than purchasing purely as an investment."

[smartcode_project:default project_id=134323 project_image_fid=367129]

Located at 177 Walker Street, The Walden will deliver 161 one, two, three and four-bedroom residences across a 30-storey tower designed by Rothelowman. Every apartment occupies a corner position, maximising natural light, cross ventilation and views across Sydney Harbour, the Opera House, Sydney Heads and the northern districts.

Rather than a traditional balcony, the residences feature winter gardens that seamlessly extend the open plan living areas, creating versatile spaces for relaxing or entertaining throughout the year. Floor-to-ceiling glazing draws in natural light while showcasing sweeping views from the building's elevated Walker Street position.

Every apartment features high-end Calacatta marble, bespoke joinery, and fully integrated appliances.

The larger residences have been planned with distinct entertaining and private zones, with many master suites positioned on corners to capture natural light and harbour views. Walk-in dressing rooms, freestanding baths and refined stone finishes reinforce the house-like feel that has resonated with downsizers and owner-occupiers.

[smartcode_project:default project_id=134323 project_image_fid=6393]

Rothelowman Principal Ben Pomroy said the project was designed to make the most of its unique position overlooking the harbour.

"The Walden is a celebration of all things beautiful, curated for those who expect nothing less than exceptional," Pomroy says.

"Meticulously designed entertaining spaces and light-filled living areas that capitalise on capturing the natural beauty of Sydney's iconic harbour."

Residents will also have exclusive access to The Pavilion, a dedicated amenity building featuring a rooftop pool, wellness studio, gymnasium, sauna, concierge service, residents' lounge, private dining spaces and work-from-home facilities.

[smartcode_project:default project_id=134323 project_image_fid=6402]

The project marks ALAND's first major luxury apartment development in Sydney's inner-city market after more than two decades delivering residential communities across Greater Sydney.

Founder and CEO Andrew Hrsto previously said the rarity of the Walker Street site made it an opportunity the company could not overlook.

"This is a rare opportunity to bring a truly exceptional project to life in one of Sydney's most iconic locations, and to showcase our craftsmanship and design expertise at a world-class level," Hrsto said.

[smartcode_project:default project_id=134323 project_image_fid=6383]

The Walden has been introduced to the market at a time when demand for living in North Sydney is at an all-time high. Billions of dollars have been invested in infrastructure, including the recently opened Victoria Cross Metro station, located just 300 metres from The Walden, providing residents with direct access to the Sydney CBD in just minutes.

Private investment has also transformed the area through the arrival of new retail and dining destinations, elevating the lifestyle offering in what was once considered primarily a commercial precinct rather than an aspirational residential address.

The Walden is currently under construction and is scheduled for completion in 2028.

[smartcode_project_cta:default project_id=134323]

ALAND records $35 million in sales in North Sydney as The Walden bucks quiet winter selling season

The long-awaited redevelopment of the former Eastlakes Shopping Centre site has reached a major milestone, with Conquest's plans for a new mixed-use precinct officially placed on public exhibition.

The State Significant Development Application would transform the 1.7-hectare site at <a href="https://www.apartments.com.au/new-apartments/19a-evans-avenue-eastlakes-nsw-2018">19A Evans Avenue</a> into one of Sydney's largest urban renewal projects, delivering 736 apartments above a new shopping centre anchored by Woolworths, alongside specialty retail, dining, commercial space and new public open spaces.

The public exhibition marks the next chapter for the project after <a href="https://www.apartments.com.au/developers/conquest">Conquest</a> acquired the stalled Stage Two development from Crown Group, who completed the first stage across the road prior to their voluntary liquidation.

<img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="5fca22c5-d1ed-4e2c-8801-03f7df1eafc8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland%20podium.png?VersionId=uomwr41nF8CmLUZRDcu3mHQechlbxucS" />

&nbsp;

Designed by DKO Architecture, the proposal comprises four residential buildings ranging from 14 to 18 storeys above a two-level retail podium. The development would deliver 736 apartments, including 74 affordable homes, 215 Build-to-Rent apartments and 521 market residences. Provision has also been made for dual-key apartments, which could increase the total number of dwellings to 877.

At ground level, the shopping centre has been designed as the suburb's new meeting place, anchored by a full-line Woolworths and complemented by a curated mix of fresh food retailers, cafés, restaurants, health services and everyday convenience shopping. Generous pedestrian links and landscaped public spaces will connect the retail precinct through to Jack Mundey Reserve, creating a more walkable and connected neighbourhood.

Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

"Eastlakes has been overlooked for too long, and this is the community’s moment. We are building a shopping centre and homes, a genuine heart for the suburb, and we genuinely want locals to help shape it."

"We enrich communities through the creation of homes, places, and experiences designed for life, built to last, and owner for generations. That starts with listening, so we warmly encourage everyone with a connection to Eastlakes to view the plans and share their thoughts."

<img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="22f6fb20-54fb-4bd7-8a92-48fafdd00608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland.png?VersionId=cugp7s9hrMHGJJdYzkeAkrFoQgnF4GXf" />

DKO said the design had been shaped by the site's landscape setting and surrounding open space.

"Our vision for the site embraces its unique Bidjigal identity by blending the residential living with generous landscaping and a material palette inspired by the Bidjigal locality, and celebrating the panoramic views to Botany Bay and the wetlands reserves."

"Taking cues from Country, we seek to harmonise built form with the landscape and lightly touch the earth. By reconnecting, retaining and regenerating existing ecology, and weaving in natural elements, we can deepen our connection to Country."

The landscape strategy extends across the podium and rooftops, incorporating communal gardens, children's play areas, lawns, community gardens, family gathering spaces and extensive tree planting. New landscaped links will also strengthen the connection between the precinct and Jack Mundey Reserve, while publicly accessible open spaces have been integrated throughout the development.

The proposal builds on Conquest's broader placemaking strategy for the site. Through an ongoing partnership, local artist Joe Rashbrook has been appointed Urban Art Curator, working alongside young residents to transform the project's site hoardings into a public art gallery that allows the community to engage with the redevelopment before construction is complete.

Conquest has rapidly expanded its development pipeline since acquiring the Eastlakes site, with more than $6 billion worth of mixed-use projects now in planning across Sydney, including Stanmore, Castlecrag and Waterloo.

Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

First look: ‘Far more than replacing a shopping centre’ as Conquest unveils 736-home Eastlakes redevelopment

Abadeen has lodged a State Significant Development Application (SSDA) for one of Mosman's largest apartment developments in recent years, seeking approval to transform the former Honeysuckle Garden and Midas site on Military Road into a 100-apartment mixed-use development.

The SSDA, lodged with investment partner Phoenix Property Investors, proposes around $230 million worth of new housing on the prominent <a href="https://www.apartments.com.au/new-apartments/494-516-military-road-mosman-nsw-2088">494-516 Military Road</a> site.

The proposal comes as Mosman Council continues to progress its recently endorsed Masterplan, which identifies the precinct for increased housing density while maintaining the suburb's established character.

Designed by DKO Architecture, the development would comprise 100 apartments above ground-floor retail, with a rooftop wellness precinct including a gym, sauna, entertaining areas and landscaped communal spaces.

Rather than pushing to the full 12-storey height identified in Council's Masterplan, the proposal ranges between five and nine storeys, stepping down towards Hale Road. A tenth level would accommodate resident amenities rather than additional apartments.

The project has been designed to appeal to a broad range of buyers, from first home buyers and young professionals through to families and local downsizers looking to remain on the Lower North Shore.

<img alt="Mosman" data-entity-type="file" data-entity-uuid="5dada03f-5b4c-43ba-ba62-2868add31440" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-27%20at%209.57.55%E2%80%AFAM.png?VersionId=7LBy0B.Jo8_iWAFJsClcV7Q3UnXrv49r" />

Abadeen Executive Chairman Justin Brown said the apartments had been designed as genuine long-term homes rather than investor-focused stock.

"The apartments have been designed as genuine long-term homes, with efficient floorplans that maximise usable living areas, generous storage, natural light and strong connections between indoor and outdoor spaces," Brown says."

"We've focused on creating homes for a broad range of buyers, from first home buyers and growing families through to downsizers who want to remain in Mosman."

The rooftop wellness offering forms a key part of the proposal, with residents set to have access to a gym, sauna, outdoor entertaining spaces, communal dining areas, landscaped gardens and a multi-use recreation court overlooking Sydney Harbour.

<img alt="Mosman" data-entity-type="file" data-entity-uuid="d37c2d6b-583a-4a0f-b7a9-9f46b893d2f4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-27%20at%209.58.06%E2%80%AFAM.png?VersionId=FPoa5FCm2RtzjhAh2w5FTWJbV6GHfY8D" />

DKO drew heavily on the site's natural and cultural history, undertaking a Connecting with Country process with local Aboriginal Elders to inform the architectural and landscape design.

Senior Associate Matthew Ritchard said the design sought to create a building that responded to both the site's landscape and its cultural significance.

"The architectural language of the project is a deep expression of Connecting with Country, where the materiality and colour palette serve as a bridge between the site's geological history and its future as a residential sanctuary."

The proposal also retains the site's established blue gum tree as the centrepiece of the communal landscaped gardens, while introducing activated retail fronting Military Road to strengthen the connection between Mosman and Cremorne villages.

If approved, the project would deliver 100 new homes within walking distance of shops, public transport, schools and local amenities, adding to the limited pipeline of new apartments on the Lower North Shore.

<h2>Project Snapshot</h2>

Project: Honeysuckle Garden Redevelopment

Address: 494-516 Military Road, Mosman

Developer: Abadeen and Phoenix Property Investors

Architect: DKO Architecture

Lead Architect: Matthew Ritchard

Value: $230 million

Residences: 100 apartments

Key features:

<ul>
	<li>
	Ground-floor retail
	</li>
	<li>
	Rooftop wellness precinct
	</li>
	<li>
	Gym and sauna
	</li>
	<li>
	Outdoor entertaining and BBQ areas
	</li>
	<li>
	Landscaped communal gardens
	</li>
	<li>
	Multi-use recreation court
	</li>
	<li>
	Retained mature blue gum tree
	</li>
	<li>
	Connecting with Country design process
	</li>
	<li>
	Harbour, CBD and Balmoral views from upper-level apartments
	</li>
</ul>

Abadeen Executive Chairman Justin Brown said the apartments had been designed as genuine long-term homes rather than investor-focused stock

First look: Abadeen plans 100 apartments on former Honeysuckle Garden site in Mosman

The wave of apartment proposals sweeping through Mosman shows no signs of slowing, with another major residential development lodged through the NSW Government's State Significant Development pathway.

Developer First Quadrant Properties, which recently completed Willoughby Grounds and has several projects in planning across the North Shore, has unveiled plans for <a href="https://www.apartments.com.au/new-apartments/cove-on-ourimbah-40-56-ourimbah-road-mosman-nsw-2088">Cove on Ourimbah</a>, a 63-apartment development on Ourimbah Road, adding to the growing pipeline of projects reshaping one of Sydney's most tightly held harbour suburbs.

The proposal would consolidate nine properties at 40-56 Ourimbah Road into a part eight, part nine-storey apartment building, continuing the momentum created by the NSW Government's accelerated planning pathways that have seen several significant developments emerge across Mosman over the past 12 months.

Designed by Doroch Architects, the project would deliver 63 apartments, resident wellness facilities including a gym, pool and sauna, landscaped communal spaces and basement parking, while using recessed upper levels, generous setbacks and extensive planting to reduce the perceived scale of the building.

<img alt="First look: First Quadrant Properties eyes nine-storey Mosman apartment project under State Significant pathway" data-entity-type="file" data-entity-uuid="32ee68e4-141e-4a10-8f83-48e961a5e71e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Ourimbah%20Road%2C%20Mosman%20a.png?VersionId=CUeILFc6APlwXPc.iplElbxHvREKwjig" />

Doroch Architects said the building had been designed to reinforce Mosman's established character.

"The building's aesthetic is grounded in the existing residential character of Ourimbah Road and the broader Mosman context," the architect noted in the planning documents submitted to the NSW Government.

The design adopts a contemporary material palette of natural stone, textured concrete and brown concave metal cladding, complemented by integrated planters and deep balconies. The podium incorporates softened curved concrete forms, while increased setbacks have been provided adjacent to the heritage-listed property at 60 Ourimbah Road to create a more sympathetic transition.

The site sits around 330 metres from Mosman Town Centre, placing it within the NSW Government's Low and Mid-Rise Housing policy area, where increased residential density is being encouraged close to shops, transport and services.

The proposal follows a string of major apartment projects lodged or declared State Significant in Mosman in recent months, including Abadeen's 100-apartment Honeysuckle Garden redevelopment on Military Road and several other developments across Awaba Street, Redan Street and Muston Street from the likes of Time &amp; Place, HELM and Prosker Property.

&nbsp;

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/time-place-to-take-on-mosman-apartment-market">Time &amp; Place to take on Mosman apartment market</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/first-look-abadeen-plans-100-apartments-on-former-honeysuckle-garden-site-in-mosman">First look: Abadeen plans 100 apartments on former Honeysuckle Garden site in Mosman</a>

&nbsp;

Yolanda Redrup

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