<a href="https://www.apartments.com.au/developers/hyecorp-property-group">Hyecorp</a> has completed construction of Audrey, its parkside apartment development in St Leonards South, becoming the first residential project within the St Leonards South Precinct to reach completion.

Residents are expected to begin moving into the Canberra Avenue development at the end of June, making Audrey the first opportunity for buyers to take up residence within the emerging precinct.

Positioned at the highest point on Canberra Avenue, directly opposite Newlands Park, the project enjoys protected parkland outlooks and district views that cannot be built out as the precinct continues to evolve.

Unlike many of the larger developments planned across St Leonards South, Audrey comprises just 102 residences, making it one of the more boutique offerings within the precinct. The smaller scale has enabled Hyecorp to place a strong focus on owner-occupier design, resident amenity, and long-term liveability.

[smartcode_project:default project_id=110379 project_image_fid=368333]

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, Audrey comprises a mix of three-bedroom apartments and a double-storey five-bedroom townhouse, with many residences positioned to capture views toward the Sydney CBD and Harbour Bridge. The project has been underpinned by a strong focus on design continuity, with Hyecorp working alongside interior designers <a href="https://www.apartments.com.au/interior-designers/jackson-teece">Jackson Teece</a> and landscape architects <a href="https://www.apartments.com.au/landscape-architect/site-image">Site Image</a> to shape both the private residences and shared amenity spaces.

<a href="https://www.apartments.com.au/buildings/audrey-st-leonards-13-19-canberra-avenue-st-leonards-nsw-2065">Audrey</a>’s interiors feature open-plan layouts, floor-to-ceiling glazing, oak timber flooring, bespoke joinery, and large-format stone finishes throughout the kitchens and bathrooms. Integrated Miele appliances, brushed metal tapware, and concealed cabinetry detailing were specified across the residences, reflecting Hyecorp's emphasis on quality and owner-occupier appeal.

The upper levels of the building are home to the Tiffany Collection, a premium offering occupying Levels 12 to 15. The residences include upgraded appliance packages, fluted standalone bathtubs, heated bathroom flooring, custom walk-in robes, and larger internal layouts ranging from 155 to 159 sqm.

[smartcode_project:default project_id=110379 project_image_fid=367164]

Backed by a 30-year legacy, Audrey reflects the experience of Hyecorp, an Australian family-owned developer with an award-winning track record across Sydney. As locals, Hyecorp understands the needs of local communities, creating homes and precincts designed for long-term liveability, connection, and lifestyle.

Despite its boutique scale, Audrey delivers an extensive suite of amenities typically associated with much larger developments. Residents have access to an indoor lap pool and spa, personal training studio, private cinema, music room, rooftop entertaining terrace, residents lounge, and private dining room overlooking the Sydney skyline.

The rooftop terrace and communal lounge spaces were conceived as extensions of residents' homes, supporting a lifestyle-focused environment that encourages wellbeing, flexibility, and community connection.

The project also incorporates a ground-floor café and an integrated daycare centre, adding to the growing mixed-use character emerging across the St Leonards South precinct.

[smartcode_project:default project_id=110379 project_image_fid=198680]

Audrey arrives as <a href="https://www.apartments.com.au/developments/st-leonards-nsw-2065">St Leonards</a> continues its transformation into one of Sydney's most strategically located urban renewal areas. The precinct's proximity to Royal North Shore Hospital and the broader health, research, and commercial corridor has made it increasingly attractive to medical professionals, healthcare workers, and owner-occupiers seeking housing close to employment and transport infrastructure.

Residents are within walking distance of St Leonards Station and the Crows Nest Metro, while nearby retail includes Mall 88, Forum Plaza, Woolworths, and the recently opened Coles supermarket. Nearby green spaces including Newlands Park, Gore Hill Oval, and Naremburn Park further reinforce the area's lifestyle appeal.

As the first completed project within the precinct, Audrey demonstrates the direction of St Leonards South's evolution, combining higher-density living with generous amenity, strong transport connectivity, and access to green space.

A limited collection of premium residences remains available, including spacious three-bedroom apartments, a four-bedroom townhouse and a selection of penthouses.

[smartcode_project_cta:default project_id=110379]

mikah.m@urban.com.au

Hyecorp completes Audrey, first project to welcome residents in St Leonards South Precinct

A trio of Queensland property groups have unveiled plans for a $300 million mixed-use redevelopment of the former Noosa Bowls Club site, a proposal that would deliver more than 200 new homes in one of the Sunshine Coast's most supply-constrained markets.

Kilter Property, Frank Developments and Calile Malouf Investments are behind the plans for the 1.8-hectare site at <a href="https://www.apartments.com.au/new-apartments/99-noosa-drive-noosa-heads-qld-4567">99 Noosa Drive</a>, which would transform the long-vacant site into a new residential precinct featuring 208 apartments, retail, hospitality and public space.

The proposal comes as Noosa continues to grapple with housing affordability and a shortage of permanent accommodation, particularly for key workers. The site's location in Noosa Junction, close to shops, public transport and employment, aligns with the direction of Noosa Council's Housing Strategy, which encourages higher-density housing within established activity centres rather than continued urban expansion.

The draft plans include 48 affordable-by-design apartments and 48 rooming accommodation units aimed at key workers. Around 2,000 sqm of ground-floor retail and food and beverage space would activate the street frontage, alongside a new public town square and landscaped open space.

<img alt="Noosa" data-entity-type="file" data-entity-uuid="2dd02f53-1360-4e51-801e-bfd61a6c980e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-26%20at%208.44.34%E2%80%AFPM.png?VersionId=x1iNs3BSMN6Jy7YUwaBZMHRrrKX2hMpy" />

&nbsp;

Frank Developments Founder and Director Frank Licastro said the development would continue the company's focus on architecturally-led residential projects while addressing one of the region's biggest challenges.

"Not only will this project exude a sense of luxury, it will also enhance not only the built environment but also the surrounding community," Licastro said.

"Noosa's success relies on the people who live and work here. Providing well-designed accommodation for key workers is critical to supporting the local economy and ensuring the Shire can continue to thrive."

Kilter Property Co-Founder Huw Williams said the focus was on delivering additional permanent housing while creating a mixed-use destination that benefits both residents and the wider community.

"Our focus is on delivering a well-considered mixed-use project that provides more permanent housing options, supports local workers and businesses, and delivers an exceptional product for the local market," Williams said.

"The redevelopment vision aligns with the long-term evolution of Noosa Junction as a vibrant activity centre, creating a destination that enhances the area's character while delivering significant economic and community benefits."

Calile Malouf Investments, best known for its role in Brisbane's James Street precinct and The Calile Hotel, will bring its place-making experience to the project. The company recently commenced construction on The Calile Noosa hotel and says the residential development will complement its growing investment in the region.

CMI Director Cal Malouf said the aim was to create a walkable precinct combining housing, retail and hospitality while remaining true to Noosa's character.

"We see a similar opportunity in Noosa to deliver a vibrant, walkable destination that combines exceptional housing, hospitality and retail in one integrated project," Malouf said.

Brisbane-based Cavill Architects has been appointed to design the project.

Joel Robinson

Noosa Bowls Club to be redeveloped into mixed-use apartment precinct

One of Brisbane's last major riverfront redevelopment opportunities has taken a significant step forward, with Lendlease selected as the Queensland Government's preferred development partner for the former Visy site in South Brisbane.

The seven-hectare industrial site, positioned between South Bank and West End and 1.3 kilometres from the Brisbane CBD, will be transformed into a mixed-use precinct expected to deliver more than 4,000 new homes alongside extensive public open space and riverfront parkland.

The project is one of the largest urban renewal opportunities currently planned in Brisbane and is expected to play a key role in accommodating the city's growing population ahead of the 2032 Olympic and Paralympic Games.

Plans for the precinct include a network of riverfront promenades and boardwalks, new public plazas, parkland, amphitheatre-style gathering spaces and shared pedestrian and cycling links designed to reconnect the long-isolated site with the Brisbane River.

The Queensland Government is targeting delivery of the first homes and key public spaces before the 2032 Games, allowing the precinct to begin contributing new housing and public amenity well before the broader masterplan is complete.

The redevelopment is also expected to support more than 3,000 jobs across planning, construction and ongoing operations.

For Lendlease, the appointment adds another major urban regeneration project to its Queensland portfolio. The developer has operated in the state for more than 70 years and has delivered a number of large-scale mixed-use precincts in partnership with government.

Lendlease Development CEO Claire Johnston said the project represented one of Brisbane's most significant redevelopment opportunities.

"The transformation of the former Visy site represents a rare opportunity to reimagine one of Brisbane's most significant riverfront locations, deliver thousands of much-needed homes, and create long-term legacy," Johnston said.

"In partnership with the Queensland Government, we have the opportunity to create a new riverside destination that will help shape Brisbane's growth and how people experience the city for decades to come.

"This is exactly the type of large-scale, city-shaping development that will provide lasting benefits for Queensland, bringing together housing, jobs and world-class public spaces."

Deputy Premier and Minister for State Development, Infrastructure and Planning Jarrod Bleijie said the riverfront transformation would deliver a thriving new community precinct.

“The Crisafulli Government is delivering this golden opportunity to unlock a riverfront jewel for all Queenslanders,” Deputy Premier Bleijie said.

“This is a once-in-a-generation moment to reshape a significant slice of Brisbane and deliver lasting benefits – thousands of new homes, and public spaces for all Queenslanders to enjoy well beyond the 2032 Olympic and Paralympic Games – unlike Labor’s plan which would have delivered zero benefits and zero new homes.

“Queensland is well and truly open for business and through partnership with the private sector, we are accelerating delivery while ensuring strong housing, community and economic outcomes."

Early works on the precinct are expected to commence in April 2027.

Lendlease selected to deliver transformative South Brisbane riverfront precinct

Eddy Haddad's <a href="https://www.apartments.com.au/developers/level-33">Level 33</a> is levelling up its approved Wollongong development, as the coastal city south of Sydney continues to prove popular in the high-density development space.

Level 33, a longtime developer in the Wollongong area, has gone through the NSW Government's Housing Delivery Authority to upsize its approved two-tower development on the corner of Crown Street and Gladstone Avenue, just 100 metres from Wollongong Station.

The developer currently has approval for 252 apartments across two buildings rising to 19 storeys. It is now seeking approval for 33 and 38-storey towers that would deliver 467 apartments, including 67 affordable homes.

Designed by <a href="https://www.apartments.com.au/architects/bka-architecture">BKA Architecture</a>, the development would comprise apartments above a three-level podium with around 1,100 sqm of retail space, along with basement parking for 448 vehicles.

According to the Urban Design Report by BKA, the proposal has the capacity to "reinforce the precinct's identity by strengthening links between health, education, and transport services, while also contributing to Wollongong's ongoing evolution as a key regional centre."

Wollongong is somewhat in vogue. Between Level 33 and Urban Property Group, the two developers have several thousand apartments planned across the city.

Level 33 is currently delivering Easterly Wollongong, one of its most boutique projects to date with just 21 high-end apartments, as well as Atchison &amp; Kenny, a 329-apartment development due for completion later this year.

The developer plans to redevelop the 13,088 sqm WIN Grand megasite into <a href="https://www.apartments.com.au/new-apartments/crown-square-216-238-keira-street-wollongong-nsw-2500">Crown Square</a>, a new $500 million precinct with nearly 600 apartments. It also has more than 900 apartments planned for the former Bunnings Warehouse site at the intersection of Gipps and Flinders streets.

Urban Property Group is also playing a major role in the city's transformation. Its five-tower Keira Place precinct will deliver more than 800 homes, and it has recently lodged plans for a further 300 apartments near Wollongong Station.

First look: Level 33 upsizes Wollongong apartment towers

Just a week after filing plans for the final stage of its major Keira Place masterplan, <a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has unveiled another significant housing proposal in Wollongong, this time targeting a prominent site opposite North Wollongong Station.

The developer has lodged a State Significant Development Application for a 38-storey mixed-use tower at <a href="https://www.apartments.com.au/new-apartments/4-4a-flinders-street-north-wollongong-nsw-2500">4-4A Flinders Street</a>, around one kilometre north of the <a href="https://www.apartments.com.au/new-apartments/keira-place-wollongong-120-122-smith-street-wollongong-nsw-2500">Keira Place precinct</a> currently taking shape on the edge of the CBD.

<img alt="First look: Urban Property Group plans 38-storey North Wollongong tower as Keira Place expansion gathers pace" data-entity-type="file" data-entity-uuid="2b6428f1-6405-4038-8476-897de440e90d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/flinders%20podium.png?VersionId=QLqEvK0OuCEwRC47oHNftrw2B1YqaHF8" />

Designed by Studio.SC, the proposal comprises a 38-storey mixed-use development containing 303 apartments, including 45 affordable housing units, alongside 174 co-living residences. The scheme also includes ground-floor retail space, extensive landscaping and public domain improvements.

Studio.SC noted in the proposal it "outlines a vision for a landmark transit-oriented mixed-use development centred around North Wollongong Station, designed to support the city’s future growth while responding to the NSW Government’s housing and planning reforms."

The architecture firm said the proposal responds to the opportunities and constraints shaping future growth within the 400-metre catchment of the station and represents "a coordinated and future-focused approach to urban intensification, contributing to the long-term evolution of North Wollongong as a connected, walkable and high-density station precinct."

The site occupies a strategic corner bounded by Flinders Street, Station Street, Stafford Street and the Princes Highway, directly opposite North Wollongong Station.

<img alt="First look: Urban Property Group plans 38-storey North Wollongong tower as Keira Place expansion gathers pace" data-entity-type="file" data-entity-uuid="7863adad-1f71-4022-b850-f44b252738fd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/flinders%20podium%20a.png?VersionId=WsU7av0g8_8R2tGHWxgHeFSlhu7yeY1V" />

The proposal follows Urban Property Group's recent submission for the second and final stage of Keira Place, which would deliver a further three buildings comprising 657 homes opposite Beaton Park. It builds on the first stage, which features 150 apartments across two towers and recently commenced construction.

Urban Property Group CEO Patrick Elias said breaking ground on the first stage marked a significant milestone for Wollongong and reflected the developer's long-term commitment to regional cities.

"Today's groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong's city centre," Elias said.

"Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection."

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/urban-property-group-unveils-trio-of-towers-for-next-stage-of-new-wollongong-precinct-keira-place">Urban Property Group unveils trio of towers for next stage of new Wollongong precinct, Keira Place</a>

First look: Urban Property Group plans next major Wollongong tower

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>

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Ellen Walker

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

For the first time in a long time, Australia's inflation story is starting to look more like a landing than a fight.

The latest Consumer Price Index figures from the Australian Bureau of Statistics showed annual inflation eased to four per cent in May, down from 4.2 per cent in April. On the surface, that might not seem like a major move. Inflation remains above the Reserve Bank's target range and some categories continue to record stubborn price growth.

But the significance of this result lies less in where inflation sits today and more in what it means for where interest rates are likely heading next.

The biggest takeaway is that inflation continues to move in the right direction.

Markets had been bracing for another sticky result after a period where progress appeared to stall. Instead, headline inflation came in softer than expected, helped by falling fuel prices and easing transport costs. Annual transport inflation halved from 6.6 per cent in April to 3.3 per cent in May, while automotive fuel prices fell 11.9 per cent during the month following lower oil prices and the impact of reduced fuel excise measures.

While petrol prices don't solve Australia's affordability challenges, they are one of the most visible and immediate costs for consumers. Falling fuel costs feed through the economy quickly, helping ease pressure on household budgets and business operating expenses.

The ABS data also showed headline inflation is now sitting at its lowest annual level in several months, reinforcing the broader trend that price growth is gradually moderating.

That trend is important because it aligns with what many economists and lenders have been saying for the last month.

Prior to this week's inflation data, ANZ, NAB and Commonwealth Bank had all shifted their forecasts, now believing the Reserve Bank had likely reached the peak of the interest rate cycle. Following the May inflation release, ANZ reaffirmed that view.

In its latest economic update, ANZ said it expects quarterly trimmed mean inflation to come in at 3.7 per cent for the June quarter, slightly below the Reserve Bank's forecast of 3.8 per cent. Importantly, the bank said that outcome, when combined with slowing economic activity, "supports our view that the cash rate has peaked".

The Reserve Bank has spent the better part of three years attempting to bring inflation under control through higher interest rates. If Australia's major banks are correct and rates have now peaked, the conversation shifts from how much higher rates could go to when they might begin coming down.

Westpac's caution comes from underlying inflation. The trimmed mean, the measure most closely watched by the Reserve Bank, increased from 3.4 per cent to 3.6 per cent annually. Housing inflation remains elevated at 6.5 per cent, reflecting ongoing increases in rents, electricity costs and new dwelling construction.

Electricity prices remain particularly problematic, rising 21.1 per cent over the past year following the removal of government rebates.

Housing construction costs are also showing signs of renewed pressure. ANZ noted new dwelling costs rose 0.9 per cent in May and are now running at an annualised pace of 8.6 per cent over the past three months. Builders continue to face higher labour, fuel and material costs, a reminder that inflationary pressures have not completely disappeared.

Housing affordability has deteriorated largely because of higher interest rates rather than higher property prices alone. Even modest reductions in mortgage rates would improve borrowing capacity, increase buyer confidence and reduce repayment pressure on existing homeowners.

While August is far from a certainty, the latest inflation result has strengthened the view that the next move in rates is more likely to be down than up. For borrowers, buyers and the development sector, that alone represents a significant shift from the conversation that dominated much of the past two years.

The inflation result the property market was waiting for

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There are certainly opportunities in the current 2019 market to pay less than the last price.
But is there really such a thing as buying a bargain when it comes to property? And where are they?
This series of articles looks are specific examples of sale price or asking price falling. 
We take a look at where and if possible why this is happening.  
We came across this property for consideration.
<img src="https://www.urban.com.au/images/2019/6/22/Malvern%20East%20Bargain%202.JPG" alt="">
A one bedroom, one bathroom Malvern East apartment has sold for $103,000.
This marks a $44,000 price reduction on it's previous sale price of $147,000 in 2008.
Situated at <a href="https://www.realestate.com.au/sold/property-apartment-vic-malvern+east-130623358" target="_blank">203/60 Waverley Road Malvern East</a>, the 2003 built unit was sold at auction.
It is Student Only Accommodation, meaning it can only be rented out to students, and it is a 5 minute walk to the Monash Uni Caulfield Campus which has more than 18,000 enrolled students.
The secure entry complex includes swipe security via lifts, and access to a common room, BBQ area, and bike racks, just 13 minutes from the Melbourne CBD.
Last listed as a rental in December 2017 at $275/pw, the price is significantly lower than the December 2016 rental price of $410/pw.
It is up to you to determine if the offering is a truly beneficial bargain.
Remember buying at the bottom of the cycle is fraught – as you can't really precisely pick the bottom nor know just how long until you see some price growth.
Be aware you could be buying a poor quality property in an area with ongoing issues of oversupply of stock.
The oversupply could be also putting downward pressure on rents.
Other price declines could be because the vendor needs a quick sale or paid way over the top on its last purchase chase.
Property Observer suggests property purchasing really does need to be a very well considered proposition with a long term mindset.
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j.ballantyne1990-6AQqhLzZaK

Bargain property in Malvern East? Apartment price down 30 percent 

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A West Gladstone, Queensland mortgagee house has sold for $335,000, 40% of its previous sale price.
It saw a loss of $515,000 over 11 years since it transacted for $850,000 in 2008.
Luke Watts of Elders Real Estate held the listing.
Situated at <a href="https://www.realestate.com.au/sold/property-house-qld-west+gladstone-128014414" target="_blank">12 Piper Street</a>, the four bedroom two bathroom house sold after 530 days on the market.
After one unsuccessful auction in May 2018 the home was listed with an asking price of $380,000, reduced to $370,000 in June 2018 and again to $349,000 in June 2019.
The current price is not dissimilar to its value in 1999 when it traded for $265,000.
The four bedroom, two bathroom house was constructed in 1990. 
Set on 810 sqm the home features sprawling views of Mt Larcom and the harbour.
<a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/Subscriber%20strip%20ad.jpg" alt=""></a>
The median price for a home in <a href="/developments/west-gladstone-qld-4680">West Gladstone</a> is $182,550 according to CoreLogic, which calculate its annual change in median price over the past 10 years as -5.8%. 
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West Gladstone mortgagee sold for $515,000 loss

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A Pacific Paradise, Queensland home has been sold for $505,000.
The four bedroom, two bathroom house sold after an unsuccessful June 1 auction.
Brad Reed of North Shore Realty marketed the listing.
Situated at <a href="https://www.realestate.com.au/sold/property-house-qld-pacific+paradise-131139082" target="_blank">10 Parkland Drive</a>, the home resides in the “Sands Estate” in Pacific Paradise.
Set on 600 sqm, the home features a double lockup garage.
The 2006 built home has a fully fenced backyard and a built in wardrobe in all four bedrooms.
The listing described it as a "solid brick and tile home."
It is located minutes from public transport, Mudjimba Beach, Maroochy River, schools and other amenities.
Last sold in May 2006, the property transacted for $190,000, a $20,000 increase on its April 2006 sale price of $170,000.
<a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/Subscriber%20strip%20ad.jpg" alt=""></a>
The median price for a home in <a href="/developments/pacific-paradise-qld-4564">Pacific Paradise</a> is $485,050 according to CoreLogic, which calculate its annual change in median price over the past 10 years as 2.8%. 
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Pacific Paradise, Queensland mortgagee home sold after unsuccessful auction

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GUEST OBSERVATION
There’s a very good chance that later today the Reserve Bank will cut its cash rate to 1%. Some predict more cuts by the end of the year, <a href="https://theconversation.com/buckle-up-2019-20-survey-finds-the-economy-weak-and-heading-down-and-thats-ahead-of-surprises-119455" target="_blank">perhaps to 0.5%</a>.
It’s understandable. Economic growth is <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-06-05/australian-economy-slows-to-levels-last-seen-in-gfc/11180688" target="_blank">under-performing</a>; prices and wages are <a href="https://theconversation.com/our-economic-model-looks-broken-but-trying-to-fix-it-could-be-a-disaster-118397" target="_blank">scarcely growing</a>; and for three quarters now the economy has been in what might be called a <a href="https://www.smh.com.au/business/the-economy/australia-falls-into-per-capita-recession-as-growth-tumbles-20190306-p5122r" target="_blank">per-capita recession</a> (the economy is not growing as fast as the population).
In the central banker cookbook there’s a note in red next to this description. It reads: “cut interest rates.”
But the Reserve Bank’s cash rate is already close to zero, at 1.25%. What if the needed cut is 2 or 3 percentage points?
Lowe knows his cookbook
Reserve Bank governor Philip Lowe hopes that cutting the rate will help in two ways.
First, it will ease the mortgage burden on households, freeing up money for spending and making it easier for them to borrow. This may help sustaining house prices and reigniting the construction boom.
Second, by cutting the rate offered on Australian bonds and deposits, cutting the rate will devalue the Australian dollar, making Australian exports more attractive overseas.
The problem with the first channel is that more borrowing builds up debt. But Australian households are already among the <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2018-10-30/australia-most-country-to-risks-of-rising-household-debt/10445814" target="_blank">most indebted in the world</a>, with private debt worth twice what the whole economy can produce in an entire year, so more debt may leave Australians even more exposed if things turn down and they lose their job. The Irish economy <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2018-10-08/how-much-is-australia-in-2018-like-ireland-in-2007/10343364" target="_blank">collapsed</a> when that happened during the global financial crisis.
The problem with the second channel is that it makes it harder to import. Bear with me.
Which Australia?
When I arrived in this sunny country in 2011, my colleagues and friends were always talking of the transition out of the mining and construction economy.
In few words, the story goes like this: the Australian economy boomed when East Asia started demanding our iron and coal. When that slowed down, the economy stayed afloat, because mining workers transferred to the cities to build new residential neighbourhoods for the growing population. By the time that ends we will have built a strong service economy–strong enough to take the place of construction.
But this transition hasn’t really happened, perhaps in part because of low interest rates.
Unlike mining, services need to import most of their inputs and compete on a global market for workers. A weaker dollar increases their costs.
And unlike construction, they are not particularly capital intensive. So low interest rates don’t much help them.
All isn’t lost
The services industries that are our future would be better off if it the Reserve Bank didn’t need to try so hard – there is a lot the government can do.
The services sector needs investments in the sort of infrastructure that would make our global cities attractive to live in.
It also needs reforms to make our services more competitive at home, perhaps by disturbing the distribution duopoly or by <a href="https://theconversation.com/how-changing-our-bank-account-numbering-system-will-be-a-win-for-customers-40236" target="_blank">making the big four banks compete harder for customers</a>. As well, the government has a role in absorbing (directly and indirectly) some of the workforce that inevitably will lose out when the mining and construction sectors contract.
At best, the Reserve Bank is buying time for the government. Alone it probably can’t avoid a recession forever.
<a href="https://theconversation.com/profiles/gabriele-gratton-457958" target="_blank">Gabriele Gratton</a>, Associate Professor of Economics and Scientia Fellow, <a href="http://theconversation.com/institutions/unsw-1414" target="_blank">UNSW</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/rate-cuts-might-hurt-as-well-as-help-what-if-this-man-didnt-need-to-do-as-much-119378" target="_blank">original article</a>.
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Rate cuts might hurt and help, what if Philip Lowe didn't have to do so much? Gabriele Gratton

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GUEST OBSERVATION
Rarely does a Reserve Bank governor get to remake Australia.
HC “Nugget” Coombs, the first Reserve Bank governor, did.
As director general of the Department of Post-War Reconstruction from 1943, he was instrumental in creating the <a href="https://openresearch-repository.anu.edu.au/bitstream/1885/47102/3/FromCurtintoKeating2.pdf" target="_blank">White Paper on Full Employment in Australia</a> that was adopted as a guide by prime ministers from Chifley to Menzies to Whitlam.
He ensured the objective of full employment became part of the charter of the Reserve Bank when he became its <a href="https://museum.rba.gov.au/exhibitions/make-your-money-fight/role-of-hc-coombs/" target="_blank">first governor</a> in 1960, moving over from the then government-owned Commonwealth Bank, which had performed the Reserve Bank’s functions up to then.
After once again cutting interest rates to a new record low at a special Reserve Bank board meeting in Darwin on Tuesday, his latest successor Philip Lowe will travel to Yirrkala in Arnhem Land to visit the site where some of the Coombs ashes were buried.
HC Coombs gave us full employment
<a href="https://images.theconversation.com/files/282375/original/file-20190702-126369-16qvlv3.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/282375/original/file-20190702-126369-16qvlv3.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
 HC Coombs, Reserve Bank governor 1960-68.<a href="https://commons.wikimedia.org/wiki/File:H._C._Coombs.jpg"> </a>
On Tuesday night in Darwin, he <a href="https://www.rba.gov.au/speeches/2019/sp-gov-2019-07-02" target="_blank">paid tribute</a> to Coombs. He said that in his dual roles as governor of the Reserve Bank and chair of the Council for Aboriginal Affairs, he was a strong advocate for land rights and the preservation of cultural values and traditions.
Another governor who remade Australia was Bernie Fraser, head of the treasury when Prime Minister Paul Keating made him governor of the Reserve Bank in 1989 – shortly before Australia plunged into recession.
He cut rates dramatically from early 1990, as might have been expected in order to bring about a recovery. But then, well before the recovery was complete (and the unemployment rate was still about 10%), he stopped cutting and started pushing rates back up – much to Keating’s displeasure.
Bernie Fraser gave us low inflation
<a href="https://images.theconversation.com/files/282374/original/file-20190702-126376-2qkk8n.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/282374/original/file-20190702-126376-2qkk8n.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
 Bernie Fraser, Reserve Bank governor 1989-96. Lukas Coch/AAP
His rationale appears to have been to salvage something out of the unusual circumstances in which Australia found itself. With inflation on the ropes because of the recession, he decided to keep it there – to squeeze out high inflation forever. With one temporary exception during the introduction of the goods and services tax in 2000 it never again returned to the rates of 5% or more that had been common.
He did it not because of an unusual opportunity, and changed Australia forever.
And so to Philip Lowe, who on Tuesday night in Darwin indicated that he too was taking advantage of an unusual opportunity and would probably change Australia forever.
Until a few years ago, it was thought that Australia’s rate of “full unemployment” – the rate below which unemployment couldn’t stay without stoking inflation – was touch over 5%. As it has fallen to 5% in the past year without stoking either inflation or much-wanted wage growth, the bank has come to revise its view.
It now thinks something has changed and the “full employment” is <a href="https://www.rba.gov.au/speeches/2019/sp-ag-2019-06-12-2" target="_blank">probably 4.5% or lower</a>, a low that was reached during the peak of the mining boom but hasn’t been sustained since the early 1970s. Aiming for an unemployment rate of 4.5% instead of 5% would get 69,000 more people into work.
Lowe wants unemployment lower
Lowe could have ignored the opportunity to push unemployment down that far, to a low that hasn’t been sustained since the 1970s. Instead, in Darwin on Tuesday night, he embraced the opportunity, saying his board was:
prepared to adjust interest rates again if needed to get us closer to full employment and achieve the inflation target in a way that supports the collective welfare of all Australians
Governor Lowe plans to usher in the lowest unemployment target in half a century. He believes the economy can sustain it. He said several times on Tuesday that he would prefer the government to help out <a href="https://www.rba.gov.au/speeches/2019/sp-gov-2019-07-02" target="_blank">with infrastructure projects and the like</a>, but if it won’t, he is “prepared to adjust interest rates again if needed to get us closer to full employment”.
He is doing it because the opportunity is there, as did Coombs and Fraser before him.
There’s no telling (yet) how far rates will have to fall to achieve it. Without setting out to, Lowe is remaking Australia.
<a href="https://theconversation.com/profiles/peter-martin-682709" target="_blank">Peter Martin</a>, Visiting Fellow, <a href="http://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292" target="_blank">Crawford School of Public Policy, Australian National University</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/ultra-low-unemployment-is-in-our-grasp-how-philip-lowe-became-the-governor-who-lifted-our-ambition-119754" target="_blank">original article</a>.
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Ultra-low unemployment is in our grasp thanks to Philip Lowe: Peter Martin

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UK retail giant Debenhams are closing their doors in Australia just two years after entering the market.
It was October 2017 when Debenhams stepped on to Australia shores, in Melbourne, where they secured a store on St Collins Lane in the CBD.
The retailer failed to expand across the country however, unlike other overseas retailers such as H&amp;M.
The decision to exit Australia comes three months after Debenhams entered administration back in the UK under a company voluntary arrangement.
They announced plans to close 22 stores in the UK, a move it said would help it to save millions year.
Lenders stepped in to restructure the company, with Sergio Bucher, the group chief executive, stepping down.
Debenhams was introduced to Australia by Pepkor South East Asia, which is part of Greenlit who run Harris Scarfe, Best &amp; Less, Fantastic Furniture and Snooze.
Greenlit chief Michael Ford said in a statement that "Greenlit Brands and our General Merchandise Division have carefully considered the implications of the administration … at Debenhams UK on our franchise and brand ­agreement.
“Due to change of control that has occurred at Debenhams UK, we believe that it is appropriate for us to start an orderly and managed process to cease this agreement.
“Our immediate focus is to support the Debenhams team members in Australia through this process and where possible, look at redeployment opportunities in the Greenlit Brands group once the business ceases to operate.
“This process will be undertaken carefully and sensitively while maintaining business as usual and continuing to serve our loyal Debenhams customers in Australia.”
The Project's Lisa Wilkinson was a fan, appearing on the hit Network Ten show, she wore a Debenhams' Wallis Red Animal Tie Top.
 
 
 
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jrobinson-rf4aSBido9

UK retail icon Debenhams to close its doors in Australia

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An industrial investment in Kunda Park has been offered to market through Savills.
The 10 meter high span building with office space has been offered for sale fully leased.
Featuring a net lettable area of approximately 2,556 sqm, Heka Diprose Pty Ltd currently occupy Unit 1, 49 Enterprise Street, and are secured on a five year lease with a further four x five year options.
Set on a 3,156 sqm site, it is being offered for sale by Scott Gardiner and Jason O’Meara of Savills.
Director of Savills, Scott Gardiner, said the property ticks a lot of boxes for the current tenant, so he is expecting Heka Group will stay on a long term lease.
“This is a superb industrial investment opportunity zoned medium impact industry in the heart of the well-established Kunda Park Enterprise Estate,
“Properties of this size, scale and positioning on a solid lease rarely come to the market,” Mr Gardiner said.
The current net rental is $240,000 per annum, subject to annual rental increases of 3% with adjusted as at 1 August to $247,200 per annum.
The property was built in 2004 with high end industrial warehousing and office space across two levels, plus it has car parking accommodation for 26 vehicles.
Director of Savills, Jason O’Meara, said Kunda Park is a highly sought after location for investors and tenants, given its strategic location just west of the Bruce Highway and ease of access to key road links such as Maroochydore Road.
Improvements to the property include two x ten tonne cranes, large oven, spray booth, and a sand blasting room, plus strengthened mezzanine floor.
Neighbouring tenants include Toll, One Steel, Kelly Green Crane Hire, Stoddart Group, and Country Chef.
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Savills list industrial facility in Kunda Park

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Hub Australia, Australia’s largest privately owned coworking provider, has opened its third Melbourne CBD coworking space, Hub Parliament Station.
Located at 1 Nicholson Street in the ICI House, also known as the Orica Building, Hub Parliament Station totals 2,757 sqm across three levels (levels 16, 17 and 18)
Hub Parliament Station will accommodate over 500 members with MitchelLake Group, ClearPoint Counsel and The Bravery Trust each leasing space at the coworking site.'
The newly opened location is Hub Australia’s sixth, with its footprint now totalling 23,000 sqm across Australia.
ICI House was constructed in 1958 and considered one of Australia’s first skyscrapers with this year marking its 60th anniversary.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/3/Hub%20parliament%202.jpg" alt="">
Designed by Bates Smart, the space underwent a multi-million dollar refurbishment to create a coworking space with Palm Spring-like influences
Over five tonne of custom breezeblocks are used throughout, in screens, walls and joinery, referencing the existing concrete waffle slab and ground floor lobby brickwork.
Hub Parliament Station offers its members access to a range of workspaces including bespoke offices for up to 14 people, private offices, open plan dedicated and flexible desks, break out areas, high-tech meeting and event spaces.
Additional amenities include a fully serviced café operated by Hub Australia’s dedicated in-house hospitality team, large serviced meeting rooms, member kitchen and lounge, fitness space, end-of-trip facilities with towel service, parent and wellness rooms.
A media studio is also made available to all members which includes a full suite of podcasting equipment as well as the latest in Virtual Reality equipment.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/3/Hub%20parliament%203.jpg" alt="">
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Hub Australia opens first skyscraper coworking space, Hub Parliament Station in Melbourne

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EXPERT OBSERVER
The RBA cut the cash rate to 1% and signalled that they will continue to adjust monetary policy if needed.
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As we expected, the Reserve Bank Board lowered the cash rate by 25bps to 1.00% at its July meeting. The motivation for this move is very much focussed on the labour market as was clearly indicated by the Governor’s recent speech.
In the decision statement, he pointed out that employment growth has been strong, the labour force participation rate is at a record level, the vacancy rate remains high, and there are reports of skill shortages in some areas. On face value, this would not be consistent with a concern about the labour market. But the Governor is now clearly focussing on spare capacity in the labour market, and that is measured by the unemployment rate, the underemployment rate, and wages growth. He believes that the Australian economy should be making more progress in reducing spare capacity and therefore a lower cash rate is consistent with that belief.
As we highlighted in our report last week, it seems likely that the RBA growth and inflation forecasts for 2020 that will be released in the August Statement on Monetary Policy, which will follow the August Board meeting, will be unchanged from the May forecasts of 2.75% for GDP growth and 2% for underlying inflation. This further emphasises the importance of the labour market in driving the policy response in June and July.
The critical final paragraph in the Governor’s Decision Statement leaves open the possibility of further stimulus. He notes that the Board “will continue to monitor developments in the labour market closely and adjust monetary policy if needed”. However, the degree of urgency that was certainly detected in the Governor’s recent speech and the June Board minutes appears to have eased. Consequently we remain comfortable with our view that there will be no follow up move in August.
Readers will be aware that Westpac was the first forecaster in the Bloomberg survey to call the cash rate below 1% (May 24). We predicted a final cash rate move to 0.75% by November, but highlighted that there were downside risks to 0.75%. Last week, we also noted that with the likely decision to cut in July, these downside risks had intensified. For now, we remain comfortable with our forecast that the next rate cut will occur in November, by which time the growth, inflation and labour market environment will not have improved sufficiently to satisfy the RBA. Indeed, by the November Statement on Monetary Policy, we expect that the RBA will have to lower its growth and inflation forecasts and raise its unemployment forecast for 2020, requiring a further policy response.
Critical issues between now and November will be evidence around the path of the unemployment rate, and the impact of this recent movement in the cash rate on financial conditions and the profile of the Australian dollar. The task of lowering the Australian dollar has recently been impacted by headwinds associated with general rate cuts by other major central banks around the world. However, without the RBA cuts, the Australian dollar may well have unhelpfully lifted.
As we noted last week, the intense focus on the labour market - where monthly updates are available - changes the historic pattern of policy adjustments. This has been exemplified in the June and July movements, and means that every month, certainly out to the end of 2019, will be live for policy. Issues that will also provide the RBA with reasons for caution will be around fiscal policy developments, particularly implications for household disposable income; the response of the housing market to the two rate cuts; and whether the consumer responds to tax cuts and lower rates with a robust spending appetite over the course of the second half of 2019.
Conclusion
When Westpac originally forecast two rate cuts in 2019 back in February, markets were only positioned for one cut by March 2020 and most major forecasters were still calling rates higher or on hold. We are therefore pleased to see that the forecast has proved to be correct. We were also the first forecaster to nominate a terminal cash rate lower than 1% (May 24), and that outlook has now been embraced by the market and most other forecasters. However with policy now in play at every Board meeting between now and the end of the year, uncertainties around specific timing are inevitable.
Our current view of one more cut this year by November has downside risks for potentially two, and developments over the next few months will determine that outcome. If the RBA were to lower the cash rate to 0.5% and still be dissatisfied with the excess spare capacity in the labour market then we expect that they will consider putting pressure on governments to loosen fiscal policy, as well as exploring other alternative policies that the RBA itself can embrace.
BILL EVANS is the Chief Economist at Westpac
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The inflation result the property market was waiting for

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