<a href="https://www.apartments.com.au/developers/mayd-group">MAYD Group</a> has set a new residential price record in Queensland with the $30 million sale of the penthouse at its <a href="https://www.apartments.com.au/new-apartments/one-burleigh-88-the-esplanade-burleigh-heads-qld-4220">ONE Burleigh</a> development in Burleigh Heads.

The sale equates to around $37,500 per sqm.

The two-level, 800 sqm penthouse, featuring five bedrooms, five bathrooms, five car spaces, and a private infinity pool overlooking the Pacific Ocean, was acquired by a Gold Coast-based entrepreneur, highlighting continued demand for ultra-premium beachfront product.

Selling agent Freddie Tehle of PRD Burleigh Heads said the result reflects tightening supply of high-quality, large-format apartments in Burleigh.

“There’s very limited opportunity to secure this level of scale and absolute beachfront position in <a href="https://www.apartments.com.au/developments/burleigh-heads-qld-4220">Burleigh Heads</a>,” Tehle said.

“Buyers are increasingly seeking apartments that genuinely replace a standalone home, and this penthouse delivers that with its size, privacy, and direct ocean frontage.”

[smartcode_project:default project_id=146358 project_image_fid=323057]

The sale comes as construction progresses on ONE Burleigh, a boutique development of 17 full-floor residences at 88 The Esplanade, scheduled for completion in early 2027.

Developed by MAYD Group and designed by <a href="https://www.apartments.com.au/architects/mas-architecture-studio">MAS Architecture</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/sici-design">Sici Design</a>, the project has been positioned as a collection of house-sized beachfront apartments, each occupying an entire floor with around 381 sqm of internal and external living space.

When construction commenced, MAYD director Todd Mould pointed to the long-term resilience of premium coastal real estate as a key driver behind the project.

“Real estate, particularly at the premium end, remains one of the most resilient and proven long-term investment avenues,” Mould said.

“Our ambition is that anyone who buys a MAYD-built product can genuinely feel the care, craftsmanship and commitment we bring to every detail.”

[smartcode_project:default project_id=146358 project_image_fid=323055]

Each residence has been configured with four bedrooms, multiple living zones, a private office, and expansive ocean-facing terraces. Interiors draw on a restrained material palette, including travertine stone, timber joinery, and integrated premium appliances.

Interior designer Sici Design said the approach was to reflect the project’s coastal setting through both materiality and spatial planning.

“ONE Burleigh is our vision of luxury living, designed to bring the essence of Burleigh Heads' vibrant coastal beauty into an unparalleled residential experience.”

Residents will have access to a suite of wellness-focused amenities, including pools, sauna facilities, and dedicated relaxation spaces, reflecting a broader shift toward lifestyle-driven apartment design on the Gold Coast.

[smartcode_project:default project_id=146358 project_image_fid=323052]

The project occupies a southern Esplanade site with uninterrupted beachfront frontage, an increasingly rare offering in Burleigh Heads, free from the Norfolk Pines that line much of the coastline and often limit direct ocean outlook.

Mould said the design intent was to balance that outlook with a sense of retreat.

“Living at ONE Burleigh is about how your day naturally unfolds, morning light across the ocean, coffee on the balcony, and being in Burleigh but elevated above the noise.”

The result further reinforces Burleigh Heads’ emergence as one of the Gold Coast’s most tightly held and supply-constrained beachfront markets, where boutique, owner-occupier-focused developments are increasingly setting new price benchmarks.

[smartcode_project_cta:default project_id=146358]

Joel Robinson

MAYD Group sets Queensland record with $30 million penthouse sale at ONE Burleigh in Burleigh Heads

Apartment developers in the Gold Coast are finding new, creative ways to differentiate themselves from competing projects, as new supply starts to flow through up and down the Coast.

Developer Big Projects brought in the renowned Sydney-based design studio YSG to craft the interiors for The Frederick, Big Projects' new Mermaid Beach project and YSG's first move into the multi-residential development space.

[smartcode_project:default project_id=110588 project_image_fid=5346]

It was a strategic move for Big Projects to bring in a Sydney eye to the development.

“Our role is to give our design partners the space and freedom to explore,” says Matt Barrett, Director of Big Projects.

“We wanted YSG Studio to capture the essence of Nobby’s, to design a building that embraces life, light and connection, while creating a genuine sense of place.”

There are only 39 apartments in The Frederick, including a striking beach house, just 100 metres from the booming Nobby Beach precinct.&nbsp;

[smartcode_project:default project_id=110588 project_image_fid=5347]

Yasmine Ghoniem, Director of YSG Studio, says their vision&nbsp;for The Frederick "reinvents coastal living."

“Nobby’s has such an iconic energy, it’s one of those rare pockets of the Gold Coast where the community, the beach, and the streets all feel connected,” Ghoniem says.

"Responding to the neighbouring coastline, soothing curves add a relaxing regional overlay, while unique detailing really sets it apart. It’s a place that feels lived in from the moment you step inside.”

A standout feature of The Frederick is its rooftop terrace, an uncommon inclusion for a boutique, low-rise building, where amenity is typically concentrated at ground level.

[smartcode_project:default project_id=110588 project_image_fid=5360]

Positioned to capture panoramic views from the hinterland to the ocean, the rooftop has been designed as a series of intimate zones. It includes a pool, sauna, sun decks, workspaces and dedicated entertaining areas.

“The rooftop was conceived as a collection of spaces where residents can unwind and connect, an extension of the Nobby’s lifestyle,” Barrett says.

Architecture for the project was led by Plus Architecture, with landscape design by LDG.

SRQ Projects Director Nick Clydsdale, who is handling sales at The Frederick, says the majority of enquiry is coming from South East QLD and Victorian buyers who have been actively searching between Broadbeach and Mermaid Beach for some time.

"They’ve reviewed a number of projects, however this one has stood out for its design flair/ appeal,"&nbsp;Clydsdale says.

Site demolition is slated for this month, with construction commencing soon after. Big Projects is targeting a late 2027 completion.

[smartcode_project_cta:default project_id=110588]

Big Projects taps Sydney’s YSG for first multi-residential project at The Frederick Mermaid Beach

Melbourne-based property developer ALTA Property has this week achieved planning approval for the adaptive re-use of a former commercial tower into a $200 million, 169-apartment project at 10 Queens Road, one of the last developable sites along the Albert Park Lake-fronting boulevard.&nbsp;

Set within one of Melbourne’s most sought-after precincts and designed by <a href="https://www.apartments.com.au/architects/fraser-partners-0">Fraser and Partners</a>, the illustrious building will offer unparalleled views across Albert Park Lake, Port Phillip Bay and Melbourne CBD.&nbsp;

The mix of 1, 2 and 3-bedroom residences will be complemented by a ground-floor amenity featuring private dining, a lounge bar, gym and wellness spaces, co-working, outdoor communal gardens, and retail.&nbsp;

The 17-storey building is a masterclass in adaptive re-use, with the existing commercial building’s façade, shell and internal structure to be retained, before high-end residences are built from the ground up in a newly built Albert Park facing addition to the building.&nbsp;

Sitting atop the building will be two 320+sqm penthouses with private rooftop terraces, which are expected to be priced between $9 - $11 million.&nbsp;

<img alt="ALTA Property achieves permit approval for $200 million Queens Road tower" data-entity-type="file" data-entity-uuid="aa11211b-5581-43f9-940c-fc84d30a0e61" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/C_04.png?VersionId=Yhf5p_1EgGDu_zOIMFgvA8Ug8j3sTFQs" />

Architecturally, the building will feature a curved, geometric façade that celebrates and elevates the existing structure, with warm, muted tones which were selected to extend the materiality of the existing building rather than contrast it.&nbsp;

Interiors will bring together three metre high ceilings with waffle concrete in some spaces, natural timber, granite and Australian materials, culminating in crafted, generous and considered spaces that are defined by authenticity.&nbsp;

The adaptive re-use means that the Queens Road project will be a sustainability led, high-quality finished product, with a 62% saving in carbon emissions by re-using the existing structure rather than knocking it down and rebuilding.&nbsp;

ALTA Property was launched by Nigel Givoni in 2023, bringing over 25 years of experience in multi level residential delivery.&nbsp;

Melbourne’s property market growth is currently led by apartments. According to RPM VIC Apartments &amp; Townhomes Market Report (April 2026), units are outpacing houses, especially in the middle ring suburbs where median prices hit $757,500 – a four-year high that represents 2.9 percent growth quarter-on-quarter.&nbsp;

<img alt="ALTA Property achieves permit approval for $200 million Queens Road tower" data-entity-type="file" data-entity-uuid="647e13d7-b4bc-433a-9bc9-fe3c3dd4f2ec" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/V_06.png?VersionId=ou4NUCWUgA3NAy.6CQJlEdKX50j3dOk6" />

For ALTA Property Founder Nigel Givoni, this performance speaks to the confidence he has in the Melbourne market.&nbsp;

“Queens Road represents a rare opportunity to continue to shape our presence in the Melbourne market.,"&nbsp;Givoni says.

"With a considered project team and a premier site along one of the city’s most sought-after boulevards, we look forward to contributing to the fabric of this established address.

“Other Australian markets are getting a lot of attention, but I believe the depth of value in Melbourne is being overlooked. The fundamentals are strong, population growth is steady and, based on our preliminary conversations with a leading builder, construction costs are beginning to normalise, creating further opportunity."

Givoni says the project is a&nbsp;highly considered example of adaptive re-use, delivering quality, high-end residences, premium hotel-inspired amenities and an architecturally striking façade, all achieved without the need to remove the existing structure.

"We are really looking forward to the market’s response,” he said.&nbsp;

ALTA Property to deliver $200 million Queens Road apartment tower

Construction is set to begin at <a href="https://www.apartments.com.au/new-townhouses/orchard-mews-glen-iris-18-scott-grove-glen-iris-vic-3146">Orchard Mews</a> in Glen Iris, with&nbsp;PC Whitehall &amp; Sons&nbsp;now appointed as the townhome development moves into its next phase.

The development by&nbsp;<a href="https://www.apartments.com.au/developers/montcoeur">MontCoeur</a>,&nbsp;located at 18 Scott Grove, is now around 30 per cent sold, with completion targeted for late-2027.

Orchard Mews comprises a curated collection of three- and four-bedroom customisable townhomes, positioned within one of <a href="https://www.apartments.com.au/developments/glen-iris-vic-3146">Glen Iris</a>’ more tightly held residential streets. The low-density project has been designed by <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a>, with landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/jack-merlo">Jack Merlo</a>, bringing together a team known for high-end residential projects across Melbourne.

[smartcode_project:default project_id=150128 project_image_fid=366285]

The development is defined by its focus on flexible living and long-term usability. Each residence includes multiple living zones and a customisable multipurpose room, allowing buyers to tailor spaces to suit changing needs, whether as a home office, additional bedroom, wellness area or entertainment space.

Architecturally, the townhomes emphasise natural light and spatial volume, with dual-aspect layouts and double-height living areas incorporated into the design. Interiors feature natural stone benchtops, premium appliances, and a neutral material palette intended to support everyday functionality rather than statement-driven finishes.

All residences are all-electric and include private lifts and secure double garages, reflecting a broader shift toward sustainability and future-focused housing in Melbourne’s established suburbs.

[smartcode_project:default project_id=150128 project_image_fid=366277]

Outdoor connections are also central to the offering, with a mix of private courtyards and terraces extending internal living spaces and integrating with the landscaped surrounds.

The Scott Grove address places Orchard Mews within close proximity to some of Melbourne’s key lifestyle and education amenities, including Scotch College, Sacré Cœur, Cabrini Hospital and the retail hub of Chadstone. Public transport access is also nearby, with trams and Gardiner Station providing connectivity to the CBD and surrounding suburbs.

[smartcode_project_cta:default project_id=150128]

Construction to commence at luxury Glen Iris townhome project, Orchard Mews

A rare new apartment development has been proposed on the fringe of St Ives Village.

Developer Newquest Property has lodged plans for a low-rise apartment project designed by well-regarded architecture firm Warren &amp; Mahoney, which is best known for its work in the multi-residential sector in Melbourne.

The building, proposed for a 1,916 sqm site on <a href="https://www.apartments.com.au/new-apartments/st-ives-residences-3-5-memorial-avenue-nsw-2075">Memorial Avenue</a> opposite St Ives Village Green, has been designed to blend into the surrounding natural environment.

<img alt="St Ives" data-entity-type="file" data-entity-uuid="5c1c7437-2fba-4345-a6d7-05321714ad3e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-04%20at%201.28.46%E2%80%AFPM.png?VersionId=KrYyMaJvNqR7vbx0xbB3Ef8sJ6FuHpmn" />

“Drawing inspiration from the pale trunks and flowering canopies of the scribbly gums and blue gums prevalent in the area, a considered material palette was developed,” the architectural design report states.

“This palette references the established materiality of the suburb while elevating it through refined finishes to achieve a more luxurious architectural expression.”

Of the 33 apartments proposed, 21 will be three-bedroom residences. The remaining mix includes nine two-bedroom apartments, one one-bedroom apartment and two four-bedroom residences. The development will be supported by 62 car parking spaces and 33 secure bicycle spaces.

The proposal would replace two single-storey brick buildings currently on the site.

<img alt="St Ives" data-entity-type="file" data-entity-uuid="21422eaf-09a9-4439-9278-b9bd9daf22a1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-04%20at%201.38.10%E2%80%AFPM.png?VersionId=v.fXSgcUcEscvOZzqcjG5nk3gVqk_Amt" />

St Ives remains a relatively untapped market for new apartment development. North Shore developer WINIM has a number of projects in the area, while INCA is nearing completion of Ellis Residences.

More recently, Traders In Purple has lodged plans for one of the denser projects proposed in the suburb, a 75-apartment development on a 5,900 sqm site on Cowan Road.

NewQuest, a construction, design and development firm, has delivered over 24 projects across commercial, residential, industrial, and lad markets.&nbsp;

&nbsp;

&nbsp;

First look: NewQuest Property proposes new St Ives apartment development

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

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The restructuring of the Centro Retail Australia property portfolio continues with the shopping centre landlord announcing that it has acquired the Centro Tormino, about 8 kilometres south of Coffs Harbour for $65.5 million from one of its investment syndicates.
The sale was concluded on December 14 with the price in line with the June 2012 independent valuation of the centre and 8.3% above the highest offer received for the Centre during the most recent March 2012 sale campaign.
It follows Centro selling its <a target="_blank" href="https://www.propertyobserver.com.au/retail/challenger-acquires-centro-surfers-paradise-mall-for-%241625-million/2013012058885?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">Surfers Paradise Mall for $162.5 million </a>to a Challenger institutional investor syndicate.
Centro Tormino formed part of the Centro MCS 16.
The 21,000 square metre mall was acquired for $25 million in September 2006 on a yield of 10.28% with Coles and Woolworths as the anchor tenants and 35 speciality stores.
The syndicate has not made any distributions to investors since July 2008 and its senior debt facility was due to expire in December last year.
In his update to syndicate investors, Gerard Condon, executive general manager of syndicates, said the sale to Centro Retail Australia saved the syndicate approximately $650,000 in sale agents commission.
He also said that any alternative strategies were likely to "take more time to complete and incur further transaction costs with no guarantee of improved value for syndicate investors".
Investors are forecast to receive a final syndicate net asset backing of $0.44 per unit.
According to the Australian Financial Review, Centro is considering purchasing another single-asset fund, MCS 27 which holds the $91 million Sunshine Marketplace in Melbourne, as its debt facility reaches term.
Centro is currently acquiring key syndicate assets and disposing of those it deems non-core as part of its restructure plan agreed with lenders in December 2011, which saved it from collapse.
Other assets it has acquired include the Centro Dianella in Perth and full-ownership of the $570 million Bankstown shopping centre in NSW.
Centro will rebrand to Federation Centres at its EGM today, subject to shareholder approval.
 
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lschlesinger-FZcF9M3vE6

Centro buys Coffs Harbour mall from syndicate for $65.5 million

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Despite months on the market and huge price cuts, these properties just won’t budge.
These 10 properties are the most heavily discounted in the country, according to <a href="https://sqmresearch.us5.list-manage.com/track/click?u=9badbd870addb4af72206c2eb&amp;id=0f8e3c8687&amp;e=0aab96dc54" target="_blank">SQM Research</a>.
<ol>
<li>
<a href="https://www.realestate.com.au/property-acreage+semi+rural-qld-ellen+grove-114951879" target="_blank">38 Considine Street, Ellen Grove, Queensland</a>
<img src="/images/2014/07/09/1.jpg" alt="">
The owners of this 1.57 hectare flat block with a brick house have lopped its price by 43%, this biggest house price cut of any home currently on the market. After 245 days on the market and a new $799,000 asking price, down from $1,400,000, the property is still for sale. A half hour’s drive from the Brisbane CBD, the property is being advertised on its development potential.
</li>
<li>
<a href="https://www.realestate.com.au/property-house-tas-richmond-114883299" target="_blank">2 Wellington Street, Richmond, Tasmania</a>
<img src="/images/2014/07/09/2.jpg" alt="">
Richmond’s Mill House, sitting alongside the convict-built Richmond bridge, has seen its asking price cut by $1 million, down from $2,800,000 to $1,800,000. The historic property has a four bedroom, four bathroom main residence, with a formal living and dining area, sunroom and cellar. There is also a self-contained cottage on the property, and the vendors are open to selling the adjoining plot. According to the listing information, “A change of circumstances has significantly increased the motivation of the Vendors of this magnificent Country Retreat [sic]”.
</li>
<li>
<a href="https://www.realestate.com.au/property-house-wa-carabooda-114289451" target="_blank">219 Bernard Road North Carabooda, West Australia</a>
<img src="/images/2014/07/09/3.jpg" alt="">
A newcomer to SQM’s list, this rural property has been discounted by 35%, with its asking price now $2,272,000, down from $3,500,000. It’s been on the market for 321 days. SQM notes the property is an “acquired taste,” writing that “this home would perhaps struggle to find buyer interest outside of those interested in the rural/farming market, narrowing down the vendor's target market immensely”. According to its listing information, the property is located four or five kilometres from the “future CBD of Alkimos”.
</li>
<li>
<a href="https://www.raywhite.com/nsw/michelago/668779/" target="_blank">76 Tinderry Road, Michelago, New South Wales</a>
<img src="/images/2014/07/09/4.jpg" alt=""> Another rural property that won’t budge, this 710 hectare plot has been on the property for more than three and a half years, and has been discounted by 34%. The property, located near Michelago village, is within a half hour’s drive of Canberra’s suburbs. Permanent water is supplied to the property by the Michelago creek, with two dams on the land. The original 1925-era home still stands on the property and requires significant renovations.
</li>
<li>
<a href="https://www.realestate.com.au/property-house-wa-doubleview-116544475" target="_blank">1 Princess Road, Doubleview, West Australia</a>
 <img src="/images/2014/07/09/5.jpg" alt="">
Advertised as a four lot subdivision opportunity, this property in Perth’s Doubleview has been discounted by 33%. On the market for 91 days, the cottage and granny flat on the plot are advertised as “very rentable during the development phase”. They sit on a 1,412 square metre plot. The vendors purchased 1 Princess Road for $150,000 in 1990. They are hoping to secure more than 10 times what they paid for the property, with an asking price of $1,800,000.
</li>
<li>
<a href="https://www.realestate.com.au/property-house-sa-strathalbyn-107584093" target="_blank">21 Cotton Court, Strathalbyn, South Australia</a>
<img src="/images/2014/04/30/strathalbyn.jpg">
This home in the South Australian town of Strathalbyn is listed at $339,000, 32% down from its initial $498,000 asking price. 21 Cotton Court has been on the market for almost three years. The 1900s style house was purchased by the current vendors for $118,000 in 1995. It’s the only South Australian home on the top 10 list.
</li>
<li>
<a href="https://www.realestate.com.au/property-house-tas-battery+point-108230936" target="_blank">1/23 Albuera Street, Battery Point, Tasmania</a>
<img src="/images/2014/07/09/6.jpg" alt="">
This luxury renovated apartment offering in Hobart is situated in the former Albuera Art School. Vendors are seeking offers over $1,500,000, while its initial asking price, 986 days ago, was $2,200,000. The property has three double bedrooms, with polished timber floors throughout and pressed metal ceilings.
</li>
<li>
<a href="https://www.realestate.com.au/property-house-nsw-green+point-114436679" target="_blank">99 Green Point Drive, Green Point, New South Wales</a>
<img src="/images/2014/04/30/green%20point%20drive.jpg">
A contemporary home in the New South Wales Central Coast has been discounted by 31% after more than 1,373 on the market. Listed for more than two and a half years, it’s been on the market longer than any other property currently listed in Australia. It has four bedrooms, with an en suite with spa attached to the master bedroom. There is also an outdoor covered spa at the back of the property. 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-nsw-bar+point-113991687" target="_blank">53 Kalinda Road, Bar Point, New South Wales</a>
<img src="/images/2014/07/09/9.jpg" alt="">
The price of this two cabin property set above a waterfront reserve on the banks of the Hawkesbury River was cut from $280,000 to $195,000, a 30% drop. It’s been on the market for 581 days. Advertised as a “great weekender”, the first cabin has two bedrooms, a kitchen and living area, while the other has a bedroom and bathroom. There is also the opportunity to take up a license for a jetty on the property, though there isn’t a ramp and pontoon currently installed.
</li>
<li>
<a href="https://www.realestate.com.au/property-apartment-vic-box+hill-115886643" target="_blank">4/14 Spring Street, Box Hill, Victoria</a>
<img src="/images/2014/07/09/10.jpg" alt="">
This one bedroom apartment, advertised as student accommodation, is on the market for $160,500. When it was first listed 154 days ago, it was advertised at $230,000. Next door to the Box Hill Hospital, the apartment is within walking distance of Box Hill’s shopping centres, public transport and the Box Hill Institute. If vendors sell at its current asking price, they will be making a loss – they bought the apartment for $173,000 in 2007.
</li>
</ol>
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jrichardson-uRX5hFdKfN

The 10 most heavily discounted homes in Australia

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Multiplex has completed M&amp;L Hospitality’s redevelopment of 161 Sussex Street in Sydney's Darling Harbour.
The former Four Points by Sheraton Sydney was rebranded earlier this year to Hyatt Regency Sydney, marking the Hyatt Regency’s return to Sydney.
The redevelopment included refurbishment of the existing hotel; the construction of a new 3,667 square metre convention centre; and a 25-level tower including 13 new hotel levels and 10 levels of A-grade high rise commercial office space.
The additional 25-storey tower has added 222 new guest rooms to what was already Australia’s largest hotel, bringing the total number of rooms to 892.
David Ghannoum, regional managing director at Multiplex said the challenges involved building over an operating freeway and in a live hotel environment.
A significant amount of construction took place over the top of the Western Distributor Freeway, a major feeder road from the Sydney CBD to the Sydney Harbour Bridge.
Construction was completed with minimal disruption to the 80,000 vehicles using the Western Distributor daily and the 600-700 guests staying at the hotel each night.
Work commenced in December, 2014 and spanned a two year period.
The project generated approximately 2,250 jobs during construction.
Construction saw some 11,500 cubic metres of concrete poured and 635 tonnes of steel installed to create the building’s structure, and over 1,388 glass panels installed to form the hotel’s façade.
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j.ballantyne1990-6AQqhLzZaK

Darling Harbour sees return of Hyatt Regency to Sydney

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EXPERT OBSERVER
No matter who wins Saturday’s federal election, you can expect to see more cranes on the skyline and hi-viz vests on the roadside. Both major parties are promising to spend big on transport infrastructure: A$42 billion for the Coalition and A$49 billion for Labor. However, many of the favoured projects are unlikely to be completed for years or even decades to come.
What’s being promised, and where?
The types of project each party is promising reflect a now-familiar pattern seen in the recent <a href="https://theconversation.com/how-much-will-voters-pay-for-an-early-christmas-eight-charts-that-explain-victorias-transport-election-106782" target="_blank">Victorian</a> and <a href="https://theconversation.com/how-the-nsw-election-promises-on-transport-add-up-112531" target="_blank">New South Wales</a> elections. The Coalition will outspend Labor on roads; Labor will outspend the Coalition on public transport.
<a href="https://images.theconversation.com/files/274293/original/file-20190514-60554-if4z2a.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/274293/original/file-20190514-60554-if4z2a.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a> Author provided
There’s also a story in the details of where the parties are promising to spend. In Victoria, where the Coalition suffered heavy losses in last October’s state election, <a href="https://www.theage.com.au/federal-election-2019/some-seats-are-better-than-others-coalition-sandbagging-key-electorates-with-taxpayer-funds-20190501-p51j6b" target="_blank">the federal Coalition has been busy “sandbagging”</a> key seats. Until last weekend, the Coalition had been promising much more than Labor.
Announcements on Sunday changed all that. While the Coalition <a href="https://www.theaustralian.com.au/nation/4bn-bid-to-unlock-road-link-box/news-story/1c4254f3a80bc85dc11e068b9bff62a9" target="_blank">upped its commitment to the East West Link to A$4 billion</a>, this was dwarfed by Labor’s <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-05-12/shorten-morrison-pledge-cash-for-melbourne-infrastructure/11105094" target="_blank">A$10 billion pledge for the Suburban Rail Loop</a>. Victoria now stands as the key battleground for transport promises.
Labor is also writing bigger cheques than the Coalition in Queensland, where it <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-04-12/federal-election-queensland-battleground/10975570" target="_blank">hopes to make big gains</a>.
<a href="https://images.theconversation.com/files/274294/original/file-20190514-60549-1rw76kx.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/274294/original/file-20190514-60549-1rw76kx.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a> Author provided
<h2>There’s some agreement on the big stuff</h2>
Despite their different ideologies and at-risk electorates, there is still much common ground between the parties. Almost one in three of the projects and funding packages that have attracted promises of at least A$50 million are backed by both the Coalition and Labor. Each party has promised almost A$24 billion for these “bilateral” projects – that’s more than half of the Coalition’s total promised transport infrastructure spending and almost half of Labor’s.
The parties are more likely to agree on big projects than small. Bilateral commitments make up almost half of all promises worth at least A$500 million, but less than a third of those below that threshold. For the very largest projects, the level of agreement is somewhere in between – the Coalition and Labor agree on four of the 11 projects attracting commitments of more than A$1 billion.
<a href="https://images.theconversation.com/files/274295/original/file-20190514-60560-esgadm.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/274295/original/file-20190514-60560-esgadm.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a> Author provided
<div data-react-class="Tweet" data-react-props='{"tweetId":"1044051590867378178"}'> </div>
<h2>But voters are forced to make risky choices, again</h2>
With so much cash on the table, will these vast riches be spent on the right things?
More money for roads and public transport probably sounds fine to most Australians, whether they’re navigating potholed rural roads, stuck behind trucks on regional highways, drumming the steering wheel in clogged city streets, or calling in late on delayed suburban trains.
But are the projects of national significance and therefore worthy of Commonwealth attention? And can they be relied on to return a benefit larger than their cost?
For too many projects, the answers are no and no. Infrastructure Australia (IA) publishes a <a href="https://www.infrastructureaustralia.gov.au/projects/infrastructure-priority-list.aspx" target="_blank">list of national priorities</a> and evaluates business cases for projects that are “<a href="https://www.infrastructureaustralia.gov.au/about/files/IA-Statement-of-Intent-2017-19.pdf" target="_blank">nationally significant or where Commonwealth funding of A$100 million or more is sought</a>”. Most of the commitments above A$100 million in this campaign do not have IA-approved business cases.
Some projects are under evaluation, such as a new bridge in Nowra on the NSW south coast, but the two parties should have waited for IA’s assessment before committing.
Worse still, many promised projects are not even on the national priority list.
<a href="https://images.theconversation.com/files/274296/original/file-20190514-60541-bw6rss.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/274296/original/file-20190514-60541-bw6rss.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a> Author provided
For projects attracting commitments of less than A$100 million, most are best left to state governments. The Commonwealth should stick to projects that are important to more than one state or are particularly important to the national economy.
Fixing <a href="https://www.barossaherald.com.au/story/5990686/budget-48-million-roundabout-at-kroemers-crossing/" target="_blank">regional</a> and <a href="https://anthonyalbanese.com.au/media-release-labor-will-fix-one-of-adelaides-worst-intersections-saturday-9-march-2019" target="_blank">suburban intersections</a> is important, but it’s hardly of national significance. When federal parties get involved, it starts to smell like pork-barrelling.
Some promises are inexcusable
Throwing taxpayer money at boondoggles is poor governance. Far worse is flagrantly ignoring independent advice and burning cash on projects that we know don’t stack up. Before the 2016 federal election, Grattan Institute reported on the <a href="https://theconversation.com/election-2016-will-the-infrastructure-promises-meet-australias-needs-61140" target="_blank">outrageous Princes Highway duplication between Winchelsea and Colac</a> in Victoria’s Western District. The Coalition promised this project even though IA determined that it would return only eight cents of value for every dollar spent.
Three years on, lessons still need to be learnt. Labor has committed A$50 million this election to the <a href="https://www.macarthuradvertiser.com.au/story/6092086/labor-pledges-50-million-to-finish-maldon-dombarton-rail-link-project/" target="_blank">Maldon-Dombarton rail link</a> in NSW’s Illawarra region. This <a href="https://www.infrastructureaustralia.gov.au/projects/files/Maldon-to-Dombarton-summary.pdf" target="_blank">A$806 million project got the thumbs-down</a> in 2017 from IA, which stated that “the project would not justify its costs and would impose a net cost on the Australian economy”.
In exceptional cases, governments may want to fund projects with costs outweighing benefits on equity grounds, <a href="https://grattan.edu.au/wp-content/uploads/2019/04/916-Commonwealth-Orange-Book-2019.pdf#page=63" target="_blank">such as to provide a minimum level of service for rural communities</a>. It is hard to make that case for a commercial freight rail link.
Every dud project built cannibalises a worthy one. Our politicians should stop donning hardhats and promising infrastructure before they’ve done their homework.<img src="https://counter.theconversation.com/content/115138/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/greg-moran-431402" target="_blank">Greg Moran</a>, Senior Associate, <a href="http://theconversation.com/institutions/grattan-institute-1168" target="_blank">Grattan Institute</a> and <a href="https://theconversation.com/profiles/james-ha-596825" target="_blank">James Ha</a>, Graduate Associate, <a href="http://theconversation.com/institutions/grattan-institute-1168" target="_blank">Grattan Institute</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/transport-promises-for-election-2019-the-good-the-bad-and-the-downright-ugly-115138" target="_blank">original article</a>.
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jrobinson-rf4aSBido9

Transport promises for election 2019: the good, the bad and the downright ugly

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EXPERT OBSERVER
Westpac has lifted its economic growth forecasts for 2020 and 2021 from –3.0% and 2.8% to –2.0% and 4%, respectively. Our growth forecast for 2022 has been lowered from 3.5% to 3.0%.
As a result of this substantial near term boost to the growth forecasts we have also lowered our forecasts for the unemployment rate by December 2021 from 7.0% to 6.0% and 6.3% to 5.2% by December 2022.
Under these forecasts we expect that the level of consumer spending and the level of GDP will return to the “end 2019” levels by the June quarter 2021.
By end 2021 GDP will be around 2% above the end 2019 level but still around 3% below the level of GDP that would have been expected in the absence of covid.
These revisions follow the stronger than expected print for GDP growth in the September quarter (3.3%) compared to our forecast of 3.0% and our revised forecast growth rate in the December quarter of 2020 from 1.6% to 2.3%.
The dominant message from the September quarter national accounts was the 7.9% surge in consumer spending, including 9.8% for services and 5.2% for goods. Consumer spending actually contracted by 1.2% in Victoria while it lifted by 11% in the other states.
As the Victorian economy (around 25% of the national economy) reopens in the December quarter and momentum remains positive in the other states we expect consumer spending to lift by a further 5% in the December quarter.
The key to the revision for 2021 is the expectation that the recent lift in Consumer Sentiment to a seven year will be sustained; the increased momentum in the housing market will continue; a likely commitment by the government to continue to target a lower unemployment rate in the 2021 Budget; the huge boost to markets and global growth prospects with the advent of vaccines; the significant buffer of savings that will accommodate a large fall in the savings rate; ongoing reopening momentum; a likely upward revision to the government’s currently overly pessimistic net migration forecasts.
The headwinds from deferred loans and the tightening of insolvency laws are now seen to be less threatening for the economy as the economy has gathered such momentum in the second half of 2020.
BILL EVANS is the Chief Economist at Westpac
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bevans-rYk9SxEa4r

Westpac's Bill Evans optimistically revised 2021 unemployment forecast

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EXPERT OBSERVATION 
The stereotype of a homeless person – those living in tents or sleeping in parks or doorways – is just the visible tip of the much larger crisis of homelessness in Australia.
For every one of about 8,000 “rough sleepers” there about 14 others staying in temporary accommodation or with others in severely crowded dwellings. That’s a total of more than <a href="https://www.abs.gov.au/statistics/people/housing/census-population-and-housing-estimating-homelessness/latest-release" target="_blank">116,000 homeless Australians</a>, according to Australian Bureau of Statistics census data.
About 60% are under the age of 35, though the number of homeless aged 55 and older has been steadily increasing. About a quarter are women and children fleeing <a href="https://apo.org.au/sites/default/files/resource-files/2008-12/apo-nid2882.pdf" target="_blank">domestic violence</a>.
<a href="https://www.propertyobserver.com.au/images/2020/DEC/1/homelessness.png" target="_blank">Click here to enlarge</a>.
<img src="https://www.urban.com.au/images/2020/DEC/1/homelessness.png" alt="">
The causes of homelessness are complex. The stereotype is that it involves mental illness and substance addiction. But the more common denominators are poverty, unemployment and a lack of affordable adequate housing.
Whatever the cause, research by myself and colleagues for the Australian Housing and Urban Research Institute proposes a path forward to reduce, and even eliminate, homelessness in Australia.
To do so requires moving away from treating the problem in an uncoordinated manner at the point of crisis and investing in an integrated system that prioritises prevention, fast rehousing and an adequate supply of affordable long-term housing.
A historical legacy
Australia’s existing approach to dealing with homelessness is the legacy of a response originating in the 19th century, long before the advent of the modern welfare state, relying on charitable institutions to pick up the pieces of an economic system failing to care for the most vulnerable.
This has resulted in a somewhat chaotic system of small-scale and often disconnected services that are funded to only put a band-aid on the problem. It is mainly oriented towards crisis responses, with limited resources devoted to responding to homelessness once it has occurred, often only providing temporary relief from homelessness.
Federal, state and territory governments provide about <a href="/news">A$250 million a year</a> in funding to the 1,500 not-for-profit “specialist homelessness services” – organisations such as Launch Housing and Vincent Care – to provide support services and short-term accommodation in refuges, hostels, motels and caravan parks.
But this is insufficient to achieve the aim of even providing temporary accommodation to all those in need. Homeless services turn away <a href="https://www.aihw.gov.au/reports/housing-assistance/people-turned-away-from-government-funded-speciali/contents/summary" target="_blank">almost 60%</a> of those who ask for help. People instead have to rely on the kindness of family and friends, or sleep in their cars or on the street, while they wait to receive assistance. There is no statutory duty to provide assistance to homeless people in Australia.
The status quo is an expensive and unsatisfactory approach. We can do much better.
Housing comes first
An emerging trend internationally is to reorient homelessness service systems away from a largely crisis response and towards prevention and long-term solutions.
The key is a “Housing First” approach, investing resources into first getting people into long-term accommodation, and then providing support to address the reasons they found themselves homeless in the first place.
Once housing is secured, relevant support workers can then support clients with particular needs, from preparing for employment, drug and alcohol rehabilitation, negotiating the legal system arising from domestic and family violence, and psychiatric or psychological counselling.
Evidence to the superiority of the “Housing First” approach comes from Norway. <a href="/news">Over the past 12 years</a> the number of homeless Norwegians has fallen by more than 35%. This compares with Australia’s approach, which <a href="https://www.abs.gov.au/statistics/people/housing/census-population-and-housing-estimating-homelessness/latest-release#key-findings" target="_blank">in the past 20 years</a> has managed to only marginally reduce the number of rough sleepers while other categories of homelessness have continued to rise.
We need an integrated strategy
A clear deficiency in Australia’s approach to homelessness has been the lack of any integrated national strategy and leadership. This means funding arrangements in states and territories are piecemeal and inadequate.
The first step in moving to a “Housing First” approach is coordinated federal and state funding for an adequate supply of affordable and social housing.
<a href="https://www.propertyobserver.com.au/images/2020/DEC/1/Public%20housing%20dwellings.png" target="_blank">Click here to enlarge</a>.
<img src="https://www.urban.com.au/images/2020/DEC/1/Public%20housing%20dwellings.png" alt="">
As we outline in our new report <a href="https://www.propertyobserver.com.au/https://www.ahuri.edu.au/research/final-reports/347" target="_blank">Ending homelessness in Australia: A redesigned homelessness service system</a>, an integrated national strategy would also include an enhanced role for universal welfare services such as primary health services, schools and colleges to assist people at risk of homelessness.
They would have a duty to prevent homelessness when possible, assisting clients to maintain their existing housing or to access new housing. Where this is not possible, they would refer clients to specialist housing services for assistance finding crisis accommodation, and then long-term housing.
In this system, providing crisis accommodation would be the solution of last resort.
That affordable housing is the first step in solving homelessness may seem startlingly obvious. But, counterintuitively, that’s not the premise of how the current system works.
We cannot stress enough how much an adequate planned supply of long-term affordable and social housing that is appropriate, secure and safe is vital to any successful attempt to end homelessness. 
ANGELA SPINNEY is a Research Fellow at the Swinburne University of Technology
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Eliminating most homelessness is achievable: Angela Spinney

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Four of five tenanted investments in the Noosa region’s new retail development, Shops on Hilton, have sold to local investors after recent strata titling.
Located at 11-19 Hilton Terrace, the development is situated on a busy road linking Noosaville to Tewantin.
Ray White’s Louisa Blennerhassett and David Brinkley have been leasing the properties since it opened for trade in 2019.
“Yields achieved have ranged from 5.7 per cent to 6.2 per cent with buyers recognising the value of a brand-new building in a prominent location,” Blennerhassett said.
According to the agents, enquiry has been “very strong” on the individual tenancies, coming from Queensland, NSW and Victoria.
“We feel that local buyers are witnessing firsthand the strength of the Sunshine Coast and Noosa markets and want to be part of this growth”, Brinkley said.
All tenants at the properties were in the early stages of three to five-year terms, with options, indicating that investors are seeking quality tenants and long-term investments.
“Given low interest rates, yields are tightening to levels we have not seen before”, Brinkley said.
“These results are confirming what we already know - that the Sunshine Coast is on a strong upwards growth curve which certainly has not slowed in recent months”, he said.
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Tenanted investments in Noosa's new retail development attracts local investors

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At its December meeting the Reserve Bank Board decided to maintain the policy settings it adopted at the November Board meeting.
The Governor confirmed the key forecasts that were adopted for the November Statement on Monetary Policy: “It will not be until the end of 2021 that the level of GDP reaches the level attained at the end of 2019. In the central scenario, GDP is expected to grow by around 5 per cent next year and 4 per cent over 2022”.
That growth profile is expected to be consistent with an unemployment rate of 8% by end 2020; 6.5% by end 2021; and 6% by end 2022.
It is this persistently high unemployment rate that is expected to weigh on wages growth and ultimately inflation prompting the Governor to confirm that “the Board is not expecting to increase the cash rate for at least 3 years”.
Over the course of the next few months, as we move to the next Board meeting on February 2 the Board may need to significantly review its forecasts.
Firstly, the unemployment rate in December, seems unlikely to reach 8% given its current level of 7.1%.
Westpac expects strong employment growth in November as Victoria reopens and while the participation rate is likely to rise a jump in the unemployment rate to 8% seems unlikely.
Secondly, the RBA is forecasting growth in 2020 of minus 4% implying growth of around 3.5% in the second half. We expect the GDP report for the September quarter will print around 3% leading to a growth rate in 2020 of minus 3% including growth in the second half of around 4.5%. That further supports the likelihood that the unemployment rate finishes the year well below the RBA’s 8% forecast.
With population growth in 2021 reflecting a likely contraction in net immigration potential growth in 2021 could be in the 1.5% – 2.0% range, (the Government’s current forecasts are for net migration in 2020/21 of minus 70,000 and for 2021/22 of minus 20,000).
The RBA’s forecast of GDP growth of 5% in 2021 currently implies a fall in the unemployment rate of 1.5 ppt’s – such a gap between potential and actual growth (3–3.5 ppt’s) could well see a more significant fall in the unemployment rate. Certainly, if we end 2020 with an unemployment rate below 7.5% and markets “buy” the 5% growth forecast for GDP in 2021 markets are likely to be projecting an unemployment rate of well below the RBA’s current 6.5% forecast.
For 2022 the RBA is forecasting another “above potential “growth rate of 4%. While population growth will have lifted in 2022 as foreign borders reopen we are almost certain to get a below par rate of population growth in 2022- implying perhaps a potential growth rate of 2.25% – well below the forecast rate of 4%. Markets may also be surprised that in such circumstances the unemployment rate is only forecast to fall by 0.5% from 6.5% to 6.0%.
We are sceptical about the 5% growth forecast in 2021 but would expect that if it was “delivered” the unemployment rate would finish 2021 well below the RBA’s 6.5% forecast; equally a 4% growth rate in 2022 with sub-par population growth would likely see a bigger fall in the unemployment rate than 0.5 ppt’s.
Faster than forecast falls in the unemployment rate in 2021 and 2022 would certainly invite speculation in the market about the RBA’s policy direction.
Taking the RBA’s unemployment rate forecasts at face value there is clear scope for more policy support. The RBA sees its role as complementary to fiscal policy – “monetary and fiscal support will be required for some time” and “the Board is not expecting to increase the cash rate for at least three years”.
The decision to peg the three year target bond rate at the cash rate is the strongest form of forward guidance – much bolder than we see from other central banks that engage in forward guidance.
On the face value of the RBA’s current forecasts, Westpac’s view that the RBA will be required to adjust the target rate on the three year bond around mid 2022, seems reasonable but, as discussed, the risks around the forecasts will see significant market speculation around this issue through 2021.
We also learned from Deputy Governor Debelle’s speech last week that the 3 year rate is more significant for the private sector than the longer maturities (say 5 – 10 years).
That implies that the sequence of any unwinding of the policy package of the November Board meeting is likely to be QE first; followed by yield curve control; followed by adjusting the cash rate.
In the near term the Governor’s confirmation that “The Board will keep the bond purchase program under review, particularly in light of the evolving outlook for jobs and inflation … is prepared to do more if necessary”. raises the real prospect that the $100 billion program, which is targeted to be completed by June, will be extended. That decision would certainly be consistent with the timing that Westpac currently envisages for the adjustment of the yield curve control policy.
Since the Board announced its suite of policies on November 3 the AUD has risen from USD0.716 to USD 0.737. As noted in the Governor’s Statement the policy response contributes to “a lower exchange rate than otherwise”.  Reasonably the Governor attributes the vaccine related “improvement in risk sentiment” with a depreciation of the US dollar and an appreciation of the Australian dollar”. There is no hint of disappointment or impatience with this rise in the AUD.
Conclusion
Whereas 2021 might appear to be an uneventful year from the perspective of the cash rate the introduction of the RBA’s other policy tools raises a range of uncertainties about the policy mix.
All of these uncertainties will have significant implications for markets; the yield curve; and ultimately the economy.
2021 might not be that boring after all!
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Uncertainty around RBA forecasts suggests 2021 will not be boring: Bill Evans

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A mix-used, freehold asset in Sydney’s Balmain has sold to a local investor.
Situated at 205 Darling Street, the 116sqm property offers views of the Sydney skyline and sold for $1.4 million.
The home was listed on the market for over 200 days, after being listed previously without sale in 2018.
Achieving a yield of 4.2 per cent, the site offers a diversified income stream with its ground-floor being let to an art school and a residential tenant occupying the upstairs space.
The one-bedroom apartment upstairs featured two balconies, a rooftop terrace, and private garden access via Queens Place.
Savills Australia’s Nick Lower, Selin Ince and Oliver Ridley negotiated the deal.
“With retail trading at sub 5 per cent, it is clear consumer sentiment is on the rise, and investors are taking advantage of current market conditions in order to secure premium property”, they said.
The property is located in close proximity to the Sydney CBD and is only moments to Darling Street’s retail precinct.
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Mixed-use freehold asset in Sydney's Balmain sells for $1.4 million

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GUEST OBSERVATION
Before the COVID-19 pandemic, <a href="https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/rp/rp1819/Quick_Guides/OverseasStudents">about two in every five</a> international students enrolled in Australian higher education institutions were from mainland China. Across the education sector, Chinese students brought in <a href="https://www.austrade.gov.au/news/economic-analysis/chinese-education-exports-reach-10-billion">more than $A10 billion a year</a>. During the pandemic, <a href="https://theconversation.com/the-coronavirus-outbreak-is-the-biggest-crisis-ever-to-hit-international-education-131138">Australian universities have struggled</a> to retain and recruit international students.
The <a href="https://www.sbs.com.au/language/english/international-students-from-only-these-countries-will-be-returning-to-australia-in-2020">first returning students</a> are due to fly out under a pilot scheme this weekend, <a href="https://www.cdu.edu.au/international/cdu-charter-flight">arriving in Darwin on Monday</a>. But numbers are very limited due to quarantine requirements.
It’s <a href="https://theconversation.com/our-unis-do-need-international-students-and-must-choose-between-the-high-and-low-roads-149973">essential to recruit and retain</a> international students to sustain and develop Australian higher education. The <a href="https://theconversation.com/covid-19-what-australian-universities-can-do-to-recover-from-the-loss-of-international-student-fees-139759">loss of international student fee revenue</a> has prompted universities to make <a href="https://theconversation.com/as-universities-face-losing-1-in-10-staff-covid-driven-cuts-create-4-key-risks-147007">large job cuts</a>. Many are expected to <a href="https://theconversation.com/without-international-students-australias-universities-will-downsize-and-some-might-collapse-altogether-132869">downsize. Some might collapse</a>.
Competition calls for proactive measures
Pilot schemes to bring back small numbers of international students to <a href="https://www.cdu.edu.au/news/cdu-first-university-australasia-welcome-back-international-students">Darwin</a>, <a href="https://www.sbs.com.au/language/english/south-australia-s-covid-cluster-casts-shadow-on-pilot-plan-to-fly-back-international-students">Adelaide</a> and <a href="https://www.canberratimes.com.au/story/6881882/international-students-unlikely-to-return-to-act-this-year-as-uc-vice-chancellor-officially-welcomed/">Canberra</a> were announced months ago. However, with <a href="https://www.sbs.com.au/language/english/australia-to-delay-return-of-more-international-students-pm-scott-morrison">priority being given to quarantining returning Australians</a>, the <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-10-14/nt-howard-springs-australian-repatriation-plans-coronavirus/12766352">students’ return was delayed</a>.
Australian universities also have other challenges to overcome.
The <a href="https://theconversation.com/why-the-australia-china-relationship-is-unravelling-faster-than-we-could-have-imagined-145836">unravelling relations</a> between Australia and China, if not managed well, may cast a dark shadow over educational exchanges.
Besides, Australia’s pilot plans are small in scale and slow in pace compared to its competitors. British universities such as Queens University Belfast and the University of Manchester have <a href="https://monitor.icef.com/2020/09/uk-universities-charter-flights-to-bring-international-students-back-to-campus/">chartered flights</a> to bring students from China back to campus. Canada <a href="https://dailyhive.com/vancouver/international-students-travel-canada-covid-19">re-opened its border</a> to all international students on October 20.
The Australian government and higher education sector must be more proactive to remain competitive in international education. Based on my experience as a teacher and researcher of Chinese international students, five approaches are worth considering.
Treat those who are here better
Perhaps somewhat counter-intuitively, <a href="https://theconversation.com/4-out-of-5-international-students-are-still-in-australia-how-we-treat-them-will-have-consequences-145099">a majority</a> of Australia’s international students remain onshore. The most direct and probably most efficient measure to attract more of these students is to treat those who are already here better.
Universities also have professional and moral obligations to look after students who could not return home to their loved ones. Many are far away from their support networks and unfamiliar with support arrangements in Australia.
Australia is very different from their home country in language, culture, values, governance and politics. COVID amplified the culture shocks and psychological pressures.
Despite being unable to travel due to border closures, international students know and <a href="https://theconversation.com/4-out-of-5-international-students-are-still-in-australia-how-we-treat-them-will-have-consequences-145099">often compare</a> how different countries are treating them. Their opinions, based on first-hand experience, can influence decisions on studying abroad by friends and relatives back home as well as members of their social networks.
According to my Chinese international students onshore, fee reductions, personalised care, Chinese-language support services and internship and work opportunities are among the best ways to win them over.
Integrate all students in virtual communities
It’s unlikely students now in China will be allowed to enter Australia en masse any time soon. Many universities continue educating these students through remote teaching and learning activities. However, as one Chinese international student said, her friend in China who attends classes on Zoom “<a href="https://pursuit.unimelb.edu.au/articles/the-international-students-trying-to-understand-australia-from-afar">constantly feels lost</a>” due to the “lack of personal experiences [of Australia]”.
Universities need to do much more than providing extra study materials to download. To keep offshore students engaged, universities must ensure they remain full members of the class despite their physical absence. Ways to do this include deliberately mixing them with onshore students for peer mentoring and collective assignments.
<a href="https://journals.sagepub.com/doi/10.1177/0092055X16631126">Research</a> shows local students are much more likely to engage with international students when they can learn from them. And creating opportunities for international students to share their knowledge can empower them.
Help with cross-border travel
Remote education, if well designed, can keep some offshore students enrolled. However, as Monash University vice-chancellor <a href="https://www.theage.com.au/national/deadline-looms-for-universities-foreign-students-20200915-p55vwi">Margaret Gardner points out</a>, teaching online is “a stopgap, not a solution”, because students don’t “have the full experience”.
And students’ inability to travel is a source of <a href="https://theconversation.com/covid-19-increases-risk-to-international-students-mental-health-australia-urgently-needs-to-step-up-137596">pressure and anxiety</a>.
Considering that both Australia and China have largely <a href="https://covid19.who.int/table">controlled the virus</a>, the time is ripe for planning a “travel bubble”. Making travel between the countries easier could win the favour of many Chinese students.
Send the right signals
Prime Minister Scott Morrison’s “<a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-04-03/coronavirus-pm-tells-international-students-time-to-go-to-home/12119568">go home</a>” message to international students in early April was widely regarded as selfish and unsympathetic in Chinese social media. The damaging effect of such remarks can outweigh other <a href="https://ministers.dese.gov.au/tehan/message-international-students">messages of solidarity</a> with these students.
The government’s decision in August to <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-09-09/chinese-scholars-have-visas-revoked-as-diplomatic-crisis-grows/12644022">revoke the visas</a> of two leading Australian studies experts from China also <a href="https://www.scmp.com/week-asia/politics/article/3101055/chinese-academics-australia-shocked-fear-chilling-effect-after">shocked</a> many Chinese-born academics and students in Australia. The lack of information, beyond citing security concerns, left room for <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/radionational/programs/backgroundbriefing/scholars-australia-china-espionage-spies-visas-threat/12744392">speculation</a> about whether broader anti-China politics was involved.
Chinese students will only enrol in Australian universities if they and their parents consider the country safe and comfortable to study and live. For Australia to remain a desired study destination, the government needs to send clear and consistent signals.
Embrace Australia’s multiculturalism
Multiculturalism is one of Australia’s finest achievements. Unfortunately, the pandemic has surfaced a degree of <a href="https://theconversation.com/garbage-and-cash-cows-temporary-migrants-describe-anguish-of-exclusion-and-racism-during-covid-19-146098">exclusion and racism towards temporary visa holders</a>, including international students. Anti-Chinese incidents prompted the Chinese government <a href="https://theconversation.com/students-in-china-heed-their-governments-warnings-against-studying-in-australia-141871">to warn</a> in June against studying in Australia.
Some Chinese students defended Australia as <a href="https://theconversation.com/i-love-australia-3-things-international-students-want-australians-to-know-139857">a safe and desirable study destination</a>. Still, many reported they <a href="https://theconversation.com/students-in-china-heed-their-governments-warnings-against-studying-in-australia-141871">would consider their government’s warning</a>.
Chinese-born communities, including international students, have greatly enriched the diversity of Australian society. Yet many policymakers and educators have long framed the need to engage with Asia and China along utilitarian lines such as creating jobs or bringing in money.
These discourses may unintentionally create a <a href="https://www.uwa.edu.au/news/article/2020/september/ppi---multiculturalism-is-the-ultimate-case-for-teaching-and-learning-asian-languages-in-australia">status of otherness</a> for Australia’s Chinese-born communities. Many of my students have told me they believe the universities see them as cash cows. They, in turn, consider themselves more as customers than learners.
To get ahead in the increasingly competitive global education market, Australia should integrate international students more meaningfully into its society. Ultimately, making these students feel proud of their contribution to Australian multiculturalism is probably the most sustainable way to strengthen their bonds with their host country.
<hr>
This article has been edited to clarify that the $10 billion contribution to the economy of Chinese international students is across the education sector.<img src="https://counter.theconversation.com/content/148444/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/yu-tao-325871">Yu Tao</a>, Senior Lecturer in Chinese Studies, <a href="https://theconversation.com/institutions/university-of-western-australia-1067">University of Western Australia</a>
This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/5-ways-australia-can-get-ahead-in-attracting-and-retaining-chinese-international-students-148444">original article</a>.
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