Abadeen has released the whole-floor penthouse crowning its recently completed <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences</a> development in Cremorne, bringing the near-300 sqm residence to market for the first time.

Occupying the entire top floor of the boutique Lower North Shore development, the penthouse includes 221 sqm of internal living and a 74 sqm wraparound terrace, with a prized north-facing aspect taking in views across Middle Harbour.

The residence has been completed and fully furnished following a collaboration between Abadeen Executive Chairman Justin Brown and internationally recognised interior designer Jack Freeman, Founder and Managing Director of FREEMAN &amp; CO.

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and Freeman approached the penthouse as a finished home, sourcing furniture, artwork, lighting and objects from Australia and overseas.

&nbsp;

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Pieces from Parisian design house Pierre Augustin Rose sit alongside contemporary artworks and bespoke lighting, with Freeman drawing on recent visits to PAD Paris and Salone del Mobile Milano for the final collection.

Brown said the aim was to create a penthouse that felt more like a large-scale private home than a traditional apartment.

"The experience begins the moment the lift doors open. You're welcomed into an elegant dining room before the home opens into an extraordinary living space framed by sun-drenched harbour views.

"Every time someone walks through the front door they pause. It's not just the view, it's the incredible sense of space, the warmth created by the northern sunlight that fills the interiors, and the way every room connects so effortlessly.

"It has all the proportions of a luxury home, while delivering the effortless lifestyle and personalised experience of living in a world-class six-star hotel, combined with the simplicity and convenience of apartment living."

&nbsp;

[smartcode_project:default project_id=114246 project_image_fid=378713]

A secure lift provides exclusive access to the penthouse level, opening to a dedicated arrival foyer and dining area before the residence expands into its main living and entertaining spaces.

Floor-to-ceiling glazing runs across the northern side of the home, connecting the interiors with the terrace and Middle Harbour outlook.

The penthouse also features a fireplace and substantial chef's kitchen, while the wraparound terrace has been designed to accommodate both everyday outdoor living and larger-scale entertaining.

[smartcode_project:default project_id=114246 project_image_fid=378720]

Freeman said the interiors had been deliberately kept restrained to complement the scale, natural light and outlook already established by the architecture.

"The penthouse is a serene study in quiet luxury," Freeman said.

"The interior pairs soft, sculptural forms with warm timber, pale stone and a restrained neutral palette. Curated artwork and metallic accents add depth, while abundant natural light creates a calm, effortlessly refined atmosphere. In my world, less is always more."

Freeman said the approach was centred around collecting individual pieces rather than simply decorating the apartment.

"Every material, every object and every piece of furniture has been curated with intention. I am a true believer in collecting versus decorating.

"The architecture already provided extraordinary natural light, remarkable volume and an uninterrupted connection to Middle Harbour. Our role was to complement those qualities with unique one-of-a-kind pieces of fine art and collectible design sourced from recent travels around the world."

[smartcode_project:default project_id=114246 project_image_fid=378694]

Among the collection are solid bronze sculptures by Lorenzo Quinn, alongside a curated crystalware collection and pieces sourced from international design fairs.

Park Residences sits opposite Cammeray Golf Club, Cammeray Croquet Club and Grand Slam Tennis Cammeray, around 300 metres from Neutral Bay Village and its established collection of restaurants, cafés and retail.

Brown said the combination of a whole-floor floorplan, northern aspect and proximity to Neutral Bay was becoming increasingly difficult to find on the Lower North Shore.

"Completed whole-floor penthouses with a sun-drenched north-facing aspect and sweeping Middle Harbour views are exceptionally rare," Brown said.

"Add a quiet position opposite golf, croquet and tennis facilities, a level walk to Neutral Bay Village and only minutes to the CBD, and you have a lifestyle that's incredibly difficult to replicate.

"This is a home that offers the privacy and generosity of a luxury residence together with the convenience of one of Sydney's best-connected harbourside locations."

The penthouse will be exclusively marketed by SRM Residential.

[smartcode_project_cta:default project_id=114246]

Joel Robinson

Abadeen unveils signature penthouse at Park Residences in Cremorne

New Brisbane developer Dalcott has unveiled Marrone, the first of three residential projects it is planning in and around Browning Street in South Brisbane.

<a href="https://www.apartments.com.au/new-apartments/marrone-south-brisbane-39-browning-street-south-brisbane-qld-4101">Marrone</a> will comprise 97 predominantly two- and three-bedroom apartments, with larger residences aimed squarely at the owner-occupier market.

The project will sit in a quiet pocket of South Brisbane between South Bank and West End, close to the restaurants, cultural attractions and riverfront amenity that have driven the suburb's continued transformation.

Dalcott is targeting buyers looking for more space and amenity than has traditionally been offered in the inner-city apartment market, particularly downsizers and professionals wanting to remain close to the city.

[smartcode_project:default project_id=149951 project_image_fid=377072]

Resident facilities will be concentrated around an extensive rooftop amenity offering, including a swimming pool, spa, infrared sauna, warm and cold magnesium plunge pools, private lounge, dining room and outdoor entertaining areas.

Dalcott Managing Director Lachlan Cottee said South Brisbane's combination of lifestyle, connectivity and established character had been central to the approach to Marrone.

“South Brisbane offers a combination of lifestyle, connectivity and character that’s difficult to replicate elsewhere in Brisbane,” Cottee said.

“Our focus has been on creating homes that feel connected to that environment while providing the level of design, functionality and quality that today's owner-occupiers expect.”

The residences will feature an expressive material palette. Italian Calacatta Viola marble, known for its deep burgundy veining, will be paired with aged brass tapware, Chestnut engineered timber flooring and Tuscan Oak joinery.

<img alt="Marrone" data-entity-type="file" data-entity-uuid="b8d833da-3b30-496a-ae30-07bdff371b50" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.35%E2%80%AFAM.png?VersionId=P6DAgOfaQzIXljKKK5j3e5NhWtrHIu9G" />

Bathrooms will feature Nara Japanese ceramics and glass bricks, while clay, walnut and brass lighting will be used throughout the apartments.

Dalcott has appointed Realm Projects, led by Managing Director Shane Foley, to handle sales and marketing following previous sold-out collaborations between the groups.

Foley said the Brisbane apartment buyer had become increasingly focused on the quality of the home itself rather than simply securing an inner-city address.

“We expect to see strong demand from buyers who still want all the advantages of inner-city living but aren’t prepared to compromise on the quality of their home,” Foley said.

“Many will be downsizers looking to leave behind the maintenance of a traditional family home without giving up the space they enjoy, while others are likely to be professionals wanting a residence that reflects the way they live today.”

“Marrone responds directly to that demand, with generous floorplans, exceptional resident amenity and a location that places some of Brisbane’s best dining, entertainment and cultural attractions within walking distance.”

<img alt="Marrone" data-entity-type="file" data-entity-uuid="61f7b22f-899e-4c0f-940a-7d3ab1bfb93a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.44%E2%80%AFAM.png?VersionId=PvN1JYxBgUpyCB7efKo52WGdSDs9nmim" />

Marrone will be the first project delivered as part of Dalcott's broader investment in the precinct.

It will be followed by La Terra, a boutique project comprising penthouse-style, single-level apartments on a northeast corner site with extensive resident amenity and city views.

Cottee said Marrone represented the first stage of the group's longer-term plans for the area.

Dalcott was established in 2025 by Lachlan Cottee and Ben Dalgliesh, combining development and construction capability under an integrated model and focusing on architecturally considered residential projects.

Marrone will initially be offered through a pre-release registration campaign ahead of its broader public launch.

Dalcott targets owner-occupiers with South Brisbane debut Marrone

Parnell Developments is the latest to seek significant uplift through the NSW Government's Housing Delivery Authority on a Strathfield site previously approved for a much smaller apartment development.

Parnell has sought approval for a 32-storey mixed use tower across&nbsp;<a href="https://www.apartments.com.au/new-apartments/7-lyons-street-strathfield-nsw-2135">3-7 Lyons Street and 18 Parnell Street</a>, a&nbsp;1,857 sqm site around 400 metres from Strathfield Station. The building would yield 160 apartments, 15 per cent of which will be dedicated affordable as per the government mandate for buildings seeking additional uplift.

Approved previously was a nine-storey building back in 2022 with just over 30 apartments. That approval came prior to the project being&nbsp;progressively reconsidered as planning policy shifted toward greater density around transport hubs.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="c5af5281-a643-4eb2-b8c4-0081b59c04c7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.16.48%E2%80%AFAM.png?VersionId=37bd3mI7rHNpThOV_75VO8xsGFwWOi1u" />

Turner has designed the latest building that would replace&nbsp;existing detached homes across the four lots.

The apartment mix comprises 22 one-bedroom apartments, 107 two-bedroom and two-bedroom-plus configurations, and 31 apartments with three or more bedrooms. The scheme also includes 203 car spaces across six basement levels and 58 bicycle spaces.

The proposal has been designed around a three-storey podium addressing Lyons Street, with the tower rising above and stepping toward its upper levels.

Turner said the podium was deliberately scaled to respond to the existing street, while the taller element has been designed as part of the emerging skyline anticipated around Strathfield Town Centre and the wider Homebush transport-oriented development precinct.

The Lyons Street frontage would have a more active, pedestrian-focused character, incorporating the commercial tenancy, landscaping and a brick-framed podium with an awning.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="14b20874-b8c3-4ac7-bc03-92be9a69fb78" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.48%E2%80%AFAM.png?VersionId=av.9TxtqIRTC6v3PkSuu1rL9rreWoe2h" />

Parnell Street, which faces the railway corridor, has been given a different architectural treatment, with double-height breeze blocks, landscaping and communal areas used to soften the interface with the rail infrastructure.

The tower itself uses curved and recessed facade elements, with wave-like indentations across the northern elevation breaking the building into three vertical forms.

A palette of grey concrete, brick and breeze blocks is complemented by clay and terracotta accents, while the upper tower adopts a lighter expression through articulated slab edges, vertical fins and recessed glazing.

Residents would have access to 467 sqm of communal open space spread across three levels. The ground floor would accommodate the more active resident areas, including barbecue and group gathering spaces and an internal communal room capable of being used for working from home.

A more passive viewing deck is proposed at level three, overlooking the ground-level landscaping and neighbouring tennis courts, while a rooftop "sunset deck" at level 30 would provide another social and relaxation space.

<img alt="Parnell" data-entity-type="file" data-entity-uuid="c3dce401-a80f-4682-8471-4caa01180880" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.34%E2%80%AFAM.png?VersionId=Xyo8JVqbOhSJXNy6Ih.1cHL.O6i0bGR." />

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Strathfield has been earmarked for substantial change through the Strathfield Town Centre planning work and the nearby Homebush TOD precinct.

Turner's report says the project has been designed to act as a transition between the existing low and mid-rise development surrounding the site and the taller built form expected to emerge across the town centre.

The proposal is being assessed as State Significant Development under the HDA pathway, alongside the concurrent request to amend the Burwood Local Environmental Plan.

First look: New apartment tower pitched for Strathfield Town Centre precinct

An $18 million penthouse has hit the market in Main Beach as construction tops out on La Mer, the $155 million apartment development rising just metres from the beach.

Spanning around 600 sqm across the top two levels of the 29-storey tower on Main Beach Parade, the four-bedroom penthouse is one of the latest eight-figure residences to test the upper end of the Gold Coast apartment market.

Its launch comes amid continued activity at the very top of the market, following the $30 million off-the-plan sale of a Burleigh Heads penthouse earlier this year, which surpassed the Gold Coast's previous $24 million apartment record set in 2023.

The <a href="https://www.apartments.com.au/new-apartments/la-mer-main-beach-3580-main-beach-parade-main-beach-qld-4217">La Mer penthouse</a> has been designed as a private residence in the sky, with 360-degree views spanning the ocean, Broadwater, hinterland and Gold Coast skyline.

[smartcode_project:default project_id=95606 project_image_fid=378731]

All four bedrooms have ensuites, while the ocean-facing master retreat occupies around half of the upper level and includes its own lounge, private balcony, two walk-in wardrobes and an oversized ensuite with a freestanding stone bath positioned to take in the views.

The residence also features a kitchen designed to accommodate a private chef, a 3.6-metre island bench, expansive butler's pantry, wine cellar and integrated bar.

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A rooftop pool and substantial outdoor entertaining area with its own kitchen sit above the residence, while a grand staircase connects the two internal levels. The penthouse also has its own express lift.

OTP Group Director James Elliott, who is marketing La Mer, said the penthouse was expected to appeal to high-net-worth buyers seeking either a permanent Main Beach residence or Gold Coast holiday home.

“The La Mer penthouse represents exceptional value, considering its quality design, size, privacy and location, not to mention the 360-degree views capturing the beach and Gold Coast Broadwater,” Elliott said.

“We’re anticipating interest from high-net-worth individuals and couples seeking a residence or holiday home in the sought-after village enclave of Main Beach, taking advantage of the unprecedented growth underway in the area and neighbouring The Spit.”

[smartcode_project:default project_id=95606 project_image_fid=378736]

La Mer is being developed by developer-builder ODUS and Nazero, in partnership with funder Metrics Credit Partners.

ODUS Director Byron Sakha said topping out the tower had provided the opportunity to release the project's most significant residence.

“We’ve worked with internationally-recognised studio Sici Design on the penthouse interiors, with a focus on ensuring it isn’t luxury for luxury’s sake. Every element has been thoughtfully designed to enhance quality of life for those who call it home,” Sakha said.

“The views are the hero of virtually every space, but we’ve given equal attention to the fittings and finishes, so every detail exudes elegance and refinement.”

Sici Design Founder and Director Maria Papadopoulos said the extensive views became an integral part of the interior design rather than simply something the residence was designed around.

“The views weren't something we designed around, they became part of the design itself, with the true luxury of La Mer in its feeling of peace, calm and wellbeing,” Papadopoulos said.

“Luxury isn't defined by how something looks, but how it makes you feel, and we believe a luxurious home should be beautiful to live in, not stressful to maintain.”

The interiors combine Austral Dream Dolomite natural stone and travertine with timber flooring and a restrained coastal palette.

[smartcode_project:default project_id=95606 project_image_fid=378734]

Designed by Plus Studio, La Mer is one of the more boutique additions to the rapidly changing Main Beach apartment market.

The tower comprises just 24 full-floor, three-bedroom plus multipurpose room apartments below the two-level penthouse, giving the project a considerably lower density than many of the larger towers being developed across the Gold Coast.

Residents will have access to a pool and spa, gym, sauna, barbecue facilities, private sun lounges, yoga lawn and outdoor beach shower.

The penthouse has been released as part of the final collection of residences at La Mer, with remaining apartments priced from $4.3 million.

Construction is expected to complete later this year, with a fully furnished display apartment now open on level four.

[smartcode_project_cta:default project_id=95606]

ODUS releases $18 million penthouse crowning La Mer Main Beach

<a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a> is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> this October, marking the next milestone for the Melbourne CBD development and its higher-end Eliza Collection.

Spanning levels 44 to 68 of the 68-storey <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed tower, the Eliza Collection has been conceived as a lower-density offering within the broader development, with only five apartments on each floor, dedicated lift access and a collection of resident spaces reserved exclusively for Eliza Collection residents.

The Eliza Collection forms part of Far East Consortium's broader move toward larger-format residences at 640 Bourke Street, where the number of apartments was reduced from earlier plans as apartment sizes increased.

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"What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Far East Consortium Director of Sales and Marketing Lauren Sheldon said.

Rothelowman Associate Jun Chang said the design process provided an opportunity to create more generous floorplans.

"We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."

[smartcode_project:default project_id=509 project_image_fid=368869]

That thinking carries through to the Eliza Collection, where the residences have been designed around the space and functionality associated with a larger home, but positioned high above the centre of Melbourne.

Kitchens are equipped with Gaggenau appliances, a butler's pantry, temperature-controlled wine cabinet and sculptural pendant lighting, while engineered timber flooring, stone and porcelain finishes and custom cabinetry feature throughout the broader interiors.

Privacy and security are another point of distinction. Eliza Collection residents have dedicated lift access, while 640 Bourke Street will provide concierge services and secure resident parking. Short-stay accommodation, including Airbnb, will not be permitted within the development.

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Eliza Collection residents will also have exclusive access to selected amenity spaces across levels one and three of the restored Eliza Tinsley building. These include the Salon with grand piano, an art therapy room, private dining rooms and treatment rooms.

They sit within more than 3,000 sqm of amenity planned across 640 Bourke Street, alongside facilities including a pool, gym, whisky lounge and further social and wellness spaces.

The Eliza Tinsley building itself is central to the wider project's identity. Rather than treating the existing Eliza Tinsley façade as a separate element, Rothelowman used it as a starting point for the architecture of the new tower, with the historic building to accommodate the project's gallery and lobby.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=368872]

The tower will rise behind the retained heritage building at 640 Bourke Street, placing residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market and the Docklands waterfront.

With construction scheduled to begin in October, Far East Consortium has established an onsite display gallery at 640 Bourke Street, including fully built apartments that allow the project's layouts, materials and finishes to be inspected at full scale.

A fully built Eliza Collection apartment is also available to view at the display suite by appointment ahead of the planned October construction commencement.

Eligible purchasers who buy before construction commences can secure the full available off-the-plan stamp duty savings, subject to eligibility and applicable conditions.

[smartcode_project_cta:default project_id=509]

Far East Consortium brings Eliza Collection to 640 Bourke Street ahead of October construction start

Sydney’s property market is known for high prices, competitive bidding, and mounting pressure on first home buyers. But change is on the horizon.

From late 2025, eligible first home buyers in New South Wales will have access to a new federal government initiative aimed at addressing affordability: the Help to Buy Scheme.&nbsp;

<h2>What is the Help to Buy Scheme?</h2>

The program introduces a shared equity model intended to reduce the upfront cost of entering the property market, particularly in high-demand urban areas such as Sydney.

The scheme operates under a shared ownership structure in which the federal government takes an equity stake of up to 40 per cent for new homes, or 30 per cent for existing dwellings. This arrangement allows eligible buyers to significantly reduce their loan size and avoid the added cost of Lenders Mortgage Insurance (LMI).

Under this model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required. The government’s contribution is not a loan but a co-ownership stake in the property. As such, there is no interest or rent charged on its portion.

Because the government’s equity combined with the buyer’s deposit typically meets or exceeds the 20 per cent threshold, LMI does not apply. The remaining balance, generally between 60 and 70 per cent of the property’s value, is financed through a standard home loan with a participating lender.

The government's equity in the property remains in place until the buyer chooses to repay it voluntarily or until the property is sold. Buyers can buy back the government’s share over time, in increments of at least five per cent, depending on their financial situation.

There is no fixed repayment timeline, but the amount to be repaid will be based on the property's market value at the time of repayment, not the original purchase price.

<h2>How do you qualify for the&nbsp;Help to Buy Scheme?</h2>

To qualify for the Help to Buy Scheme, applicants must meet the following conditions:

<ul>
	<li>Be an Australian citizen at least 18 years of age.</li>
	<li>Be a first-home buyer who does not currently own property.</li>
	<li>Intend to live in the property as their primary residence.</li>
	<li>Earn less than $100,000 per year for individuals, or $160,000 for couples.</li>
	<li>Purchase a property within the regional price caps, currently $950,000 in Sydney, though this is expected to rise to approximately $1.3 million ahead of the program’s launch.</li>
</ul>

While the Help to Buy Scheme does not solve affordability challenges across the board, it does offer a more accessible pathway for a defined segment of the market, particularly younger buyers with moderate incomes who have been priced out of traditional lending routes.

The scheme is expected to commence in NSW in late 2025, as part of a national rollout.

Under the new model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required

Help to Buy Scheme: What first home buyers in NSW need to know

The First Home Owners Grant (FHOG) is a government initiative designed to help eligible first-time home buyers by offering financial assistance towards the purchase or construction of a new home.

While the FHOG is a nationwide program, it is administered separately by each state and territory, meaning the eligibility criteria, grant amounts, and property requirements can vary depending on your location. This means that the amount available and the conditions attached to the grant will differ, so it is important to check the specific guidelines for your state or territory.

It’s important to note that the FHOG is just one of several incentives available to first home buyers. In most states and territories, the grant is not linked to stamp duty exemptions or concessions, with the exception of the Australian Capital Territory (ACT). The FHOG is typically a one-off payment, reducing the overall cost of purchasing or building a new home before any stamp duty concessions are applied.

Below, we provide a breakdown of the First Home Owner Grants available across Australia, outlining the specific details for each state and territory.

<h2>New South Wales First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $600,000. For land purchases and owner-builders, the threshold extends to $750,000.

Stamp Duty Benefits: Provides full stamp duty exemption for homes valued up to $800,000, with concessions available for properties up to $1 million.

<h2>Victoria South Wales First Home Owner Grant</h2>

First Home Owner Grant: Provides a $10,000 grant for first-home buyers purchasing or building new homes valued up to $750,000.

Stamp Duty Benefits: Offers full stamp duty exemption for properties up to $600,000, with concessions available up to $750,000.

<h2>Queensland First Home Owner Grant</h2>

First Home Owner Grant: Offers $30,000 for contracts signed between 20 November 2023 and 30 June 2025. The FHOG applies to new homes valued up to $750,000.

Stamp Duty Concessions: Provides additional concessions for properties valued up to $800,000.

<h2>Western Australia First Home Owner Grant</h2>

&nbsp;

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $750,000 in the southern regions and up to $1 million in the northern regions.

Stamp Duty Concessions: Available for homes valued up to $600,000 for transactions entered into on or after 9 May 2024.

<h2>Australian Capital Territory First Home Owner Grant</h2>

First Home Owner Grant: Replaced by the Home Buyer Concession Scheme, offering full stamp duty concessions for eligible buyers.

<h2>South Australia First Home Owner Grant</h2>

First Home Owner Grant: Provides up to $15,000 for new homes, including houses, apartments, and townhouses. As of 6 June 2024, there is no property value cap for eligibility.

Stamp Duty Relief: Available for new homes and vacant land purchases.

<h2>Tasmania First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes and off the plan purchases.

Stamp Duty Exemption: Between 18 February 2024 and 30 June 2026, first home buyers of established homes valued up to $750,000 receive a full exemption on property transfer duty.

<h2>Northern Territory First Home Owner Grant</h2>

First Home Owner Grant: The Northern Territory provides a $10,000 grant for new homes only. Additional government grants and concessions are available for first home buyers.

Stamp Duty Exemption: The only stamp duty exemption available to property buyers is the House and Land Package Exemption (HLPE).

Eligibility criteria and application processes differ across states. Prospective buyers should refer to their respective state revenue offices for full details on grant availability, conditions, and additional concessions.

Every First Home Owner Grant for new property by state

In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.

Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.

Some systems assess individual building components, while others provide an overall rating for the entire structure.

A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.

NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.

As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.

<h2>What is NatHERS?</h2>

NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;

NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;

NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.

The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.

<h2>How NatHERS Ratings Work</h2>

NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.

The tools can model complex effects of building mass, insulation, window size, and other elements.

The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.

The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;

Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.

Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.

<h2>Benefits of Higher NatHERS Ratings</h2>

Energy Efficiency: Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.

Cost Savings: Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.

Environmental Impact: Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.

Improved Comfort: Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.

Market Value and Desirability: Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.

Compliance with Building Codes: NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.

The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Staff Writer

What is a NatHERS rating in new off the plan apartment developments?

Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.

Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.

Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.

<h3>Convenience and accessibility</h3>

Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.

[smartcode_project:default project_id=114215 project_image_fid=204874]

The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.

<h3>Vibrant lifestyle and community</h3>

One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.

[smartcode_project:default project_id=107714 project_image_fid=214122]

The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.

<h3>Potential for higher rental yields and property value appreciation</h3>

Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.

[smartcode_project:default project_id=139989 project_image_fid=212887]

The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.

<h3>Enhanced security and maintenance</h3>

Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.

[smartcode_project:default project_id=108019 project_image_fid=212658]

Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.

Often the largest outlay, after the deposit which goes to the bank, is stamp duty.

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.

It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/C32BWkB5--c" title="YouTube video player" width="660"></iframe>

<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

Want to find out more? <a href="https://www.youtube.com/@UrbanAustralia?utm_source=YouTube&amp;utm_medium=Video&amp;utm_campaign=Subscribe&amp;utm_id=Subscribe">Subscribe to our YouTube channel</a> for more property videos.

Ellen Walker

Off-the-plan property explained: What is stamp duty?

For most Australians, buying an apartment is one of the biggest financial decisions they'll ever make

The location, floorplan and price are often the first considerations, but in recent years another question has become increasingly important: who is actually delivering the project?

A series of high-profile builder collapses, construction delays and defect concerns have fundamentally changed how many Victorians approach buying off the plan. The collapse of Porter Davis in 2023, which reportedly left around 1,700 homes unfinished, became one of the most visible examples of the risks that can emerge when a construction company fails. <a href="https://www.equifax.com.au/sites/default/files/lpassets/pdf/Final-Business-Market-Pulse-June-Sector-Deep-Dive-Report-2.pdf">Similar challenges across the broader construction sector</a> have left buyers asking more questions before signing a contract.

As Victoria continues encouraging higher-density housing to address supply shortages, transparency is becoming just as important as location or price.

One tool increasingly entering the conversation is the <a href="https://icirt.com/">Independent Construction Industry Rating Tool (iCIRT)</a>, an independent assessment framework designed to help buyers better understand the developer or builder behind a project. Originally developed by Equifax in consultation with government and industry as part of NSW's Construct NSW reforms, the system has since expanded nationally.

<h2 data-end="1519" data-section-id="7nmx3" data-start="1492">What is an iCIRT rating?</h2>

Most Australians are familiar with independent ratings in everyday life.

We compare ANCAP safety ratings before buying a car. We look at Health Star Ratings in supermarkets. Banks rely on credit assessments when lending money.

Until recently, however, there has been very little independent information available to help apartment buyers assess the business responsible for delivering a residential project.

That gap is what iCIRT was designed to address.

Builders, developers and other construction professionals with an iCIRT rating have demonstrated high-trust characteristics through an independent, evidence-based assessment across six criteria: Character, Capability, Conduct, Capacity, Capital and Counterparties. This involves a rigorous review of financial health, past project track record, and ethical conduct. Crucially, an iCIRT rating could help provide property buyers with confidence that they are working with a professional who has demonstrated the capability, capacity, and willingness to return and rectify issues.

Importantly, iCIRT is not a recommendation to purchase a particular property, nor is it a traditional credit rating. It is an independent assessment framework designed to provide objective information about a construction business using a <a href="https://icirt.com/sites/default/files/2025-08/iCIRT-Methodology-Issue1-May-2021.pdf">published methodology</a>.

The system has been widely adopted in New South Wales, where more than one-third of medium and large residential builders and developers now hold an iCIRT rating, representing over two-thirds of the state's residential building market by value as of 2025/26.

<h2 data-end="3126" data-section-id="h6ohtj" data-start="3084">Why buyers are doing more due diligence</h2>

For many buyers, particularly those purchasing off the plan, the biggest risk isn't whether they'll like the kitchen finishes.

It's whether the project will be delivered on time, to the expected quality, and by a company capable of completing the development.

<a href="https://icirt.com/sites/default/files/2026-07/iCIRT%202025%20Consumer%20Survey%20Report%20v05.pdf">Consumer research commissioned by iCIRT</a> found more than half of respondents believed current protections do not adequately safeguard buyers from builder insolvencies or defective projects. Other research found 88 per cent of prospective buyers would seek independent ratings or due diligence before purchasing, while 90 per cent said trust in construction professionals is essential.

That doesn't mean buyers should rely on a single rating alone.

Independent legal advice, understanding the contract, and seeking financial advice all remain important parts of the due diligence process.

However, an independent assessment can provide another source of information alongside those traditional checks.

<h2 data-end="4138" data-section-id="pquzxc" data-start="4094">Trust is becoming a competitive advantage</h2>

The conversation isn't only changing for buyers.

Developers are also recognising that trust has become an increasingly important part of the sales process.

Five years ago, purchasers typically asked about floorplans, finishes and settlement dates.

Today, sales teams are increasingly being asked about the developer's experience, financial stability, previous projects and construction partners.

For companies with strong governance and established delivery records, an independent iCIRT rating provides another way to demonstrate those credentials before buyers even visit a display suite.

According to Equifax, the assessment can also help businesses drive sales and <a href="https://icirt.com/resources-for-business/icirt-rating-helps-scion-secure-high-value-projects">secure high-value projects</a>, as well as identify operational improvements and <a href="https://icirt.com/resources-for-business/mirvac-reinforces-brand-trust-and-quality-independent-icirt-rating">attract top talent</a>.

<h2 data-end="4962" data-section-id="1j54ng5" data-start="4912">Beyond buyers: lenders are paying attention too</h2>

The influence of independent construction ratings is also extending beyond consumers.

According to Stamford Capital's Real Estate Debt Capital Markets Survey, an increasing number of lenders now incorporate iCIRT ratings into their due diligence processes when assessing residential development finance applications.

The survey found lender adoption has continued to rise, with many respondents saying independent assessments provide additional insight into governance, counterparties and delivery capability beyond traditional financial analysis. Some lenders also reported declining funding applications where businesses had poor or no ratings.

As construction costs remain elevated and access to development finance becomes more selective, demonstrating credibility is becoming increasingly valuable.

<h2 data-end="5801" data-section-id="1qazuxs" data-start="5772">What it means for Victoria</h2>

Victoria's apartment market is entering a new phase.

The state is seeking to accelerate higher-density housing while simultaneously introducing reforms aimed at improving confidence in residential construction.

For buyers, that means there are more tools available than ever before to research the businesses behind a project.

For developers, it signals that transparency is becoming another point of differentiation in an increasingly competitive market.

Buyers are asking more questions than ever before and increasingly expecting independent information, not just marketing material, before making one of the biggest financial commitments of their lives.

Find out how to get iCIRT rated <a href="https://www.icirt.com/sites/default/files/2025-08/iCIRT-Infographic-Assessment-Process-Final.pdf">here</a>.

<hr data-end="6469" data-start="6466" />
The information contained in this article is general in nature and does not constitute personal, financial, legal or tax advice. It does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstances before acting on it and, where appropriate, seek independent professional advice.

This article contains links to third-party websites. These links are provided for convenience only. Equifax Australia does not control and is not responsible for the content, accuracy or privacy practices of external sites.

Copyright © 2026 Equifax Australia Information Services and Solutions Pty Ltd. All rights reserved.

Buying off-the-plan in Melbourne? How independent iCIRT ratings are set to change Victorian property

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<a href="https://www.propertyobserver.com.au/demographics/the-changing-nature-of-families-and-their-impact-on-the-property-industry-peter-chittenden/2012071855614">In my last post</a>, my aim was to outline how key aspects oF family formation impacts the demand for real estate. Looking at how particular demographic trends go way beyond influencing demand to fundamentally shape our immediate community and cities.
 
To round off these posts, this week I will look at what is I think, a very familiar journey. It’s a journey from our first flat, to a group house, finding a partner, becoming a first home buyer, having kids, investing in real estate other than the family home and getting older.
 
From that first flat to buying a retirement home, every step plays into the fabric of the residential market and has a direct impact on how and to whom we market our projects.
 
All of these stages of family formation drive and shape our markets, and during many of these stages incomes also grow and the priorities of the buyers shift.
 
So much so that if a well-established pattern shifts, the market needs to be ready to respond. People leaving home later, marrying and having children later are some recent stand out examples that have also helped shift demand to more medium density living. I would also like to think that by always taking a keen interest in social and demographic trends we are better placed to deliver projects to satisfy current and future needs.
 
So far I have looked at the singles market, finding partners and the reality of how lifestyle and housing needs change when here come the kids. This week over a series of posts I would now like to close off this interesting topic as we look at the impact of an older population.
 
As families mature and personal and family incomes peak, the mindset of the target market changes markedly from being single or from being a first time buyer. While many people will trade-up in the market others will also turn to real estate as an investment.
Peter Chittenden is managing director for residential of <a href="https://www.colliers.com.au/Colliers%20Corporate/Residential.aspx" rel="nofollow" target="_blank">Colliers International.</a>
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pchittenden-eLqUUC8TWW

How demographic trends shape our property choices: Peter Chittenden 

<html><body>
South Brisbane has been ranked as the top investment suburb in Australia, according to Your Investment Property magazine's (YIP) annual Top 100 Suburbs report, having not even made the top 100 last year.
It is however by no means the exception, with seven out of this year's top 10 suburbs not making it onto last year’s list at all.
The 2012 top 10 is notable for the inclusions of six Perth suburbs close to the CBD and the disappearance off the top 100 list entirely of the fashionable Sydney inner city suburb of Potts Point and the outlying suburbs of Jannali and Mount Colah.
Newtown, in Sydney's inner west, which ranked fifth last year, has dropped to 17th in the 2012 survey.
The results highlight the fleeting, temporal nature of many so-called investment hotspots.
John Edwards CEO of Residex, suggests investors need to keep in mind that locations that already have a reputation for being a hotspot have most likely passed the invest-by-date by the time you actually find out about them in the published hotspots lists.
The Residex boss says a current “gem” is just that – current– and the opportunity to maximise returns has passed. He suggests finding an unpolished gem ought to be the aim.
The six suburbs that have leapt into the 2012 top 10 – having not rated a mention at all in 2011 – are all within 15 kilometres of the Perth CBD, demonstrating the impact the resources boom is having on sentiment about the Perth market.
In total, nine out of the top 20 placed suburbs are within 15kms of the Perth CBD.
Perth also just nudges Sydney in the total suburbs count with 18 suburbs compared to 17 in the NSW capital.
There are 16 in Brisbane, six in Adelaide and just four in Melbourne.
Last year Sydney had 25 suburbs in the top 100, Melbourne and Brisbane 12 each and Perth.
<table cellspacing="0" cellpadding="0" border="1"><tbody>
<tr>
<td width="565" valign="top" colspan="4">
2012 top 10
</td>
</tr>
<tr>
<td width="170" valign="top">
Location
</td>
<td width="102" valign="top">
State
</td>
<td width="151" valign="top">
Distance CBD
</td>
<td width="142" valign="top">
Last year’s ranking
</td>
</tr>
<tr>
<td width="170" valign="top">1. South Brisbane<ol></ol>
</td>
<td width="102" valign="top">
Queensland
</td>
<td width="151" valign="top">
2kms from Brisbane
</td>
<td width="142" valign="top">
Not in top 100
</td>
</tr>
<tr>
<td width="170" valign="top">2. Morley<ol></ol>
</td>
<td width="102" valign="top">
WA
</td>
<td width="151" valign="top">
9kms from Perth
</td>
<td width="142" valign="top">
Not in top 100
</td>
</tr>
<tr>
<td width="170" valign="top">3. Gladstone<ol></ol>
</td>
<td width="102" valign="top">
Queensland
</td>
<td width="151" valign="top">
550kms from Brisbane
</td>
<td width="142" valign="top">
#2
</td>
</tr>
<tr>
<td width="170" valign="top">4. Como<ol></ol>
</td>
<td width="102" valign="top">
WA
</td>
<td width="151" valign="top">
6kms from Perth
</td>
<td width="142" valign="top">
Not in top 100
</td>
</tr>
<tr>
<td width="170" valign="top">5. Perth<ol></ol>
</td>
<td width="102" valign="top">
WA
</td>
<td width="151" valign="top">
1km from Perth
</td>
<td width="142" valign="top">
Not in top 100
</td>
</tr>
<tr>
<td width="170" valign="top">6. South Hedland<ol></ol>
</td>
<td width="102" valign="top">
WA
</td>
<td width="151" valign="top">
1,308kms from Perth
</td>
<td width="142" valign="top">
#3
</td>
</tr>
<tr>
<td width="170" valign="top">7. Alexandria<ol></ol>
</td>
<td width="102" valign="top">
NSW
</td>
<td width="151" valign="top">
4kms from Sydney
</td>
<td width="142" valign="top">
#1
</td>
</tr>
<tr>
<td width="170" valign="top">8. Hornsby<ol></ol>
</td>
<td width="102" valign="top">
NSW
</td>
<td width="151" valign="top">
27kms from Sydney
</td>
<td width="142" valign="top">
Not in top 100
</td>
</tr>
<tr>
<td width="170" valign="top">9. Wembley<ol></ol>
</td>
<td width="102" valign="top">
WA
</td>
<td width="151" valign="top">
5kms from Perth
</td>
<td width="142" valign="top">
Not in top 100
</td>
</tr>
<tr>
<td width="170" valign="top">10. Fremantle<ol></ol>
</td>
<td width="102" valign="top">
WA
</td>
<td width="151" valign="top">
14kms from Perth
</td>
<td width="142" valign="top">
Not in top 100
</td>
</tr>
</tbody></table>
Source: Your Investment Property magazine
Last year’s top ranking suburb, the inner city Sydney suburb of Alexandria, this year ranked seventh while Newtown dropped to 17th and Potts Point and Jannali disappeared off the list entirely.
<table cellspacing="0" cellpadding="0" border="1"><tbody>
<tr>
<td width="310" valign="top" colspan="2">
2011 top 10
</td>
</tr>
<tr>
<td width="161" valign="top">1. Alexandria<ol></ol>
</td>
<td width="148" valign="top">
Inner Sydney
</td>
</tr>
<tr>
<td width="161" valign="top">2. Gladstone<ol></ol>
</td>
<td width="148" valign="top">
Regional Queensland (mining)
</td>
</tr>
<tr>
<td width="161" valign="top">3. South Hedland<ol></ol>
</td>
<td width="148" valign="top">
Regional WA (mining)
</td>
</tr>
<tr>
<td width="161" valign="top">4. Newman<ol></ol>
</td>
<td width="148" valign="top">
Regional WA (mining
</td>
</tr>
<tr>
<td width="161" valign="top">5. Newtown<ol></ol>
</td>
<td width="148" valign="top">
Inner Sydney
</td>
</tr>
<tr>
<td width="161" valign="top">6. Potts Point<ol></ol>
</td>
<td width="148" valign="top">
Inner Sydney
</td>
</tr>
<tr>
<td width="161" valign="top">7. Toowoomba<ol></ol>
</td>
<td width="148" valign="top">
Regional Queensland
</td>
</tr>
<tr>
<td width="161" valign="top">8. Jannali<ol></ol>
</td>
<td width="148" valign="top">
Outer Sydney
</td>
</tr>
<tr>
<td width="161" valign="top">9. Chinchilla<ol></ol>
</td>
<td width="148" valign="top">
Regional Queensland (mining)
</td>
</tr>
<tr>
<td width="161" valign="top">10, Mount Colah<ol></ol>
</td>
<td width="148" valign="top">
Outer Sydney
</td>
</tr>
</tbody></table>
Source: Your Investment Property magazine
The report notes that Perth metropolitan suburbs have performed the strongest in the top 100 list and are “currently presenting opportunities for investors to pick up very affordable properties with great access to all the amenities of the city and plenty of room for growth”.
“The CBD and surrounding markets are also expected to benefit from the mining boom, as many of the companies involved base their operations in Perth, which creates an influx of high-earning professionals renting in the area,” says YIP.
The top ranking Perth suburb of Morley (number two on the top 100) has a median house price of $470,000 and unit price of $330,000 with a rental yield of 4.26%.
Morley house prices are rising by 11.6% per annum and units rising 11.4% per annum with the suburb picked for its affordable prices, large blocks with the opportunity to renovate, great amenities and infrastructure, strong rental demand and low stock on market.
According to RP Data’s Tim Lawless, Morley, like most of Perth, has reached or is close to the bottom of the market and is set to bounce back.
Similarly Como (which ranks fourth) has comparable rates of house and unit price growth as Morley, is picked for its location, trendy entertainment area and character homes.
Local agent, Liz Sterzel from Property Wizards, describes Como as “the best place to live in Perth”.
The results of the survey are based on the input of nine property analysts including RP Data’s Tim Lawless, Hotspotting.com.au’s Terry Ryder, Sam Saggers of Positive Real Estate, Charles Tarbey of Century 21 and Aaron Maskrey of PRD Nationwide overlayed with analysis by the magazine.
While these analysts all participated in compiling the list, they did not necessarily agree with every suburb that made it onto the Top 100, or the rankings.
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lschlesinger-FZcF9M3vE6

Perth takes Sydney’s crown in latest Top 100 investment suburbs list: YIP magazine

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Several breaths of fresh positive air have pushed through the general media negativity in the past week.
A senior US business executive told Australia to wake up and cheer up. An Australian executive urged business leaders to stop all the pessimistic chatter. Another declared the resources sector will fuel economic growth for many more years and chided headline-seekers who say the party is over. And the Reserve Bank Governor sought to remind us that we are indeed “The Lucky Country”.
I’m hoping these are the beginnings of a movement. God knows we need it. It’s long past time for Australians to notice that the glass they think is half empty is actually three-quarters full.
I’ve just returned from a visit to China where I saw evidence of the development boom that is partly the source of Australia’s thriving resources sector. I also saw a lot of extreme poverty, the kind we don’t often see in Australia.
And this is why China is the standout economy worldwide: the nation is seeking to lift living standards to our levels, a process that will continue for decades into the future.
In simple terms, the Chinese want what we have. The irony is that we don’t realise what we have and how good we have it.
This is the mindset that has to change if Australians are to grasp that opportunities that currently beckon.
It’s a bit like the banks ads that are running ad nauseum amid the Olympics coverage: the letters CAN are talking positive until joined by T who tries to turn things negative. At the moment, the Ts are winning in Australia.
Don Thompson, the new chief executive of McDonald’s, said recently in a briefing to US investors that Australia was suffering from “fragile consumer confidence”. He suggested we need to have a happy meal.
RBA Governor Glenn Stevens has always struck me as the ultimate realist. He’s not given to outbursts of optimism. But he titled a recent speech “The Lucky Country”, in which he argued the Australian economy is in good shape. And, of course, he’s right: we all just need to realise it and stop reading bloody newspapers.
National Australia Bank chief executive Cameron Clyne appealed to our business leaders to end the stream of negative comments about our economy and government. He says it’s damaging consumer confidence.
Clyne is right, too. Australia needs strong, positive leadership – not the limp-wristed whimpering and media sniping we get from business people, such as the perpetual whingers in the building industry who negotiate with government via press releases.
Clyne told a business lunch: “One of the problems that actually damages confidence in the economy is everybody providing a running commentary on the government… I think it’s far more productive for us to engage privately.”
He also said – and I was so relieved to hear someone credible say this – that talk of “a two-speed economy” is simplistic, incorrect and damaging to confidence.
“It is not a two-speed economy,” he said. “It has never been a two-speed economy. It is a 10-speed economy. It always has been a 10-speed economy and always will be a 10-speed economy. There are a number of industries which are having very buoyant times – just as there are a number of industries that are struggling.”
Anyone who subscribes to the cheap media sound byte about a two-speed economy should note that the two biggest sectors in Australia for jobs creation in the past year have been “professional and scientific services” and “healthcare”, with mining coming in third.
Meanwhile, HSBC Bank chief economist Paul Bloxham has dismissed notions that the so-called resources boom has peaked. He says our economy will be fuelled by ongoing investment in mining and rising exports of raw materials for many more years.
Bloxham is right when he says there are significant investments in the pipeline, plus the prospect of strong growth in export volumes. He says this has “a long way to run” and will continue to support Australian growth until 2020 at least.
It’s been so refreshing to see these people step up and speak out against the pervading pessimism. We are indeed The Lucky Country. It’s just that most Australians don’t deserve to live in it.
Terry Ryder is the founder of <a target="_blank" rel="nofollow" href="https://www.hotspotting.com.au/">hotspotting.com.au</a> and can be <a target="_blank" rel="nofollow" href="https://www.twitter.com/hotspotting">followed on Twitter</a>.
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terryryder-YECXbqmri2

Why Australia is indeed "The Lucky Country": Terry Ryder

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Usually dry ABS housing data has fired up debate and accusations among old property data commentary adversaries.
First came the ABS data this morning, showing a 0.5% improvement in capital city house prices and a big upward revision of March quarter data (a 0.1% decline nationally rather than a 1.1% decline) suggesting the market was flat rather than falling in the first three months of the year.
Not one to hold back on his opinions, Rismark economist Christopher Joye (<a href="https://twitter.com/cjoye">@cjoye</a>) was quick to tweet about the ramifications of the June quarter figures and March revisions:
<img alt="joyetweet" src="/images/stories/2012/joyetweet.jpg" height="95" width="463"> Joye linked through to his second column in the Australian Financial Review, hitting out at regular sparring partners the University of Western Sydney’s Professor Steve Keen and SQM Research director Louis Christopher and suggesting the trough in the market may have been reached in the March quarter.
"The ABS reports that national house prices rose 0.5% in the June quarter, in contrast to claims from the likes of Louis Christopher and Steve Keen that prices were still deflating... importantly, the ABS findings correlate with similarly positive results supplied by both RP Data-Rismark and APM, albeit that there are some timing differentials between the benchmarks. The ABS’s more optimistic analysis implies that the trough in the Aussie housing cycle was realised in the first quarter of 2012, subsequent to which home values started accreting again," wrote Joye in the AFR.
Matthew Bell (<a href="https://twitter.com/MatthewBellau">@MatthewBellau</a>), national research manager for residential at developer <a href="https://www.propertyobserver.com.au/https://www.linkedin.com/company/15429?trk=pro_other_cmpy">Stockland</a> was quick to respond to Joye, tweeting a few minutes later speculating about the bottom of the market.
<img alt="matthewtweet" src="/images/stories/2012/matthewtweet.jpg" height="54" width="467"> Joye responded:
<img alt="joyetweet2" src="/images/stories/2012/joyetweet2.jpg" height="68" width="234"> However, Joye’s contention that “ABS findings correlate with similarly positive results supplied by both RP Data-Rismark and APM” raised questions from Bell and Louis Christopher (<a href="https://twitter.com/LouiChristopher">@LouiChristopher</a>).
RP Data-Rismark had capital city house prices down 1.4% in the June quarter (though rising in the months of June and July), while APM was in line with the ABS over the June quarter, recording a 0.4% gain.
This apparent contradiction was picked up by Bell in an earlier tweet to SQM’s Louis Christopher.
<img alt="matthewtweet2" src="/images/stories/2012/matthewtweet2.jpg" height="88" width="469">  To which Christopher replied:
<a href="https://twitter.com/LouiChristopher"> </a><img alt="louisetweet" src="/images/stories/2012/louisetweet.jpg" height="79" width="438">
<a href="https://twitter.com/MatthewBellau"></a>
And Bell questioned Joye about "timing issues" between RP Data and the ABS:
<img alt="matthewtweet3" src="/images/stories/2012/matthewtweet3.jpg" height="80" width="465"> Australia’s most famous (or infamous) housing market bear, Steve Keen also tweeted separately on the subject:
<img alt="stevekeentweet" src="/images/stories/2012/stevekeentweet.jpg" height="102" width="468">Joye later tweeted:
<img alt="Joye_tweet" height="104" width="504" src="/images/stories/2012/Joye_tweet.jpg">
Joye provided more details in a latter blog post – <a href="https://christopherjoye.blogspot.com.au/2012/08/steve-keen-i-was-wrongand-wrong-again">see here</a>.
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Twitter debate fires up (and old rivalries renewed) over whether Australian housing market has bottomed out

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Australia doesn’t rank badly on a global scale when it comes to market transparency. In detailed surveys conducted by Jones Lang LaSalle, we consistently rank in the top three from 81 assessed markets across America, Europe, Asia Pacific, the Middle East and North Africa.
For those interested, the survey covers performance measurement, market fundamentals, listed vehicles, regulatory and legal environments and most importantly, ethical standards among professionals hired to transact business. As Jones Lang LaSalle correctly stress on their website, rising levels of transparency are essential in terms of attracting both local and foreign investment.
As stated in their report, they “take the view that a highly transparent market is not only fairly free from corruption, it also has readily available information and operates in a fair and consistent manner”.
However, if you took this on face value without further investigation, you could have been fooled – along with many others – that pre-GFC America contained a healthy real estate environment. In 2006 for example (at the sparky end of the boom) the US ranked only second in their index – one step behind Australia. It clearly shows that “transparency” is not the sole answer to stability, nor is it an adequate measure of a “fair and consistent” atmosphere.
Despite Australia’s high ranking, there’s ample room for improvement. Our property market’s estimated value is in excess of $4.5 trillion, with the measure of household debt to disposable income sitting around 150%. In light of this, there have been calls for an increased level of “independent” government administered regulation over the whole industry. However, it’s important to understand it’s not a lack of regulation that has locked increasing numbers out of home ownership; rather it can be directly attributed to bad regulation and poor government policy (FHOG, negative gearing and so forth).
For the average Joe on the street, sourcing accurate sales data is generally only available at a cost. Statistics can only give broad indications of market sentiment providing you also take into account various external factors which can distort the data. Market research is important, however it never accounts for individual circumstance and neither is it sight for the blind. There are always risks associated with any investment; however property isn’t an item just to be traded like stocks and shares. It’s a vital commodity essential for our very survival – something that’s often forgotten by the broader offshoots of the industry – and with this in mind, we need to keep a “moral” head when discussing an “amoral” property market.
Attributed to the increasing costs of home ownership, there’s been a need to create a kind of property welfare system for those who are unable to afford the luxury. Governments have historically grappled with the question of providing safe and secure shelter for their rising populous – the answer unfortunately has too often resided in the provision of easier access to debt. The latest scheme comes from the <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2012-07-26/no-deposit-home-loans-offered-election-campaign/4156198?section=nt">NT Government</a> who have devised a plan for first home buyers to borrow up to $750,000 with no deposit or mortgage insurance applicable. Even Santa can’t offer such a deal. Once again, we’re enticing vunerable prospective first time buyers to overpay and over extend their borrowing capacity.
In Australia, the limited areas of habitable land have ensured most are forced to situate close to the major capitals. In essence, Australia’s population are trying to squeeze into cities on the same par as London with prices to match – it’s unsustainable – (hence why levels of ownership are now falling).
In the UK and Europe, the emergence of satellite towns linked by rail networks and major transport routes has dispersed the population over the available regional land mass. Schools, town centres, factories, small businesses followed and, for a time comparatively affordable options shone a light for the urban sprawl. I’ve written previously regarding Australia’s determination (intentional or otherwise) to keep its population contained in tight donut circles surrounding the major capitals and failing to invest in the necessary infrastructure to provide alternative regional options. The success – or rather lack thereof – has in part lead to our so-called “housing shortage” and stubborn 5% national vacancy rates. In short, we have plenty of “roof space”, but a severe lack of “affordable” roof space.
This has resulted in an intense squeeze around existing transport arterials and ageing rail networks, along with accusations of “NIMMYism” for owners who entered the market early, and are vainly trying to protect their assets and neighbourhood landscapes, which inspired them to take out their large mortgages initially.
There’s no balance to the question of affordability, however one thing is evident – the tremendous cost of accommodation (rental or otherwise) is an impending tower of doom for future home owners and renters alike. Unless we address it from the ground up, bandaged systems made up of incentives and grants – which inflate, rather than stabilise the market – along with poor modes of development, simply sets a proportion of Australia’s population up for an almighty fall, when our “luck” runs out.
In the US, the key to the rising bubble of property debt was to keep interest rates low, ensure the job market remained stable and increase vehicles of lending forever buoyed on by the excitement of capital gains (dreams of future wealth)… sound familiar?
The formula was perceived “safe”, however encouragement of overinvestment in the property market (high leveraging) for a broad proportion of the population not only broke the rules of “risk management”, but failed to encourage a properly administered diversification of asset management. Property can be a great investment as part of a balanced portfolio, providing its primary purpose is never ignored and providing debt is managed.
The evolution of their poorly regulated financial system, which propped up a broken model of illusionary wealth, has resulted in meteoric demise, crashing the price of housing and plunging a large proportion of America’s population into comparative poverty.
The US may yet work its way into a new financial system based on safer and less greedy foundations, however, in the meantime, residents struggle with negative equity, thrown out of housing they can no longer afford, yet housing that no longer holds value to the financial institutions who were prepared to fund the acquisition in the first place. The housing sits empty while the homeless seek shelter – a bizarre situation.
Bob Carr may have been “untactful” in his commentary on the US, however his out of context statement was in part correct. The perception of America being in decline has been reiterated from many corners – why deny it? They’re not without hope, but as with Australia, they’re without strong leadership. There’s a long road ahead and hard lessons to learn for our friends in the US – lessons we must take heed of.
In an ideal world we could perhaps come to a new understanding of wealth – wealth not driven by greed, but rather by need. A world which does not constantly push us to buy and trade items of status; but teaches us to respect and save for items of necessity. A world that provides – or more importantly saves – for the needs of all – rather than panders to the greedy side of human nature. Most importantly, a world with a system of finance allowed to fail when greed takes hold so the hard lessons are learnt. Rather than being propped up by government policy, tax payer dollars and the never ending creation of complex financial structures which permit it to evolve to monstrous proportions, which places a broad proportion of the population with no choice but to borrow a life time’s worth of debt for the sake of shelter. We’re not winning – we’re burdening our future generations with insurmountable mountains of debt.
If we only regard property as a commodity to be bought and sold for profit, rather than taking a broader, more rational approach to the larger question of affordability, then relying on our ruling powers – whose motivations have a vested interest in maintaining the vote of some 1.1 million negatively geared property investors – to create increasing methods of regulation on the industry as a whole, we won’t solve the problem of a slow demise in ownership and increasing levels of mortgage stress.
Surveys conducted in the US at the start of the financial crisis, demonstrate the tremendous reliance the majority had in complex financial systems governing powers had not only allowed, but also regulated. Pyramids of intricate financial structures you’d need a master’s degree to understand. All were based on “assumed” prospective wealth. All claimed to act in the best interests of the client. Few people questioned the wisdom of borrowing outside of their means – refinancing every three years to keep the “honeymoon” going. Less questioned the future prospects of their investment. They were allowed to do it by way of Government policy and regulation, therefore it inspired the perceived quality of safety
There’s a kind of foolish assumption that there’s nothing safer than bricks and mortar. In the US, if the buyer defaults, they walk away, however they can’t take the house with them; in the eyes of the lender, they could simply recover any outstanding debt by selling the house and riding on a boom of ever increasing debt. Consequently, it’s now possible to purchase properties in the US which were once priced in excess of $400,000 for as little as $1000. The fall has been hard – but have we learnt?
Some have suggested labelling everything data providers publish as constituting financial advice, thereby holding them liable for the consequence of poor individual choices resulting from a narrow “uneducated” reading of the data. However, this heralds a very real risk of shutting the lips of providers and financial commentators all together, which would effectively silence a free and open flow of information. This is vital if we want to keep channels of transparency open and not locked behind closed doors. Rather we need the requirement of “fee for service” models across the whole property and finance industry to reduce conflicts of interest.
Rather, the real key to the stability in a democratic society which encourages competition in the market place, doesn’t just come from good’ regulation, it requires self regulation, which in turn cannot evolve without a strong foundation of quality education – education many adults have grown up lacking.
From my own experience, by the time most first home buyers think about purchasing they’re in their mid- to late-30s, have been looking for around 12 months (or more) and know little regarding the sales transaction process, let alone the principals of good long term planning. Some come with no conception they even need a solicitor, and few have basic knowledge of what a pre-approval really means.
They look upon sales agents with suspicion, imagine they all earn in excess of $100,000 – with most failing to understand that the sales agent works on behalf of the vendor. Being encouraged to pay over and above the listed price range is not a sales agent “making you pay too much” it’s the sales agent doing what they’ve been engaged to do.
Basic lessons in property transaction, the Australian sales process, and principals of saving and budgeting won’t come from The Block, Escape to the Country, Location, Location, Location or Grand Designs, which all sell “the dream” while sheltering viewers from the bleak reality. It’s commendable that the government has slowly introduced financial literacy into schools as part of the national curriculum; however it doesn’t go far enough.
Without exception, property is the most expensive acquisition most will make in a life time – financial literacy models need to cover more than simply spending and saving, they need to cover evaluation and transaction in the property industry, as well as the principles of diversification.
Estimating the current level of literacy is hard at the best of times. However, in <a href="https://www.anz.com/resources/3/9/392786004d2fa9b6bc40bc766a918285/ANZ-MediaRelease-20081008.pdf">the ANZ Survey of Adult Financial Literacy</a> the ABS were cited as saying: “More than half the Australian population aged 15 to 74 lacked the literacy and numeracy skills necessary to meet the complex demands of everyday life and work in the emerging knowledge-based economy”.
That’s a frightening statistic and flags a call of arms to do more than cover the basics.
Catherine Cashmore is a market analyst with extensive experience in all aspects relating to property acquisition. 
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Why we need to be teaching the basics of property acquisition in schools: Catherine Cashmore

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Things have moved on since a Shakespearean character in King Henry VI advocated "the first thing we do, let's kill all the lawyers". These days the prime imperative is to get rid of all the economists. I can't think of another profession so guilty of earning money on false pretences. Newspapers fill up large chunks of daily space with the predictions of people whose track records are quite appalling. The outlandishly inaccurate forecasts of the nation's most talentless profession are made worse by the suspicion that many commentators don't really believe what they're saying. Their objective is to generate media sound bytes. Something sensationally negative usually does the trick. Truth is optional. I still have the forecasts of economists about interest rates last year ringing in my ears. If they'd been right, Australia would have had multiple rate rises in 2011. The year ended without a single rise, but instead, two rate cuts. Never in the history of human conduct has so much been wrongly predicted by so many, for the benefit of so few. The weekly pattern of economic reportage is this: economists publish their tips about the upcoming release of data by the ABS; the bureau announces the latest figures on unemployment or economic growth or building approvals; and then economists fill up news pages with their exclamations of surprise, if not disbelief, at how different the official figures were from their predictions. Economics is indeed the art of explaining tomorrow why the predictions they made yesterday didn't come true today. The short explanation is: they haven't the faintest idea what's going on. The greatest mystery in Australian media is why journalists continue to give credibility to talking heads who constantly blunder. The bottom line is that newspapers don't give a damn, as long as there's a pithy quote and a cheap headline in it. So the chattering economist who got it horribly wrong last week can line up in front of cameras again this week to deliver another burst of misinformation. Accuracy is not only optional, it's downright inconvenient. <a href="https://www.propertyobserver.com.au/hotspots/tourism-helps-broken-hill-shed-its-one-horse-mining-town-investment-status-as-deloitte-s-questions-mining-boom-longevity/2012072255635">One of the greatest offenders is Deloitte Access Economics</a>, whose talking heads apparently believe there's no such thing as bad publicity. A major metropolitan newspaper this week described the firm as "Australia's leading private-sector budget forecaster". Despite my cynicism about economists, I had no idea the state of economic analysis in Australia was this bad. If DAE is the best, we're doomed. The firm's head media junkie Chris Richardson, the pin-up boy for economists who cherish getting it wrong in a spectacularly noisy fashion, will be remembered for his January 2009 media grab that "the budget is buggered". This was part of the firm's promotional effort for its Quarterly Business Outlook, which predicted Australia would fall into recession in 2009. The economic boom, it said, would "unwind scarily fast", corporate profits would halve and hundreds of thousands would lose their jobs. "Batten down the hatches," it declared. "This is not just a recession. This is the sharpest deceleration Australia's economy has ever seen." Oh dear. You'd think anyone who had got it so wrong would be a bit gun-shy about microphones and cameras thereafter. Hell no. This is about corporate profile, not credibility. And this week the firm delivered another prediction about the budget and the national economy. Naturally, its bold declaration that the budget surplus has evaporated and the mining boom had only two more years to run was regurgitated without hesitation by an adoring media. "The strong bit of Australia's two-speed economy won't stay strong for more than another two years or so,'" DAE confidently misinformed us. If you want proof that the exercise is more about headlines than economics, the reference to a "two-speed economy" is all you need. No serious expert attempting genuine analysis would resort to this cheap creation of a shallow media. As for the so-called boom in the resources sector running out in two years, I'm willing to predict it will this be with us when my grandchildren are my age.
Terry Ryder is the founder of <a rel="nofollow" href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a> and can be <a rel="nofollow" href="https://www.twitter.com/hotspotting" target="_blank">followed on Twitter</a>.
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Why listening to the so-called economic “experts” is a futile exercise

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Today's Business Spectator CEO Pulse survey puts the matter beyond doubt: Australia's chief executives do not like the Fair Work Act one bit.
They think it's bad for their businesses, they think it's bad for their industries and they especially think it's bad for the country. What's more, two-thirds of them think Fair Work Australia is doing a worse job than its predecessor, the Fair Pay Commission, because it's bureaucratic, inefficient and, worst of all, biased.
Do the nation's business leaders think the Rudd/Gillard system of workplace relations has anything going for it at all? Well, er, 3% of them think it has made things better.
The latest quarterly survey of Australian CEOs carried out by GA Research*, contains a devastating critique of the Fair Work Act and a rebuttal of the government's argument that the legislation improves productivity and is supported by business. It doesn't, and it's not.
The main problem, nominated by 54% of respondents, is that the Act sets up tension between wages and productivity. Other issues that need to be resolved are provisions around industrial action, collective bargaining and unfair dismissal – basically all the important things.
A lot of CEOs said that the new regime sets up an adversarial relationship between the unions and business, and is based around conflict. Some said that costs had increased and that they were dealing with more disputes and others said that the losses to productivity were hampering their ability to compete internationally.
To be fair, there were some positive comments. One CEO told our surveyors that there was "greater clarity and simplification via modern awards", while another praised Fair Work Australia: "Overall, Fair Work has presided over a necessarily complex area competently."
But Australia's CEOs have given the system a resounding thumbs down, with 82% saying it's bad for Australia, 60% concluding it's bad for their industry, and 51% that it's bad for their own company.
The interesting difference between those three figures lies in varying numbers of CEOs who think it has no impact at all: from 45% for the individual businesses to 9% for the nation. There was no change in the percentage that thought it was good, which was 3% for all categories.
Unsurprisingly, perhaps, the CEO collective now gives the Labor government 2.8 out of 10 for managing the economy. When we started these surveys in February 2010 the score was 5.4 out of 10, almost double today's score.
The decline in the government's standing has been remarkably steady, apart from a few months after Julia Gillard took over as prime minister and again just after the Future Jobs Forum was held late last year, accompanied as it was by a brief flurry of optimism that there would some action to help businesses lift employment.
Another interesting trend in the survey is around what's keeping them awake at night: achieving top line growth has now clearly replaced "sourcing and retaining skilled staff" as the key issue for CEOs. Even though unemployment is still low, CEOs are now much more worried about growing sales than finding staff.
Broadly, optimism about both the economy as a whole and individual businesses has fallen a long way versus this time last year: from 72% feeling somewhat or strongly optimistic about their own business to 56% now.
As for optimism about the Australian economy as a whole, that's down from 51% a year ago to 28% now, and no one is "strongly optimistic" at all – the whole 28% is now just "somewhat optimistic".
This is not good. CEOs are, by their nature, optimistic creatures because they spend their lives selling hope to their staff and their customers. That nearly a half of them are pessimistic about the nation's prospects, and a fifth of them are gloomy about their own companies is kind of shocking.
* Research design and analysis for the CEO Pulse was conducted by GA Research and fieldwork by AFS. The sample comprised n=96 CEOs of organisations with an Australian turnover of $100 million or more who opted to participate in a five minute survey conducted over the phone or online between July 17 and July 29, 2012.
This article first appeared on <a href="https://www.businessspectator.com.au/" rel="nofollow">Business Spectator</a>.
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Fair Work anger at the heart of CEO pessimism: Kohler

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It surprises me that some people are still suggesting Australians should invest in US real estate.
The US economy is still grim, as outlined in the <a href="https://business.financialpost.com/2012/07/09/11-ugly-facts-about-the-u-s-economy-david-rosenberg/">Financial Post</a> by Gluskin-Sheff chief economist David Rosenberg in a recent article.
Sure, the US economy is improving and jobs are being created, but the tepid 80,000 jobs the economy added (10,000 below already low expectations) slammed stock markets and sent the price of oil into a nosedive.
But the real devil, as they say, is in the details, and there was no shortage of disturbing details in this report.
Here’s Rosenberg’s list of “cracks in the jobs market”:
1. The jobless rate has topped 8% for 41 consecutive months, a post-World War record.
2. Only half of the jobs lost in the recession have been regained. Normally at this stage of the cycle – even in the most acute jobless recoveries – employment would now be back to all time highs, says Rosenberg.
3. More than one in four households have at least one member looking for a job – that’s another record.
4. 5.4 million Americans who are still looking for a job have been out of work for more than a year.
5. More than 8-million Americans are working part time because they can’t get a full-time job
6. Self-employment has risen 242,000 since March. “We are becoming a nation of freelancers and consultants in this era of corporate downsizing.”
7. More workers have signed up for federal disability benefits than new jobs have been created since the end of the recession in June 2009.
8.  The number of people who have vanished from the workforce altogether has surged 7.3 million over the past three years.
9. The current labour force participation rate of 63.8% is below the rate at the end of the recession – a record low for a post-recession recovery.
10. Household income is 5.3% lower now than it was when this “alleged” recovery began.
11. Food stamps are surging to record levels, up 32% since 2009.
Rosenberg’s conclusion?
“The labour market is broken and needs fixing; clarity over the fiscal policy outlook, a coherent energy policy and tax reform that provides incentives to save and invest as opposed to conspicuous consumption would be a good start.”
I’ve given my thoughts on investing in US property in previous blogs which you can <a href="https://propertyupdate.com.au/category/property-investment/property-investment-usa/">read here</a>.
Steer clear.
Source: <a href="https://business.financialpost.com/2012/07/09/11-ugly-facts-about-the-u-s-economy-david-rosenberg/">Financial Post</a>.
Michael Yardney is the director of <a rel="nofollow" href="https://www.metropole.com.au/">Metropole Property Investment Strategists</a> , a best-selling author and one of Australia's leading experts in wealth creation through property. He also writes the <a rel="nofollow" href="https://www.propertyupdate.com.au/">Property Investment Update</a> blog.
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Why US property investment is a no-no – 11 ugly facts about the US economy: Michael Yardney

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<img alt="Port-Hedlandv2" src="/images/stories/2012/Port-Hedlandv2.gif" height="225" width="400">
High-flying WA residential property developer Finbar has been selected as the preferred developer to turn the former Port Hedland Hospital site in the iron-ore rich Pilbara region into 367 serviced apartments.
The $300 million project will overlook the state government’s $152 million Spoilbank Marina Precinct in Port Hedland and is part of its "Pilbara Cities" initiative, which aims to turn Karratha and Port Hedland into sustainable and attractive cities of 50,000 people each by 2035 as well as grow the population of Newman to 15,000 by 2035.
Finbar’s shares on the ASX were placed in a trading halt today $1 per share ahead of the announcement.
Trading has since re-opened with the share price rising to $1.06 following the announcement.
In choosing Finbar, the WA government would have taken account of Finbar’s successes in the Pilbara to date.
The developer recently completed <a href="https://www.propertyobserver.com.au/developments/developer-finbar-making-an-impact-in-wa/2011102051937">stage one of its $225 million Pelago project</a> in Karratha and has since commenced work on stage two.
The project features 292 residential apartments and 22 commercial lots.
The completed Pelago West component comprises 114 apartments while Pelago East will comprise 184 apartments, upon completion.
Following the Port Hedland appointment, Finbar will now enter into an exclusive working period with WA’s land and property development agency Landcorp.
Finbar will firm up design concepts for consideration by the relevant authorities followed by the intended purchase of the site from the state government for redevelopment.
Subject to approvals, Finbar plans to proceed to market and commence construction on the Port Hedland site early in 2013.
The former Port Hedland Regional Hospital site is a 3.15 hectare parcel of land located on Sutherland and Morgans Streets in Port Hedland, situated directly opposite the Port Hedland Yacht Club.
Aside from the 367 short stay serviced apartments along, the project will also feature ground floor commercial office and retail units, which will reflect the requirements for the State Government funded $152 million marina and tourism precinct.
The former hospital site is next door to Mirvac's $125 million hotel and residential project which will consist of 178 hotel rooms and 116 residential dwellings. “Port Hedland represents a significant opportunity for Finbar and allows us to demonstrate further innovative housing in the Pilbara area,” said Finbar managing director, Darren Pateman following the announcement.
“The Spoilbank Marina project itself will be a milestone for the Port Hedland area and will provide real relief to local residents and businesses that are crying out for alternative recreation and accommodation options.” “Accommodation in the North West is certainly in strong demand and Finbar’s agility will enable us to respond quickly for the benefit of the town, its businesses and our shareholders."
“Ideally, the Spoilbank Marina precinct will enliven the Port Hedland community and become a destination which workers would prefer to call home.”
“From what we have witnessed, there is a pent up demand for cosmopolitan living and we believe that Spoilbank Marina will become the prime Port Hedland location.”
In its most recent Pilbara Cities Newsletter update for Port Hedland, LandCorp said will release development sites this year will have the potential to accommodate an additional 1,200 dwellings.
The Pilbara – the epicentre of WA’s iron ore boom – has a total of $175 billion committed to new resource and resource related infrastructure projects.
According to the WA state government, the total value of minerals and petroleum production in the Pilbara by 2018 will be approximately $211 billion.
The WA government identifies the key challenges for the Pilbara due to growth in recent years are:
<ul>
<li>Housing is less affordable due to unmet demand.</li>
<li>Infrastructure upgrades/expansion are not keeping pace with growth.</li>
<li>Small business numbers have declined partly due to rising costs.</li>
<li>Education and health services are below expectations.</li>
<li>Community services facilities are aging and inadequate.</li>
<li>Sense of community is in decline, adversely impacted by workforce fly-in, fly-out rosters and 12 hour shifts.</li>
</ul>
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Finbar wins tender to build $300m serviced apartment project in Port Hedland 

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Changes in median house and unit prices don’t "inform" on whether the housing market is rising or falling, says Rismark, joint compiler of the RP Data-Rismark Daily Home Value Index.
Responding to a number of articles in the media, <a href="https://www.propertyobserver.com.au/residential/house-prices-the-latest-june-quarter-data-may-not-lie-but-its-rarely-in-agreement/2012072955754">including one on Property Observer</a>, commenting on the divergent nature of June quarter housing market data, Rismark says median prices are good for asking questions like: “Can the average wage earner afford to buy up to the 50th percentile (ie. the median) of the houses that happen to be selling in the last quarter?"
“Equally, the 25th or 75th percentiles are just as useful as the 50th for these types of questions."
Rismark says it cannot imagine anyone advocating that an index of the 25th or 75th percentile of house prices (stratified or otherwise) being representative of changes in the value of the housing market.
“However, when it comes to the word 'median' (ie. the 50th percentile) a lot of people seem to become spellbound."
According to Rismark “repeat sales indices” – where the sample of properties included in an index is limited to that sell more than once is a “poor reflection of changes in the market”.
“Repeat sale indices have very low coverage of the dwelling stock which is trading and massively revise, though time as new trade pairs (ie. houses selling more than once) become observable.
The RP Data-Rismark Daily Home Value Index is a hedonic model.
“This index utilises comprehensive information on the attributes and characteristics of residential properties (such as location, land size, and bedrooms) to measure “quality-adjusted” changes in property value over time and to also impute the value of dwellings having a certain set of characteristics (but no current sales price) by observing the sales prices and characteristics of other dwellings which have recently been observed as selling," RP Data explains on its website. 
<a href="https://www.rpdata.com/research/types_of_indices">Click here for RP Data's full explanation of its methodology.</a>
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