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

Joel Robinson

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

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

DVB Projects to launch second Broadbeach apartment tower as demolition commences

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

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

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

Boutique Gordon townhomes now come with a BMW iX3 50

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

Vitale breaks Byron Bay records with EADE sales flurry 

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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A commercial property occupied for many years as the local Westpac Bank at 115 Mentone Parade in Mentone has been sold in a transaction negotiated by agents Gray Johnson with a sale at circa $2.1 million.
The two level property has been purchased by a local general practitioner for his own occupancy.
The property was occupied for many years as a Westpac Bank. 
It has a former banking chamber at street level and an executive office above and has been leased for many years by Westpac.
Recently vacated by the bank their lease remains in place until December this year at a current annual rental rate of $116, 186 net plus GST.
The freehold property occupies a central position in the Mentone Parade shopping strip and abuts a Coles Supermarket.
With a street frontage of 9.2 metres the property also benefits from rear laneway access providing on the property car parking for six vehicles.
The site area is 495 sqm on which the building area is 325 square metres inclusive of the executive office area of 72 sqm on the first floor level.
Gray Johnson selling agent Rory White says the property with its very central location and street presence was marketed as ideal for a multitude of user and occupier potentials from retail to professional services.
 “On one side the neighbour is a prominent retail butchery while on the other side is the local Hocking Stuart real estate office.
“The purchaser will benefit from the remainder of the Westpac lease rental term while the settlement is on a ninety day basis.” Mr White says.
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j.ballantyne1990-6AQqhLzZaK

Former Westpac Bank Branch sold to local Medico in Mentone

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EXPERT OBSERVER
Employment rose by a record 210,800 in June after falling by 264,100 in May (previously reported as 227,700 decline). Full-time jobs fell by 38,100 and part-time jobs rose by 249,000.
The unemployment rate rose from 7.1 per cent to 7.4 per cent in June. It was the highest jobless rate in 21½ years (since November 1998).
Hours worked rose by 4.0 per cent in June after falling by 0.7 per cent in May. Hours worked are down by 5.7 per cent over the year.
Participation rate: The participation rate rose from a 19½-year low of 62.9 per cent in May to 64.0 per cent in June.
Spare capacity: In June, the underutilisation rate fell from 20.1 per cent to 19.1 per cent. The underemployment rate decreased from 13.1 per cent to 11.7 per cent.
Unemployment across states in June: NSW 6.9 per cent (May 6.4 per cent); Victoria 7.5 per cent (6.9 per cent); Queensland 7.7 per cent (7.8 per cent); South Australia 8.8 per cent (7.9 per cent); Western Australia 8.7 per cent (8.1 per cent); Tasmania 6.9 per cent (6.3 per cent); Northern Territory 5.7 per cent (7.4 per cent); ACT 5.1 per cent (4.1 per cent). Biggest job gains occurred in New South Wales (80,800); Queensland (52.900) and Victoria (29,500).
A raft of companies is affected by the employment data but especially those dependent on consumer spending.
What does it all mean?
The healing process is beginning – but no one said it was going to be easy. In fact health authorities warned about virus outbreaks and ‘hot spots’ as state and territory economies re-opened. The aim is to keep the virus suppressed rather than aim for elimination as there always is a balance of health and economics.
The lift in jobs in June reflects the re-opening of businesses as they move out of hibernation. It will be important to keep the virus suppressed (contained) so that more workplaces can re-open, more people get work, and there is a progression to relative normalcy.
We shouldn’t get too hung up on historical job market comparisons. The current situation is different to past recessions, being a health emergency rather than an economic emergency. The quick recovery of economies is dependent on a vaccine being found rather than a central bank rate cut or government tax or spending measure. Understandably the published unemployment rate may understate the ‘true’ rate but that is why JobKeeper was devised – to ensure people remain connected to their workplace.
Australia has done well in suppressing the virus and in responding to outbreaks. Vigilance is required. But we can be comforted in the fact that federal; state and territory governments as well as the Reserve Bank are doing all that it takes to support and stimulate the economy.
As well as today’s data on jobs, SEEK reported that job advertisements lifted 41.5 per cent in June. And the Federal Government is unveiling a $2 billion JobTrainer skills package to assist job seekers in returning to the workforce.
We continue to expect the jobless rate to peak around 8 per cent, well short of the generational high of 11.2 per cent set in December 1992. We expect the JobKeeper package to be amended and extended to ensure that the job market and broader economy continue to heal. The hope is that job seekers find employment relatively quickly to ensure they are not ‘locked out’ of the job market. It took 7½ years for the jobless rate from 11.2 per cent to 6.0 per cent in the 1990s/early noughties.
CRAIG JAMES is the Chief Economist at CommSec
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cjames-5S2v74qSNK

Record lift in jobs as economy reopens: CommSec's Craig James

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The COVID-19 pandemic has had broad-reaching implications for the commercial property sector and will continue to do so for some time, according to the latest report from valuation firm Herron Todd White.
"Whilst neighbourhood shopping centres currently resemble ghost towns and are struggling with often only the anchor tenants trading, we also have real concern for local retail shopping precincts," the firm said.
"These local retail strips, particularly in inner city areas, are usually the life of a suburb, however with local cafes, bars, pubs, restaurants, clothing retailers, beauty services and gymnasiums almost all being forced to close, these strips are also near deserted."
The report illustrated that established retail strips built almost entirely around restaurants and late night trade such as Crown Street in Surry Hills, Oxford Street in Paddington, King Street in Newtown and Darling Street in Balmain are bearing the brunt of these closures.
Other usually strong retail precincts including the CBD, Bondi Beach and Manly have also been severely impacted by the abrupt halt of tourism and additionally in the case of the CBD, the closure of most offices.
Understandably, based on this lack of trade, tenants are seeking rental relief from their landlords.
"In addition to this, we are seeing significant increases in vacancy rates with tenants not renewing existing leases and properties that were available preCOVID-19 remaining on the market with agents reporting little to no interest," the firm continued.
"There have been very few transactions from which to gauge how the rental market is performing."
Some limited evidence has indicated significant reductions in the rental rates being achieved in Sydney.
A recent example of a property in Darlinghurst, that only managed to achieve 30 per cent of the rental it had previously received in 2019, was provided in the report.
"On a more positive note, there are some locations that seem to have weathered the storm better than others," the report said.
"Macleay Street, Potts Point has seen many retailers continue to trade throughout the pandemic and as a result, the increase in vacancy does not appear to be as significant as we have seen in other retail precincts."
"This can be explained by the demographic and typical trade base for these retail shops, which is generally considered to be mostly locals.Further, the high proportion of the population living in units in this area has meant that many have relied on local businesses throughout the pandemic."
Much like the near halt in retail leasing activity, sales activity is minimal with often only properties that were on the market prior to the pandemic being transacted.
That said, the majority of campaigns have been withdrawn from the market or moved from being an active auction campaign to an expressions of interest campaign.
Therefore, the firm found that it is very hard to gauge where the market currently sits.
"We do note that there have been a few recent investment sales, indicating that there is some demand for well-located retail assets with strong lease covenants that are considered low risk."
"In completing valuations of retail assets during this period of uncertainty, we are reflecting the current risk associated with vacancies and adjusting letting up periods based on the current market activity and enquiry level being reported by local agents."
"Looking ahead, we are of the view that investors will shy away from retail assets as they are considered to be highly volatile, with the risk of lengthy vacancies higher than usual and the overall lack of demand for space likely to result in a decline in values."
The firm concluded that there is a defined path to recovery for the retail sector, however the sector faced significant challenges in the immediate future.
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COVID-19 pandemic has deep implications for the Sydney's commercial property sector: HTW

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Service station yields have continued to firm over the past five years, more particularly for national branded retailers and the sale of quality investment product, according to the June Herron Todd White (HTW) commercial report. 
The report took a look at the service station investment across the nation. 
"Second tier, independent branded service stations and regionally-based assets continue to attract investment within a softer yield range," the valuation firm said. 
The two most recent and prominent service station portfolio auctions for 7-Eleven realised an average analysed yield for the New South Wales holdings of below 4.5%.
These sales comprised a varying degree of asset quality, however all featured 12-year initial lease terms with all outgoings except land tax and management recoverable by the landlord.Each lease had fixed three per cent annual increases and four additional five-year options.
"There have been limited recent service stations sales since the COVID-19 pandemic, however we would anticipate investor interest to remain in quality service station assets despite these uncertain times," the valuation firm said. 
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Investors continue to show interest in service stations with record low yields and strong levels of interest at recent portfolio auctions.
The mix of available service stations has varied from neighbourhood, national brand sites to purpose- built, multi-brand, multi-retail offerings.
The report notes the market continues to seek service stations with strong lease covenants (typically in excess of 12 years) to a quality national tenant, fixed annual increases and future development potential.
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Service station ownership in New South Wales is highly concentrated within a select group of operators.The four largest providers are Ampol (formerly Caltex), BP, Shell-Coles Express and 7-Eleven.There is a higher level of independent operators in regional and coastal areas outside of Sydney.
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2018 was considered the peak year for sales in this sector.A strong development pipeline for new service station sites has been underway for the past few years with a number of operators undertaking asset recycling style portfolio auction programs to release funds for these projects.
The service station market is still considered a safe bet, even with falling demand via more fuel-efficient motor vehicles, social pressure to reduce our carbon footprint and the falling world oil price, the report noted. 
Major fuel retailers are seen as able to maintain fuel and shop margins in an ever increasingly competitive market space and manage the environmental aspects of the day to day operation of the asset and the future potential redevelopment of the site.
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"Risks to the retail fuel market segment are still considered long term with electric and other low-emission options within the next ten to 15 years," the valuation firm said. 
Location is a fundamental that will continue to underpin quality service station investment assets.
A recent sale is the BP service station at 133 Pittwater Road, Manly (pictured above), which was redeveloped in 2019 with new tanks, lines, canopy, convenience store, pumps and forecourt.
It has a passing net rental of $295,000 per annum plus GST.The selling agent reports that the property listing attracted more than 200 enquiries with a final sale price in early April 2020 of $7.2 million exclusive of GST.
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This sale equated to an analysed yield of 4.1%.
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A BP service station at 14 Bernera Road, Prestons (pictured above) sold in April 2020 for $8 million exclusive of GST, equating to an analysed yield of 5.53%.
The site is a 3612 square metre, rectangular shaped, internal allotment with single street frontage to Bernera Road.
The property is located within an established industrial precinct of Prestons.
Improved on the site is a modern, circa 2015 built, BP service station with a sublease to Pie Face and a separate Burger Edge food and beverage outlet.
The property sold subject to an existing head lease to BP Australia until 31 December 2030 with three further five year options.
The property has an advised net income of $442,617 per annum net plus GST with annual CPI or four per cent increases.BP is responsible for all outgoings.
"It would appear that despite the COVID-19 pandemic, investments that reflect good management, strong lease covenants and future redevelopment upside are still considered attractive with no evidence to date reflecting a softening in demand in this sector," the valuation firm said. 
"As the New South Wales economy returns to something approaching business as usual in the coming months, the biggest challenge for the balance of 2020 may not be oil demand and prices, but reducing the level of unemployment in the economy." 
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Investor interest remains in quality NSW service station assets: HTW commercial 

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EXPERT OBSERVATION
The thought of various government support measures expiring in the months ahead, causing some sort of fiscal cliff over which economies and share markets will plunge, has caused much consternation. But as with the original fiscal cliff of December 31, 2012 in the US, it’s likely to be tapered into a fiscal slope. Particularly with so called “second waves” of coronavirus reaping havoc with the economic outlook. Of course, this will add to the public sector’s debt burden associated with the coronavirus shock, in turn adding to concern about some sort of fiscal day of reckoning down the track.
This note looks at the key issues around fiscal support and the budget in Australia ahead of the Treasurer’s Economic Statement (due 23rd July) which is expected to provide new economic forecasts, an estimate of the budget cost of support measures so far and outline plans for future support measures.
Fiscal stimulus to be extended
It made sense for many of the coronavirus government support measures to expire at the end of September as it avoided a permanent/hard to reverse lift in public spending, and to borrow from the analogy likening the support measures to a bridge across a chasm, once the coronavirus chasm has been crossed there is no longer the need for the bridge. However, its increasingly clear that support will be needed for longer:
First, the second wave of coronavirus cases in Australia has seen the Victorian Government return Melbourne to a “stay at home” six-week lockdown which will slow the recovery. While we estimate the direct impact on the Australian economy to be around $5bn which will knock around 1% off GDP this quarter, there is a high risk that it impacts confidence in other states (as people “self-isolate”) and that other states may also return to a lockdown if cases spread, with NSW most at risk. This already appears to be impacting economic activity, with our Australian Economic Activity Tracker which combines timely weekly data faltering over the last two weeks, after ten consecutive weeks of recovery.
Second, the easy gains from the initial reopening including the unleashing of pent up demand may have mostly been seen but distancing requirements and travel restrictions mean that it will take much longer for some industries - travel, events, culture, accommodation, restaurants and housing construction - to get back to normal.
Third, the coronavirus shock has accelerated the shift to a digital world, such that job losses associated with automation are now likely occurring faster than new jobs are being created. Three examples of this are a faster take up of online retailing meaning less jobs in retailing, more working from home meaning less office demand and less jobs in public transport and less business travel in favour of virtual meetings meaning less use of airlines and hotels.
The last two mean that “spare capacity” will linger well into the future and this is likely to show up in a long tail of high unemployment. Without the JobKeeper wage subsidy and changes to JobSeeker, “effective unemployment” would have risen to 14.8% in April and would still be around 13.6% now.
The initial spike in “effective unemployment” may be reversed quickly taking it down to say 9% by year end, but getting it back to 5% as seen early this year could take years as some sectors take a long time to recover and accelerated structural change impacts. This suggests both a short-term and a long-term challenge for government which will likely be met at least in the short term by more fiscal stimulus.
Will it be enough?
By extending programs like JobKeeper beyond September and announcing additional stimulus including the likely bring forward of tax cuts, the Government will effectively taper the fiscal cliff and turn it into more of a slope. This helps solve the short-term reality that a lot of jobs won’t have come back by October. However, it remains to be seen whether this will be enough given the long tail of unemployment flowing from the coronavirus shock discussed earlier. The Government’s focus looks likely to shift to economic reforms in the October budget and this makes sense, but more fiscal support may ultimately be needed to soak up the likely long tail of unemployment.
Can we afford the surge in the deficit and debt?
Our assessment remains that it is affordable. First, were it not for the support measures the economic hit would be far greater, ultimately resulting in an even bigger public debt blowout.
Second, as Keynes showed, it makes sense for the public sector to borrow from households and businesses at a time when they have cut their spending, and to give the borrowed funds to help those businesses and individuals that need help.
Third, the support programs won’t cause a permanent step jump higher in public spending.
Fourth, Australia’s starting point for net public debt was low at 23% of GDP compared with other advanced countries averaging 83%. See the next chart. And even with projected budget deficits it will remain relatively s
mall.
The hit to the economy will mean a hit to government revenue and this is shown in the line called “parameter changes”. Budget data released for the period to May suggests that this has been running at just over $10bn a month since March.
The Government has already announced significant policy support and this is shown in the line “stimulus so far”. We have allowed for the three policy support packages in March, the health package and industry support packages. These are dominated by JobKeeper now estimated to cost $70bn.
However, the need for additional support for the economy has also been recognised by the Government. As a result, in its 23 July economic statement we are likely to see:
An extension of JobKeeper – although it’s likely to be revamped with a monthly eligibility test and different pay rates and companies are likely to be discouraged from accessing it for jobs that won’t be revived;
The doubled JobSeeker payment is likely to be pared back;
Income tax cuts due from 2022 may be brought forward;
Additional investment incentives; and More industry support packages.
The Government will partly fund extra support by taking JobKeeper from those who no longer need it, but the bulk will likely come from the $60bn saving already seen on JobKeeper, which we expect to be fully spent and then some (see “new stimulus”) although it may not all be announce next week.
As a result of the Government’s fiscal response and the hit to public revenue from the economic downturn, the budget deficit is expected to blow out from around $95bn for the past financial year to around $223bn this financial year before improving from 2021-22, as support programs phase down and the economy recovers. This would see the budget deficit as a share of GDP peak at around 11% of GDP in 2020-21, which would be its highest since World War 2. Spread over several years, this will add nearly 20% of GDP to Australia’s public debt. This raises two questions though: will it be enough? And can we afford it?
budget deficits it will remain relatively small.
Australian Federal budget deficit
Fifth, borrowing to finance the budget deficit is in Australian dollars and, with a current account balance, we are not dependent on foreign creditors risking a foreign currency crisis.
Sixth, the cost of Government borrowing is very low at less than 1% for ten years. This is partly being facilitated by the RBA buying bonds, but bond rates would be low anyway.
Finally, consider what would happen if “shock horror” the Government and the RBA agreed to cancel the bonds that the RBA owns? Apart from a lot of grinding teeth from some commentators the answer would be very little – the Government’s loss on its “investment” in the RBA would be offset by a reduction in liabilities. In other words, it’s not necessarily the case that all public debt has to be paid back if it’s owned by the central bank. For the technically minded, the limit to this would be if all the extra money that the central bank printed to buy the bonds causes inflation – but as Japan has seen, if there is lots of spare capacity, inflation is not an issue.
Concluding comment
With the private sector spending hit by coronavirus it makes sense for the Government to continue to help fill the breach and support the economy. The best approach to getting debt back down is to grow the economy aided by a reinvigorated economic reform agenda, but for a while government fiscal support will continue to be needed.
Dr Shane Oliver is head of investment strategy and chief economist at AMP Capital
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The fiscal cliff is more likely to be a fiscal slope: Shane Oliver

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EXPERT OBSERVER
In brighter news, there's been no COVID-19 community transmission to speak of in Australia this week...ex-Victoria. 
Unfortunately the Victorian government's shocking mismanagement of hotel quarantine means that there's now a potentially nasty second wave of the virus spreading exclusively in that state. 
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With another couple of hundred cases over the past 24 hours Victoria now has 1,124 active cases.  
Elsewhere local cases have essentially been running at zero all week, which is a great result. 
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Victoria will now go into another lockdown, this time for at least six weeks, which is a disastrous hammer blow for the local economy. 
Auctions slump
Sydney recorded rock solid auction results on Saturday, with the median price of property sold under the hammer rising to $1,260,000. 
In Melbourne. however, auction success volumes and results have unsurprisingly begun to plummet as consumer confidence has been demolished by the lockdown announcement. Alas it's now only a matter of time before someone rolls out another 'tale of two cities headline'...sigh.
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To date Melbourne's housing prices have fallen by about 3 per cent since April.
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Look out below
I'm not usually in the business of making serious predictions, which are usually broad brush and often prove to be pointless.
But these sorts of auction results in Melbourne have normally been commensurate with something close to double digit pace declines in housing prices, and in all likelihood may point to a 10 to 20 per cent decline in Melbourne's market. Given that Greater Melbourne is Australia's second largest economic hub - and that it's long been accounting for such a significant share of growth - the decision to lock down for six weeks has all but cruelled the chance of a meaningful recovery any time soon. 
Research across half a century of historical data from the Bank of England has shown that falling house prices lead to fear of negative equity, falling confidence, and consumers declining to spend, borrow, or invest.
 If the Federal government wants to stand any chance of getting the Australian economy back on its feet this year the Treasurer should announce on July 23 a temporary stamp duty holiday for the remainder of 2020 (and fund the difference for the states by making use of bond yields at record lows).
Alternatively, and more sustainably, broaden the GST and raise the rate to 12.5 per cent. 
PETE WARGENT is the co-founder of AllenWargent property buyers and a best-selling author and blogger 
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Melbourne lockdown kills chance for a meaningful property recovery: Pete Wargent

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EXPERT OBSERVER
<div>Yet another inflation target miss was recorded for the June quarter.</div>
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<div>Nothing too earth-shattering there - the target has consistently been missed for years - but this one was a real corker, with headline inflation down by -1.9 per cent in the June 2020 quarter.</div>
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<div>And now the annual inflation rate has also turned negative, which a true rarity.</div>
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<div>Stated the ABS:</div>
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<div>'Since 1949, this was only the third time annual inflation has been negative. </div>
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<div>The previous times were in 1962 and 1997-98.'</div>
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<div>Underlying inflation was pretty flat for the quarter.</div>
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<div>Grattan recently produced a fairly damning indexed chart showing how inflation would've tracked higher had the target been hit over the past five years versus the actuals, a period through which there's been a persistent output gap, weak wages growth, and oodles of spare labour force capacity. </div>
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<div>We're still getting no closer to the inflation target then. </div>
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The main contributors to the weakness over the quarter included declining childcare and fuel prices.
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The CBD rental markets were hit with a swathe of Airbnb and student rentals in the June quarter, and the rental price index also turned negative year-on-year...for the first time ever. 
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There will be something of a bounce in Q3 in some categories, and truthfully there weren't too many surprises here, but overall there's a long way to go before things recover.
<div>Detailed report as always from from James Foster here.</div>
PETE WARGENT is the co-founder of AllenWargent property buyers and a best-selling author and blogger 
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Annual inflation negative for the third time ever: Pete Wargent

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EXPERT OBSERVER
New research on disadvantage in Australia has found the gap between rich and poor is very wide in Sydney, while much of Queensland struggles with educational disadvantage and regional NSW and Victoria are both more disadvantaged when it comes to health.
Previous research on poverty has placed a heavy emphasis on income and economic outcomes at a given point in time. But disadvantage often goes beyond just economic factors. It’s also necessary to analyse the educational, health and social inequities in society to get a more accurate understanding of disadvantage.
At the core of our new research, published in our <a href="https://mappingthepotential.cssa.org.au/index.php/about/" target="_blank">Mapping the Potential report</a>, is the idea that disadvantage in Australia is more varied and complex than many people may think.
How we conducted our research
This research, conducted by the ANU Centre for Social Research and Methods and commissioned by Catholic Social Services Australia, expands on the socioeconomic indexes produced by the Australian Bureau of Statistics by adding more detailed variables across health, education, social and economic domains.
We also incorporated a “persistence” element to disadvantage – in that, disadvantage isn’t tied to a singular point in time, but persists for a longer period.
In our research, disadvantage was data-driven. And to quantify disadvantage, we chose variables that were generally considered relevant for each area. For economic disadvantage, for instance, we looked at low incomes, low-skilled jobs and unemployment. Areas with a large share of people with these characteristics tended to be more disadvantaged.
Health disadvantage was based on various chronic health conditions, such as diabetes, heart and circulatory conditions, and obesity.
Educational disadvantage focused on levels of educational attainment and child educational disadvantage - both cognitive and physical development. We used data from the <a href="https://www.education.gov.au/australian-early-development-census#:%7E:text=The%20Australian%20Early%20Development%20Census,in%20the%20community%2C%20not%20individuals." target="_blank">Australian Educational Development Census</a> to gauge this.
Social disadvantage was less clearly defined. We focused on variables that contribute to <a href="https://www.oecd.org/insights/37966934.pdf" target="_blank">social capital</a>, or the interpersonal networks that help a society function effectively. Regions with social disadvantage, for example, tended to have low rates of volunteering, internet connection and social cohesion.
Geographically, we analysed these variables at the <a href="https://www.abs.gov.au/websitedbs/D3310114.nsf/home/Australian+Statistical+Geography+Standard+(ASGS)" target="_blank">SA2 level</a> (areas comprised roughly of suburbs and towns) across Australia. We then aggregated the results to the federal electorate level to avoid singling out and possibly stigmatising individual suburbs.
For comparison purposes, each index was standardised to an average score of 1,000 across all SA2s. Nearly all SA2s (95%) had a score between 800 (high disadvantaged) and 1,200 (low disadvantage).
<a href="https://images.theconversation.com/files/336906/original/file-20200522-102642-2uyeuo.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/336906/original/file-20200522-102642-2uyeuo.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
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To better understand differences between our major populations, we further aggregated our results to nine larger geographic entities: the five major capitals, the regional areas of NSW, Queensland and Victoria and a “catch all” remainder of Australia region. This last grouping was used due to the small number of electorates in some states and territories.
The most disadvantaged parts of Australia
The key finding of the report is there is considerable variation in the types of disadvantage experienced across Australia. Moreover, the types of disadvantage varied between locations, as well.
Australia’s most disadvantaged electorate overall was Hinkler in regional Queensland. Hinkler ranks poorly in three of the disadvantage domains we tracked: health, economic and social.
Australia’s least disadvantaged electorate is North Sydney.
<a href="https://images.theconversation.com/files/336908/original/file-20200522-102678-4snacf.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/336908/original/file-20200522-102678-4snacf.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
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When we looked at each type of disadvantage individually, we found that electorates had very different needs.
From an economic perspective, for example, our most disadvantaged electorate is Blaxland in Western Sydney. Our most disadvantaged health electorate is Braddon in regional Tasmania.
The most disadvantaged educationally was Spence in the northern suburbs of Adelaide. Socially, the most disadvantaged electorate was Parkes in regional NSW.
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When comparing the larger regions in our report, we found Adelaide faces the most disadvantage overall, while Sydney and Perth have, on average, the least overall disadvantage.
Even the best-performing regions have pockets of high disadvantage. For example, while Sydney has a relatively strong overall result, it also has the most economically disadvantaged electorate in Australia (Blaxland) and several suburbs with scores below 800.
The research also shows the vast disparities between urban and regional areas in Australia. For example, according to our data, nearly the whole of regional NSW is considered disadvantaged. In contrast, the inner suburbs of Sydney are much better-off.
<img src="https://images.theconversation.com/files/316985/original/file-20200225-24694-1eticck.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Differences in disadvantage between regional NSW and greater Sydney.
Most concerning was the deep level of disadvantage found in predominantly Indigenous communities, mostly in the Northern Territory. The electorate of Lingiari, for instance, has a marked split between the relatively advantaged suburbs around Darwin and the deeply disadvantaged areas outside the city.
We also found a number of electorates in coastal NSW, Queensland and Tasmania with significant health disadvantage. This is concerning given the threat of future outbreaks of COVID-19.
Why this data matters
The indexes remind us that despite nearly 30 years of continued economic growth in Australia, prosperity has not come to all parts of the country. Nor is economic advantage necessarily an indication of other facets of well-being, such as educational or health equality.
This data is important because it can help non-profit organisations make better-informed decisions on where and how to allocate future resources and investments.
It will also help governments at all levels gain a deeper understanding of the types of disadvantage that exist within regions and how their programs and other methods of assistance – both financial or non-financial – can be most effective.
<a href="https://theconversation.com/profiles/ben-phillips-98866" target="_blank">Ben Phillips</a>, Associate Professor, Centre for Social Research and Methods, Director, Centre for Economic Policy Research (CEPR), <a href="https://theconversation.com/institutions/australian-national-university-877" target="_blank">Australian National University</a> and <a href="https://theconversation.com/profiles/brenton-prosser-10876" target="_blank">Brenton Prosser</a>, Professor, <a href="https://theconversation.com/institutions/university-of-canberra-865" target="_blank">University of Canberra</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/where-are-the-most-disadvantaged-parts-of-australia-new-research-shows-its-not-just-income-that-matters-132428" target="_blank">original article</a>.
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Where are the most disadvantaged parts of Australia? New research shows it's not just income that matters

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EXPERT OBSERVER
Facial recognition technology is increasingly being trialled and deployed around Australia.
Queensland and Western Australia are reportedly already using real-time facial recognition through CCTV cameras. 7-Eleven Australia is also deploying facial recognition technology in its 700 stores nationwide for what it says is customer feedback.
And Australian police are <a href="https://theconversation.com/australian-police-are-using-the-clearview-ai-facial-recognition-system-with-no-accountability-132667" target="_blank">reportedly using</a>a facial recognition system that allows them to identify members of the public from online photographs.
Facial recognition technology has a somewhat nefarious reputation in some police states and non-democratic countries. It has been used by the police in China to identify anti-Beijing protesters in <a href="https://www.nytimes.com/2019/07/26/technology/hong-kong-protests-facial-recognition-surveillance" target="_blank">Hong Kong</a> and monitor members of the <a href="https://www.theguardian.com/news/2019/apr/11/china-hi-tech-war-on-muslim-minority-xinjiang-uighurs-surveillance-face-recognition" target="_blank">Uighur minority</a> in Xinjiang.
With the spread of this technology in Australia and other democratic countries, there are important questions about the legal implications of scanning, storing and sharing facial images.
Use of technology by public entities
The use of facial recognition technology by immigration authorities (for example, in the channels at airports for people with electronic passports) and police departments is authorised by law and therefore subject to public scrutiny through parliamentary processes.
In a positive sign, the government’s proposed identity matching services laws are <a href="https://journals.sagepub.com/doi/full/10.1177/1037969X20920008" target="_blank">currently being scrutinised</a> by a parliamentary committee, which will address concerns over <a href="http://www.unswlawjournal.unsw.edu.au/article/who-owns-information-law-enforcement-information-sharing-as-a-case-study-in-conceptual-confusion/" target="_blank">data sharing</a> and the potential for people to be incorrectly identified.
Indeed, Australian Human Rights Commissioner Edward Santow recently <a href="https://www.smh.com.au/technology/harm-against-humans-rights-chief-warns-of-facial-recognition-threat-20200611-p551o6" target="_blank">sounded an alarm</a> over the lack of regulation in this area.
At the moment, there are not strong and clear enough legal protections in place to prevent the misuse of facial recognition in high stakes areas like policing or law enforcement.
Another specific concern with the legislation is that people’s data <a href="https://theconversation.com/why-the-governments-proposed-facial-recognition-database-is-causing-such-alarm-125811" target="_blank">could be shared</a> between government agencies and private companies like telcos and banks.
How private operators work
Then there is the use of facial recognition technology by private companies, such as banks, telcos and even 7-Elevens.
Here, the first thing to determine is if the technology is being used on public or private land. A private landowner can do whatever it likes to protect itself, its wares and its occupants so long as <a href="https://www.propertyobserver.com.au/https://legal.thomsonreuters.com.au/the-law-of-private-security-in-australia-2nd-edition/productdetail/99342" target="_blank">it doesn’t break the law</a> (for example, by unlawful restraint or a discriminatory practice).
This would include allowing for the installation and monitoring of staff and visitors <a href="https://theconversation.com/cctv-who-can-watch-whom-under-the-law-63046" target="_blank">through facial recognition cameras</a>.
By contrast, on public land, any decision to deploy such tools must go through a more transparent decision-making process (say, a council meeting) where the public has an opportunity to respond.
This isn’t the case, however, for many “public” properties (such as sports fields, schools, universities, shopping centres and hospitals) that are privately owned or managed. As such, they can be <a href="https://theconversation.com/non-police-doing-police-type-work-operate-in-a-perilously-grey-area-of-law-53219" target="_blank">privately secured</a> through the use of guards monitoring CCTV cameras and other technologies.
Facial recognition is not the only surveillance tool available to these private operators. Others include iris and <a href="https://whatis.techtarget.com/definition/retina-scan" target="_blank">retina scanners</a>, <a href="https://www.sciencedaily.com/releases/2014/09/140916102000.htm" target="_blank">GIS profiling</a>, <a href="https://www.datasciencecentral.com/profiles/blogs/the-7-most-important-data-mining-techniques" target="_blank">internet data-mining</a> (which includes “<a href="/news">predictive analytics</a>,” that is, building a customer database on the strength of online behaviours), and “<a href="https://hbr.org/2019/01/neuromarketing-what-you-need-to-know" target="_blank">neuromarketing</a>” (the use of surveillance tools to capture a consumer’s attributes during purchases).
There’s more. Our technological wizardry also allows the private sector to store and retrieve huge amounts of customer data, including every purchase we make and the price we paid. And the major political parties have compiled <a href="https://www.aspg.org.au/wp-content/uploads/2017/09/02-Onselen-Errington-full.pdf" target="_blank">extensive private databanks</a> on the makeup of households and likely electoral preferences of their occupants.
Is it any wonder we have started to become <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2524167" target="_blank">a little alarmed</a> by the reach of surveillance and data retention tools in our lives?
What’s currently allowed under the law
The law in this area is new and struggling to keep up with the pace of change. One thing is clear: the law does not prohibit even highly intrusive levels of surveillance by the private sector on private land in the absence of illegal conduct.
The most useful way of reviewing the legal principles in this space is to pose specific questions:
Can visitors be legally photographed and scanned when entering businesses?
The answer is yes where visitors have been warned of the presence of cameras and scanners by the use of signs. Remaining on the premises denotes implied consent to the conditions of entry.
Do people have any recourse if they don’t want their image taken?
No. The law does very little to protect those who may be upset by the obvious presence of a surveillance device on a door, ceiling or wall. The best option for anybody concerned about this is to leave the premises or not enter in the first place.
What about sharing images? Can private operators do whatever they like with them?
No. The sharing of electronic data is limited by what are referred to as the “<a href="https://www.oaic.gov.au/privacy/australian-privacy-principles-guidelines/" target="_blank">privacy principles</a>”, which govern the rights and obligations around the collection, use and sharing of personal information. These were extended to the private sector in 2001 by amendments to the Commonwealth <a href="https://www.austlii.edu.au/cgi-bin/viewdb/au/legis/cth/consol_act/pa1988108/" target="_blank">Privacy Act 1988</a>.
These privacy principles would certainly prohibit the sharing of images except, for example, if a store was requested by police to hand them over for investigation purposes.
Can private businesses legally store your image?
Yes, private or commercial enterprises can store images of people captured on their cameras in their own databases. A person can ask for the image to be disclosed to them (that is, to confirm it is held by the store and to see it) under the “privacy principles”. Few people would bother, though, since it’s unlikely they would know it even exists.
The privacy principles do, however, require the business to take reasonable steps to destroy the data or image (or ensure there is de-identification) once it is no longer needed.
What if facial recognition technology is used without warnings like signs?
If there is a demonstrable public interest in any type of covert surveillance (for example, to ensure patrons in casino gaming rooms are not cheating, or to ensure public safety in crowded walkways), and there is no evidence of, or potential for, misuse, then the law permits it.
However, it is <a href="https://theconversation.com/explainer-what-does-the-law-say-about-secret-recordings-and-the-public-interest-140731" target="_blank">not legal to film someone covertly</a> unless there is a public interest in doing so.
What does the future hold?
Any change to the laws in this area is a matter for our parliamentarians. They have been slow to respond given the difficulty of determining what is required.
It will not be easy to frame legislation that strikes the right balance between respecting individuals’ <a href="https://theconversation.com/animal-activists-v-private-landowners-what-does-the-law-say-110279" target="_blank">rights to privacy</a> and the desires of commercial entities to keep their stock, patrons and staff secure.
In the meantime, there are steps we can all take to safeguard our privacy. If you want to protect your image completely, don’t select a phone that switches on when you look at it, and don’t get a passport.
And if certain businesses want to scan your face when you enter their premises, give them a wide berth, and your feedback.<img src="https://counter.theconversation.com/content/141357/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/rick-sarre-22428" target="_blank">Rick Sarre</a>, Adjunct Professor of Law and Criminal Justice, <a href="https://theconversation.com/institutions/university-of-south-australia-1180" target="_blank">University of South Australia</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/facial-recognition-technology-is-expanding-rapidly-across-australia-are-our-laws-keeping-pace-141357" target="_blank">original article</a>.
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Facial recognition technology is expanding rapidly across Australia. Are our laws keeping pace?

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Thursday’s lending indicator data from the ABS shows the value of new finance commitments for the purchase of dwellings fell by a record 11.6% over May 2020.
This is the largest single monthly drop in the 18 year series.
In seasonally adjusted terms, it represents a $2.2 billion monthly fall in the value of housing finance, and is $2.0 billion below the decade average level of lending.
But CoreLogic data suggests that the June results could show a partial recovery.
Can CoreLogic sales data tell us what will happen to the housing finance data?
The chart below shows the monthly value of new finance for housing from the ABS, against the number of property transactions estimated by CoreLogic.
The two metrics have moved quite closely together historically. This suggests that when more money is lent for the purpose of buying property, we will typically also see a rise in the number of transactions.
<img src="https://www.urban.com.au/images/2020/7/13/CL%20July%2013.JPG" alt="">
While this is intuitive, there is something curious about the relationship. In some instances, shifts in the direction of sales volume estimates produced by CoreLogic are a month ahead of changes in the direction of new housing finance. The correlation coefficient between the two series is slightly strengthened when the sales volumes are lagged by one month.
The lagging of finance data has been particularly evident in the dramatic disruption that has played out amid COVID-19. CoreLogic sales volumes started rebounding over May, while housing finance saw a record decline.
This could be because of the way sales volumes and finance commitments are dated. CoreLogic sales volumes generally date sales from the sale’s contract date. But housing finance commitments, according to the ABS, are only counted when the following three criteria are met: 
1. A home loan application has been approved; 
2. a loan contract or letter of offer has been issued to a borrower; and 
3. the borrower has accepted the offer.
This means that a housing finance commitment could occur in the month after property is purchased. The lag between the two events could be days, or weeks depending on multiple factors, including the time it takes for a property to be valued, or the time the borrower spends reviewing the loan contract before accepting it.
More recently, anecdotal evidence suggests an additional lag in the housing finance data could be caused by COVID-19 related factors. These include banking staff and processes adjusting to remote working conditions, processing additional forbearance provisions, and a surge in refinancing applications.
Understanding this detail of the data could help us understand whether housing finance numbers will have fallen further in June, or if they would start to recover. Based on the fact that CoreLogic sales estimates rebounded 29.5% over June, housing finance values may actually have bottomed out in May. Other indicators suggest transaction activity has been steadily recovering.
One of these is the change in volume of valuations ordered for property purchases through CoreLogic platforms. Underlying data shows an 11.5% increase in valuations for the purchase of property between May and June. The Early Market Indicators report has continued to show an uplift through July, rising 11.1% in the week ending July 9th.
The number of advertised listings provides another signal for higher sales. While the number of new capital city listings has increased by more than 40% since early May, while the total listings count has reduced by close to 3% over the same period. This implies a new listings to sales ratio of around 1.3. In other words, more homes are being sold than what is being added to the market.
Despite signs of rising transaction activity and finance volumes recently, significant headwinds lie ahead for sales activity. With the re-introduction of the stage 3 lockdown across Melbourne, the impact on sales volumes is two-fold. There is the physical limitation on selling homes that come with social distancing, as well as a more general fall in consumer confidence.
The ANZ-Roy Morgan Consumer Confidence index has declined in the past two weeks of measurement. Declines in consumer sentiment are associated with falls in property tractions. This means that while finance volumes could bottom out in May for the 2019-20 financial year, the potential for another significant fall exists while social distancing policies are required.
By Eliza Owen, Head of Research Australia at CoreLogic 
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