<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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The housing markets in Melbourne and Sydney are on a downward trend, according to the valuation firm Herron Todd White.
The last few months Herron Todd White suggested Sydney and Melbourne have been declining due to the impacts of COVID-19, but now they have deemed houses and units in Sydney are now classified as a declining market rather than one just starting to decline, suggesting they have been hit harder than Melbourne.
To enlarge the national property clock for houses, <a href="https://www.propertyobserver.com.au/images/2020/8/11/HTW%20August%20Clock%20RESI.JPG" target="_blank">click here</a>.
<img src="https://www.urban.com.au/images/2020/8/11/HTW%20August%20Clock%20RESI.JPG" alt="">
There has been no movement across the housing and unit markets at the peak of market position this month, HTW found.
However there has been some minor shuffling in markets nearing the bottom or starting to recover.
They noted, "many regional property markets remain resilient due to low/nil infection numbers, with CBD accessible lifestyle regions gaining appeal."
"Multi-residential investments (e.g. flats) hold excellent promise across many markets," they added.
To enlarge the national property clock for units, <a href="https://www.propertyobserver.com.au/images/2020/8/11/HTW%20August%20Clock%20UNIT.JPG" target="_blank">click here</a>.
<img src="https://www.urban.com.au/images/2020/8/11/HTW%20August%20Clock%20UNIT.JPG" alt="">
"Affordable housing and granny-flat construction in Western Sydney looks promising."
"Town planning changes in Kyogle and surrounds are opening up small development opportunities"
"Queensland property positions itself as an appealing post-pandemic alternative for southern investor."
"New construction is gaining momentum in some centres on the back of government stimulus, plus in Perth, transaction numbers rose, and vacancy rates fell due to low infections," HTW concluded.
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j.ballantyne1990-6AQqhLzZaK

Sydney residential market hit harder than Melbourne: HTW Residential Clock

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The Ultimo Hotel, currently operated by Rydges Hotels Limited, has hit the market with sales expectations exceeding $100 million.
The 1,584 square metre property, which includes the 4-star rated boutique hotel, comprising 95 guest rooms, and ten retail tenancies, is being traded through Savills Australia.
Under a hotel management agreement, Rydges will continue to operate the hotel for the next three years unless a termination without cause provision is invoked with an 18-month notice.
Candidates have the option of continuing management with Rydges following the cessation of the five-year agreement.
The site offers one basement level tenancy plus nine high exposure ground level tenancies with current tenants including NAB, 7-Eleven, D1 Karaoke Sydney, No.1 Malatown, Dodee Paidang and Bancho Bar.
The building was converted to the current hotel in 1988 and subsequently renovated in 2016.
An additional 13 storey increase is possible subject to council approval (STCA), in addition to re-leasing the retail tenancies as expiries arise or strata subdivide the retail space and sell off individually
“The chance of one of these island sites coming to market is extremely rare in Sydney, especially in the Southern CBD,” said Savills director Stuart Cox.
Directly opposite Market City, The Ultimo is within close proximity to neighbouring landmarks, including Darling Harbour precinct, Capitol Theatre and the International Convention Centre.
Public transport is readily available in the form of rail, light rail and bus services, approximately 150 metres from the site.
The property is offered for sale via an International Expressions of Interest campaign closing September 24.
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The Ultimo Hotel listed with $100 million plus expectations

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EXPERT OBSERVATION
Master Builders is calling on the Federal Government to fund a new initiative, CommunityBuilder Grants, in the October Federal Budget to activate the construction of community and non-for-profit facilities, in its Pre-Budget Budget Submission released today.
We are calling for the Federal Government to adapt the highly effective HomeBuilder scheme model to do for the commercial construction sector what they done for the housing sector.
Commercial construction activity will suffer a major fall of more than 17% in 2020/21 according our latest forecasts.
This will put under the viability of thousands of SME commercial construction businesses and the jobs of the thousands of tradies they employ, unless the Government steps in with measures such as CommunityBuilder.
We propose that CommunityBuilder would involve the Federal Government providing applicants from the not-for-profit and community sector with grants to fund 25% of the construction, up to a capped amount for example $5 million, for facilities such as community centres, toilet blocks, libraries and training centres.
Grant recipients could supplement CommunityBuilder grants with state and local government grants, but they would need to come up with the rest of the funds. Grant recipients with ‘skin in the game’ increases the impact of taxpayer’s stimulus measures and ensures projects will be constructed with value for money in mind.
Our modelling shows that an investment of $3.8 billion in CommunityBuilder would return a $6.8 billion boost to GDP and create 13,000 new jobs.
Since the onset of the pandemic the Prime Minister has always advanced the protection of jobs as his highest priority. The Governor of the Reserve Bank has consistently shared the PM’s sentiment and he reinforced it again on Friday when he told the Parliament that government’s should more worried about unemployment than anything else and that “fiscal spending with get people back to work".
Our industry has more businesses on JobKeeper than any other sector of the economy and Master Builders is gravely concerned about their continuing viability and the livelihoods of the people they employ.
That is why we are calling on the Government to including funding of our the CommunityBuilder grants proposal in the October Budget. As the sector with the third largest economic multiplier effect in the economy, commercial construction is vital to building a bridge to economic recovery and saving jobs.
DENITA WAWN is the CEO of Master Builders Australia
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Master Builders Australia call for new CommunityBuilder grants: Denita Wawn

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EXPERT OBSERVATION
Master Builders Australia is calling for an extension of the Federal Government’s HomeBuilder grants scheme in its Pre-Budget Submission released today.
We want to see the Federal Government extend what has been the most effective government stimulus measure in a decade for an additional 12 months,
Despite the undeniable success of HomeBuilder so far, we have downgraded our forecast for the housing sector by 25% for 2020/21 so that we are now predicting a 27% fall in homebuilding activity compared to 2019/20.
This will be calamitous for many of the nearly 370,000 home building businesses that are vital to local economies and communities throughout Australia unless the Government steps in with extension of HomeBuilder and other stimulus measures.
Our modelling shows that, based on the Government’s estimate that HomeBuilder Mark I will cost $680 million, that a one year extension, or HomeBuilder Mark II, will require an investment of $1.3 billion, return a boost to GDP of up to $4.5 billion, create more than 4,500 additional new jobs and result in the construction of more than 6,000 new homes in addition to those created in HomeBuilder Mark I.
The Federal Government showed its commitment to builders and tradies when it announced HomeBuilder Mark I and they must be given credit for that. They should now double down to secure to further jobs by including HomeBuilder Mark II in the October Budget.
DENITA WAWN is the CEO of Master Builders Australia
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Master Builders Australia call for HomeBuilder extension: Denita Wawn

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EXPERT OBSERVER
<div>
Employment and hours worked rose in July.
Employment was up by an estimated +114,700 or +1.3 per cent to 12.46 million.
However, employment remains -414,000 or -3.2 per cent lower than a year earlier.
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<div>The rebound in July was mainly driven in July by New South Wales (+57,000).</div>
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<div>There wasn't much change in the calculated unemployment rate, which rose from 7.45 per cent to 7.49 per cent. </div>
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<div>The state level numbers are seeing big swings, but Tasmania appears to be faring relatively well, with an unemployment rate of 6 per cent.</div>
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<div>Many parts of Queensland have been hit by the lack of international visitors, and the state's unemployment rates was estimated to be 8.8 per cent. </div>
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<div>Hours worked have recovered by 5.5 per cent since May according the ABS, but still remain -5 per cent lower than a year earlier. </div>
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<div class="separator">There was better news from Victoria today in terms of virus numbers, with the state having appeared to move past the peak of its second wave. </div>
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<div class="separator">There were very few cases in New South Wales, and other states and territories have been running at zero.</div>
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PETE WARGENT is the co-founder of AllenWargent property buyers and a best-selling author and blogger 
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Employment rose in July: Pete Wargent

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EXPERT OBSERVER
Vacancy rates are the most under-rated and under-reported of all the parameters that chart real estate markets.
Mainstream media is obsessed with short-term movements in median prices, which comprise a very blunt instrument for measuring property trends.
Among their many faults is that they are rubbery figures prone to all kinds of vagaries (observe the different figures from different sources about the same markets) and that their significance is often misinterpreted by writers who don’t understand real estate (most of them).
But their biggest weakness is that they describe the past when real estate consumers mostly want to know about the future of prices.
There are some tools that can provide a clue to the future movement of prices – one of them is sales volumes and another is vacancy rates.
Here’s a simplistic view of why they matter. If vacancies are low, rents will rise. And when rents rise, prices follow. It works in reverse as well: locations with high vacancies seldom deliver price growth.
So this makes trends with vacancy rates really important. And the recent trends suggest rising rents and ultimately prices in many locations around Australia.
This is an important thing to know. So why aren’t you reading about it in mainstream media? Because there are few journalists out there in the wacky world of media who know anything about real estate. They’re people who recycle press releases, invariably with an emphasis on the negative.
The reality is that vacancy rates are a remarkably positive story in Australia right now.
The latest figures indicate that there is ongoing improvement in vacancy rates in major markets around the nation – with a few exceptions.
SQM Research’s monthly report on vacancy rates for the eight state and territory capital cities shows that, for the third month in a row, there’s been a notable improvement in vacancies.
In April the national average vacancy rate was 2.6%. In May, it improved to 2.5%. In June it fell further top 2.2%. And now, the new figure for July, is a further improvement to 2.1%.
In June, the most significant thing was that vacancies fell in all eight capital cities. And, amid the new figures out for July, vacancies fell again in seven of the eight capital cities.
In five of the eight capital cities, vacancies are now below 1.5%. That means that Hobart, Canberra, Perth, Adelaide and Darwin all have very tight rental markets.
In addition, Brisbane’s vacancy rate is 2.2%, which is also low – while Melbourne has risen slightly to be a little above 3%.
Sydney has improved but remains higher than normal at 3.6%.
I know from Hotspotting’s day-to-day research that most regional centres also have been tight rental markets. Here are some NSW examples: Dubbo 0.7% and falling, Orange 0.4% and falling, Tamworth 2% and falling.
Vacancies are below 1% in most Bendigo postcodes and trending lower; all the postcodes in Ballarat are below 2% and falling; and all the towns of the Latrobe Valley are under 1% and going down.
The latest figures from both SQM and the REIQ confirm that central Queensland towns and cities have very low vacancies and rising rentals.
I could go on, but you get the picture.
The overall outcome is that there is – overall – a shortage of rental properties across Australia, despite all the impacts of the pandemic.
As a result of the generally low vacancies, rents rose 2.2% nationally in July for houses and were unchanged for apartments, according to the SQM Research figures.
House rents rose during July in Perth, Adelaide, Canberra, Hobart and Darwin.
And for apartments, rents rose during July in Brisbane, Perth, Adelaide, Canberra, Hobart and Darwin – everywhere in fact, except Sydney and Melbourne, which are the only cities with vacancies above the 3% benchmark.
It’s significant that the cities and regional areas with low vacancies are places where the pandemic, for now at least, is under control. Restrictions are relaxed, people are getting on with business and real estate markets are busy.
There is upward pressure on prices in many of these places, helped by improved confidence in all those parts of Australia that exist outside of Sydney and Melbourne.
Keep in mind that most Australians – two-thirds of them in fact – don’t live in our two biggest cities. They inhabit towns and cities where vacancies are low, rents are rising and there is upward pressure on prices.
Terry Ryder is the founder of hotspotting.com.au ryder@hotspotting.com.au twitter.com/hotspotting
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Vacancy rates are tight across most of Australia: Hotspotting's Terry Ryder

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The Border Express distribution centre in South Australia has been purchased by Primewest.
The Border Express property is located within the Northern Adelaide industrial Precinct and returns a net passing income of $1.439 million.
“Border Express was a significant acquisition for the trust enabling it to uphold a 7% pa cash distribution to investors,” said Primewest Managing Director David Schwartz.
“A new five year lease was signed at settlement and of the 50,000 plus square metres of land, only 41% is occupied, allowing for further development potential.”
“We are looking to raise more funds for our acquisition pipeline.”
Mr Schwatz said Primewest remained confident in the future of key industrial and logistics markets nationally, as they continued to benefit from Australia’s growing exposure to on-line retailing and e-commerce as a result of COVID 19.
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South Australia's Border Express distribution centre purchased by Primewest

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A freehold industrial food manufacturing site in Coburg North has sold for $2,090,000, representing a building rate of $1,104 per square metre.
John Nockles and Craig McKellar, from CVA Property, had the listing.
CCC Operations Pty Ltd have been in occupation of the Hocking Street premises since 2014 and have recently renewed the lease, which represents a 7.35% yield on the recent sale price.
In addition, the tenant occupies the neighbouring building directly behind this premises.
They currently own and manufacture product lines for Ernest Hiller and Newman's and manufacture their chocolate products that have been produced for over 100 years.
The campaign attracted over 50 enquiries over its 8-week campaign with both interstate and Victorian investors participating.
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Coburg North food manufacturing site sold for $2 million

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The world's largest manufacturer of conveyor belting for mining and industrial applications, Fenner Dunlop, has been secured as a tenant at Nexus Industrial Estate, in Dandenong South.
Salta Properties had the listing.
Fenner Dunlop has pre-committed to the 6998 square metre site on Portlink Drive, which comprises a 6560 square metre warehouse with heavy duty cranes, a 438 square metre DDA compliant office (over 2 levels), 3 No. Rapid Roller Doors and B Double Access.
An additional 5506 square metre speculative development connected to Fenner Dunlop, which comprises a 5055 square metre warehouse and 451 square metre office with an estimated completion date of September 2021.
Salta Properties Managing Director, Sam Tarascio, welcomed Fenner Dunlop as its latest tenant at the industrial precinct and highlighted the importance of tailored solutions for tenants and clients.
"The agreement with Fenner Dunlop reinforces the appeal of the Nexus Industrial Estate. Remaining sites are still available for high performing companies looking for a strategic base for their distribution centres, light manufacturing and warehousing solutions," said Mr Tarascio.
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Fenner Dunlop secured as tenant at Nexus Industrial Estate

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A large scale industrial and logistics distribution centre in Adelaide has been purchased by Primewest for $22 million.
The sales reflects a yield of 6.54%.
Paul Tierney, Gavin Bishop and Sean Thomson of Colliers International listed the 19,020 square metre facility in Salisbury South, on behalf of Tarranganda Pty Ltd.
It was sold with an existing lease to Border Express - a third-generation, family business, which has occupied the property as the sole tenant in excess of ten years.
"Amidst the current Covid-19 health crisis, the focus for investors has now become the occupancy, tenure and covenant solvency for well-located, income producing industrial real-estate", said Gavin Bishop, Head of Industrial Capital Markets for Primewest.
"Given the low interest rate environment and robust underlying fundamentals of the Australian industrial and logistics market, accompanied by the weight in capital chasing defensive industrial investment product, we have seen continued demand from investors domestically and out of Asia, Europe and America."
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