Builder-developer <a href="https://www.apartments.com.au/developers/mcnab-developments">McNab</a> has wasted little time reshaping one of South Brisbane's most significant undeveloped apartment sites after acquiring the property earlier this year.&nbsp;

McNab has lodged plans to scrap an existing approval for two 30-storey towers and instead deliver a single 28-storey residential building, preserving part of the site for a future development opportunity.

The proposal, lodged over <a href="https://www.apartments.com.au/new-apartments/64-peel-street-south-brisbane-qld-4101">64 Peel Street and 9 Cordelia Street</a>, is for a residential-led mixed-use development comprising 124 apartments above a landscaped podium, alongside a boundary realignment that preserves part of the land for a future residential project.

<img alt="First look: McNab resets decade-old South Brisbane approval with 124-apartment tower" data-entity-type="file" data-entity-uuid="743bf564-3f8f-45fc-b8d3-bbf18f5b628f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mcnab%20Peel%20st%20podium.png?VersionId=EhCxGrVn_VFH3qTbKnI4WppGwaMnOn0t" />

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a>, the development will deliver 119 two-bedroom and five three-bedroom apartments across 23 residential levels. A five-level podium will accommodate 135 car spaces, while the ground floor will include a 66 sqm commercial tenancy, an activated residential lobby with work-from-home spaces, and a publicly accessible landscaped plaza linking Cordelia and Peel streets.&nbsp;

Communal amenities will span Level 6 and the rooftop, including indoor and outdoor recreation spaces, a swimming pool, barbecue facilities, kitchen and dining areas, lawn space, sauna, steam room and yoga facilities.

The application also proposes a boundary realignment to create a standalone 1,290 sqm development lot while retaining an adjacent parcel for future redevelopment, allowing the balance of the site to contribute additional housing over time.

Hayball said the architecture has been shaped by the site's elevated corner position at the intersection of Peel and Cordelia streets and Brisbane's subtropical climate.

The design incorporates generous landscaped setbacks, a masonry podium wrapped with planting, large north-facing balconies, and a slender tower profile intended to maximise natural light, cross ventilation and long-range views. The rooftop has been conceived as a wellness-focused retreat overlooking Brisbane, with amenities positioned to capture views towards Mount Coot-tha and the CBD.

<img alt="First look: McNab resets decade-old South Brisbane approval with 124-apartment tower" data-entity-type="file" data-entity-uuid="c5f99e84-6ad8-4a87-82d1-869685b754d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mcnab%20tower%20perspective.png?VersionId=Gw0IuJaSAlk.tvGBxInhZOcQAdIB..2b" />

The planning submission positions the proposal as a response to both changing market conditions and Brisbane's Kurilpa Sustainable Growth Precinct planning reforms.

McNab acquired the site after the previous approval was granted, with the existing scheme no longer reflecting current residential market demands, economic conditions, construction challenges, construction efficiencies or the quality of development outcome now being pursued, the planning report noted.

McNab continues to expand its residential development pipeline across Brisbane and the Gold Coast. The developer recently launched The Tannery in West End, securing more than 60 per cent of apartments before the project's public release. It is also delivering Elements Budds Beach in Surfers Paradise and Lucia Highgate Hill, an eight-apartment boutique development overlooking the Brisbane River.

Joel Robinson

McNab resets decade-old South Brisbane approval with 124-apartment tower

A steeply sloping Bellevue Hill site is set to accommodate a new mid-rise apartment development, with plans lodged for 20 homes that respond to the site's dramatic topography.

The proposal for the consolidated land at <a href="https://www.apartments.com.au/new-apartments/138a-140-bellevue-road-bellevue-hill-nsw-2023">138A-140 Bellevue Road</a> has been designed by Sydney architecture practice Common Office, which has used the site’s substantial fall to distribute the building’s scale and unlock 20 apartments without presenting the full height to the street.&nbsp;

“The unique design strategy leverages the site’s substantial topographical fall to facilitate increased density, presenting a seven-storey profile to Bellevue Road while rising to 10 storeys at the rear,” Common Office said in its architectural design report.

The apartment mix spans one, two, three- and four-bedroom residences. Four two-bedroom apartments are designated as affordable housing, while the plans also include two adaptable dwellings. The mix is majority three-beds, with the typical three-bed apartment offering around 144 sqm internally, with balconies of around 15 sqm.

The affordable housing component represents 15 per cent of the residential floor area and allows the project to access additional height and floor space under the NSW Government’s in-fill affordable housing provisions. The site also falls within the inner area of the Low and Mid-Rise Housing Policy because it is within 400 metres walking distance of Double Bay Town Centre.

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="b1230d0f-3bfa-4a11-abaf-0928c66ef345" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20da.png?VersionId=dZeMK3P.OutGjN8ycjsxm8uNsj_QFWQv" />

Common Office has arranged the building around a masonry podium and a lighter upper volume, drawing on two recurring elements of Bellevue Hill’s established architecture: sandstone bases and the vertical proportions of local Inter-war Art Deco apartment buildings.

“The proposal is governed by a holistic design language that reconciles the solid horizontal masonry of the neighbourhood’s podiums with the elegant verticality of its Art Deco heritage,” the architect said.

“The building maintains a consistent rhythmic logic utilising deep recesses and a sophisticated material transition to break down the 10-storey scale into a series of articulated, human-scale volumes.”

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="0147f503-1af1-4d51-97fb-c2f1cba63a9d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20bldg.png?VersionId=GoW7q3NlK67OpnePXhk7zvklrlKb72Qc" />

Large-format sandstone tiles will define the lower levels, establishing a robust base that negotiates the change in elevation from Bellevue Road. Above, red-tinted precast concrete frames, recessed balconies, anodised aluminium screens and expanded metal details will create a more vertically expressed façade. Integrated planter beds will introduce greenery across balcony edges and recessed sections of the building.

The elongated northern façade has been divided into three recessed vertical masses to reduce its perceived length. Triangular window elements and metal privacy screens reference the geometry of nearby Art Deco buildings while controlling overlooking toward surrounding homes. The southern elevation will incorporate further privacy screening, landscaped edges and deep balconies to maintain light and ventilation.

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="e8679cf1-18bc-4447-8a0f-0052b94ab83c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20da%20rooftop.png?VersionId=5SQqQqRFf76rvE2p1TbxJSweMN70AIbc" />

Private and communal landscaping is distributed throughout the development. A landscaped garden apartment is positioned within the lower portion of the site, while a communal terrace on Level 5 will include a central timber deck, barbecue facilities, resident planting plots and areas for outdoor dining and informal gatherings.

Common Office described the terrace as an elevated sanctuary designed to capture district views and sunlight. Its planting strategy incorporates endemic species associated with the Eastern Suburbs Banksia Scrub, extending the landscape vertically through the building and providing habitat for local flora and fauna.

A second communal outdoor area is proposed at roof level, with built-in seating, paved gathering areas and perimeter planting.

Bellevue Hill is enjoying renewed momentum in the new apartment market, with several boutique developments recently launched and currently under construction. Positive Investment Enterprise is delivering the 16-apartment Kew Palm House on Birriga Road, while Chanine Developments is also under construction at Florian, a 36-apartment project on Banksia Road.

&nbsp;

Bellevue Hill is enjoying renewed momentum in the new apartment market, with several boutique developments recently launched and currently under construction.

First Look: Apartment development pitched for Bellevue Hill, Double Bay fringe

South Brisbane's apartment pipeline continues to build momentum, with <a href="https://www.apartments.com.au/developers/trk-property-group">TRK Property Group</a> lodging plans for a 161-apartment tower on Montague Road as developers accelerate investment across the Kurilpa Sustainable Growth Precinct.

The proposal for 176–186 Montague Road would replace an existing office building with a 20-storey residential tower designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, adding to a growing pipeline of high-density projects reshaping one of Brisbane's fastest-evolving inner-city precincts.

The project has been conceived as a "living building", featuring a flowing tower form, extensive vertical landscaping, and generous communal spaces that respond to the evolving Kurilpa Sustainable Growth Precinct.

TRK Property Group Development Director Matt Kan said the project reflected the confidence developers have in South Brisbane's long-term future.

"South Brisbane is entering an incredibly exciting period, and we see Montague Road sitting right at the heart of that evolution," Kan said.

"With the former Visy site directly opposite us and significant investment planned throughout the broader Kurilpa precinct, there is a real sense of momentum around this part of the city and what it will become over the coming years.

"For TRK, this is an opportunity to be part of that next chapter and deliver a project that responds to where the precinct is heading, while contributing to the continued evolution of Brisbane's river edge."

<img alt="First look: TRK Property joins South Brisbane apartment surge with Montague Road tower plans" data-entity-type="file" data-entity-uuid="590fe1ad-f892-4446-a679-80e33a16d029" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/TRK%20tower%20facade.png?VersionId=uOJStrcKpyHFcPE1w6_9SMAFzVMCcZll" />

The scheme includes a mix of one, two, three and four-bedroom apartments, incorporating multi-purpose rooms in selected residences to provide additional flexibility for home offices or expanded living areas. The proposed mix comprises 15 one-bedroom, 13 one-bedroom plus MPR, 73 two-bedroom, 26 two-bedroom plus MPR, 30 three-bedroom, and four four-bedroom apartments.

Rather than adopting a conventional rectilinear tower, COX Architecture has developed a sculpted form inspired by the movement of the Brisbane River.

"The proposal has been designed by COX Architecture as a 'living building' that responds to the site's riverine setting, floodplain history and evolving urban context within the Kurilpa Sustainable Growth Precinct," the planning report states.

"The architectural form draws from the fluid nature of the Brisbane River, with a curved and undulating tower form that creates a varied architectural edge and avoids a conventional rectilinear tower expression."

The podium has also been designed as an architectural feature rather than a conventional parking structure, with cascading planting, screening and natural-toned materials softening its appearance. Resident parking is elevated above ground level to address the site's flood constraints, while habitable apartments sit above flood planning levels. Upper-level communal facilities are designed to accommodate shelter-in-place arrangements during major flood events.

<img alt="First look: TRK Property joins South Brisbane apartment surge with Montague Road tower plans" data-entity-type="file" data-entity-uuid="01fa15d0-90df-46c7-9555-7941fc45373c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/TRK%20podium.png?VersionId=mHyua.w1pHGBt9qEdWzrlsv.leztUCwO" />

Communal amenity is a major focus of the proposal. Around 1,815 sqm of shared resident space is proposed across the ground floor, level 19 and the rooftop, including co-working areas, indoor and outdoor recreation spaces, wellness facilities, dining and gathering areas, lawn spaces, a rooftop pool and spa, and extensive landscaping. At street level, a landscaped forecourt and approximately 345 sqm of publicly accessible open space along Montague Road are intended to improve the pedestrian experience while activating the building's frontage.

The development will provide 163 car spaces, including 152 resident bays and 11 visitor spaces, together with 144 bicycle spaces incorporating resident storage, visitor parking, bicycle maintenance facilities and e-mobility charging infrastructure.

The site sits within one of Brisbane's fastest-changing inner-city precincts, less than two kilometres from the CBD and within easy reach of South Bank, West End, the Queensland Cultural Centre and extensive public transport connections. The Kurilpa Sustainable Growth Precinct planning framework is encouraging higher-density residential development to help meet Brisbane's housing supply targets while supporting walkable, transit-oriented neighbourhoods.

TRK Property joins South Brisbane apartment surge with Montague Road tower plans

Article summary

<ul data-end="785" data-start="311">
	<li data-end="459" data-section-id="5hbcyr" data-start="311">Pikos Group has released the five-penthouse collection at Skye Kangaroo Point, headlined by a two-storey sky home spanning more than 1,000 sqm.</li>
	<li data-end="561" data-section-id="1p7lq8n" data-start="460">Early buyer interest suggests the residences could set a new Queensland apartment price record.</li>
	<li data-end="667" data-section-id="1y70z0l" data-start="562">The collection includes four move-in ready penthouses and the highly customised Skye One residence.</li>
	<li data-end="785" data-section-id="yvm0y1" data-start="668">The release caps one of Bri​sbane's most ambitious luxury apartment developments overlooking the Brisbane River.</li>
</ul>

<hr data-end="790" data-start="787" />
Pikos Group has released the five-penthouse collection at its <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye by Pikos</a> development in Kangaroo Point, with early buyer interest indicating the flagship residences could eclipse every apartment sale previously recorded in Queensland.

The collection crowns the luxury riverfront development with five residences, including four completed penthouses and Skye One, a two-level sky home spanning more than 1,000 sqm that will be tailored to its eventual owner.

[smartcode_project:default project_id=90059 project_image_fid=374075]

Wanting to offer a fully customisable home, Pikos is offering Skye One as a blank canvas, allowing the buyer to work alongside the developer's design team to customise the home's layout, finishes and internal spaces.

The residence will feature a 247 sqm private rooftop terrace with its own swimming pool, sauna, steam room, outdoor kitchen and multiple entertaining areas overlooking the Brisbane River and CBD skyline.

The remaining four penthouses have been completed and are ready for immediate occupation, each offering four bedrooms, expansive open-plan living areas, soaring ceilings and private lift access.

[smartcode_project:default project_id=90059 project_image_fid=374059]

One of the defining features throughout the project is its use of Roman Classic Travertine, with more than 20,000 sqm of the natural stone imported from Italy after being personally selected by Pikos Group Founder and Executive Director Pedro Pikos, interior designer Julie Williamson and third-generation stone specialist Mario Caucci.

Pikos said the penthouse collection represented the culmination of the company's long-term vision for Skye.

"True legacy isn't measured by what we build today, but by what endures tomorrow," Pikos said.

"Our ambition is to create places that become more valuable with time, enrich the lives of generations, and stand as timeless landmarks long after we've stepped away."

[smartcode_project:default project_id=90059 project_image_fid=374060]

Williamson said the interiors were inspired by the natural character of Kangaroo Point and the Brisbane River rather than international design trends.

"Materiality tells the story of a place," Williamson said.

"We looked to the movement of the Brisbane River, the texture of the cliff face and the warmth of the surrounding landscape to create interiors that feel understated, enduring and unmistakably Brisbane."

Positioned above the Kangaroo Point cliffs, Skye places residents within walking distance of Howard Smith Wharves, South Bank and James Street while offering uninterrupted river and city views.

[smartcode_project_cta:default project_id=90059]

Brisbane's next apartment price record? Pikos unveils Skye's exclusive penthouse collection

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

<html><body>
Five years on, the US economy remains sluggish after the bursting of a house price bubble. More recently, the focus has been on China, the world’s second largest economy, and whether it too might be overwhelmed by a similar event. Reports of <a href="https://www.time.com/time/magazine/article/0,9171,2096345,00" target="_blank">“ghost cities”</a> and some property developers <a href="https://www.bbc.co.uk/news/world-asia-16009050" target="_blank">facing</a> bankruptcy have become commonplace. Some commentators have <a href="https://www.foreignaffairs.com/articles/136963/patrick-chovanec/chinas-real-estate-bubble-may-have-just-popped?page=show" target="_blank">asserted</a> that the bubble may have already “popped”. The stakes are high. The IMF <a href="https://www.imf.org/external/pubs/ft/wp/2011/wp11208.pdf" target="_blank">notes</a> that since 2007, China has contributed more – much more in fact – to world growth than any other country, and this is projected to remain the case into the foreseeable future. Given that China’s construction sector is a significant source of demand for our natural resources, Australia has more to lose than most if the economy there sours. Before commenting on the Chinese case, it is worth briefly reviewing the chain of causality in the US. From 1997, house prices in the US began to<a href="https://www.standardandpoors.com/indices/sp-case-shiller-home-price-indices/en/us/?indexId=spusa-cashpidff--p-us----" target="_blank"> appreciate</a>. During the 2000s, the market became increasingly infected by debt-funded speculators betting on continued capital gains. In the process, banks lent money to borrowers of marginal credit worthiness requiring little or no collateral. When prices stalled and then went into sharp reverse in 2006, the banks were left holding the bag, ultimately requiring a bail out by taxpayers. Banks (and firms and households) then spent the next few years seeking to rebuild their balance sheets, as opposed to extending new loans, and this process continues today. The above story breaks down at several points when it comes to China. What is true is that house prices in China have increased rapidly during the 2000s. That, however, is about where the similarities end. Firstly, while recent<a href="https://www.ft.com/intl/cms/s/0/c0f12d0e-70e6-11e1-a7f1-00144feab49a#axzz1qMiy3UmD" target="_blank"> headlines</a> have reported that house prices in China have <a href="https://www.propertyobserver.com.au/https://www.guardian.co.uk/business/feedarticle/10149902" target="_blank">fallen </a>for a fifth straight month, what we have actually seen is a levelling off in prices. According to official data, prices nationwide remain steady compared with a year ago and remain marginally up since 2010. Unofficial <a href="https://blogs.wsj.com/overheard/2012/03/20/what-is-chinas-house-price-reality/" target="_blank">data </a>points to stronger price growth since 2010. Examples of more significant price declines in certain cities can be found, as they can in particular developments in a given city. But to tell a macroeconomic story based on these is to miss the forest for the trees. To put the above numbers in perspective, last year house prices <a href="https://www.smh.com.au/business/property/record-slump-in-house-prices-in-2011-20120201-1qsid" target="_blank">fell </a>more in Australia than they did in China. Secondly, there is<a href="https://online.wsj.com/article/BT-CO-20120325-705551" target="_blank"> little evidence</a> that any deterioration in the housing market has infected the banking system. Given that nation-wide house prices have not in fact declined, this is perhaps not surprising. There are other reasons as well. One is simply that Chinese are much more likely to fund home purchases from savings, often calling upon the assistance of family members in the process. In part this reflects cultural differences, but also strict down payment requirements imposed on borrowers by banks. Thirdly, it should not be forgotten that the key institutions in China’s banking system remain more or less government-owned. This changes the rules of the game considerably. Standard risk management variables, such as the capital adequacy ratio – which, incidentally, is extremely high amongst Chinese banks – and the non-performing loan ratio, are only of marginal relevance because the integrity of the biggest banks is guaranteed by the government. China’s central government is willing and able to act on that guarantee. The level of public debt outstanding is modest and even when contingent liabilities are taken into account, such as debt racked upon by local governments, the prospect of China falling victim to a European style public debt crisis is remote. Another example is that amid a deteriorating macroeconomic environment in which privately owned banks might elect to slow credit growth, the Chinese government can instruct banks to do the opposite, as was seen in 2009. This remains within the capability of the banks given the extremely high reserve requirements they maintain. Fourthly, in addition to continuing government ownership, there is also the fact that the banking system remains heavily regulated. For example, by fixing interest rates, the government can act to boost the margins and profits of the banks. This may be a negative from an efficiency perspective, but nonetheless can act to promote the stability of the system. Property prices in China may well be inflated. Price to income ratios, particularly in the major cities, suggest that they are. However, for high prices to constitute a bubble, they must be able to burst. In the case of China, it is not clear that they have, nor where a trigger might come from. More likely is that we are set to see a period of no or low price growth, rather than sharp declines. Of course, even stagnant house prices have implications for China’s overall rate of growth and therefore the demand for Australian natural resources. But as China’s premier, Wen Jiabao, recently <a href="https://news.xinhuanet.com/english/china/2012-03/14/c_131466703.htm" target="_blank">noted</a>, the days of average annual growth rates in excess of 10% are over. The sooner that we in Australia accept and adjust to this new reality, the better.

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 James Laurenceson is currently a Senior Lecturer in Economics at The University of Queensland. He has previously also held appointments at Shimonoseki City University in Japan and Shandong University in China. This article originally appeared on<a href="https://theconversation.edu.au/" target="_blank">The Conversation</a>. 
 
 
 
 
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cknowlton-QnEa6ntUYP

Haunted by a Chinese property bubble

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There’s an air of growing panic among Australia’s business people. Company directors are calling for a budget deficit, retailers feel like they are peering over a cliff and everybody’s worried sick about the carbon tax and the high currency.
Metcash’s Andrew Reitzer reported yesterday that he is seeing “unprecedented and prolonged challenging operating conditions”. The IGA supermarkets are battling deflation of 0.9%, with specials making up more than half of all shopping baskets and as a result Metcash is laying off 478 people.
Meanwhile the Reserve Bank and Treasury are insouciant. RBA Governor Glenn Stevens merely said yesterday that “considerable structural change is occurring”, while putting off a rate cut. Treasury is working with the government to produce one of the toughest budgets in the nation’s history.
I can’t remember a time when the policymakers and the real world diverged as much as they do now.
It’s entirely possible that business people are in a funk unnecessarily and that the bureaucrats in Canberra and Martin Place have a better idea of what’s going on, but I doubt it. The truth is that both the RBA and Treasury have been getting it wrong, and both are being forced to adjust their economic forecasts downwards.
At yesterday’s RBA meeting, according to Governor Glenn Stevens: “the board judged the pace of output growth to be somewhat lower than earlier estimated”, but they stubbornly put off a rate cut anyway.
Last year’s federal budget forecast real GDP growth this financial year of 4%, which now looks absurdly optimistic. For calendar 2011, growth was half that figure and there is no reason to think it will be much different for the financial year – perhaps a little more than 2%.
So why do the government economists have their heads in the clouds, apart from the fact that it’s normal?
It’s partly because one person’s 'structural change' is another’s nightmare, and partly because it suits them: Treasury needs to produce a $40 billion fiscal turnaround to assist the treasurer’s political agenda and the RBA is still focused on inflation.
Business people, meanwhile, are seeing weak domestic demand because of consumer deleveraging, weak export demand because of the currency appreciation, and rising costs because of the labour laws and higher energy prices, both present and future.
To a large extent, the yawning gap between the economists and business people reflects the difference between 'gross' and 'marginal' – that is, the RBA is watching aggregate national inflation numbers while business people are watching their margins get hammered, and Treasury is watching national output, including the mining investment boom, while on the east coast, businesses are watching their all-important marginal sales collapse.
Business is a marginal game, while economics is gross.
This article originally appeared on <a href="https://www.businessspectator.com.au/" target="_blank">Business Spectator</a>
 
 
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akohler-TyLfJGrMb8

Business is marginal, government economists have their heads in the clouds: Alan Kohler

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There’s something about any holiday break.
It allows people with downtime to pause, reflect, seek feedback and then react.
Traditionally everyone returns from their summer Christmas break, sand no longer between their toes, brimming with new-found optimism.
Hence most years – like 2012 – begin with stronger auction success rates and firmer prices than those that had tailed off in the overburden exhaustion of December.
Easter is another pause, which allows the market – and most particularly potential buyers and sellers – time to reflect.
But that’s where Easter’s similarity to Christmas ends.
It tends to present itself as a rather more unwelcome interruption to marketing campaigns.
And when it comes to property’s forward progression, quite often the real estate market can take a turn for the poorer after Easter.
“It’s what happens after Easter that sets the tone for the year,” Melbourne buyers’ agent Mal James notes.
“When the Easter Bunny spins the roulette wheel where he (or she) stops on price nobody knows,” James opines.
So the big question is: what will happen after Easter?
We’ve seen the typical rush to have properties sold before Easter – on the surface <a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/auctions/melbourne-passes-super-saturday-auction-acid-test-while-sydney-results-were-weaker/2012033054094">Melbourne seemed to hold up better than Sydney on super Saturday</a> – and now the school holidays mean many buyers will be otherwise preoccupied.
Over recent times estate agents regularly complaining of a shortage of stock, but what they really mean is new sellable listings.
The SQM data regularly shows capital cities overburdened with old unsold listings, but the consensus is that given that new listings remain a little light on, and noting the underlying demand, that there’s a good chance of the capital city auction clearance rates therefore remaining solid. But things are very very fragile.
Prices are of course down, especially for stale stock, and this pricing revision has finally seeped through to vendor consciousness.
It's probably fair to say the actual house and unit price falls for mum and dad vendors are far more that the overall subdued figures reflected in capital city median prices put out by the major property data providers such as RP Data Rismark's 4.3% national annual decline.
And so many would-be vendors have understandably decided not to list. Therefore buyers face limited fresh choices and accordingly auctions prices still quite often sell at higher that the pre-auction marketing campaign estimates.
Negative headline overload has dissipated the positive impact of the two recent rate cuts, but any belated May Day rate cut by the RBA might help things along.
Unfortunately then events surrounding the federal budget a week later might harm the prospects of recovery. Already the R word – recession – is creeping into economic chatter.
Bill Evans from Westpac says South Australia is in recession with given poor housing, manufacturing and population growth data.
Let’s hope the rest us of don’t follow.
 
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jchancellor-FAypfDUnLy

Easter is a time to reflect, and one of the big questions is: what happens to property prices when the buns and eggs are eaten?

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Economists remain confident that the Reserve Bank will cut interest rates next month (May 1) after leaving the cash rate unchanged at 4.25% yesterday as expected.
While all 24 economists polled by Bloomberg ahead of the announcement correctly called the April hold decision, it was slammed by industry bodies representing struggling sectors of the economy.
The Housing Industry Association (HIA) has called the decision “the wrong call,” pointing out that there is “very little driving the economy” outside of the mining sector, while the Master Builders Association (MBA) says it was “disappointed rates were not cut given the current poor conditions in the building industry”.
Most upset was the Australian Retailers Association (ARA), which says retailers had been king hit by the decision, coming just a few hours after ABS figures showed that retailing recorded virtually no growth over February and in fact went backwards in non-mining states.
“As retailers attempt to innovate and adapt to a changing retail environment, compete effectively and maintain hours and employment levels, the RBA has dealt the sector a king hit and shown little regard for working Australians or small businesses as they struggle to take home a living,” says ARA executive director Russell Zimmerman.
While economists were more measured in their responses, the underlying tone of their reaction suggested the RBA could have moved earlier and cut rates yesterday.
Former Gillard government economic adviser Stephen Koukoulas analysed the RBA statement by Glenn Stevens accompanying the <a target="_blank" href="https://stephenkoukoulas.blogspot.com.au/2012/04/rba-statement-in-blue-and-red">decision and says it containsmore weak news than strong news</a>.
Koukoulas says it is “anyone’s guess” why the RBA had not cut rates.
CommSec chief economists Craig James says the case for a rate cut is “certainly compelling – especially given the sluggishness in retail activity, higher Aussie dollar, and slump in home construction”.
“In addition the monthly inflation data has consistently confirmed that inflation is subdued. But in the end, the Reserve Bank decided to keep its powder dry,” he says.
Economists appear to be in agreement that the March quarter inflation data to be released on April 24 will be the key number guiding the RBA’s next move.
Craig James calls the inflation number “the deciding factor”.
“The key phrase of the statement was: ‘The board's view was also that, were demand conditions to weaken materially, the inflation outlook would provide scope for easier monetary policy’.”
“In fact if the inflation data released on April 24 comes in at or below 0.7% for the March quarter, it should provide the Reserve Bank with additional degree of comfort and allow policy makers to cut interest rates by 25 basis points in May,” James says. 
Commonwealth Bank chief economist Michael Blythe calls yesterday’s decision a “prelude to a rate cut”, acknowledging that expectations of a rate cut had risen prior to the meeting.
“Speculation built over the past week that the RBA might deliver a rate cut at today’s meeting,” he says.
Blythe says there was a “broad hint that a rate cut will be on the table for discussion in May”.
“The pace of activity is a little weaker than expected but due diligence requires waiting for the first quarter CPI [due April 24] before considering a further step to ease monetary policy”.
“We are happy to hold with our May rate cut call as a result,” he says.
Aside from the inflation figure on April 24, the RBA will also have the benefit of other useful data at its disposable.
Housing Finance figures for February are out on April 11 and will show if mortgage demand has picked after the traditionally quiet January period.
On April 18 building activity figures December will be released for the December quarter and will show if the downturn in the September quarter for both residential and non-residential construction was sustained in the final three months of 2011.
The March quarter capital city house price index data will be released May 1, just a few hours before the May board meeting, giving the RBA a clearer sense of just how soft the housing market is and offer clues as to its future direction.
 
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lschlesinger-FZcF9M3vE6

Builders and retailers slam rates hold decision as RBA awaits first-quarter inflation data 

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Midland Brick heiress Marilyn New has secured a $90 million buyer for The Esplanade Hotel in Fremantle, Western Australia.
The 4.5-star hotel, which has 300-rooms, was bought by Ascendas – the Singaporean property fund that last year paid $327 million for Mirvac’s hotel portfolio, operated by French management group Accor.
<img src="/images/stories/esplanadehotel2.jpg">
New bought The Esplanade Hotel in Fremantle for $12.27 million in 1991, and she extensively refurbished it, doubled the number of rooms to 300 and created Perth’s third largest conference centre.
The Perth hotel accommodation sector has been the subject of renewed interest given its high occupancy of a steady 90% on weeknights and its ability to charge huge amounts for a room.
Despite this interest, New’s Esplanade River Suites in the Perth suburb of Como remains unsold.  It was listed with the landmark Fremantle hotel through estate agency Jones Lang LaSalle in for a combined $120 million.
New also owns the dilapidated but heritage-listed Woolstores building by Fremantle’s Victoria Quay, where there is talk that it could be renovated into a funky boutique hotel despite the previous push to raze the historic structure.
 
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andreadixon-oif3j7eKne

Marilyn New sells Fremantle’s Esplanade Hotel for $90 million

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There was unanimity in the market ahead of yesterday's Reserve Bank board meeting that there would be no change to official interest rates. The market was right, but there may not have been quite the same unanimity within the boardroom.
Going into the meeting it was probable that rates would be left unchanged, but not certain. One only has to read Glenn Stevens' statement after the meeting to understand why a change was possible. 
While the world is relatively stable, although Europe remains "a potential source of adverse shocks for some time", growth in China has (as it intended) moderated and commodity prices are "noticeably off their peaks". Australia’s terms of trade have also peaked, but remain high.
While growth in Australian domestic demand was at its fastest for four years last year, output growth was below trend over the year and ‘considerable’ structural change was occurring. Labour market conditions have also softened, credit growth remains modest, the housing market remains soft and the exchange rate remains high.
In fact, in the non-resource side of the economy conditions are tough. Retail sales are flat-lining, housing prices have weakened, non-mining construction has slumped and job losses in the manufacturing sector are swelling as businesses are being forced to restructure in response to weak demand and the exchange rate.
And, in prospect – if Wayne Swan actually delivers on his promise/threat – is the mother, and father, of all contractionary budgets. Oh, and the carbon tax.
Stevens said yesterday that in underlying terms inflation was around 2.5% last year, and currently expected it to be in the 2%to 3% range over the next one or two years, ‘abstracting’ from the effects of the carbon tax and including an assumption that productivity growth in the economy will increase "somewhat" as a result of the structural changes occurring.
"At its next meeting the board will have the opportunity to reassess the outlook for inflation, taking into account not only data on demand and output but also forthcoming information on prices.
"The board eased monetary policy late in 2011. Since then its judgement has been that, with growth expected to be close to trend, inflation close to target and lending rates close to average, the setting of monetary policy was appropriate.
"The board’s view was also that, were demand conditions to weaken materially, the inflation outlook would provide scope for easier monetary policy.
"At today’s meeting the board judged the pace of output growth to be somewhat lower than earlier estimated but also thought it prudent to see forthcoming key data in prices to reassess its outlook for inflation before considering a further step to ease monetary policy," he said.
In other words, if the economy continues to show weak growth and inflation remains dormant the RBA is now more inclined to cut rates than hold them.
That’s a very clear signal to the market, and perhaps the major banks.
The RBA’s execution of monetary policy has become slightly more complicated since the banks, led by ANZ, quite recently decided to move their rates independently of the central bank. That means the RBA needs to second-guess their response to its decisions to ensure it sets official rates at a level that will have the desired impact on the economy.
It may be that the RBA chose to sit on its hands yesterday in order to see what ANZ might do when it conducts its monthly review of its rates on Friday week. Alternatively, the clear signal that it is considering reducing official rates next month might be designed to encourage the majors to wait until then before deciding how much of a rate cut to pass through to customers.
The RBA would be well aware that while funding costs – both wholesale and deposit funding – have fallen back a little from their peaks relative to the cash rate, they are still higher than they were in the middle of last year and there has been a modest contraction in banking interest margins in recent months that the banks will be reluctant to see continue.
It is politically easier (although not easy or painless) for the banks to hold back a small portion of an official rate cut than to unilaterally make out-of-cycle rate rises so the RBA’s signalling might cause the majors to wait. If they were to move independently, of course, that would help the RBA judge how much of a rate movement was needed to ensure that the net outcome had its desired impact.
The other virtue in holding rates steady until next month’s meeting, of course, is that the RBA will by then have a clearer understanding of whether Swan’s horror budget is truly going to be horrible and will be in a better position to make a judgement of how much, if any, monetary policy easing will be required to try to blunt the effects of the politically-driven promised return to surplus on the already vulnerable non-resource sectors of the economy.
This article originally appeared on <a target="_blank" href="https://www.businessspectator.com.au/">Business Spectator</a>.
 
 
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sbartholomesusz-jWVzVSPmF8

The RBA's bank beacon: Stephen Bartholomeusz

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Shopping centre giant Westfield, one of Australia’s biggest retail landlords, reported a strong 2011 to December 31, with profits of $1.5 billion despite the challenges facing the retail sector.
In its 2011 annual report, Westfield says its Australian portfolio remained resilient and at almost full occupancy “reflecting the ongoing demand for high-quality retail space”.
Westfield operates 43 malls throughout Australia, with Airport West in Melbourne recording the strongest increase in sales of 7% over the year, followed by Belconnen in the ACT, with a 5.5% gain.
There were 18 stores that recorded a decline in sales over the year, the biggest being a 10.3% drop in Kotara, Newcastle followed by an 8% declined in Pacific Fair on the Gold Coast.
Westfield Bondi Junction in Sydney’s eastern suburbs, which managed over $1 billion in sales in 2010, declined by 3.9% to $973 million in 2011.
Here’s a breakdown of how Westfield’s centres performed, starting from Bondi Junction and ending with North Rocks in Sydney’s west ($144 million):
(Annual sales figures for Westfield Sydney are not yet available – the shopping centre has 257 retailers and 78,000 square metres of lettable area).
$973 million
The total annual sales at Bondi Junction, NSW, which declined 3.9% over 2011. The shopping centre has 522 retailers and 129,000 square metres of lettable area.
$890 million
The total annual sales at Chermside, Queensland, which increased 2.1% over 2011. The shopping centre has 415 retailers and 146,000 square metres of lettable area.
$812 million
The total annual sales at Doncaster, Victoria, which increased 3.4% over 2011. The shopping centre has 437 retailers and 121,000 square metres of lettable area.
$779 million
The total annual sales at Southland, Victoria, which increased 0.3% over 2011. The shopping centre has 416 retailers and 130,000 square metres of lettable area.
$773 million
The total annual sales at Marion, SA, which increased 1% over 2011. The shopping centre has 331 retailers and 133,000 square metres of lettable area.
$713 million
The total annual sales at Parramatta, NSW, which declined 2% over 2011. The shopping centre has 498 retailers and 137,000 square metres of lettable area.
$711 million
The total annual sales at Warringah Mall, NSW, which declined 2.7% over 2011. The shopping centre has 327 retailers and 125,000 square metres of lettable area.
$707 million
The total annual sales at Knox, Victoria, which declined 3.9% over 2011. The shopping centre has 410 retailers and 143,000 square metres of lettable area.
$703 million
The total annual sales at Marinda, NSW, which declined 2.7% over 2011. The shopping centre has 393 retailers and 108,000 square metres of lettable area.
$661 million
The total annual sales at Carindale, Queensland, which declined 0.6% over 2011. The shopping centre has 284 retailers and 106,000 square metres of lettable area.
$654 million
The total annual sales at Fountain Gate, Victoria, which declined 2.3% over 2011. The shopping centre has 285 retailers and 127,000 square metres of lettable area.
$612 million
The total annual sales at Hornsby, NSW, which increased 0.7% over 2011. The shopping centre has 333 retailers and 100,000 square metres of lettable area.
$583 million
The total annual sales at Penrith, NSW, which increased 1% over 2011. The shopping centre has 343 retailers and 92,000 square metres of lettable area.
$577 million
The total annual sales at Booragoon, WA, which increased 1.3% over 2011. The shopping centre has 272 retailers and 72,000 square metres of lettable area.
$563 million
The total annual sales at Mt Gravatt, Queensland, which declined 0.2% over 2011. The shopping centre has 313 retailers and 99,000 square metres of lettable area.
$541 million
The total annual sales at Carousel, WA, which increased 1.4% over 2011. The shopping centre has 294 retailers and 83,000 square metres of lettable area.
$507 million
The total annual sales at Macquarie, NSW, which declined 3.9% over 2011. The shopping centre has 278 retailers and 98,000 square metres of lettable area.
$504 million
The total annual sales at Chatswood, NSW, which declined 2.4% over 2011. The shopping centre has 290 retailers and 77,000 square metres of lettable area.
$478 million
The total annual sales at Belconnen, ACT, which increased 5.5% over 2011. The shopping centre has 282 retailers and 95,000 square metres of lettable area.
$473 million
The total annual sales at Tea Tree Plaza, SA, which increased 1% over 2011. The shopping centre has 257 retailers and 94,000 square metres of lettable area.
$471 million
The total annual sales at Pacific Fair, Queensland, which declined 8% over 2011. The shopping centre has 308 retailers and 104,000 square metres of lettable area.
$469 million
The total annual sales at Tuggerah, NSW, which increased 0.4% over 2011. The shopping centre has 270 retailers and 83,000 square metres of lettable area.
$456 million
The total annual sales at Liverpool, NSW, which increased 0.9% over 2011. The shopping centre has 337 retailers and 84,000 square metres of lettable area.
$455 million
The total annual sales at Kotara, NSW, which declined 10.3% over 2011. The shopping centre has 269 retailers and 69,000 square metres of lettable area.
$440 million
The total annual sales at Whitford City, WA, which declined 1.1% over 2011. The shopping centre has 305 retailers and 78,000 square metres of lettable area.
$419 million
The total annual sales at Karrinyup, WA, which declined 2.1% over 2011. The shopping centre has 219 retailers and 60,000 square metres of lettable area.
$419 million
The total annual sales at Woden, ACT, which declined 1.2% over 2011. The mall has 262 retailers and 72,000 square metres of lettable area.
$405 million
The total annual sales at Burwood, NSW, which increased 10.3% over 2011. The mall has 251 retailers and 64,000 square metres of lettable area.
$398 million
The total annual sales at Hurstville, NSW, which declined 0.4% over 2011. The mall has 261 retailers and 63,000 square metres of lettable area.
$379 million
The total annual sales at Mt Druitt, NSW, which increased 2.5% over 2011. The mall has 243 retailers and 59,000 square metres of lettable area.
$375 million
The total annual sales at Westlakes, SA, which declined 1% over 2011. The mall has 214 retailers and 61,000 square metres of lettable area.
$366 million
The total annual sales at North Lakes, Queensland, which increased 3.8% over 2011. The mall has 217 retailers and 61,000 square metres of lettable area.
$358 million
The total annual sales at Sydney Central Plaza, which decreased 8.3% over 2011. The mall has 95 retailers and 54,000 square metres of lettable area.
$331 million
The total annual sales at Helensvale, Queensland, which increased 2.6% over 2011. The mall has 187 retailers and 45,000 square metres of lettable area.
$294 million
The total annual sales at Plenty Valley, Victoria, which increased 4.4% over 2011. The mall has 180 retailers and 54,000 square metres of lettable area.
$278 million
The total annual sales at Innaloo, WA, which increased 1.2% over 2011. The mall has 171 retailers and 47,000 square metres of lettable area.
 
$277 million
The total annual sales at Geelong, Victoria, which increased 5.2% over 2011. The mall has 188 retailers and 52,000 square metres of lettable area.
$276 million
The total annual sales at Airport West, Victoria, which increased 7% over 2011. The mall has 180 retailers and 53,000 square metres of lettable area
$265 million
The total annual sales at Strathpine, Queensland, which increased 1.1% over 2011. The mall has 162 retailers and 45,000 square metres of lettable area
$224 million
The total annual sales at Warrawong, NSW, which increased 0.7% over 2011. The mall has 143 retailers and 58,000 square metres of lettable area
$171 million
The total annual sales at Figtree, NSW, which increased 1.1% over 2011. The mall has 94 retailers and 22,000 square metres of lettable area
$144 million
The total annual sales at North Rocks, NSW, which increased 0.7% over 2011. The mall has 92 retailers and 23,000 square metres of lettable area
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From Westfield Bondi Junction to North Rocks: where shoppers are spending (or not) their money in Westfield’s vast retail portfolio

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The latest statistics from the ABS show that Australia’s resident population reached 22.62 million last year, increasing by 320,800 people over the last 12 months.  This represents an annual growth rate of 1.4%, the lowest since 2006 and lower than the annual average growth rate of 1.8% over the five years to June 2011.
This is one of the reasons why new housing starts have been in the dumps in recent years.  Not enough people are moving to Oz.
All states and territories experienced population growth in 2010-11, with the largest population increases continuing to be in Australia’s three most populous states. Victoria had the greatest growth (up by 84,200 people), followed by New South Wales (82,200) and Queensland (74,800).  This is only the third time in the last 10 years that Queensland has not had the largest growth of all states and territories.
Queensland has been broken for some time.  Business and residents need legitimate reasons – other than the nice weather – to move to the Sunshine State.  The LNP white-wash will hopefully get the ball rolling in this regard.  My two-bob’s worth of how this could best be done, as one would expect, is on its way.  I have been biding my time until after Easter.  Watch this space.
More than 14.5 million people, close to two-thirds of Australia’s population, reside in the eight capital cities, and the combined population of the capital city/urban areas increased by over 224,000 over the last 12 months.
Melbourne recorded the largest growth of all capitals, increasing by 67,000 people, followed by Sydney (60,000), Perth (43,000), and Brisbane (35,000).  Population growth in Melbourne equated to an average increase of close to 1,300 people per week, while the population of Sydney increased by over 1,100 people per week.
When factoring in the Gold and Sunshine coasts plus out west to Toowoomba, south-east Queensland’s population increased by 52,000 people last year or by 1,000 people per week.  Just under 3 million people (2,965,000) now live across the south-east corner of the state.
Many local government areas that had large and/or rapid growth were located on or near the boundaries of capital cities, where more land tends to be available for subdivision and housing development.  In Melbourne, the population of outer-suburban Wyndham increased by 12,200 or 7.8%.  This was both the largest and fastest increase of all Victorian municipalities and the fastest in the country.  Strong growth was also experienced in Whittlesea (up 8,700 people or 5.6%) and Melton (6,000 people or 5.6%).
As the table below shows, Brisbane City Council continues to experience the most growth with its permanent population lifting by 14,000 last year.  The table also provides details as to the fastest-growing municipalities across Queensland.
<table style="width: 470px;" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="497" colspan="5">
Population growth – top 15 municipalities by number of people
</td>
</tr>
<tr>
<td></td>
<td width="147"></td>
<td width="118"></td>
<td width="165" colspan="2">
Change 2010-2011
</td>
</tr>
<tr>
<td width="214" colspan="2">
Ranking
</td>
<td width="118">
2011
</td>
<td width="99">
no.
</td>
<td width="66">
%
</td>
</tr>
<tr>
<td width="214" colspan="2">
Australia
</td>
<td width="118"></td>
<td width="99"></td>
<td width="66"></td>
</tr>
<tr>
<td>
1
</td>
<td width="147">
Brisbane (Qld)
</td>
<td width="118">
1,079,392
</td>
<td width="99">
14,100
</td>
<td width="66">
1.3%
</td>
</tr>
<tr>
<td>
2
</td>
<td width="147">
Wyndham (Vic)
</td>
<td width="118">
168,552
</td>
<td width="99">
12,230
</td>
<td width="66">
7.8%
</td>
</tr>
<tr>
<td>
3
</td>
<td width="147">
Gold Coast (Qld)
</td>
<td width="118">
536,480
</td>
<td width="99">
9,637
</td>
<td width="66">
1.8%
</td>
</tr>
<tr>
<td>
4
</td>
<td width="147">
Whittlesea (Vic)
</td>
<td width="118">
163,539
</td>
<td width="99">
8,675
</td>
<td width="66">
5.6%
</td>
</tr>
<tr>
<td>
5
</td>
<td width="147">
Moreton Bay (Qld)
</td>
<td width="118">
389,684
</td>
<td width="99">
8,118
</td>
<td width="66">
2.1%
</td>
</tr>
<tr>
<td>
6
</td>
<td width="147">
Wanneroo (WA)
</td>
<td width="118">
156,337
</td>
<td width="99">
6,234
</td>
<td width="66">
4.2%
</td>
</tr>
<tr>
<td>
7
</td>
<td width="147">
Melton (Vic)
</td>
<td width="118">
112,981
</td>
<td width="99">
6,002
</td>
<td width="66">
5.6%
</td>
</tr>
<tr>
<td>
8
</td>
<td width="147">
Casey (Vic)
</td>
<td width="118">
261,198
</td>
<td width="99">
5,947
</td>
<td width="66">
2.3%
</td>
</tr>
<tr>
<td>
9
</td>
<td width="147">
Blacktown (NSW)
</td>
<td width="118">
313,057
</td>
<td width="99">
5,777
</td>
<td width="66">
1.9%
</td>
</tr>
<tr>
<td>
10
</td>
<td width="147">
Logan (Qld)
</td>
<td width="118">
287,472
</td>
<td width="99">
5,325
</td>
<td width="66">
1.9%
</td>
</tr>
<tr>
<td>
11
</td>
<td width="147">
Sunshine Coast (Qld)
</td>
<td width="118">
335,273
</td>
<td width="99">
4,955
</td>
<td width="66">
1.5%
</td>
</tr>
<tr>
<td>
12
</td>
<td width="147">
Ipswich (Qld)
</td>
<td width="118">
172,738
</td>
<td width="99">
4,920
</td>
<td width="66">
2.9%
</td>
</tr>
<tr>
<td>
13
</td>
<td width="147">
Townsville (Qld)
</td>
<td width="118">
189,931
</td>
<td width="99">
4,511
</td>
<td width="66">
2.4%
</td>
</tr>
<tr>
<td>
14
</td>
<td width="147">
Cardinia (Vic)
</td>
<td width="118">
77,536
</td>
<td width="99">
4,335
</td>
<td width="66">
5.9%
</td>
</tr>
<tr>
<td>
15
</td>
<td width="147">
Parramatta (NSW)
</td>
<td width="118">
176,355
</td>
<td width="99">
4,321
</td>
<td width="66">
2.5%
</td>
</tr>
<tr>
<td width="214" colspan="2">
Queensland
</td>
<td width="118"></td>
<td width="99"></td>
<td width="66"></td>
</tr>
<tr>
<td>
1
</td>
<td width="147">
Brisbane
</td>
<td width="118">
1,079,392
</td>
<td width="99">
14,100
</td>
<td width="66">
1.3%
</td>
</tr>
<tr>
<td>
2
</td>
<td width="147">
Gold Coast
</td>
<td width="118">
536,480
</td>
<td width="99">
9,637
</td>
<td width="66">
1.8%
</td>
</tr>
<tr>
<td>
3
</td>
<td width="147">
Moreton Bay
</td>
<td width="118">
389,684
</td>
<td width="99">
8,118
</td>
<td width="66">
2.1%
</td>
</tr>
<tr>
<td>
4
</td>
<td width="147">
Logan
</td>
<td width="118">
287,472
</td>
<td width="99">
5,325
</td>
<td width="66">
1.9%
</td>
</tr>
<tr>
<td>
5
</td>
<td width="147">
Sunshine Coast
</td>
<td width="118">
335,273
</td>
<td width="99">
4,955
</td>
<td width="66">
1.5%
</td>
</tr>
<tr>
<td>
6
</td>
<td width="147">
Ipswich
</td>
<td width="118">
172,738
</td>
<td width="99">
4,920
</td>
<td width="66">
2.9%
</td>
</tr>
<tr>
<td>
7
</td>
<td width="147">
Townsville
</td>
<td width="118">
189,931
</td>
<td width="99">
4,511
</td>
<td width="66">
2.4%
</td>
</tr>
<tr>
<td>
8
</td>
<td width="147">
Cairns
</td>
<td width="118">
170,586
</td>
<td width="99">
2,647
</td>
<td width="66">
1.6%
</td>
</tr>
<tr>
<td>
9
</td>
<td width="147">
Mackay
</td>
<td width="118">
121,072
</td>
<td width="99">
2,452
</td>
<td width="66">
2.1%
</td>
</tr>
<tr>
<td>
10
</td>
<td width="147">
Redland
</td>
<td width="118">
144,936
</td>
<td width="99">
2,380
</td>
<td width="66">
1.7%
</td>
</tr>
<tr>
<td>
11
</td>
<td width="147">
Toowoomba
</td>
<td width="118">
163,936
</td>
<td width="99">
2,180
</td>
<td width="66">
1.3%
</td>
</tr>
<tr>
<td>
12
</td>
<td width="147">
Gladstone
</td>
<td width="118">
62,319
</td>
<td width="99">
2,115
</td>
<td width="66">
3.5%
</td>
</tr>
<tr>
<td>
13
</td>
<td width="147">
Fraser Coast
</td>
<td width="118">
103,358
</td>
<td width="99">
1,468
</td>
<td width="66">
1.4%
</td>
</tr>
<tr>
<td>
14
</td>
<td width="147">
Rockhampton
</td>
<td width="118">
116,722
</td>
<td width="99">
1,412
</td>
<td width="66">
1.2%
</td>
</tr>
<tr>
<td>
15
</td>
<td width="147">
Bundaberg
</td>
<td width="118">
97,762
</td>
<td width="99">
1,007
</td>
<td width="66">
1.0%
</td>
</tr>
<tr>
<td width="497" colspan="5">
Matusik Property Insights, April 2012.
</td>
</tr>
<tr>
<td width="497" colspan="5">
Source: Australian Bureau of Statistics Cat. No. 3218.0.
</td>
</tr>
<tr>
<td width="497" colspan="5">
Estimated resident population as at June 30 each year.
</td>
</tr>
</tbody></table>
The inner-city areas of Sydney, Brisbane and Melbourne had population increases among the largest in Australia, increasing by 3,500; 3,450 and 2,500 people respectively.  Perth was the fastest-growing of all the inner capital city areas, increasing in population from 18,000 to 18,600 people or 3.7%.
Since these stats were released, the number of people settling down under has risen substantially.  Close to 14,000 people are now arriving each month, compared with the lows of 9,500 per month in late 2010.
Our modelling suggests that Australia’s resident population could reach 23 million by late July this year.  Australia’s current population growth rate is around 350,000 per annum.
Michael Matusik is the director of independent property advisory Matusik Property Insights. Michael is a 25-year veteran in the industry and his firm has helped over 550 new residential developments come to fruition.  Michael has launched a new initiative, called<a href="https://www.matusik.com.au/" target="_blank"> Think Matusik</a>.  Think Matusik brings together expert opinion and select property opportunities.
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michaelmatusik-49YzLvdmNv

Slowing population growth part of the reason new housing starts are in the dumps: Michael Matusik

<html><body>{qtube vid:=5hkonf1smuA}</body></html>

chrisjoye-JYhJsTrNRC

Christopher Joye's video take on the April RBA decision

<html><body>
The Reserve Bank has left interest rates unchanged today at 4.25% following its April monetary policy meeting noting that while credit growth remains modest, "housing prices have shown some signs of stabilising recently, after having declined for most of 2011, but generally the housing market remains soft."
This marks the third consecutive monetary policy meeting that the RBA has left the cash rate unchanged.
The decision will particularly disappoint the weaker sectors of the economy, including residential builders, retailers and manufacturers.
The RBA announcement followed this morning’s release of underwhelming retail sales figures from the ABS, which showed a 0.2% rise in February after a 0.3% gain in January and a flat December. The February figures were in line with expectations.
It also followed weak building approval figures issued yesterday.
Borrowers must now wait and see if lenders will adjust rates independently of the RBA move.
ANZ borrowers will have to wait until Friday April 13 to find whether the bank will adjust its variable mortgage rates.
</body></html>

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