<a href="https://www.urban.com.au/developers/far-east-consortium">Far East Consortium</a>’s 640 Bourke Street stands as a testament to&nbsp;<a href="https://www.urban.com.au/developments/melbourne-vic-3000">Melbourne</a>’s ability to bridge its storied past with a bold vision for the future.&nbsp;

Rising above the heritage-listed Eliza Tinsley building, the development reflects a broader shift toward adaptive reuse in the city, where historical assets are retained and reinterpreted as part of new residential development.

Designed by <a href="https://www.urban.com.au/architects/rothelowman">Rothelowman</a>, <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> incorporates the Eliza Tinsley building as its foundation, housing a grand gallery and lobby space that serve as both a functional and symbolic centrepiece. The heritage façade informs the tower’s design, creating a connection between Melbourne’s past and its contemporary skyline.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=365684]

Above this historic base, the 68-storey tower will deliver just over 600 residences, a notable reduction from earlier schemes, reflecting a deliberate move toward larger-format apartments and a stronger owner-occupier focus.

Unlike traditional CBD developments that prioritised investor stock, 640 Bourke Street has been repositioned to respond to changing buyer expectations.

"The discussion was all around making 640 Bourke Street the best residence to live in, to be much more focused on the people in the building rather than people looking at the building," Marsland explained.&nbsp;

This shift is evident in the development’s interiors, which emphasise practical luxury with spacious layouts, high ceilings, and floor-to-ceiling windows framing sweeping views of Melbourne and Port Phillip Bay.&nbsp;

“What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Lauren Sheldon, Far East Consortium’s Director of Sales and Marketing, said.&nbsp;

[smartcode_project:default project_id=509 project_image_fid=365687]

Rothelowman Associate Jun Chang added, "We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."&nbsp;

Amenities spanning more than 3,000 sqm across multiple levels further reinforce this focus on resident experience. These include a pool, gym, co-working areas, and a range of hospitality-inspired spaces such as a whisky lounge, library, and private dining rooms, many drawing reference from traditional bathhouses and Melbourne’s laneway culture.

"We wanted to make both the pool and the gym area to be absolutely destinational, and when you traverse across to these spaces, there is a gentle familiarity to the beautiful notions of the hammams and the Roman baths, a gentle nod to history," Chang noted.

At street level, the project contributes to the ongoing transformation of the western CBD, with upgrades to Langs Lane and the introduction of retail, hospitality, and gallery spaces designed to activate the precinct and strengthen its connection to the surrounding city fabric.

[smartcode_project:default project_id=509 project_image_fid=365689]

The location places residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market, and the Docklands waterfront, positioning the development within a rapidly evolving inner-city neighbourhood.

"We believe it's the best site left in the city of Melbourne," Craig Williams, Executive Director at Far East Consortium, said.&nbsp;

640 Bourke Street is Far East Consortium’s 14th building in Melbourne’s western CBD.

"A very elegant designed building. It's going to be a Melbourne statement for many, many years to come."

One-bedroom apartments are priced from around $640,000, with 640 Bourke Street targeting completion in 2029.

Renders shown are Artist's Impressions correct as of May 2026.

[smartcode_project_cta:default project_id=509]

Joel Robinson

Heritage-led design anchors Far East Consortium’s 640 Bourke St, Melbourne

<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]

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 Studio to craft the interiors for The Frederick, BIG Projects' new Mermaid Beach project and YSG Studio'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 Studio, with landscape design by LDG Landscape Architecture.

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 unique detailing and compelling design,"&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]

Sydney’s YSG Studio makes Gold Coast multi-residential debut with BIG Projects at The Frederick

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

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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Ray White Commercial Oakleigh has successfully sold three properties site-unseen across three separate transactions. Two units in Seaford’s Curie Court, one at 7/13-15 and one at 8/13-15 (above), and 167 Buckley Street (below) in Noble Park were marketed and sold for undisclosed prices by Ray White Commercial Oakleigh Sales and Leasing Consultant George Kelepouris. “These hat-trick of sales are testament to the fact that, with the right processes and the right property, buyers will stop at nothing to snap up their desired asset,” Mr Kelepouris said. “The two units at Curie Court were purchased by owner-occupiers and offered architecturally designed warehouses in Seaford’s newest premier estate and benefited from being minutes away from major arterials and had excellent access to major freeways."
<img src="https://f.datasrvr.com/f1/420/57491/167_Buckley_Street,_Noble_Park,_VIC.jpg" width="640" data-imagetype="External">
Curie Court is a new project located within the Seaford Industrial Precinct. The property at Buckley Street was sold to a local investor on behalf of a local owner and offered a parcel of 220 sqm of land and a vacant 50 sqm of retail area. The building with a ground floor retail/office space was offered for sale via private sale. The property attracted three offers and was sold to the highest offer.
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Ray White Commercial Oakleigh scores a lockdown hat-trick

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A sought-after main road medical facility in Seaford, Victoria has just been sold for $2.3 million. 
The property at 270 Seaford Road, Seaford was sold by Daniel Philp and John Nockles from CVA property consultants within two weeks.
Receiving multiple enquiries from owner occupiers, investors and developers the property was ultimately sold to a medical operator who will utilise the existing improvements for their medical practice.
It comprising a single level building of 400sqm and positioned on a land holding of 2,082sqm.
The current improvements feature 9 consultation and 2 treatment rooms, dual access for patients and staff, numerous amenities and waiting rooms plus 31 car spaces.
The property is highly visible and accessible with a 46 metre frontage. 
It is situated within close proximity to major roadways including Mornington Peninsula Freeway, Frankston freeway and Nepean Highway.
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Seaford medical facility sold for $2.3 million

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EXPERT OBSERVER
A significant day for bank stocks as it was announced that the responsible lending laws that have been in place since 2009 will likely be wound back.
All of the major lenders saw a significant jump in their stock prices.
<img src="https://1.bp.blogspot.com/-rTwQDOHXWzI/X22oV2eALlI/AAAAAAAA4dc/iJYtUBHI0YoyTZiy7GeAMEiY0hqf6P3FgCNcBGAsYHQ/s815/WBC.jpg">
This will no doubt act to speed up the pace of loan approvals and bank lending, albeit probably not for 6-12 months, with less of the forensic poring over household expenditure for mortgage applications, which has at times made the lending process more akin to an audit than a credit approval.
Most likely there will be an easing of some of the existing HEM restrictions as the legislation is passed, and less scrutiny of household expenditure line items.
The responsibility will more so fall back on to borrowers to declare complete and accurate information, instead of looking for lenders or brokers to blame wherever a loan goes bad.
This may also increase the availability and capacity for some individuals to borrow, though it remains to be seen how much.
Offsetting this to some extent will be the introduction of the best interests duty for brokers, effective 1 January 2021.
The Reserve Bank had previously noted that lending had become excessively risk averse, and this move will slash approval times assuming it is legislated on a timely basis.
Symbolic shift
Moreover, the announced planned changes are symbolic, suggesting that the credit pendulum is now likely set to swing back in the other direction, after half a decade of tightening which reduced the total borrowing capacity of some borrowers by half.
The announcement will also foster more competition between banks, with one large lender immediately offering lower variable rates, including on investment loans.
There are still significant headwinds for the economy to be navigated, of course, but the combination of record low mortgage rates and the signaling of a simplified approval process should bring the housing market back to life in 2021.
PETE WARGENT is the co-founder of AllenWargent property buyers and a best-selling author and blogger 
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Responsible lending laws to be wound back: Pete Wargent

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A local Asian investor has purchased a 1,106 sqm strata space let to an operating childcare at 1 Network Place, North Ryde NSW from international developer Risland.
It was purchased for $4,650,000.
The property is currently occupied by Kids Planet Childcare under a new 10 + 10 + 10 year lease. The yield achieved was 6.50%.
The deal was negotiated by Nick Lower, Selin Ince &amp; Oliver Ridley of Savills Australia who said despite the perceived concern for the Childcare industry over the past six months, this transaction is a great indicator of the strong investor appetite currently seen in the market for well-located assets with secure income streams.
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Savills sell North Ryde childcare centre to local Asian investor

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The difference between buying a house and buying a unit rental property has never been more pronounced.
RiskWise market research clearly showed that while houses show better prospects, some sectors of the property market remained high risk, particular inner-city apartment areas which were oversupplied and experiencing falling rents as Australians, many now able to work remotely, were seeking lifestyle properties and often avoiding higher density locations.
Mr Peleg said there were many opportunities for buyers looking for houses with high land value as a proportion of the property value, and a strong component of scarcity, especially if they intended to hold on to the property for several years or longer.
“In recent weeks there has been a material improvement in buyer sentiment and key data with a prime example being the relatively high auction clearance rates for houses in Sydney, with preliminary results that have been consistently well above the 70 per cent mark during the past four weeks. Melbourne’s market, however, remains dormant, for now,” he said.
Pete Wargent of BuyersBuyers.com.au, a national marketplace now offering affordable buyer’s agency services to all homebuyers, said that there has been a notable shift in enquiries over the past year.
“Low-maintenance units have often been popular with investors and non-resident buyers, but these buyer numbers are well down from their cyclical peaks. Most homebuyers are looking at houses at the present time, and in part this is a shift away from density at a time when many are seeking space” Mr Wargent said.
Mr Peleg of RiskWise said, “it’s important to distinguish between the two capital cities and there is a marked difference. Sydney property is strongly forging ahead with auction clearance rates tracking at levels similar to those of 12 months ago."
“The same cannot be said for Melbourne, especially due to the second wave of the COVID-19 which had a major and immediate impact. Prices in Melbourne have declined by about 6 per cent since their peak in early April 2020, according to CoreLogic, and this is the largest fall recorded amongst all capital cities."
“Despite this, Melbourne’s houses have better long-term prospects than Sydney’s. Indeed, we expect 2021 to be a strong year for houses in Melbourne, with significant capital growth forecast to play out.”
Mr Wargent of BuyersBuyers.com.au said ultra-low interest rates would drive price increases once the pandemic is over when the long-held link between the cost of borrowing and housing prices would reassert itself.
In addition, Mr Wargent said that Melbourne is more affordable than Sydney in terms of house-to-income and mortgage serviceability ratios while ABS data also projects that in 2026 Victoria’s capital will have a larger population than that of New South Wales.
Because of the strong population growth, Melbourne had enjoyed very strong capital growth until February 2020, Mr Wargent said.
Mr Peleg of RiskWise said, “while the second wave of COVID-19 created major volatility in Melbourne, RiskWise asserts that following the end of the pandemic, the Melbourne market will have similar projections to Sydney thanks to chronic undersupply increasing land and house values (while for units the oversupply increases both equity and serviceability risk)”.
In Conclusion:
Mr Peleg said the current ultra-low interest rates had created a unique environment where buying a house in many areas was cheaper than paying rent on one.
So while things look gloomy at this point of time, certainly in Melbourne, the market will likely bottom in the first half of 2021 and then the traditional connection between low interest rates, dwelling price growth, and the continuous chronic undersupply of family-suitable properties, with good access to employment hubs in popular areas, will drive them up relatively quickly
Land scarcity has been and will continue to be a major driver in land appreciation and, consequently, the appreciation of house values.
However, investors should consider family-suitable properties as opposed to rental apartments which will continue to carry a high level of risk in relation to both price movements (equity risk) and serviceability (cash flow risk). This risk of negative equity has significantly increased across the country.
Poor economic growth and a soft employment market will see the attractiveness of Australia as a destination fall in the short term. Therefore, without a significant improvement in employment conditions in the next few years, the risk to the rental apartment sector is likely to remain high.
DORON PELEG is the RiskWise CEO 
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Houses projected to bounce back mid-2021 with higher risks for units: RiskWise's Doron Peleg

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EXPERT OBSERVER
How long does it take a young couple to save a deposit to buy a first home in the current environment? Less than a year in most of our capital cities and less than 18 months in Sydney. 
But you wouldn’t know it if you’ve tuned into the headlines over the past week, in the wake of another piece of bogus “research” generated by a publicity-seeker. Media treatment of this “report” would have us believe it takes over six years for the typical young couple to save a deposit.
How did we arrive at this disconnect between reality and media perception? Because nobody in the process gives a damn about being helpful to people. The only objective is the headline.
Media loves a story declaring young Australians can’t afford to buy – or that the road to home ownership is impossibly long and arduous.
The reality contradicts the notion that young individuals and couples are priced out of the market, but journalists will never let the facts get in the way of a clickbait headline. And their desire to publish dire scenarios is fuelled by apparently credible research organisations whose motive is to generate publicity.
The headlines in the past week claimed it took first-home buyers over six years to save a deposit to buy a home. I saw reports in major newspapers, on television news bulletins and in online news services. One headline shouted “FHBs bearing heavier deposit burden” and another said “FHBs take six and a half years to afford their first home”. For the source of the report, mission accomplished.
In each case, the figures from a press release were recycled as fact without question or scrutiny. Such is journalism in modern Australia.
The headlines were based on a scenario that has no relationship to the reality for most young Australians. The headlines – and the report that generated them – were based on the notion that typical first-timers need a 20% deposit, that they must buy a house rather than a unit, and that they’re buying in Sydney or Melbourne.
For nine out of 10 young adults wanting to buy their first home, that scenario is not their reality. A more likely situation is a 5% deposit to buy lower-priced home, possibly an apartment, in Brisbane or Perth or Ballarat or Wollongong or the Sunshine Coast – or a block of land to build a new home with the help of the HomeBuilder grant.
The reality is that first-home buyers are having a feeding frenzy in real estate markets across Australia. They comprise the most active cohort in the housing market. This is showing up in the lending figures, in the sales data and in anecdotal evidence from people at the coal-face of markets across the nation.
I would argue there’s never been a better time to be a first-home buyer in Australia, provided you have secure employment. Interest rates have never been lower and the level of government assistance has never been higher. Investors are largely dormant so first-timers are not having to compete with investors as much as before. You can borrow cheap from banks who want your business, you can pocket incentives from federal and state governments, and get into your first home with an ease that has never existed before.
Because of one federal scheme, you need only a 5% deposit. Thanks to another, you can get a $25,000 handout to build a new home. State assistance schemes provide more handouts. You can borrow with an interest rate that starts with a 2. And you’ll pay little or no stamp duty.
Aussie Home Loans data suggests that home loan pre-approvals have grown 71% since the start of the year and over half of all pre-approvals are for the first-home buyers.
Research published earlier this month indicated that, in most locations across Australia, it’s now cheaper to buy than to rent.
And yet media of all kinds have gone ballistic with claims that first-home hopefuls are having to save for over six years before being able to contemplate looking for a home.
It was all based on a typically bogus research report from Domain, a supposedly credible research source. They managed to come up with a negative scenario by doing what research like this always does: focus on how long it takes to save a 20% deposit to buy a house in the nation’s most expensive cities.
The scenario presented was irrelevant to most young people seeking to buy a first home.
How about presenting a realistic and relevant scenario? How long does it take to save a 5% deposit to buy a house in the lower price ranges in Perth – or Brisbane or Hobart? How long does it take to save a small deposit to buy an apartment in Adelaide or in a middle ring suburb of Melbourne? Or a home in Bendigo or Wagga Wagga or Launceston or Mackay. These are the places where most Australians live.
And the answers are …
<ul class="ul1">
<li class="li1">If you’re the typical young couple buying an entry-level unit in Brisbane, it takes just nine months to save a 5% deposit.</li>
<li class="li1">In Perth, it would take only seven months and in Darwin just five months to save the necessary deposit.</li>
<li class="li1">Even in Sydney it takes only one year and four months to save the necessary deposit for an entry-level unit. And 12 months in Melbourne.</li>
<li class="li1">For those who prefer houses, they can save a 5% deposit for an entry level home is in a year or less in Adelaide, Perth, Hobart and Darwin. In Brisbane and Canberra, it’s slightly more than a year.</li>
<li class="li1">In Sydney and Melbourne, the typical young couple can get together the required deposit to buy an entry-level house in around 18 months.</li>
</ul>
That information, I should point out, was contained within the Domain First Home Buyer Report. But it was buried in the detail and given no emphasis in the analysis, or the press releases pumped out by Domain, or by media that lapped up the material that was highlighted – i.e. it takes six or more years to save a 20% deposit for a house in our two biggest cities.
Why? Because the headline is the thing. And the truth is optional.
They’re driven by a desire to generate publicity. And media is happy to play along, because journalists care even less about helping their customers. It’s simply not how they think.
Sad but true.
Terry Ryder is the founder of hotspotting.com.au <a href="https://mailto:ryder@hotspotting.com.au">ryder@hotspotting.com.au </a>twitter.com/hotspotting
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terryryder-YECXbqmri2

First home buyer deposit saving estimates way off: Hotspotting's Terry Ryder

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EXPERT OBSERVATION
It is fair to say that the 111k or 0.9% rise in employment was a big surprise. The market had been looking for –35k while Westpac was forecasting –50k.
We had based our forecast on the observation of a –1.0% fall in Weekly Payrolls in the first two weeks of August compared to the first two weeks in July (the Labour Force Survey is conducted in the first two weeks of each month).
Even when you take seasonality into account the 0.4% rise in employment in original terms was still much stronger than the –1.0% decline reported by Payrolls.
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/Sep_Oct_2020/LFAugPayrolls.JPG" alt="">
'Gig' workers driving recovery in employment.
In the August Labour Force Survey the ABS provided a reconciliation on the difference between the two series highlighting that Weekly Payrolls measure 'employee jobs' for which a payment was reported to the Australian Taxation Office through Single Touch Payroll. This includes jobs held by employees and owner managers of incorporated enterprises (the latter of whom can be paid through the payroll of their business). However, owner managers of unincorporated enterprises are not covered by Weekly Payrolls. There is also lower coverage of small businesses (&lt;20 employees) in the Payrolls data compared to large and medium businesses. As such, any change to the employment status of owner managers of incorporated enterprises without employees is less likely to be reflected in Weekly Payrolls than that with employees.
In the Labour Force Survey employed are categorised according to their 'Status of Employment' reflecting the nature of the employer-employee relationship. The categories are:
<ul>
<li>Employee – someone who works for an employer;</li>
<li>Owner manager of an incorporated enterprise – self-employed who owns and operates their own incorporated business;</li>
<li>Owner manager of an unincorporated enterprise – self-employed operating a business as a sole trader; or a,</li>
<li>Contributing family worker.</li>
</ul>
Owner managers (ie. self-employed) may or may not have employees.
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/Sep_Oct_2020/LFAugStatus.JPG" alt="">
In original terms, the Labour Force Survey reported a 44.5k/0.4% increase in employment in August. In the release the ABS noted that the increase in original employment was due to a 50.2k increase in owner managers (self-employed mostly unincorporated sole traders) without employees. This is likely to be dominated by 'gig workers' which can be defined by anyone who is engaged as a contractor rather than an employee. This includes far more people than just those who work as the large aggregation platforms such as Uber, GoCatch, Deliveroo, Airtasker, Freelacer etc. In contrast, there was a small 2.6k lift in the number of employees which was more than offset by a –9.3k decrease in the number of contributing family workers.
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/Sep_Oct_2020/LFAugGIG.JPG" alt="">
Excluding 'gig workers' employment was still stronger than the Payrolls measure of jobs.
If we exclude the 50.2k rise in self-employed, total employment would have fallen –5.7k which is closer to, but still stronger than, the –1.0% fall in Payrolls. Unfortunately, the data underpinning this analysis won’t be released until Thursday so we can only note the ABS comments at this stage and add that to the data we do have.
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/Sep_Oct_2020/LFpayemp.JPG" alt="">
Seasonality matters in August with employees contracting an average of -66.5k in last five years.
From the Labour Force Survey we know that August is a soft month for employment with the ABS seasonal factor falling -0.5% in the month. What we did not realise is that that seasonality is different for employees and owners/self-employed. On average through the last five years the number of employees fell -66.5k in August while the number of self-employed lifted 24.1k. That is to say it was not the strength of owners/self-employed that was surprising in the August survey but rather the lack of weakness in employees (+2.6k in the month compared to the average of -66.5k).
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/Sep_Oct_2020/LFAugseason.JPG" alt="">
We can't exactly replicate the ABS season adjustment process but using eX12 we estimate that seasonally adjusted employees gained 78.8k in the month while the self-employed lifted 18.7k. The real story in August was not the surprising strength in the self-employed, at least half of which was a seasonal norm, but rather the lack of weakness in employees which would have significantly boosted the overall seasonally adjusted total.
Shutdown in Vic hit that state but the NSW recovery continued on regardless.
The shutdown in Victoria did hit the labour market in that state with employment falling –42.4k and unemployment lifting 0.3pt to 7.1%. Victorian employment is now just 9.5k/0.3% higher than the May low post the first round of shutdowns. The recovery in Victoria peaked at +51.9k/+1.6% from May to July.
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/Sep_Oct_2020/LFAugStateEmp.JPG" alt="">
The recent Weekly Payrolls data suggested the NSW recovery was running out of steam through July and into August but this did not show up in the Labour Force Survey. In August, NSW employment lifted 51.5k following on from a 56.2k gain in July and +80.3k in June. In the month, the unemployment rate fell 0.5ppt to 6.7%. The NSW labour market continued to power on in August even if the Victorian lockdown was clouding the economic environment.
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/Sep_Oct_2020/LFAugStateUnemp.JPG" alt="">
The smaller states continue a robust recovery.
Elsewhere, employment rose 18k in Qld, 32.2k in WA and 18k in SA. It was a similar story for unemployment where it fell 1.3ppt in Qld and WA to 7.1% and 7.0% respectively while it was flat in SA at 7.9%. 
Hours worked lagging in NSW and Victoria but rebounding elsewhere.
Even with the August surge in employment (+111.0k/0.9%) hours worked lifted just 0.1% due to a –4.8% decrease in hours worked in Victoria (employment fell –1.3%) while the rest of the country recorded a 1.8% increase in hours worked. In the month, hours worked per person fell –0.8% driven mostly by a –2.3% fall in hours worked per part-time employee. Hours worked per full-time employee fell –0.2%. Nevertheless, in August the overall weakness was less concentrated in hours worked than it was back in April as hours worked per person is still 2.9% higher than it was in April (we note that hours worked per person recovered a touch in May even though employment fell further). Hours worked per full-time employee is up 1.9% since April while hours worked per part-time employee is up 15.7% again highlighting that the hit from Covid, and recovery to date, has been concentrated more in part-time employment than full-time. 
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/Sep_Oct_2020/LFAugEmpHrs.JPG" alt="">
As it did in April the July/August shutdown in Victoria had a larger impact on hours worked than it had on employment. Nevertheless, given the recovery in hours worked through June and July Victorian hours worked are still 0.5% higher than the May low, a touch better than the +0.3% gain for employment. In NSW hours worked lifted 0.7% which is softer than the 1.3% rise in employment. Victorian shutdown did create some uncertainty in NSW but it was expressed more as a reduction in hours worked than a reduction in employment.
For the smaller states hours worked per person continued to recover in August. Hours worked lifted 2.4% in Qld compared to a 0.7% gain in employment, hours lifted 1.8% in SA while employment lifted 1.6% and over in WA, a 2.4% lift in employment generated a 3.8% surge in hours worked. WA stands out with the strongest recovery so far with a 5.8% increase in employment and a 8.5% increase in hours worked from the shutdown lows.
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/Sep_Oct_2020/LFAugRecover.JPG" alt="">
The Victorian shutdown again hit participation while a recovery continued elsewhere.
The weakness in Victoria also led to a fall in participation in that state, from 64.5% to 63.9%, which muted the rise seen elsewhere. Nationally participation rose just 0.1ppt to 64.8% (despite the outsized gain in employment) with the labour force lifting 24.5k. This muted rise in the labour force resulted in a significant correction in the unemployment rate with it falling to 6.8% from 7.5%. Back in May the unemployment rate was 7.1%; it was 6.4% in April.
Despite the employment gains in Qld participation in this state fell -0.5% to 63.9% but this was more than offset by a 0.5% gain in NSW to 65.2%, a 1.0% gain in SA to 62.8% and a 0.6% gain in WA to 67.9%. We are looking for a bounce in participation in Victoria and Qld in September but it is more unclear what to expect from the other states.
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/Sep_Oct_2020/LFAugStatePart.JPG" alt="">
It is very interesting to note that participation in NSW and WA is almost back to the pre-Covid levels in March, down -0.10ppt om NSW and -0.06ppt in WA. In Victoria the participation rate is still -2.5ppt below its March level while in Qld it is still down -2.0ppt. The recovery in participation in NSW and WA suggest that the recovery has drawn workers back into the workforce and should we see any weakness in the labour markets in those state, there is the potential for correcting weakness in participation. Contrast that with Victoria and Qld where the economic weakness has held participation well below pre-Covid levels. As such, as these economies recover then participation is likely to pick-up preventing a more rapid fall in unemployment.
This suggests that there may be still sufficient flexibility in participation to buffer the unemployment rate from any significant change, both up and down, from moderate changes in level of employment. It will, however, depend on which states the weakness or strength appears. If the strength appears in NSW or WA, then there is less scope for participation to lift thus driving unemployment lower. On the other hand, if further weakness appears in Victoria or Qld then there is less scope for participation to correct lower and thus it is likely to drive unemployment higher.
Underemployment was flat in August.
The underemployment rate was flat a 11.2%, at two decimal places it was a 0.7ppt fall from 11.23% to 11.16%, so close to rounding down to 11.1%. From a record peak of 13.4% in April underemployment has eased back as the number of people working less hours than they normally do improved. In August almost 1,000k employees worked less than their usual hours for economic reasons with around 215k (or 22%) doing no work at all; over 760k worked some hours but fewer than usual. Following a 700k increase between March and April the number working zero hours for economic reasons fell by over 600k between April and July. However, in August the number working zero hours increased by almost 50k (+30%).
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/bulletin/Justin_Images/Sep_Oct_2020/LFAugUnder.JPG" alt="">
By state underemployment fell 0.9ppt in NSW to 9.8%, lifted 0.8% in Victoria to 13.8%, fell 1.3ppt in Qld to 9.3%, gained 0.4% in SA to 11.4% and fell 1.0% in WA to 9.6%. It is hardly surprising that underemployment rose in Victoria and that it is the state with the highest rate but it is interesting to note the strength in WA and that underemployment there is now lower than it is in NSW while Qld has the lowest rate for a mainland state.  
The flat print on underemployment is a further sign that while August may have been a robust month for employment and unemployment, it was not such a good month for economic activity with hours worked almost flat in the month with a solid rise in the number working zero hours for economic reasons and flat underemployment. If you are looking for signs of weakness it is not the rise of self-employed but rather the lift in those working zero hours for economic reasons.
The August survey confirms a more robust recovery in the labour market than many had expected.
This update has made it much more difficult for the RBA to hit its forecast peak in unemployment of 10% by end 2020. We estimate that to achieve that forecast rise in unemployment, employment would have to collapse between -400k to -500k by December; of course it will be dependent on the size of the fall in participation as employment contracts) This would be a very extreme situation and suggests an aggressive unwinding of support packages, such as JobKeeper, a massive rise in business closures and significant job shedding. The rise in the number working zero hours is a sign that things might not be a robust as a 6.8% unemployment rate suggest and we do note that that conditions and payments for JobKeeper have been modified from end September. However, the programme has been extended to March 2021 and we do expect to see further support should conditions deteriorate further, just as we have seen Victoria as conditions deteriorated there. We are not expecting the Government to go 'cold turkey' on JobKeeper and suddenly cut the programme.
Westpac is retaining our current forecast peak in unemployment this year of 7.8% in December which implies a loss of total employment of around 130k to 170k. Without a doubt, the recovery in the rest of the country has been more robust (so far) than we thought while the hit to the Victorian labour market was not as bad as expected. However, with the rolling off or adjustment of many of support packages (in particular JobKeeper) between now and the end of the year there is clear meaningful risk of a further decline in employment and a rise in unemployment.
JUSTIN SMIRK is ‎a senior economist for Westpac 
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Gig workers boosted employment in August: Justin Smirk

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In anticipation of the establishment of the HomeCo Daily Needs REIT, HomeCo has entered into a binding contract to acquire Glenmore Park Town Centre for $150 million.
It has also agreed terms to a contract to acquire a second Sydney metropolitan neighbourhood centre for total consideration of approximately $220 million.
Glenmore Park Town Centre is a Woolworths, Coles and ALDI anchored centre with over 40% of gross income derived from supermarkets and over 30% derived from healthcare and wellness services.
HomeCo Executive Chairman &amp; CEO David Di Pilla said, “the proposed HomeCo Daily Needs REIT is consistent with HomeCo’s stated own, develop and manage strategy and establishes the platform for HomeCo to unlock additional value and growth through further capital recycling and ongoing management fee streams from assets under management."
"The property acquisitions announced today provide the HomeCo Daily Needs REIT with additional exposure to key growth corridors within the Western Sydney metropolitan area and will be important seed assets for the Daily Needs REIT,” he concluded.
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Glendora Shopping Centre sells for $150 million

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Industrial and logistics assets are now firmly at the heart of core investment strategies and, according to Savills, have accounted for a record 20% of the total investment volume into real estate in the first half of this year.
For the first time last year, volumes of investment into the global logistics sector overtook transactional activity into the retail sector, and industrial yields are now on a par with the retail and office sectors.
“The current global ecommerce boom, accelerated by consumers shifting their purchasing online throughout the pandemic, has been a major catalyst for this sector’s growth,” says Paul Tostevin, Director, Savills World Research.
Forecasts from the Centre of Retail Research predict that online sales will grow by 31% in Western Europe in 2020. This will push the average ecommerce penetration rate from 12% to 16%. In the US, the same figure is expected to reach 14.5%, an all-time high, according to eMarketer. Both markets however have some way to go until they reach China’s ecommerce penetration levels, which stand at 27%, and illustrates the growth potential to come.
“Ecommerce isn’t necessarily the sole factor boosting demand,” adds Paul Tostevin. “Recent supply chain disruption, coupled with escalating trade wars is leading to supply chain diversification, boosting demand for industrial and logistics space in strategic locations closer to the major consumer markets.”
As investor competition for logistics and industrial assets intensifies, prices have risen and yields have compressed. Savills research states that, between 2007 and 2017, global industrial yields averaged 7.5%, 70 basis points (bps) above average office yields. Yet, in the second quarter of 2020 industrial yields had moved in to 6.1%, just 10 bps above global office yields.
Kevin Mofid, Director of Savills Industrial and Logistic Research says, “As the sector has matured, there has been a shift in investor composition towards institutional capital and portfolio deals have accounted for a larger slice of the market, attracting price premiums. Former developer traders now see the income opportunity and have become developer holders. The major funds and REITS are attracted to the sector’s long term income streams and there’s a growing scarcity value as stock is being held for longer.”
Savills observes that the market in China remains extremely resilient, logistics volumes in the first half of 2020 stood at for 80% of 2019’s total. India, meanwhile, is emerging as an alternative manufacturing destination to China, helped by low labour costs, trade openness and a business friendly government. This is fuelling significant investment in the country’s industrial and logistics sector.
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Global investment into industrial and logistics sector up sixfold: Savills

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A landmark retail freehold in Chatswood will be offered to the market after more than three decades of private ownership.
The space, occupied by international retailer King Living for almost 20 years, is expected to sell within the early $7 millions.
Located at 216-18 Victoria Avenue, the 462sqm asset is positioned on the corner of Chatswood’s most exclusive retail strip.
The two-storey space offers five car parking spaces on the title and a further eight spaces adjacent to the property.
CI Australia’s Nick Lowry holds the listing, noting a space like this is a rare opportunity.
“With a prominent corner location, rental upside and recently upgraded major capital items, this is a triple threat opportunity for investors”, he said.
The auction will be held on Tuesday, September 29, in conjunction with Shead Property’s Rick Sombroek and Bill Gerooulis.  
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