<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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EXPERT OBSERVER
The immediate impact of the coronavirus shutdown is striking in its magnitude, its speed and its concentration on a small set of industries.
My attempt to identify where the virus and the shutdown will have the biggest effect suggests that in February 2020 about 2.7 million workers were employed in the most exposed industries.
And while it won’t be possible to know for sure until April 16 when we get data from the Bureau of Statistics on the labour force in March, I believe it’s reasonable to think the jobs of about 900,000 are already under threat.
Which jobs are most at risk?
In the table below I list those whom I think are most at risk.
For one group of about 1.4 million workers – primarily in industries involving eating out, entertainment, recreation, accommodation and air travel – the loss of work is the inevitable result of government shutdowns.
<a href="https://images.theconversation.com/files/323200/original/file-20200326-133027-18tpnci.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/323200/original/file-20200326-133027-18tpnci.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a> February 2020, <a class="source" href="https://www.abs.gov.au/ausstats/abs@.nsf/mf/6291.0.55.003" target="_blank">ABS 6291.0.55.003</a>
Another group, comprising about 900 thousand workers, are in retail trades (non-food) and personal services, where the effect on jobs is coming from consumers cutting spending apart from on essential items.
<a href="https://images.theconversation.com/files/323198/original/file-20200326-133027-bfmy9v.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/323198/original/file-20200326-133027-bfmy9v.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a> February 2020, <a class="source" href="https://www.abs.gov.au/ausstats/abs@.nsf/mf/6291.0.55.003" target="_blank">ABS 6291.0.55.003</a>
Workers in both at-risk groups are predominantly young. More than half are under 35 years of age. Six out of seven are employees. About one in every seven is an owner/manager or works in a family business.
A slightly higher proportion are female than male. They are evenly split between full-time and part-time.
Some industries will grow
Some industries are seeing rapid increases in demand due to the coronavirus. They include the retail grocery trade and associated logistic services, and the supply of office essentials needed to work at home.
In a relatively short period there is also likely to be an increase in demand from the health care and health services industries.
Other areas where increased demand seems likely are the home delivery of goods bought online, cleaning services and services usually undertaken by volunteers and government agencies who are occupied dealing with COVID-19.
The total workforce will shrink
So far there has been little impact of the supply of workers, but it will happen.
It is beginning to occur as schools and childcare centres close and workers withdraw in order to care for their children, and it is accentuated by parents not wanting to risk outsourcing the task to grandparents.
In the coming weeks, there will be further hits to labour supply as illness from COVID-19 causes workers to need to take leave and other workers withdraw to provide care for family members who become ill.
It is difficult to be precise about the magnitude of withdrawal from the labour market, but it is potentially large.
To start with, most of the impact is likely to come from withdrawal for caring or to avoid illness.
As an indication of the potential scale of withdrawal, in 2019 there were <a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/6333.0" target="_blank">1.21 million</a> families with children aged from 0-9 years in which either a sole parent or both parents were in paid work.
In 2016 there were <a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/websitedbs/censushome.nsf/home/2016" target="_blank">634,500</a> people aged 65 to 84 doing voluntary work.
Workers becoming ill might also have a substantial impact on labour supply.
Under a (hopefully pessimistic) scenario that COVID-19 continues its current rate of growth over the next three weeks, with those infected in the previous two weeks then unable to work, this would be about 67,500 persons out of work due to illness.
COVID-19 has already had a dramatic effect on employment – that much is evident from news images of queues at Centrelink.
Further impacts are almost certain in coming weeks.
<a href="https://images.theconversation.com/files/323194/original/file-20200326-133016-13rn33f.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/323194/original/file-20200326-133016-13rn33f.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a> February 2020, <a class="source" href="https://www.abs.gov.au/ausstats/abs@.nsf/mf/6291.0.55.003" target="_blank">ABS 6291.0.55.003</a>
The scale and speed of what’s happening is creating the most serious labour market policy challenge of the post-war era.<img src="https://counter.theconversation.com/content/134680/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/jeff-borland-1079" target="_blank">Jeff Borland</a>, Professor of Economics, <a href="https://theconversation.com/institutions/university-of-melbourne-722" target="_blank">University of Melbourne</a>
This article is republished from <a href="https://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/which-jobs-are-most-at-risk-from-the-coronavirus-shutdown-134680" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

Which jobs are most at risk from the coronavirus shutdown?  Jeff Borland

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A Mexican/ vegan restaurant has taken a new lease on Lygon Street, Brunswick East in a deal brokered by Teska Carson’s Reece Israel.
The Shop 1, 457-459 Lygon Street property comprises a 127 sqm former restaurant/bar/cafe premises with parking for one car via rear access and a wide street frontage.
The property was let on two year term with a two year option at $30,000 per annum net plus GST. 
Mr Israel said the modern premises was ideal for the tenant’s proposed use given its food and dining related fit-out and its location within a renowned dining and entertainment precinct. 
"The property provides a brilliant location for a food and/or beverage related business in Melbourne’s popular inner north including great street exposure and fantastic access to public transport facilities.
"It really did present as an ideal opportunity for a restaurateur in a precinct with such a well-established dining reputation,’’ Mr Israel said.
The lessor is a Melbourne based investor. 
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Mexican/vegan restaurant moves into Lygon Street 

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EXPERT OBSERVER
While Victoria and NSW have been hardest hit by the health crisis, Queensland’s job market has fared worst.
The Sunshine State’s unemployment rate was the highest in Australia at 8.8 per cent in July – a 19-year high. And 144,500 jobs were lost between February and July as international and state border closures impacted tourism. 
Of the 20 regions with the highest unemployment rates in the land, Queensland had the highest representation with nine in July. Leading the way was Wide Bay, where the jobless rate rose by 8.2 percentage points - the second most in the nation - to 17 per cent. Next was the Queensland Outback (10.9 per cent), followed by Brisbane’s Moreton Bay South (10.5 per cent), Ipswich (10.1 per cent) and the Sunshine Coast (9.8 per cent). 
But Western Australia also featured prominently. Apart from Mandurah’s nation-topping 18 per cent jobless rate, Perth’s North-West lost the most jobs (-30,200) between February and July. And Western Australia’s unemployment rate of 8.3 per cent is the second highest in Australia - now at 20-year highs. 
Since the economy re-opened from the first virus lockdown in May, most jobs have been added or reinstated in Sydney’s Parramatta (+20,600) and Ryde (+14,600) with the NSW Central Coast (+14,400) the third best performing region. But the data excludes the impact of Victoria’s level four restrictions, which will feature prominently in the August update.
What are the implications for investors? 
After the historic plunge in Aussie jobs due to first virus lockdown in April, the labour market is showing tentative signs of improvement as restrictions are eased and the economy (outside of Victoria) is gradually reopened. 
The July labour force report surprised on the upside, beating economist expectations of an addition of 30,000 jobs. In fact, employment rose in the month by 114,700. 
But the nascent recovery in the job market is incredibly uneven. While Victoria is likely to lose the most jobs because of lockdown 2.0, Queensland and Western Australia - which have both enjoyed more success at containing and suppressing the virus - aren’t faring much better. Queensland is highly dependent on interstate and international tourism. And Western Australia continues to be captive to the fortunes of mining. 
That said, with iron ore prices straddling 6½-year highs on the back of the Chinese industrial-led recovery, the Western Australian economy is well positioned to recover first from the COVID-19 recession. Already 19,100 jobs were added or reinstated in July with skilled job vacancies up by 11.3 per cent. 
NSW is managing to keep Sydney’s virus flare ups at bay for now. NSW - which has lost 134,300 jobs since February - added 56,800 jobs in July. Jobs are returning in Parramatta, Ryde and the nearby NSW Central Coast. But unemployment is high in NSW tourism and retiree ‘lifestyle’ regions, such as Coffs Harbour-Grafton (11.6 per cent) and Newcastle &amp; Lake Macquarie (9.7 per cent). Policymakers certainly have a delicate balancing act addressing disparities in joblessness nationally. 
China’s industrial recovery continues with the country on track to rebound quickest of all major economies from the virus economic contraction. While stimulus is feeding through to construction, manufacturing and infrastructure activity, policymakers remain wary given high debt levels. China’s Loan Prime Rates have been stable - keeping mortgage and corporate lending rates anchored at low levels - but the State Council has said that it will cut rates again to support still-weak domestic demand, if necessary.
Ryan Felsman is a Senior Economist at CommSec
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Double-digit regional unemployment rates: CommSec's Ryan Felsman

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<div class="WordSection1">
The Makris Group is set to divest two Adelaide retail assets, including Rundle Mall’s City Cross Shopping Centre and office complex fronting Grenfell Street.
The offering will also include the North Adelaide Village neighbourhood shopping complex and an adjoining site at 85-87 O’Connell Street.
CBRE’s Simon Rooney and James Douglas have been appointed to steer the sale campaign on behalf of the Makris Group, South Australia’s largest privately-owned retail property group. 
The the Makris Group has a large, diversified portfolio across retail, commercial and maritime sectors.
Mr Rooney said the properties, which will be offered for sale individually or in-one-line, were expected to generate significant interest. 
“Investors will be attracted to the location of City Cross within Adelaide’s tightly held CBD, and the affluent locale of North Adelaide Village,” Mr Rooney added. 
The City Cross Shopping Centre (pictured above) and office complex is the largest of the two offerings, providing a gross lettable area of 10,512sqm.
The centre offers extensive frontages to Rundle Mall – the retail heart of the Adelaide CBD and Grenfell Street, the city’s core commercial address for corporate and Government tenants.
The thriving CBD centre includes anchor tenants Harvey Norman, Rebel Sport and Australia Post, alongside 57 specialty tenancies, including a highly productive food offering.
Mr Rooney noted that City Cross provided the opportunity to acquire a major retail CBD holding, with multiple mixed-use development opportunities. 
The existing centre services an expansive metropolitan trade area population of over one million, a worker population of 117,600 and a visitor market of over eight million per annum.
The trade area retail expenditure pool is $15.1 billion, including $7.9 billion in the primary trade area. 
Rounding out the portfolio is the thriving North Adelaide Village Shopping Centre and the adjoining 85-87 O’Connell Street. 
Situated just 3km from the CBD, North Adelaide Village is in one of Adelaide’s most affluent catchments, in close vicinity to the redeveloped Adelaide Oval and revitalised Riverbank Precinct. 
The main trade area population of 32,370 is projected to increase to 41,320 persons by 2036, reflecting average annual growth of 1.4% per annum. 
The centre benefits from a diverse tenancy mix and a focus on convenience, lifestyle, service and fresh food. It is anchored by a strong performing Romeo’s Foodland on a long-term lease until 2033 with a further 25-year option, alongside a Goodlife Gym, 34 specialty tenancies and four office tenancies.
The corner site offers future mixed-use development potential of up to six-storeys – subject to the relevant council planning approvals.
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South Australian billionaire Con Makris to sell high profile retail portfolio

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Norwest master developer Mulpha has secured two major tenancies by leading specialist medical innovators for its landmark timber building The Bond at Norwest, Sydney. 
Mulpha has secured commitments for over 30 per cent of the building ahead of construction commencing later this year. 
Genesis Oncology has taken 1050 sqm of space to set up a world class cancer treatment centre in the Hills District, and Dr Antony Lighten has taken 735 sqm of space for his IVF Clinic and reproductive surgery. Space has also been taken up by orthodontic, obstetrics and gynaecology practices.
Mulpha Developments Executive General Manager, Tim Spencer said:  
“We are thrilled that such leading-edge medical innovators have shown strong commitment to Norwest as it transforms into a major residential, commercial and retail hub in Sydney’s economic growth corridor along the Metro Norwest. 
“Both companies are a natural fit for The Bond, given its focus on wellness, sustainability and innovation, and proximity to the Norwest Private Hospital. These are exactly the calibre of tenants we are attracting– knowledge and innovation companies that themselves want to attract and inspire the best staff and offer an appealing environment for clients.
“We are seeing strong interest from the medical sector, which is expecting demand to remain highly resilient in the face of COVID-19 and will always require quality workspaces for administration, treatment and consultation.”
GenesisCare Chief Executive Officer, Dan Collins, said: “We are proud to be designing a world class cancer treatment centre here at The Bond so that patients in the Hills District and Western Sydney can access high quality oncology care close to home.
“The Hills district in North West Sydney is one of the fastest growing regions in NSW, so it’s important to invest in the right healthcare infrastructure to meet local community needs for today and the future. 
“The team at Mulpha Norwest share our commitment to developing sustainable healthcare solutions to meet the demands of Australia’s ageing population and addressing infrastructure gaps in areas of need. 
“We were immediately drawn to The Bond’s innovative and sustainable design and its proximity to Norwest Private Hospital which means cancer patients will be able to access comprehensive cancer care, including surgery, medical oncology and now radiation therapy, close by.” 
Dr Antony Lighten, a fertility specialist and IVF and reproductive surgeon who has a five-month waiting list for new clients, said he was drawn to The Bond because of the beauty in the wood, the glass design and green credentials, all contributing to a health and wellness environment.
“The Bond is going to be a landmark building in Bella Vista. I think it will be a beautiful, relaxing space for the Day Surgery and IVF Clinic. I have been waiting specifically for this building to start construction because of its uniqueness.
“Although I was affected by the NSW government enforced cessation of all elective surgery and IVF procedures due to Covid, we are now seeing good numbers of patients returning. There does not seem to be any significant effect on patient numbers moving forward.” 
The Bond, located on the corners of Elizabeth Macarthur Drive and Norbrik Drive, will be a landmark timber building at the gateway of Norwest’s commercial precinct, adjacent to the heritage-listed Bella Vista Farm and connected by on-demand shuttle buses to the Metro stations at Norwest and Bella Vista.
The Bond will comprise a ground floor retail lobby environment, six floors of commercial office building, childcare facility for 110 children, end-of-trip facilities, basement car carparking, short-term visitor parking and service vehicle and loading facilities. 
The building’s innovative design will offer flexible campus style floor plates, allowing for a range of workspaces to cater for all needs, including open plan working spaces and private offices.
The Bond has been designed using cross-laminated timber technology for the 1600 sqm floorplates, walls and stairs, as well as laminated timber columns and beams for the structural frame. 
In addition to offering design flexibility and unique aesthetics, this new-age timber technology has great strength and efficiency, and the potential to be carbon-neutral over its lifecycle.
Mulpha is an award-winning property developer with 25 years of experience across all property sectors from commercial, industrial, retail and residential, including land, homes, townhouses and apartments.
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Mulpha attracts medical innovators to The Bond, Norwest

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A commercial investment that is currently leased to Westpac in Rocklea has hit the market.    The property at <a href="https://ecomms.raywhite.com/collect/click.aspx?u=S2pTTTU1QjIzSWpRbHVsNm5QcVByejF0QkNqalVNd1pzbms3WXMwMmxHMTNUYWpDZ21uam4xL2ZKcmtWRkNHMXJDckpiTkttakRIbGxOMmRKdCtCVnpBSGJsdnBHaUpCWk0zdmVzV2FrQmhkT2MycXkxSHErK0pJeGR5OTRlWEFGRXlwNmNqM1YxTnZSdWZTR2ZPb01NdFlBeGNmRWl6TXo5UzJ3ZWE4SDNmTTJGamlZY3VYbnc9PQ==&amp;rh=ff0066ac5b7152f7c4bed30fc6449da68e160705" target="_blank" data-auth="NotApplicable">6/1311 Ipswich Road</a> comes with 546sq m* of building area.
It is leased until 2021 with ASX-listed Westpac, before Organicann PTY LTD takes over until 2026, with two five-year options after.   The property is being marketed by the award-winning Ray White Commercial Gold Coast team of Jared Johnson and Lachlan Marshall.   “The property is an investor’s dream – not only is it currently leased to an ASX-listed client – but it also comes with a brand-new lease lined up from 2021 onwards,” Mr Johnson said.
“The new lease, which runs to 2026 and has two five-year options, will provide $175,000 p.a. plus GST and all outgoings and also comes with a personal guarantee and a six-month bond.”   “It’s 10km* south of Brisbane CBD and takes advantage of exposure to high volumes of vehicle traffic along Ipswich Road and surrounding national and international retailers,” Mr Marshall said.   The property includes 17 exclusive-use car parks, annual increases, full building signage rights, modern-high quality premises, and a server room. The auction will take place on August 20 at Gold Coast Turf Club. 
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Rocklea Westpac investment hits the market 

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The Perth rental market’s vacancy rate has dropped to 1.6 per cent, which is the lowest it has been since March 2008.
REIWA President Damian Collins said a vacancy rate around three per cent is generally considered to create a good balance between supply and demand.
“The vacancy rate has remained below three per cent for 21 consecutive months, which has ensured rents generally started to stabilise after the post mining boom downturn,” Mr Collins said.
“However, with it now sitting below two per cent, we are starting to see the impacts of limited stock, and it is only a matter of time before rents rise. In some areas, agents are reporting rents are already on the move up.
“We are also seeing vacancy rates decline in the regions, with some areas experiencing a vacancy rate lower than Perth, such as Albany and Kalgoorlie which are now at 0.9 per cent.”
In July, there were 3,553 properties for rent on reiwa.com, which is 50 per cent less than what was available in July 2019 and it is creating competition amongst prospective tenants.
“There are a number of factors that may have contributed to lowering the vacancy rate, such as the lack of new supply due to investors staying out of the market, expats returning back to WA, and investors selling their investment properties,” Mr Collins said.
According to reiwa.com data, there were 726,688 searches conducted for rental properties in WA during July demonstrating rental properties are in high demand, with Scarborough the top searched suburb (16,029 searches), followed by South Perth (12,341), Mandurah (11,901), Joondalup (11,792) and Subiaco (11,609).
With the review of the Residential Tenancies (COVID-19 Response) Act 2020 coming up, it’s vital that the government remove all restrictions and limitations for non COVID-19 affected tenants.
“Investors are concerned about returning to the market due to the limitations on their ability to put rents to market and evict tenants who do not pay their rent. While we’d prefer to see the legislation lapse in its entirety, if there is an extension, it must be for the very small number of tenants still affected,” Mr Collins said.
“If we don’t encourage investors back into the market, then the rental shortage will only get worse.”
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Perth's rental vacancy rate drops to 12-year low: REIWA

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There are the Boxing Day sales, and there was this week’s rush of extremely cashed-up investors desperate to get a slice of this week’s rare 31-year government bond auction.
What’s a bond? What’s a bond auction? We’ll get to those shortly.
First, just know that the government received <a href="https://www.aofm.gov.au/program/forthcoming-transactions/pricing-new-june-2051-treasury-bond" target="_blank">A$36.8 billion</a> of bids, <a href="https://www.afr.com/markets/debt-markets/new-30-yr-government-bond-attracts-over-20b-of-bids-20200727-p55frl" target="_blank">$20 billion</a> of them within hours of opening the two-day auction on Monday.
It had been wanting to move <a href="https://www.aofm.gov.au/program/forthcoming-transactions/pricing-new-june-2051-treasury-b" target="_blank">$15 billion</a>, and could have moved that much again.
$15 billion makes it the third biggest bond sale in Australian history. The two bigger were recent – a $19 billion ten-year bond sale in May and a $17 billion five-year bond sale in July.
Each sale nets the government money it won’t have to pay back for five, ten or 31 years at rates of interest that until recently would have been unthinkably low. 
The 31-year bond went for 1.94%. That means the foreign and Australian investors who bought them (including Australian super funds) were prepared to accept less than the usual rate of inflation right through until 2051 in return for regular government-guaranteed interest cheques.
Investors who bought ten year bonds were prepared to accept only 0.92% per year, investors who bought five year bonds, only 0.40%.
<h2>What’s a bond?</h2>
Even bond traders find it hard to get a handle on what bonds are. In his novel <a href="https://www.goodreads.com/book/show/306424.Bombardiers" target="_blank">Bombardiers</a>, author Po Bronson writes a scene where a bond trader refuses to work any more and demands to see an actual bond, “any kind of bond”.
He tells his boss he can’t sell bonds “if he’s never seen one”.
Like many things that used to exist physically, they’re now mainly numbers on screens, but it helps to get a picture.
This one is a US 27-year bond from 1945.
<a href="https://images.theconversation.com/files/350098/original/file-20200729-33-u4eet9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/350098/original/file-20200729-33-u4eet9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a> <a class="source" href="https://www.theherbstmancollection.com/dedication" target="_blank">The Joe I. Herbstman Memorial Collection</a>
The biggest part of the paper is a promise to repay the US$1000 it cost, in 27 years time.
The smaller rectangles are called coupons, and each year the owner can tear one off and take it in to get 2.5%.
If the owner wants to sell the bond to someone else (and bonds are traded all the time) it’ll be sold with one coupon missing after one year, two coupons missing after two years, and so on.
<h2>When rates fall, prices rise</h2>
The price of a bond will vary with what’s happening to interest rates. If they are falling, an existing bond, offering returns at old rates, will become more expensive and can be sold at a profit. If they go up, an existing bond will become worth less and have to be sold at a loss.
It leads to confusion. When bond rates fall, bond prices rise, and visa versa.
For half a decade now bond rates have been falling. They’ve fallen further during the COVID crisis, making bonds a doubly good investment. They offer superannuation funds and others certainty at a time when everything seems uncertain, and if rates continue to fall they increase in value.
It is an indictment of our times that so many investors want them. The government’s <a href="https://www.aofm.gov.au/" target="_blank">office of financial management</a> is going to need to sell an extra $167 billion over the coming year. The rush to buy suggests it could sell more.<img src="https://counter.theconversation.com/content/143598/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/peter-martin-682709" target="_blank">Peter Martin</a>, Visiting Fellow, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292" target="_blank">Crawford School of Public Policy, Australian National University</a>
This article is republished from <a href="https://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/the-government-has-just-sold-15-billion-of-31-year-bonds-but-what-actually-is-a-bond-143598" target="_blank">original article</a>.
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The government has just sold $15 billion of 31-year bonds

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Older women have been recognised as the fastest-growing group of homeless people in Australia in recent years.
Yet until now we have not known exactly how many older women are at risk of homelessness. Our research, released today, finds about 240,000 women aged 55 or older and another 165,000 women aged 45-54 are at risk of homelessness.
The startling data from our research give us a much better picture of the scale of the problem. We also quantify the impacts of the various factors that may increase women’s risk of becoming homeless.
Effective policy is grounded in quantifying the nature and complexity of issues. To date, a limited but <a href="https://humanrights.gov.au/our-work/age-discrimination/publications/older-womens-risk-homelessness-background-paper-2019" target="_blank">growing number</a> of <a href="https://www.propertyobserver.com.au/https://www.aag.asn.au/documents/item/2234" target="_blank">studies</a> have highlighted the experiences of older women who are homeless or at risk of homelessness. But few studies quantified the numbers at risk and the factors that increase the risk.
<h2>What puts women at risk? 
</h2>
Older people are generally considered to be at less risk of homelessness because of their <a href="https://www.aihw.gov.au/reports/australias-welfare/home-ownership-and-housing-tenure" target="_blank">higher rates of home ownership</a>. But increasingly <a href="https://cepar.edu.au/resources-videos/research-briefs/housing-ageing-australia-nest-and-nest-egg" target="_blank">unaffordable housing</a> has added to <a href="https://www.smh.com.au/national/home-ownership-now-the-great-divider-of-australian-society-20190919-p52syz" target="_blank">concerns</a> about the circumstances and living situations of older people who do not own homes, have limited wealth and savings and do not have the benefit of living in social housing. These households rely on the private rental market and are at considerable risk of <a href="https://www.anglicare.asn.au/research-advocacy/the-rental-affordability-snapshot/docs/default-source/default-document-library/rental-affordability-snapshot-2020" target="_blank">housing affordability stress</a> and hence homelessness.
To examine risk profiles, we constructed an empirical model of risk of homelessness since the 2007-09 Global Financial Crisis using data from the <a href="https://melbourneinstitute.unimelb.edu.au/hilda" target="_blank">Household, Income and Labour Dynamics in Australia (HILDA) Survey</a>. The modelling included people who hold a mortgage or pay rent in private or public housing and are aged 45 or older.
This work found older women are more likely to be at risk of homelessness if they have one or more of the following characteristics:
• have been at risk before
• are not employed full-time
• are an immigrant from a non-English-speaking country
• are in private rental housing
• would have difficulty raising emergency funds
• are Indigenous
• are a lone-person household
• are a lone parent (but little evidence for those never married).
We estimated these profiles using a statistical model to analyse the relationship between homelessness risk and the characteristics of interest. We controlled for other characteristics that are likely to influence the risk of becoming homeless but which were not the focus of the study.
<h2>Risk factors compound each other</h2>
Multiple factors compound the risk of being homeless. While noting sampling limitations (small samples in subgroups of the data and annual volatility), the HILDA data for the post-GFC period suggest:
<ul>
<li>
for women aged 55-64 in a private rental, about 28% are likely to be at risk
</li>
<li>
for women who are also not employed full-time the percentage at risk increases to about 34%
</li>
<li>
for those who are also a lone parent the risk rises to over 65%
</li>
<li>
the risk increases to over 85% if, in addition, they have experienced at least one prior occurrence of being at risk.
</li>
</ul>
<a href="https://images.theconversation.com/files/349837/original/file-20200728-23-15z661u.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/349837/original/file-20200728-23-15z661u.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="Bar chart shows how a women's risk of homeless increases with each extra risk factor"></a>
Data: HILDA Survey, Author provided
Clearly, a person’s propensity to be at risk of homelessness is cumulative over time.
<h2>Why the numbers at risk will grow</h2>
Our estimates of the numbers of people at risk are accurate to within plus or minus 10%. Based on Australian Bureau of Statistics <a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/3236.0" target="_blank">population projections</a>, it is clear that, without changes to policy, these numbers are likely to increase due to one important factor. The model shows a lone-person household is a dominant factor in increasing the likely risk of homelessness.
Lone-person households are expected to comprise 24-27% of all households by 2041. This equates to between 3.0 and 3.5 million Australians (of all ages). Female lone-person households are projected to increase by between 27.6% and 58.8% (ABS 2019b).
Australia has made <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-02-11/flat-wages-soaring-house-prices-australians-lifetime-renting/11898122" target="_blank">little policy progress on housing affordability</a>. We also have a <a href="https://www.propertyobserver.com.au/https://www.ahuri.edu.au/research/final-reports/306" target="_blank">severe shortage of social housing</a> to meet demand. This points to the need to pursue other avenues to improve the lives of older low-income households.
The Ageing on the Edge Older Persons Homelessness Prevention Project – funded by the <a href="https://www.eqt.com.au/philanthropy/jo-and-jr-wicking-trust" target="_blank">JO and JR Wicking Trust</a> and administered by Housing for the Aged Action Group (<a href="https://www.oldertenants.org.au/haag/about" target="_blank">HAAG</a>) – has worked over the past five years to give voice to these older women who are homeless or at risk of homelessness. The project works with interested agencies (government and non-government) to identify and promote early intervention and prevention strategies and to lobby for government policy change.
Of course, there is one simple answer to achieving long-term outcomes that allow people the basics of a decent older age: an appropriate affordable home.<img src="https://counter.theconversation.com/content/142906/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/debbie-faulkner-1137108" target="_blank">Debbie Faulkner</a>, Senior Research Fellow, UniSA Business, <a href="https://theconversation.com/institutions/university-of-south-australia-1180" target="_blank">University of South Australia</a> and <a href="https://theconversation.com/profiles/laurence-lester-1139402" target="_blank">Laurence Lester</a>, Senior Research Fellow, Centre for Housing, Urban and Regional Planning, <a href="https://theconversation.com/institutions/university-of-adelaide-1119" target="_blank">University of Adelaide</a>
This article is republished from <a href="https://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/400-000-women-over-45-are-at-risk-of-homelessness-in-australia-142906" target="_blank">original article</a>.
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400,000 women over 45 are at risk of homelessness in Australia

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The total vacant space available for occupancy in Melbourne's CBD office market will be nearly 235,000 square metres over the next three years, however only 32,551 square metres is expected to be available in 2020.
That is according to the Melbourne CBD Office Market 2020 and Beyond report from M3 Property.
<img src="https://www.urban.com.au/images/2020/8/5/M3%201.png" alt="">
The bulk – more than 91,000 square metres - will hit the market in 2021, and a further 66,350 square metres will become available in 2022.
The report found that while the market has already been hit hard by the Coronavirus, with many tenants delaying new requirements, it is new development space already under construction that will be the key upward driver of vacancy over the next six months.
<img src="https://www.urban.com.au/images/2020/8/5/M3%202.png" alt="">
The good news, according to Director Commercial, Gary Longden, is that a potential blowout in backfill space, which may have dramatically amplified the vacancy carnage, now seems likely to have been averted by the extension of the JobKeeper program.
"There seems little doubt that employers would have faced the unenviable task of letting staff go without JobKeeper support and so the decision to prolong the package is pretty much a game changer, you might say, at least in the short term."
"In terms of vacancy it now seems more likely that we will see a much sharper upward trend over the next two years than we will see this year,'' Mr Longden added.
National Director Research, Amita Mehra, said tenants requiring space in the sub 3000 square metre range looked likely to punch above their weight in terms of their impact on the market's fortunes with the cohort responsible for the majority of tenant enquiries that had been put on hold indefinitely.
"This cohort contributed to a little more than 22 per cent of the total area required, but the indecision in that sector of the market may have a more profound short-term impact than those tenants with larger leasing requirements who, of necessity, need to plan much farther ahead"
"We expect requirements for space less than 3000sqm to be on hold for as much as 12-18 months with a potential increase in the probability of tenants exercising options over their existing leases,'' Ms Mehra said.
The report further found that the Business Services employment category - the second largest occupier of office space in the CBD - had the highest percentage of total jobs lost (7292) and that with current workspace space ratios in that sector at 17.36 square metres, the loss may result in 126,570 square metres of sublease or backfill space.
On the other hand the Finance &amp; Insurance sector has been least affected with no jobs lost for the same March 14 to May 2 period.
Mr Longden said trend unemployment rates across employment categories and their impact on a building's tenancy profile may well have a negative result on building values.
Ms Mehra said m3property's analysis of the Coronavirus's potential impact on the Melbourne CBD vacancy rate had raised three forecast scenarios according to potential variations in tenant demand, net absorption and potential backfill space availability.
"With Scenario 1 - based on current economic and employment forecasts - vacancy would first peak at 6.51% by the end of 2021 and reach a second peak by the end of 2024 at 6.90%."
"Under Scenario 2 – based on the long-term average net absorption – we expect vacancy will rise to 6.73% by the end of 2020 and reach a second peak by the end of 2024 at 7.83%, and under Scenario 3 – based on the previous downturn net absorption averages – we see vacancy continuing to rise from the end of 2020 (7.33%) and reach a peak of 9.50% by the end of 2024,'' she concluded.
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