<p data-end="309" data-start="290"><strong data-end="309" data-start="290">Article summary</strong></p>

<ul data-end="785" data-start="311">
	<li data-end="459" data-section-id="5hbcyr" data-start="311">Pikos Group has released the five-penthouse collection at Skye Kangaroo Point, headlined by a two-storey sky home spanning more than 1,000 sqm.</li>
	<li data-end="561" data-section-id="1p7lq8n" data-start="460">Early buyer interest suggests the residences could set a new Queensland apartment price record.</li>
	<li data-end="667" data-section-id="1y70z0l" data-start="562">The collection includes four move-in ready penthouses and the highly customised Skye One residence.</li>
	<li data-end="785" data-section-id="yvm0y1" data-start="668">The release caps one of Bri​sbane's most ambitious luxury apartment developments overlooking the Brisbane River.</li>
</ul>

<hr data-end="790" data-start="787" />
<p data-end="896" data-section-id="ojaazg" data-start="792">Pikos Group has released the five-penthouse collection at its <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye by Pikos</a> development in Kangaroo Point, with early buyer interest indicating the flagship residences could eclipse every apartment sale previously recorded in Queensland.</p>

<p data-end="1358" data-start="1137">The collection crowns the luxury riverfront development with five residences, including four completed penthouses and Skye One, a two-level sky home spanning more than 1,000 sqm that will be tailored to its eventual owner.</p>

<p data-end="1358" data-start="1137">[smartcode_project:default project_id=90059 project_image_fid=374075]</p>

<p data-end="1577" data-start="1360">Wanting to offer a fully customisable home, Pikos is offering Skye One as a blank canvas, allowing the buyer to work alongside the developer's design team to customise the home's layout, finishes and internal spaces.</p>

<p data-end="1781" data-start="1579">The residence will feature a 247 sqm private rooftop terrace with its own swimming pool, sauna, steam room, outdoor kitchen and multiple entertaining areas overlooking the Brisbane River and CBD skyline.</p>

<p data-end="1977" data-start="1783">The remaining four penthouses have been completed and are ready for immediate occupation, each offering four bedrooms, expansive open-plan living areas, soaring ceilings and private lift access.</p>

<p data-end="1977" data-start="1783">[smartcode_project:default project_id=90059 project_image_fid=374059]</p>

<p data-end="2314" data-start="1979">One of the defining features throughout the project is its use of Roman Classic Travertine, with more than 20,000 sqm of the natural stone imported from Italy after being personally selected by Pikos Group Founder and Executive Director Pedro Pikos, interior designer Julie Williamson and third-generation stone specialist Mario Caucci.</p>

<p data-end="2423" data-start="2316">Pikos said the penthouse collection represented the culmination of the company's long-term vision for Skye.</p>

<p data-end="2519" data-start="2425">"True legacy isn't measured by what we build today, but by what endures tomorrow," Pikos said.</p>

<p data-end="2688" data-start="2521">"Our ambition is to create places that become more valuable with time, enrich the lives of generations, and stand as timeless landmarks long after we've stepped away."</p>

<p data-end="2688" data-start="2521">[smartcode_project:default project_id=90059 project_image_fid=374060]</p>

<p data-end="2840" data-start="2690">Williamson said the interiors were inspired by the natural character of Kangaroo Point and the Brisbane River rather than international design trends.</p>

<p data-end="2900" data-start="2842">"Materiality tells the story of a place," Williamson said.</p>

<p data-end="3105" data-start="2902">"We looked to the movement of the Brisbane River, the texture of the cliff face and the warmth of the surrounding landscape to create interiors that feel understated, enduring and unmistakably Brisbane."</p>

<p data-end="3300" data-start="3107">Positioned above the Kangaroo Point cliffs, Skye places residents within walking distance of Howard Smith Wharves, South Bank and James Street while offering uninterrupted river and city views.</p>

<p data-end="3300" data-start="3107">[smartcode_project_cta:default project_id=90059]</p>


Joel Robinson

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

<p data-end="288" data-start="269"><strong data-end="288" data-start="269">Article summary</strong></p>

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289"><strong data-end="374" data-start="291">DVB Projects is preparing to launch its second Gold Coast apartment development</strong>, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443"><strong data-end="513" data-start="445">The 34-level tower will comprise just 49 ultra-luxury residences</strong>, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574"><strong data-end="646" data-start="576">The launch follows strong demand at DVB's nearby Sea Glass project</strong>, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718"><strong data-end="787" data-start="720">The development adds to the transformation of Old Burleigh Road</strong>, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<p data-end="1011" data-start="790"><a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.</p>

<p data-end="1296" data-start="1013">The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion</p>

<p data-end="1296" data-start="1013"><img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" /></p>

<p>The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.</p>

<p>“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;</p>

<p>“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."</p>

<p>Brown says the site itself is "exceptional."</p>

<p>"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”</p>

<p><img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." /></p>

<p>The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.</p>

<p>A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.</p>

<p>Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.</p>

<p><img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" /></p>

<p>Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.</p>

<p>“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.</p>

<p>“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.</p>

<p>“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”</p>

<p><img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" /></p>

<p>Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.</p>

<p>With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.</p>

<p>[smartcode_project_cta:default project_id=145141]</p>


DVB Projects to launch second Broadbeach apartment tower as demolition commences

<p>A proposal to redevelop one of North Sydney's ageing commercial buildings has taken another step forward, with plans for a 38-storey mixed-use tower adding momentum to the long-awaited transformation of the Alfred Street precinct.</p>

<p>Now on public exhibition through the NSW Government's Housing Delivery Authority-led State Significant Development pathway, the proposal for 271-273 Alfred Street would replace an underutilised commercial building with 95 apartments, ground-floor retail, commercial space and affordable housing. The proposal was submitted by&nbsp;Tara Shore Pty Ltd, acting for the John Taylor Family Trust.</p>

<p>While the project will deliver much-needed housing on the southern edge of the North Sydney CBD, it also represents another piece of a broader precinct that has spent years in planning limbo.</p>

<p><img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="7e1ce1b4-38df-48ab-992f-386814d86308" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20podium.png?VersionId=sC_h6w.A9VEoB98qsqowPlIoz__sBZBt" /></p>

<p>Despite its proximity to both North Sydney Station and the Victoria Cross Metro, redevelopment of Alfred Street has progressed slowly over the past decade as broader planning controls, zoning and building heights remained unresolved. The introduction of the Housing Delivery Authority pathway has provided a new avenue for projects to progress, allowing rezoning and development assessment to occur concurrently and unlocking sites that have long been earmarked for renewal.</p>

<p>Designed by Office of Cortese &amp; Gilder, the proposal seeks to do more than replace an ageing office building. The architects have positioned the project as the first stage of a wider public domain vision that would improve pedestrian connectivity and create a more cohesive mixed-use precinct as neighbouring sites are redeveloped over time.</p>

<p>The proposal includes a widened Alfred Street setback, new street trees, landscaping and outdoor seating, along with a landscaped through-site pedestrian link connecting Alfred Street with Little Alfred Street. The connection is intended to become the first section of a future east-west pedestrian network extending across the precinct.</p>

<p><img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="8ea39ac3-46ad-4562-b4a0-b862e91c2dda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20site.png?VersionId=K7umCd21KpetEFuVfsPlnJKhUOsmTTdV" /></p>

<p>The mixed-use tower would comprise retail space at ground level, commercial uses on level two and apartments from level three upwards.</p>

<p>In total, the development would deliver 95 apartments, including nine one-bedroom, 28 two-bedroom, 56 three-bedroom and two four-bedroom residences. Twenty-one apartments, representing 15 per cent of the residential gross floor area, would be secured as affordable housing and managed by a registered community housing provider for at least 15 years.</p>

<p>Nine basement levels would provide 133 resident car spaces, seven motorcycle spaces and 111 bicycle spaces.</p>

<p>According to the Architecture and Urban Design Report, the public domain strategy is designed to transform what is currently an inward-facing commercial edge into a more active and connected pedestrian environment, creating a stronger relationship between the commercial core and surrounding residential neighbourhoods.</p>

<p>Office of Cortese &amp; Gilder has also prepared a broader public domain framework spanning neighbouring properties between 263 and 283 Alfred Street, arguing that a coordinated approach to redevelopment will deliver better public spaces, improved tower separation and a more connected streetscape as the precinct evolves.</p>

<p>The proposal comes at a time where North Sydney is slated for future residential growth. Commercial developer FiveX has residential plans for the neighbouring site at 275 Alfred Street. They've proposed a 39-storey mixed-use tower with 184 apartments, while Freecity was recently approved for nearly 300 apartments across a 51-storey building on Walker Street.</p>

<p><em>Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-freecity-gets-green-light-for-mixed-use-apartment-and-hotel-tower-in-north-sydney">First look: Freecity gets green light for mixed-use apartment and hotel tower in North Sydney</a></em></p>

<p><em>Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-plans-39-storey-residential-tower-in-booming-north-sydney">First look: Fivex plans 39-storey residential tower in booming North Sydney</a></em></p>

<p>&nbsp;</p>


Alfred Street the latest North Sydney pocket to be transformed by residential development

<p>Buyers considering a residence at boutique Gordon townhouse development <a href="https://www.apartments.com.au/new-townhouses/lume-gordon-43-47-dumaresq-street-gordon-nsw-2072">Lume</a>&nbsp;now have another reason to bring forward their decision.</p>

<p>For a limited time, purchasers of a residence at Lume will receive a BMW iX3 50 electric SUV, valued at more than $120,000, as part of their purchase. The offer is designed to add value for buyers while complementing the lifestyle envisioned for the architecturally designed Upper North Shore development.</p>

<p>Scott Timmins, Development Manager at <a href="https://www.apartments.com.au/developers/winim">WINIM</a>, said the partnership was created to provide buyers with a compelling reason to act.</p>

<p>"In today's market, buyers need a compelling reason to act now, and the BMW partnership was designed to create that catalyst. We wanted to add genuine value for our future purchasers. Choosing the all-electric BMW iX3 50 also reflects the values behind LUME, forward-thinking design, innovation and a more sustainable way of living. It's a premium incentive that complements the lifestyle our buyers aspire to and rewards those who commit early."</p>

<p>[smartcode_project:default project_id=7354 project_image_fid=374893]</p>

<p>Delivered by WINIM in partnership with Burtonwood Investment Partners, Lume comprises 14 architecturally designed two, three and four-bedroom townhomes created for families seeking the space of a freestanding house with the ease of modern, low-maintenance living.</p>

<p>The three-storey residences, designed by award-winning architecture practice <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, have been tailored for families and multi-generational living, featuring private internal lifts, flexible lower-level spaces, generous open-plan living and entertaining areas, media rooms, and landscaped outdoor spaces with custom outdoor kitchens.&nbsp;</p>

<p>Inside, engineered oak flooring, bespoke dining joinery with integrated wine fridges and backlit bars, sculptural porcelain bathrooms, Parisi freestanding baths and Astra Walker tapware create interiors that balance functionality with refined finishes.</p>

<p>Each townhome has been designed to combine generous internal spaces with sustainability initiatives such as EV charging infrastructure, while <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>'s landscaped communal areas, centred around a restored creek line and native planting, encourage residents to connect with nature and spend more time outdoors.</p>

<p>[smartcode_project:default project_id=7354 project_image_fid=269527]</p>

<p>Rothelowman's Gary Tsui said the architecture was conceived to respond carefully to its Upper North Shore setting.</p>

<p>"Our vision was to create elegant, uplifting homes that draw on and positively contribute to the local character through meticulously considered design and an interaction with the surroundings."</p>

<p>The communal landscape has been designed as more than an open space between homes. Arcadia's Ben Newell and Kate Phillips said the adjoining reserve provided an opportunity to create a distinctive natural retreat for residents.</p>

<p>"Just as waterways carve their way through Ku-ring-gai's landscape, a raised boardwalk weaves through the reserve, connecting the homes to this tranquil oasis."</p>

<p>[smartcode_project:default project_id=7354 project_image_fid=374892]</p>

<p>Located just 300 metres from <a href="https://www.apartments.com.au/developments/gordon-nsw-2072">Gordon</a> Village and Gordon railway station, Lume offers convenient access to Sydney's CBD while placing residents close to some of the North Shore's leading schools, including Ravenswood, Pymble Ladies' College and Knox Grammar. Lane Cove National Park, Gordon Golf Club and a range of cafés and restaurants further reinforce the family-focused lifestyle on offer, with the BMW iX3 50 complementing everything from local trips around Gordon to weekend drives and city commutes.</p>

<p>Construction is underway with completion expected in mid-2027.</p>

<p>[smartcode_project_cta:default project_id=7354]</p>


Boutique Gordon townhomes now come with a BMW iX3 50

<p>Two apartments have sold for more than $10 million at EADE Byron Bay, setting some of the highest apartment prices ever achieved in the coastal town and underlining the growing appetite for luxury beachfront apartments in Australia's most popular coastal locations.</p>

<p>The $210 million project by Vitale Property Group has now secured more than $70 million in sales, led by residences that changed hands for $12.75 million and $11.75 million.</p>

<p>The record-breaking transactions reinforce the shift occurring in Byron Bay's premium property market, where affluent downsizers and lifestyle buyers are increasingly opting for high-end apartments over large beachfront homes.</p>

<p><a href="https://www.apartments.com.au/new-apartments/eade-byron-bay-29-shirley-street-byron-bay-nsw-2481">EADE Byron Bay</a> occupies a rare 6,000 sqm absolute beachfront site on the corner of Shirley and Milton Streets overlooking Main Beach and The Wreck surf break, just 350 metres from Byron Bay's town centre.</p>

<p>The 25-residence development is the first beachfront apartment project approved in Byron Bay in more than a decade and is currently under construction, with completion expected in May 2027.</p>

<p>[smartcode_project:default project_id=145590 project_image_fid=359521]</p>

<p>The project has attracted a mix of local Byron Shire residents downsizing from larger homes, alongside interstate buyers from Sydney, Melbourne and Brisbane seeking a permanent coastal lifestyle without compromising on space.</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a> and with interiors by <a href="https://www.apartments.com.au/interior-designers/alexander-co">Alexander &amp; Co</a>, EADE comprises&nbsp;10 garden apartments ranging from 284 sqm to 622 sqm, nine with private pools, five full-floor apartments and 10 rooftop residences with private plunge pools, expansive outdoor entertaining areas and uninterrupted ocean views.</p>

<p>[smartcode_project:default project_id=145590 project_image_fid=359527]</p>

<p><a href="https://www.apartments.com.au/developers/vitale-property-group">Vitale Property Group</a> Managing Partner Chris Vitale said the project's combination of scale, location and limited future supply was driving buyer demand.</p>

<p>"There isn't another beachfront holding in Byron Bay of this size and position that could be developed again," Vitale said.</p>

<p>"Buyers are responding to the scarcity and the irreplaceability of a site of this calibre and to floorplans they can't find elsewhere in the market.</p>

<p>"We are seeing buyers place significant value on quality, space, design, resort-style amenities and the rarity of the location. The sales achieved to date demonstrate that discerning purchasers recognise the long-term significance of what is being created at EADE Byron Bay.</p>

<p>"Many are coming from larger homes in the Byron region, or from Sydney, Melbourne and Brisbane, and are after the space, security and convenience, without the upkeep of a house."</p>

<p>&nbsp;</p>

<p>[smartcode_project:default project_id=145590 project_image_fid=359523]</p>

<p>The Byron Bay project follows Vitale Property Group's delivery of the Mondrian Hotel and Private Residences at Burleigh Heads, with EADE continuing the developer's focus on luxury coastal developments.</p>

<p>Residents will have access to a resort-style swimming pool, gymnasium, sauna, cold plunge pool, concierge services and dedicated workspaces, while the project is targeting an 8-Star Green Star rating.</p>

<p>EADE Byron Bay is being exclusively marketed by Projx Australia in conjunction with WHITEFOX Projects.</p>

<p>WHITEFOX National Projects Director Phillip Rand said demand had been driven predominantly by owner-occupiers.</p>

<p>"We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location," Rand says.</p>

<p>"The sales achieved to date demonstrate that purchasers at this level recognise the long-term significance of what is being created at EADE Byron Bay."</p>

<p>Residences at EADE Byron Bay are currently priced between $4.75 million and $15.95 million.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>[smartcode_project_cta:default project_id=145590]</p>


Vitale breaks Byron Bay records with EADE sales flurry 

<p>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.</p>

<p>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;</p>

<p>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.</p>

<p>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.</p>

<p>Even in the low seasons of May and June, occupancy levels reach around 40 per cent.</p>

<p><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" /></p>

<p>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</p>

<p>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.</p>

<p><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" /></p>

<p>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.<span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><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" /></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span><span><span><span><span><span>​</span></span></span></span></span></span></p>

<p>The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;</p>

<p>Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.</p>

<p>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;</p>

<p>Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.</p>


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

<html><body>
<p>EXPERT OBSERVER</p>
<div>Consumer confidence rose +1.2 per cent last week to 93.5, according to ANZ-Roy Morgan, a 13-week high.</div>
<div> </div>
<div>However, confidence levels remain well below the monthly average since 1990 of 112.6, and even still a reading of 93.5 is equivalent to what Australia experienced through the financial crisis. </div>
<div> </div>
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<div> </div>
<div><em>Source: ANZ-Roy Morgan</em></div>
<div> </div>
<div>On March 29 the COVID shock saw consumer confidence reading hit the lowest level in half a century at 65.3, but it has since rebounded by 43 per cent. </div>
<div> </div>
<div>Curiously confidence levels in Melbourne have picked up this week to a level 'a touch below neutral' -  possibly on optimism of restrictions being eased - and confidence levels in Melbourne are now higher than in Sydney. </div>
<div> </div>
<div><strong>RBA update</strong></div>
<div> </div>
<div>The RBA put out some state level payroll jobs figures this week which showed that jobs have been steadily picking up elsewhere, but not in Victoria. </div>
<div> </div>
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<p>However, the payrolls recovery has stalled this week, and indeed it cannot really take hold until the Victorian economy sees restrictions broadly eased. </p>
<div>Separate analysis from UBS highlighted how small businesses have disproportionately felt the pain this year, and this is reflected in hiring figures relative to large businesses. </div>
<div> </div>
<div>This has raised the prospect of a potential further reduction of interest rates, as discussed today by the RBA’s Guy Debelle.</div>
<div> </div>
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<div> </div>
<div>The RBA has now expanded its balance sheet significantly, almost doubling from from $170 billion in February to $300 billion, through its various policy measures. with a further 'decently large' expansion to come. </div>
<div> </div>
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<div>In the money markets swap rates are now at record lows. </div>
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<div>Banks are now allowing their offshore funding to roll off, which has reduced the share of offshore bonds funding, and this has been replaced by take-up of the cheaper Term Funding Facility (TFF). </div>
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<div>It's interesting to note that the Chinese economy has come surging back from its 10 per cent decline in the March 2020 quarter, to the extent that its output is now greater than it was at the end of 2019, as targeted stimulus measures have successfully bolstered production.</div>
<div> </div>
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<div> </div>
<div>Australia has gone down a different route, focusing instead on income support, to the extent that household income actually <em>increased</em> over the previous quarter, which is a very unusual outcome for a recession.</div>
<div> </div>
<div>This was driven by a range of factors including lower interest rates, super withdrawals, mortgage and rent deferrals, and all of the various government stimulus measures (including JobKeeper payments, and JobSeeker). </div>
<div> </div>
<div>No wonder them Harvey Norman shares have come roaring back! </div>
<p><strong>PETE WARGENT</strong><em><span> </span>is the co-founder of AllenWargent property buyers and a best-selling author and blogger </em></p>
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Consumer confidence hits three month high: Pete Wargent

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<p>Overall retail trading conditions remain challenging for many local traditional shop front businesses, particularly in the Wollongong CBD, according to the latest report from valuation firm Herron Todd White.</p>
<p>The property valuation firm has seen a decline in foot traffic due to the COVID-19 pandemic and associated work from home directives still in place for numerous commercial office tenants.</p>
<p>Suburban retailers, particularly in the food and beverage sector, have seemingly benefited from the change in work patterns, reporting improved customer visits since the April lockdown, while many of the large national bulky goods retailers that have an online ordering system have been reporting strong sales figures.</p>
<p>Despite some serious initial concerns, retail leasing activity has not fallen off a cliff with many landlords still coming to terms with tenants albeit with higher incentives that typically include a rent free or rental discount period over the initial six to 12 month period of the lease term.</p>
<p>The report authors said, "It is our view though that the real test is still to come with many of the government programs and schemes to be wound back over the coming months."</p>
<p>"Sales activity remains at a low level with several sales occurring over the past six months in the sub $1 million range to owner-occupiers and only a couple of retail investment sales in the higher price range."</p>
<p>"Investors during these periods are typically seeking defensive assets with strong long term lease covenants with the market predicting a long period of low inflation," they concluded.</p>
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Local Wollongong retail property is struggling: HTW

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<p>Like most other assets, transaction volumes for Sydney retail assets can be seasonal, however volumes are more likely to be a response to economic drivers, according to the latest report from valuation firm Herron Todd White.</p>
<p>The property valuation firm found, buyer activity for retail assets is typically a result of several factors. These include local businesses looking to purchase their existing tenancies, owneroccupiers wishing to secure their location, investors seeking retail assets with strong, long term lease covenants, and demand from developers wishing to secure and amalgamate sites.</p>
<p>Sales activity for retail is primarily driven by fluctuations in capital values.</p>
<p>In a strong market, investors typically look to capitalise on their investment and reinvest in other areas with greater growth prospects. In some instances we have also noted some businesses upsizing or expanding.</p>
<p>Conversely, some sellers are motivated by increasing vacancies and it is not uncommon to see a newly leased asset placed on the market for sale.</p>
<p>Increases in holding costs and perceived risks can also drive retail assets onto the market. The move to online shopping has forced some retailers to close storefronts thus increasing the sales volumes.</p>
<p>A driving factor of supply and demand for retail in some areas is the surge of residential property values which has coincided with an increase in the redevelopment of mixed use sites. This trend has been ongoing for some 10 years.</p>
<p>This surge in redevelopment has seen an increase in the supply of ground floor retail space, which is often required under the planning provisions. A good example of this trend can be seen across South Sydney, which saw a surge in retail supply when developments reached completion.</p>
<p>This has led to an oversupply of such stock, which has now been an issue in some areas for some five to ten years.</p>
<p>In other areas, adaptation to changing demands has resulted in renewed tenant demand. Examples of this can be seen in Redfern and Summer Hill. These two local retail precincts have traditionally been dominated by local businesses that service the local population and whilst this remains the case, both of these areas have seen an increase in demand as they become go to locations for small restaurants and bars.</p>
<p>HTW Valuers noted, "the COVID-19 pandemic continues to have implications for the Sydney retail property market. We are currently concerned about smaller retail precincts, particularly inner-city areas that rely heavily on food and beverage sales."</p>
<p>"Some areas have seen severe increases in vacancies. In other areas we are witnessing a slow return to normal with increases in trade leading to a revival and the slow reopening of some businesses."</p>
<p>"Overall, we are predicting rental reductions and an increase in required incentives in some areas, which we anticipate will result in a decline in capital values. Whilst there are currently few sales to demonstrate the impact the pandemic is having, some of those that have occurred have shown a decline in value."</p>
<p>"We have also noted an increase in properties available for both sale and rent in some areas and some difficulty with off the plan strata retail that is now coming up to settlement in a diminished market."</p>
<p>"We maintain the view that investment in retail assets will diminish as they are considered to be highly volatile and, as a result, we anticipate a decline in values. The retail market is facing a long recovery period for which we cannot know the full extent as yet", they concluded.</p>
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Investment in Sydney retail assets will shrink: HTW

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<p>EXPERT OBSERVER</p>
<p>When media occasionally stops sensationalising negatives in real estate and focuses on positives, they often refer to well-performed locations as “bucking the trend”.</p>
<p>This implies that a market doing well in the current climate is the outlier, the exceptional to the rule.</p>
<p>They’re not. These places ARE the rule. Markets doing well aren’t bucking the trend, they ARE the trend.</p>
<p>Our major newspapers are misleading consumers because their journalists are glass-half-empty people. Some of them are glass-completely-empty people.</p>
<p>In their mindset, a positive outcome doesn’t fit their definition of news. They’re wrong and that’s why newspapers and magazines are failing. Consumers are fed up with non-experts saturating the airwaves with inaccuracies and distortions that misrepresent important issues.</p>
<p>One of the biggest stories in Australian real estate is that shortage of rental properties. Vacancies are ultra low is most markets across the nation. In some places, they’re the lowest ever recorded.</p>
<p>Places where tenants are competing for scarce rentals, offering more than the asking rents in some cases, aren’t bucking the trend. They’re very much on trend.</p>
<p>But many investors are unaware. If they’re readers of certain major newspapers, they’ll believe that the situation with big city CBD areas (which are among the few places where vacancies are high) is the norm across Australia.</p>
<p>Major media keeps declaring that “prices are falling across Australia”. It simply isn’t so. Locations where prices are holding the line or are rising outnumber those where prices are dropping.</p>
<p>But the focus of journalists, and the economists who feed them misinformation, is on Melbourne and Sydney, which drag down national averages and create the impression of weakness in markets everything. It ain’t so.</p>
<p>My observation is that Melbourne and Sydney have been the exception to the rule for most of the past decade. When the two biggest cities were having their property boom (2013 to 2017, generally speaking), media represented this as a national property boom. But it wasn’t happening elsewhere.</p>
<p>When Sydney and Melbourne went into their correction phases (2018 and the first half of 2019) , with prices falling, media presented this to the public as a national property slump. But, again, it wasn’t happening across the nation. There were significant growth markets across the nation, including smaller capital cities and many important regional markets.</p>
<p>The current slump in Melbourne and some parts of Sydney (not nearly as severe as predicted by the chattering economists) does not describe Australia. The two biggest cities are bucking the trend.</p>
<p>The trend is markets with good sales activity led by home buyers including first-home buyers, prices steady or rising, and vacancies very low with upward pressure on rents.</p>
<p>Investors are largely sitting on the sidelines because they’re herd animals, but eventually they’ll get the message – or at least some of them will.</p>
<p>Here are a couple of examples which are typical of scenarios happening around the country.</p>
<p>The regional city of Orange is a good fit with the prevailing trends in real estate, including the Exodus to Affordable Lifestyle. It has a strong local economy, well suited to the times. The vacancy rate is 0.4%, prices have risen 5.5% in the past year, including 1.9% in the most recent quarter. Typical houses are in the $400,000s.</p>
<p>Similar sentiments apply to Mudgee in regional NSW – it’s getting buyers out of Sydney looking for a hill change. It has a strong and diverse economy, vacancies close to zero, median price up 7.5% in the past year, including 1.1% in the latest quarter.</p>
<p>The Hume municipality in Melbourne’s north is also tracking well, despite everything that Melbourne has been dealing with. It’s getting plenty of demand from first-home buyers and others moving out to seek an affordable lifestyle.</p>
<p>Vacancies are around 2%, despite the fact that this is a new growth area with high rates of new building. The median price is up 9% in the past year, including 1.2% in the most recent quarter.</p>
<p>Every day, as we go about our work doing research and writing reports for customers, we are coming across location after location with similar scenarios.</p>
<p>There are thousands of local markets that are doing well – sometimes despite the pandemic and in other cases because of the pandemic.</p>
<p>They are the trend, not the exception.</p>
<p>Wake up investors.</p>
<p><strong>Terry Ryder</strong><em> is the founder of hotspotting.com.au </em><br><em>ryder@hotspotting.com.au</em><br><em>twitter.com/hotspotting</em></p>
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Markets doing well are not the outlier: Hotspotting's Terry Ryder

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<div>A 492sqm site in South Melbourne has been sold to Fortis for $6.9 million.</div>
<div> </div>
<div>Construction on a new build on this site will commence late 2021, expected to be completed in early-2023.</div>
<div> </div>
<div>Offering 2,000 sqm NLA, the $9 million new build at 18-22 Thomson St will feature six levels of commercial office space, complemented by extensive parking facilities.</div>
<div> </div>
<div>The transaction was negotiated by Ben Appel of Appel Property in conjunction with Alby Tomassi of Tomassi &amp; Co.</div>
<div> </div>
<div>"Premium office space in South Melbourne is in great demand; we have already leased out 60% of Pallas House Melbourne, our other South Melbourne site, through off-market deals over the past four months,” says Charles Mellick, Director, Fortis.</div>
<div> </div>
<div>“Off the back of the success of Pallas House Melbourne, we are confident of similar demand for the space in Thomson Street which is only expected to increase with the completion of ANZAC station in the coming years.</div>
<div> </div>
<div>The Thomson St site is also a short walk away from the upcoming ANZAC metro station, Albert Park, Royal Botanical Gardens and South Melbourne Market.</div>
<div> </div>
<div>Pallas Group is the parent company of structured property investment arranger Pallas Capital and boutique developer Fortis.</div>
<div> </div>
<div>Other projects by Fortis in Melbourne include Ode in Toorak, a residential development in Brighton, Bower in South Yarra, Balmoral and East Grove in Glen Iris, 232 Wattletree in Malvern and Pallas House in South Melbourne.</div>
<div> </div>
<div>The expected end value of Fortis’ Melbourne projects currently under construction or under a planning proposal is $800m, with a further $900m pipeline of work in Sydney.</div>
<div> </div>
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Fortis acquires South Melbourne development site for $6.9 million

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<p><span>A fitted space on Commercial Road in South Yarra is the latest be snapped up by a hospitality operator.</span></p>
<p><span>The hospitality operator is looking to take advantage of the increased demand for takeaway and delivery services.</span></p>
<p><span>Lewis Waddell of Fitzroys leased the 150 sqm property at 151 Commercial Road to a Mediterranean eatery at $55,000 per annum plus outgoings and GST, on a secure 4+4-year term.</span></p>
<p><span>Waddell said tenants are also taking a longer-term view beyond the current environment. </span>The property’s proximity to the Prahran Market and the amenity and accessibility of the Chapel Street retail and lifestyle strip were an attraction. </p>
<p><span>He said the possibility that people will be working from home more often in the future, and the surrounding established residential catchment would further add to the locations’ trading viability across all hours.</span></p>
<p><span>Waddell said fitted hospitality spaces are being snapped up by food and beverage operators adapting to changes in the hospitality sector.</span></p>
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<p><span>Fitzroys has secured 72 leases since the State of Emergency was declared. This includes 45 retail deals, of which 48% have been to hospitality tenants. Coming into this year, food and beverage operators accounted for around 29% of tenants throughout the retail strips, according to Fitzroys research.</span></p>
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Mediterranean eatery lease South Yarra fitted space

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<p>EXPERT OBSERVER</p>
<p>This week we have received significant economic and policy updates from across the globe. From these, it is evident that Australia and New Zealand are both in a good position to rebound.</p>
<p>Beginning at home in Australia, this week’s August labour force update delivered a significant upside surprise, with 111k jobs created in the month and a 0.7ppt decline in the unemployment rate. This result leaves the unemployment rate at 6.8%, almost a full percentage point below our and the market’s expectation for August ahead of the release.</p>
<p>The gain for hours worked was materially lower than for employment, coming in at just 0.1%. However, this was due to a deep decline in hours worked in Victoria (-4.8%); the other states meanwhile experienced a 1.8% gain.</p>
<p>July and August’s employment gains mean the RBA’s 10% unemployment rate forecast for end-2020 is unlikely to be seen. To see such an outcome now, 400-500k jobs would have to be lost by December. This seems improbable, particularly with government support running into 2021. Westpac still anticipates however that the unemployment rate will rise to around 7.8% in late-2020/ early-2021 and that, come end-2021, it will still be elevated at around 7.5%.</p>
<p>The RBA is mindful of the economic damage of an extended period of high unemployment and so continues to make clear their willingness to support the real economy as long as necessary. Notably, in the September meeting minutes there was a clear focus on the state governments and the support they can offer the economy during a recession, particularly by borrowing to invest in infrastructure. Keeping borrowing rates low aids this opportunity.</p>
<p>Westpac Economics also made a significant revision to a key forecast this week. Previously we had anticipated a 10% decline in national house prices from April 2020’s peak to June 2021. Now however, we believe that decline is likely to be limited to about 5%, with 2.7% of that decline already seen. There are two key justifications for this view change, as highlighted by Chief Economist Bill Evans.</p>
<p>First is the benefit that has come to households in 2020 from lower interest rates, particularly as a result of the sharp drop in fixed rates to levels well below variable. Second are the upward revisions we have recently made to our growth and labour market views. Combined, these factors will support affordability, minimising further declines in 2020-21 and laying the foundation for a strong rebound in prices to new historic highs.</p>
<p>Turning to New Zealand, Q2 GDP came in in line with our NZ team’s expectations. GDP jolted 12.2% lower in the three months to June because of the lockdown measures implemented to stop COVID-19. All of the Q2 detail is available in their bulletin. But what needs to be emphasised here is that, while NZ’s lockdown was one of the strictest in the world, it was also highly successful, allowing the economy to rapidly restart. Our NZ team continue to anticipate a strong rebound over the second half of this year, leaving GDP within 5% of its pre-COVID trend. However, continued border closures will limit further gains in 2021.</p>
<p>On to the US and UK. From monetary authorities in both jurisdictions this week came clear guidance that policy will remain extraordinarily accommodative as far as the eye can see.</p>
<p>From the Bank of England, there was a commitment to assess the potential benefits of a move to negative interest rates. While the FOMC did not signal a clear intent to investigate the use of another policy instrument, their revised forecasts and qualitative guidance made clear that policy would remain at least as accommodative as it is currently for an extended period. Indeed, the median view of the Committee is that the federal funds rate will remain on hold till at least end-2023, at which time the unemployment rate would still be above its pre-COVID level and inflation only getting back to 2.0%yr. The statement only made a commitment to sustain purchases of US Treasury and mortgage-backed securities at their current monthly pace of around $80bn and $40bn respectively over coming months. However, the continued inclusion of the phrase “at least” with reference to the current pace makes clear the Committee’s concern over downside risks and implies that a partial then full tapering of asset purchases is also a long way off.</p>
<p>Combined with a broad-based recovery in the global economy, highly-accommodative FOMC policy supports our view that the Australian dollar will continue to rally to USD0.75 end-2020 and USD0.80 end-2021, a rate it is likely to sustain to mid-2022.</p>
<p><strong>ELLIOT CLARKE</strong><em><strong> </strong>is a senior economist at Westpac </em></p>
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Australia in a good position to rebound, especially the dollar: Elliot Clarke

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<div>Mixed news for Melbourne - the economy remains in lockdown, and, while other cities and states are seeing JobSeeker numbers declining, Victoria saw its numbers leap by 4 per cent in a month to 413,000.</div>
<div> </div>
<div>On the positive side of the ledger, new COVID-19 cases in Victoria now appear to be in a beautiful freefall, with only 14 newly confirmed cases on Sunday, and the first murmurings about restrictions being eased sometime. </div>
<div> </div>
<div>Although that said, Andrews - who appears increasingly keen to be extend the state's powers to extreme levels - stated that nothing is up for debate, which suggests that Step 4 won't even be contemplated until November 23. </div>
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<div>There are now only 8 cases remaining in Victoria's ICUs. </div>
<p> </p>
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<div>The target for Victoria of 'zero cases for 14 days' must still feel like light years away to locked up residents, with 791 active cases remaining across the state. </div>
<div> </div>
<div><strong><span style="text-decoration: underline;">Auctions pick up</span></strong></div>
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<div>While Melbourne's residents have been shut indoors for weeks on end, the rest of the country has been enjoying the prospect of much cheaper mortgage rates.</div>
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<div>The preliminary auction results this week continued their uptrend of recent weeks and were seen to be the strongest since March, according to CoreLogic, with clearance rates back at the levels we were seeing before the virus became a critical issue. </div>
<p> </p>
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<div class="separator"><span style="text-decoration: underline;"><em>Source: CoreLogic</em></span></div>
<div class="separator"><span style="text-decoration: underline;"><em> </em></span></div>
<div>In particular, strong results for clearance rates were recorded for Canberra and Sydney, while Domain reported a median sales price for Brisbane in excess of $1 million for the weekend's smattering of auction sales. </div>
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Auction results back at pre-COVID levels, excluding Melbourne

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<p>EXPERT OBSERVER</p>
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<p class="CSbulletlv1">Employment<span class="Apple-converted-space"> </span>rose by 111,000 in August (survey forecast: -35,000) after rising by an upwardly-revised 119,200 jobs in July (previously reported as an 114,700 increase in jobs). Full-time jobs rose by 36,200 and part-time jobs rose by 74,800.</p>
<p>The unemployment rate fell from a 22-year high of 7.5 per cent to 6.8 per cent in August (survey forecast: 7.7 per cent). It was the biggest monthly fall in the jobless rate in 32 years (July 1988).</p>
<p>Hours worked rose from 1.682 million hours to 1.683 million hours (up 0.1 per cent) but were down 5.1 per cent over the year. </p>
<p>The participation rate rose from 64.7 per cent to 64.8 per cent in August.</p>
<p>In August, the underutilisation rate fell from 18.7 per cent to 18.0 per cent. The underemployment rate was broadly steady at 11.2 per cent.</p>
<p>Unemployment across states in August: NSW 6.7 per cent (July 7.2 per cent); Victoria 7.1 per cent (6.8 per cent); Queensland 7.5 per cent (8.8 per cent); South Australia 7.9 per cent (7.9 per cent); Western Australia 7.0 per cent (8.3 per cent); Tasmania 6.3 per cent (6.0 per cent); Northern Territory 4.2 per cent (7.5 per cent); ACT 4.2 per cent (4.6 per cent).</p>
<p class="CSbulletlv1">In August 2020, all states and territories recorded increases in the number of employed people except for Victoria. The number of employed people in Victoria decreased by 42,400. In contrast, New South Wales recorded an increase of 51,500 employed people and there was an increase of 32,200 employed people in Western Australia.</p>
<p class="CSbulletlv1">Over the three months to August 2020, all states and territories recorded increases in the number of employed people, led by gains in NSW (+188,100), followed by Queensland (+90,300), Western Australia (+73,400), South Australia (+33,400), Tasmania (+15,800), ACT (+11,900), Victoria (+9,500) and Northern Territory (+2,800).</p>
<p class="CSbulletlv1"><em>A raft of companies is affected by the employment data but especially those dependent on consumer spending.</em></p>
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<p><strong>What does it all mean?</strong></p>
<p>There is no doubt that this is a stunning set of job figures – especially considering that nation’s second largest economy was in lockdown throughout the month. More people were looking for jobs in August, more people found jobs, and more employees reconnected to their workplaces. The jobless rate fell sharply and a six-digit gain in jobs was recorded.</p>
<p class="csbulletlv10"><span>More than 86,000 unemployed people found work. The cherry on top was a drop in the youth jobless rate from 16.3 per cent to 14.3 per cent. The job programs are clearly working as intended.</span></p>
<p class="csbulletlv10"><img src="https://www.urban.com.au/images/2020/9/17/UNEMPLOYMENT%20RATE.png" alt=""></p>
<p class="csbulletlv10"><span>JobKeeper and JobSeeker have been instrumental in supporting the job market, spending and the broader economy. But the programs have made it more difficult in working out what is going on, specifically in the job market. But these are extraordinary times and the job programs are similarly remarkable.</span></p>
<p class="csbulletlv10"><span>There will still be bumps on the road ahead. But the federal, state and territory governments, Reserve Bank, unions and businesses can all claim credit for today’s stunning job figures.</span></p>
<p class="csbulletlv10"><span>However the hope is that the unemployment rate will now peak well below official forecasts of near 10 per cent. In fact, for this to occur at least 400,000 jobs would have to be shed by year-end – unlikely with Victoria’s restrictions being eased. And the aim has to be to be quickly get people back in jobs because the longer that people are out of work, the less employable they become.</span></p>
<p class="csbulletlv10"><span>The data shows a return to work of sole traders but fewer job gains for employees. That makes sense in that the economy is still only gradually re-opening. But it is an encouraging trend.<span class="Apple-converted-space"> </span></span></p>
<p class="csbulletlv10"><span>Australia may be technically in recession like most of the globe, but it continues to be a non-typical recession. Consumer spending continues to rise as Kogan confirmed yesterday. Home prices are rising in many parts of the country. </span></p>
<p class="csbulletlv10"><span>Home sales are lifting, underpinned by HomeBuilder. And infrastructure projects support commercial and engineering construction sectors. Despite tensions with China, our largest trading partner is hoovering up record volumes of iron ore and gold exports are expected to hit record highs, courtesy of pandemic demand.</span></p>
<p class="csbulletlv10"><span>The latest job data coincides with more data on job ads from SEEK, showing (ex-Victoria) another 1.8 per cent lift in vacancies in August.</span></p>
<p><strong>What do the figures show?<span class="Apple-converted-space"> </span></strong></p>
<p class="CSbulletlv1"><span style="text-decoration: underline;">Labour force – August</span></p>
<p class="CSbulletlv1">Employment<span class="Apple-converted-space"> </span>rose by 111,000 in August (survey forecast: -35,000) after rising by an upwardly-revised 119,200 jobs in July (previously reported as an 114,700 increase in jobs). Full-time jobs rose by 36,200 and part-time jobs rose by 74,800.</p>
<p class="CSbulletlv1"><img src="https://www.urban.com.au/images/2020/9/17/EMPLOYMENT%20COMMSEC.png" alt=""></p>
<p class="CSbulletlv1">The unemployment rate<span class="Apple-converted-space"> </span>fell from a 22-year high of 7.5 per cent to 6.8 per cent in August (survey forecast: 7.7 per cent).</p>
<p class="CSbulletlv1">Hours worked<span class="Apple-converted-space"> </span>rose from 1.682 million hours to 1.683 million hours (up 0.1 per cent) but were down 5.1 per cent over the year.</p>
<p class="CSbulletlv1">The ABS noted:<span class="Apple-converted-space"> </span><em>"Employment rose almost 1 per cent but hours worked rose by a more modest 0.1 per cent. Hours fell by 4.8 per cent in Victoria, compared to a 1.8 per cent increase across the rest of Australia.”</em></p>
<p class="CSbulletlv1"><em><span>The weaker increase in hours worked has also been reflected in the strength of the increase in part-time employment between May and August, which has been almost eight times greater than the increase in full-time employment.”</span></em></p>
<p class="CSbulletlv1">The participation rate rose from 64.7 per cent to 64.8 per cent in August.</p>
<p class="CSbulletlv1"><img src="https://www.urban.com.au/images/2020/9/17/PARTICIPATION%20RATE.png" alt=""></p>
<p class="CSbulletlv1">In August, the underutilisation rate fell from 18.7 per cent to 18.0 per cent. The underemployment rate was broadly steady at 11.2 per cent.</p>
<p class="CSbulletlv1">Unemployment across states<span class="Apple-converted-space"> </span>and territories in August: NSW 6.7 per cent (July 7.2 per cent); Victoria 7.1 per cent (6.8 per cent); Queensland 7.5 per cent (8.8 per cent); South Australia 7.9 per cent (7.9 per cent); Western Australia 7.0 per cent (8.3 per cent); Tasmania 6.3 per cent (6.0 per cent); Northern Territory 4.2 per cent (7.5 per cent); ACT 4.2 per cent (4.6 per cent).</p>
<p class="CSbulletlv1">In August 2020, all states and territories recorded increases<span class="Apple-converted-space"> </span>in the number of employed people except for Victoria. The number of employed people in Victoria decreased by 42,400. In contrast, New South Wales recorded an increase of 51,500 employed people and there was an increase of 32,200 employed people in Western Australia.</p>
<p class="CSbulletlv1">Over the three months to August 2020, all states and territories recorded increases in the number of employed people, led by gains in NSW (+188,100), followed by Queensland (+90,300), Western Australia (+73,400), South Australia (+33,400), Tasmania (+15,800), ACT (+11,900), Victoria (+9,500) and Northern Territory (+2,800).</p>
<p class="CSbulletlv1"><em>ABS:</em><em><span class="Apple-converted-space"> </span>“</em><em><span>The participation rate for 15-24 year olds (who are often referred to as the "youth" group in the labour market) decreased 0.3 pts to 65.7% in August 2020. Employment for 15-24 year olds increased by 28,800 people (1.6%). The unemployment rate for this group decreased by 2.0 pts to 14.3%.”</span></em></p>
<p class="CSbulletlv1">The ABS highlighted the gains in jobs by sole traders<em>: “</em><em>In original terms, there was a 44,500 net increase in employment between July and August. This growth in original employment can be attributed to an increase in the number of owner managers (self-employed people) without employees, most of whom working in an unincorporated enterprise (e.g. a sole trader), which increased by 50,200 (Chart 1). In contrast, there was minimal growth in the number of employees (up 2,600).”</em></p>
<p><strong>What are the implications for investors?</strong></p>
<p class="csbulletlv10"><span>Australia continues to do well. The ABS notes that the US jobless rate was 8.4 per cent in July and the jobless rate was 10.2 per cent in Canada. Estimates for Australia on a similar basis were 7.3 per cent and 7.9 per cent.</span></p>
<p class="csbulletlv10"><span>The “effective” rate of unemployment is estimated at 9.3 per cent, so there are no grounds for complacency.</span></p>
<p class="csbulletlv10"><span>The resilience of the Aussie job market continues to provide support for retailers and the housing market. While challenges lie ahead, many retailers have adapted well to the new environment, especially the focus on online sales.<span class="Apple-converted-space"> </span></span></p>
<p class="csbulletlv10"><span>Aussies need to collectively take a deep breath ahead of the wind down of JobKeeper and JobSeeker schemes over the next six months. The hope is that stronger operating conditions and reduced support payments will encourage workers to re-join the job market. Today’s virus case numbers in Victoria also offer reasons to be positive.</span></p>
<p class="csbulletlv10"><span>As noted Australia continues to do well, but challenges lie ahead. Note other data today showed the New Zealand economy contracting by 12.2 per cent in the June quarter – much more than 7 per cent Aussie decline. Getting the right balance between health and economic issues will be critical in the months ahead. NSW is showing the way with the most jobs created or reinstated in the past three months while keeping its borders open for business and implementing effective virus testing and tracing to keep the virus in check.</span></p>
<p><em><span>CRAIG JAMES</span> is the chief economist at <a href="https://www.comsec.com.au/default.aspx" target="_blank">CommSec</a>.</em> </p>
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"Stunning" August jobs data as employment rose 111,000: CommSec

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<p>The NSW government have pulled together a number of agencies to activate the state's outdoor hospitality spaces.</p>
<p>Their main task is to make approvals for alfresco dining and drinking easer and faster for venues to get. </p>
<p>Minister for customer service Victor Dominello said the NSW Government is keen to work with venues to better use open spaces to help generate business and create jobs.<span class="Apple-converted-space"> </span></p>
<p class="m_1813959889019307683MsoNoSpacing"><span lang="EN-US">“The pandemic has made indoor spaces less amenable to socialising so it’s time we reduce barriers to spending more social time outside,” Mr Dominello said.</span></p>
<p class="m_1813959889019307683MsoNoSpacing"><span lang="EN-US">“We’re at a point where we need a cultural transformation to breathe life back into hospitality businesses and it makes sense to take advantage of NSW’s great climate and superb hospitality offerings, while adapting to a world where COVID transmission remains a risk.”</span></p>
<p class="m_1813959889019307683MsoNoSpacing"><span lang="EN-US">The taskforce will include representatives from:<br></span></p>
<p class="m_1813959889019307683MsoNoSpacing"><span lang="EN-US">•         NSW Health</span></p>
<p class="m_1813959889019307683MsoNoSpacing"><span lang="EN-US">•         Liquor &amp; Gaming NSW</span></p>
<p class="m_1813959889019307683MsoNoSpacing"><span lang="EN-US">•         The Office of Local Government</span></p>
<p class="m_1813959889019307683MsoNoSpacing"><span lang="EN-US">•         The Office of the Small Business Commissioner</span></p>
<p class="m_1813959889019307683MsoNoSpacing"><span lang="EN-US">•         NSW Police</span></p>
<p class="m_1813959889019307683MsoNoSpacing"><span lang="EN-US">•         Department of Planning, Industry and Environment</span></p>
<p class="m_1813959889019307683MsoNoSpacing"><span lang="EN-US">•         Transport for NSW</span></p>
<p class="m_1813959889019307683MsoNoSpacing"><span lang="EN-US">•         NSW Food Authority</span> </p>
<p class="m_1813959889019307683MsoNoSpacing"><span lang="EN-US">“This group of alfresco architects will look into streamlining existing legislation, so we have a pilot in place before summer, as well as long-term solutions where it makes sense to standardise the outdoor drinking and dining scene. A default safe alfresco culture should be the norm,” Mr Dominello said.</span> </p>
<p class="m_1813959889019307683MsoNoSpacing"><span lang="EN-US">Minister for planning and public spaces Rob Stokes said the taskforce will work out how to streamline applications for venues to use their outdoor spaces in time for summer.</span></p>
<p class="m_1813959889019307683MsoNoSpacing"><span lang="EN-US">“Public spaces have become more important than ever before. As we head into the warmer months, we need to find ways to keep our vital hospitality sector buoyant, while also keeping people safe,” Mr Stokes said.</span></p>
<p class="m_1813959889019307683MsoNoSpacing">“Our climate is perfect for alfresco dining, which brings life and vibrancy to our streets and public squares and gives people a reason to visit city centres.”</p>
<p class="m_1813959889019307683MsoNoSpacing"><span lang="EN-US"> </span></p>
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