<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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Dexus and Singapore sovereign wealth fund Government Investment Corporation are paying Kuwait’s St Martins Property $644 million for a half share of the Rialto Melbourne complex in a new joint venture (JV).
The incoming owners will co-control 525 Collins Street with Grollo Group, which is directed by Lorenz Grollo, son of owner, Rino.GIC
Dexus will hold a 10% share in the venture and they will be the investment manager of the JV and have been appointed as the manager of the entire Rialto Towers complex.
Dexus CEO, Darren Steinberg said, “We are pleased to continue to grow our relationship with GIC, enabling them to extend their investments into the Australian office market. In the current environment, we are focused on business continuity, and pleasingly were able to close this off-market transaction within our targeted timeframes.”
Rialto Towers is a prime-grade, 55 storey building, and is one of the largest office buildings located in Melbourne’s Central Business District.
It is well located on Collins Street with good access to transport and other key amenities.
The property is 91.7% occupied with a weighted average lease expiry of 4.6 years as at 1 March 2020. 
 
 
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j.ballantyne1990-6AQqhLzZaK

Dexus and GIC acquire 50% of the Rialto Towers office complex

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Australians are among the most mobile populations in the world. More than 40% of us change address every five years, about twice the global average. Yet the level of internal migration – moving within Australia – has gone down over the past four decades.
The proportion of Australians changing state of residence <a href="https://www.abs.gov.au/ausstats/abs@.nsf/Lookup/by%20Subject/2071.0%7E2016%7EMain%20Features%7EPopulation%20Shift:%20Understanding%20Internal%20Migration%20in%20Australia%7E69" target="_blank">fell by 20%</a> between 1981 and 2016, particularly after 1991. Their movement between regions within states – between, say, Brisbane and Mackay – <a href="https://www.abs.gov.au/ausstats/abs@.nsf/Lookup/by%20Subject/2071.0%7E2016%7EMain%20Features%7EPopulation%20Shift:%20Understanding%20Internal%20Migration%20in%20Australia%7E69" target="_blank">dropped by a whopping 25%</a>.
<a href="https://images.theconversation.com/files/323130/original/file-20200326-168918-jmxrg6.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip" target="_blank">Click here</a> to enlarge:
<a href="https://images.theconversation.com/files/323130/original/file-20200326-168918-jmxrg6.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/323130/original/file-20200326-168918-jmxrg6.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Data: ABS Census of Population and Housing, 1981-2016, Author provided
The decline in migration is a feature of a number of <a href="https://www.propertyobserver.com.au/https://www.routledge.com/Internal-Migration-in-the-Developed-World-Are-we-becoming-less-mobile/Champion-Cooke-Shuttleworth/p/book/9781472478061" target="_blank">advanced economies</a>, including the United States. Policymakers have been concerned this trend heralds a less flexible economy where workers do not move to regions with jobs. If that’s the case, it could prolong recessions and reduce growth.
So why are Australians moving less? Several factors might help explain it.
<h2>Australia is getting older</h2>
Population ageing is one of the main explanations because older people move less than young people. It’s enough to account for 20-30% of the decline in internal migration in Australia.
However, the increase in the share of mobile groups – such as renters, tertiary-educated people and recently arrived immigrants – has <a href="https://qcpr.files.wordpress.com/2020/03/qcpr_working-paper_kalemba-et-al-2020.pdf" target="_blank">fully compensated</a> the downward effect of population ageing. This means the net effect on migration levels of changes in the composition of the Australian population is close to null.
So the decline is not the result of overall changes in population composition. It is the result of deeper behavioural changes. People in their 20s, 30s and 40s are simply moving less today than in the past.
<h2>Working arrangements have changed</h2>
Information and communication technology and the changes in working arrangements brought by the internet are often thought to have contributed to lower migration levels. But, the proportion of individuals who telework remains small. <a href="https://www.researchgate.net/profile/Aude_Bernard/publication/339899498_Decline_in_internal_migration_levels_in_Australia_Compositional_or_behavioural_effect/links/5e6b3077a6fdccf321d93834/Decline-in-internal-migration-levels-in-Australia-Compositional-or-behavioural-effect.pdf" target="_blank">Only 5%</a> of the Australian workforce worked from home at the 2016 census.
Perhaps more significant is the increase in dual-income households. They now account for two-thirds of couples compared with 56% in 2001. Because these couples find it more challenging to jointly relocate than traditional male-breadwinner families, this shift <a href="https://qcpr.files.wordpress.com/2020/03/qcpr_working-paper_kalemba-et-al-2020.pdf" target="_blank">explains about 10%</a> of the decline in interstate migration in Australia.
Despite these transformations, the mix of reasons for moving hasn’t changed over the past 15 years. Australians still move mainly for family and work reasons.
So, what is going on?
<a href="https://images.theconversation.com/files/323142/original/file-20200326-168889-xy3fj2.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip" target="_blank">Click here</a> to enlarge:
<a href="https://images.theconversation.com/files/323142/original/file-20200326-168889-xy3fj2.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/323142/original/file-20200326-168889-xy3fj2.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Authors’ calculations using Household, Income and Labour Dynamics in Australia (HILDA) Survey data, Author provided
<h2>Place attachment plays a part</h2>
In the United States, this downward trend has been linked to “<a href="https://onlinelibrary.wiley.com/doi/full/10.1002/psp.670" target="_blank">rootedness</a>”, the idea that individuals have become more attached their families and communities and are therefore less inclined to relocate.
Such concepts are difficult to measure and quantify. Yet a <a href="https://onlinelibrary.wiley.com/doi/full/10.1002/psp.2225" target="_blank">2019 study</a> showed that Australians with strong place attachment and social networks are less likely to migrate, particularly over long distances. But it is not clear how place attachment has changed over time and whether it has contributed to the decline in internal migration.
<h2>Young people are staying put</h2>
We know young people are moving less than they used to. In 2017, <a href="https://theconversation.com/over-50-of-young-australian-adults-still-live-with-their-parents-and-the-numbers-are-climbing-faster-for-women-120587" target="_blank">56% of Australians below the age of 30</a> were still living at home compared with 47% in 2001. Explanations for this trend include increasing housing costs and delayed union formation.
The consequences not only bring down current migration levels but also in the future. This is because <a href="https://onlinelibrary.wiley.com/doi/full/10.1002/psp.2286" target="_blank">migration is self-reinforcing</a>: having moved in the past increases the chances of moving again. So, young adults who are staying put now are less likely to move later because they have not been exposed early in life to the challenges of relocating.
This means the level of migration in Australia is likely to remain low, but this downward trend may level off as we have seen in the <a href="https://www.sciencedirect.com/science/article/pii/S0378437119316875" target="_blank">United States</a>.
<h2>Is this new low a problem?</h2>
There is no evidence Australians are less willing to relocate for their jobs, so this downward trend should not have major impacts on the economy.
What is more concerning is <a href="https://qcpr.files.wordpress.com/2020/03/qcpr_working-paper_kalemba-et-al-2020.pdf" target="_blank">some groups have been affected</a> more than others, particularly those in part-time work and in low-paid sectors such as retail and trade. These workers are less mobile than in the past and their share in the workforce has increased.
Individuals with limited resources face <a href="https://www.propertyobserver.com.au/https://digital.lib.washington.edu/researchworks/handle/1773/38220" target="_blank">greater difficulties</a> in being mobile, particularly when faced with rising housing costs and stagnant wages. We need to ensure Australia does not evolve toward a two-tier migration system, in which some can afford to move and others are “trapped”. This could, in the long term, reinforce socio-economic inequalities.<img src="https://counter.theconversation.com/content/133767/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/aude-bernard-316886" target="_blank">Aude Bernard</a>, Lecturer, Queensland Centre for Population Research, <a href="https://theconversation.com/institutions/the-university-of-queensland-805" target="_blank">The University of Queensland</a> and <a href="https://theconversation.com/profiles/sunganani-v-kalemba-997197" target="_blank">Sunganani V. Kalemba</a>, PhD candidate, <a href="https://theconversation.com/institutions/the-university-of-queensland-805" target="_blank">The University of Queensland</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/australians-are-moving-home-less-why-and-does-it-matter-133767" target="_blank">original article</a>.
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Australians are moving home less. Why? And does it matter?

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EXPERT OBSERVER
COVID-19 is, without a doubt, a disruption and game-changer at the same time. There are many uncertainties at present, and quite a few “doom and gloom” stories on a collapsing economy and being on the brink of a recession. There is no denying that many Australian small businesses and individuals are experiencing the brunt of it, from loss of income to having to close their businesses.
Fiscal policy, in the form of stimulus, is critical at this point, as it allows for the society to access immediate funds. Monetary policy can assist, however given that there are no legal requirements in Australia for banks to follow, plus the notion of interest capitalisation (which will cost those with loans more later on), it is a band-aid solution at best. The Australian Government has rapidly introduced a number of financial stimulus packages, targeting those who will be impacted the most.
COVID-19 is a world-wide phenomenon. The measures taken to contain the virus, as well as assistance to prop up the economy, differs from nation to nation. An analysis of the G20 countries, plus Iran, have revealed that at present Australia’s fiscal policy puts us in a strong place to ride out COVID-19.
<img class="richtext-image full-width" src="https://www.prd.com.au/media/images/PRD_Research_-_Table_1_-_Developed_Counties_Co.width-800_peM6O8C.png" alt="Fiscal Apr 2020 Table 1 - Developed Counties Covid-19" width="800" height="316">
1. Against other developed countries, Australia’s stimulus package as a % of 2019 GDP (14.4%) is on the higher end, above United States and Canada, and significantly higher than our neighbours New Zealand.
2. From a Stimulus per Capita perspective Australia is in a strong position, whereby our per capita stimulus is only second to Germany. We are well ahead.
3. Factoring in the number of jobs lost and stimulus package as a % of 2019 GDP, Australia has a strong ability to provide financial assistance, and in some instances more favourably. 
<h4>How does Australia compare to other G20 countries regarding the loss of unemployment/support for loss of income? (note: all monetary amounts are in the native country’s currency)</h4>
Currently Australians who have lost their employment or have lost partial income can access a number of government fiscal assistance, providing they can satisfy all of the requirements both on a personal and business level. These payments include (but not limited to): JobKeeper Payment ($1,500/fortnight), JobSeeker Payment ($550/fortnight), and Coronavirus Supplement ($550/fortnight). How does this compare with other countries?
United States of America - $1,200 government cash check for all residents. Individuals individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each, with married couples earning up to $150,000 receiving $2,400 -- and an additional $500 per child. The payment would scale down by income, phasing out entirely at $99,000 for singles and $198,000 for couples without children.
<ul>
<li>
United Kingdom - The government would give grants to cover 80% of a worker's salary of up to 2,500 pounds a month if businesses kept them on as staff.</li>
<li>
Turkey – Relief for pensioners, with an increase in retirement salary to Turkey Lira 1,500</li>
<li>
South Korea - During the period of business absence, 70% of the average wage must be compensated. The employees are subject to the provision of ‘allowances’ under the Labor Standards Act</li>
<li>
South Africa – South African Rand 500 a month until July as part of COVID-19 measures</li>
<li>
New Zealand - Wage subsidies &amp; leave payments to employers, however, there is yet an announcement for extra unemployment benefits</li>
<li>
France - Under the "partial unemployment" scheme, employees should apply for state benefits which provides them an allowance and that employers are banned from firing them.</li>
<li>
Germany - Claim “Kurzarbeitergeld” scheme benefits or “short-work money" for temporarily laid-off workers</li>
<li>
Indonesia - Social safety net programs to help about 70 million underprivileged citizens</li>
<li>
China, India, Canada, Italy, Iran, Japan, Mexico - Claim regular employment insurance and/or unemployment benefits</li>
<li>
Argentina - Pandemic Unemployment Support for laid-off and self-employed workers, and Job Seekers' Benefit for already unemployed individuals</li>
<li>
Brazil, Iran, Saudi Arabia – Unable to find precise information at this time, although some news websites have indicated that government assistance is currently being planned</li>
</ul>
It is not surprising that developed countries within the G20 have a more comprehensive and structured financial stimulus policy compared to developing nations. South Korea seems to lead the developing nations in their response to the loss of employment due to COVID-19.
Australia presents a comparable financial stimulus package to other developed nations, and in some cases more advanced. It is extremely substantial compared to developing countries.
<h4>Key Message</h4>
The world as we know it currently does not exist – it is in a pause. COVID-19 and the hard-hitting economic impact it brings is not exclusive to Australia, and nor are business closures and job/income losses. It is a tough time for many across the globe. To date Australia has suffered a loss of 750,557 jobs – which is extremely significant, especially in such a short period of time. Other countries, as per known data, have also suffered job losses, some to the extremes of over 1 million people in Germany and over 38 million people in India. 
At this crucial time, perspective is everything. On a micro / inward within Australia scale we may feel that the government’s fiscal policy, in the form of economic stimulus, is imperfect. In fact, ALL government policies are imperfect, as it is designed to be efficient (maximum result with minimum resources) and effective (maximum results with a minimum amount of time) at the same time. If we choose to look on a macro / worldwide comparison however, we can see that Australia’s fiscal policy is substantial and puts us in a strong position to ride out COVID-19. 
<img class="richtext-image full-width" src="https://www.prd.com.au/media/images/PRD_Research_-_Table_2_-_G20_Countries_Covid19.width-800_2jcCZ6n.png" alt="Fiscal Apr 2020 Table 2 - G20 Countries Covid19" width="800" height="410">
Dr DIASWATI MARDIASMO is the Chief Economist at PRD Real Estate 
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Fiscal policy is in place for Australia to ride out Covid-19: PRD

<html><body>Despite spending more than $320 billion in response to COVID-19, experts say even more money will be needed from the government, according to the latest Finder survey. Results from the <a href="https://www.finder.com.au/rba-cash-rate" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">Finder RBA Cash Rate Survey™</a> this week, show that experts and economists are unconvinced that the federal government’s stimulus packages will be sufficient to see the country through to the end of the year. Three-quarters (73%, 16) of respondents said they expect another stimulus package will be needed.  A similar number (75%, 15) who weighed in on the Australian shares market, expect it to fall further this year. Graham Cooke, insights manager at Finder, said as hard as it is to believe, 16.4% of the country’s nearly $2 trillion GDP may still not be enough. “If the aim is to build a bridge to the other side of this crisis, there might still be some materials that need to be purchased. “On top of trying to close the gap, this pandemic has created, the near-40% loss in value of Australia’s share market may not be over just yet.  “With the full effects of coronavirus still to be understood, expect the high volatility we have seen in the shares market of late to continue for months.” Cash rate to stay put, but QE on cards All 23 economists and experts surveyed expect the Reserve Bank of Australia (RBA) to hold the cash rate at 0.25% on Tuesday. “Most economists highlighted that the RBA will treat 0.25% as if it is 0% and have no appetite to cut further.  “This leaves only one effective tool in the RBA’s armoury: quantitative easing,” Cooke said. Quantitative easing (QE) is a process where the central bank creates new cash to decrease, or ease, the cost of borrowing. In Finder’s December 2019 survey, nearly half (46%) of experts predicted it was likely we’d see QE in 2020, well before there was any concern of a global pandemic or a lockdown.  RBA governor Phillip Lowe insisted at the time that the federal bank had “no appetite” for QE. Shane Oliver of AMP Capital said history has shown the folly of going to negative interest rates in other countries. "0.25% has long been identified by the RBA as the lower bound.  “There is little benefit to be gained by going to zero or negative based on the experience of Europe and Japan," Oliver said. Economic Sentiment Tracker  Results from Finder’s Economic Sentiment Tracker, which gauges five key indicators – housing affordability, employment, wage growth, cost of living and household debt – dropped to new lows across most metrics. Cooke said negative sentiment on household debt, wage growth and employment are at 62%, 86% and 100%, respectively. “The sentiment on employment is our first-ever 100% negative response on any economic metric. The COVID-19 pandemic has taken a sledgehammer to the economy, and there is no end in sight,” he said <img src="https://lh5.googleusercontent.com/EkKquNOhes7Tm1rEIH4TFfqG7gKfRn233LzWKxxaIRJXA-ImJe6d6KF7EGwabJCLcn9OQG0GrB6ASTYvrYvnrKH7SF_TFwrgf2jpizHNlXOWHmWnd8FAExFiYndLN7H4_8L6Hjao" width="602" height="387" data-imagetype="External"> Cooke said there was one result that portends good news for homebuyers. “The social gathering restrictions have had a large positive effect on housing affordability. “With estate agents obliged to take viewings by appointment only, and auctions forced online, downward pressure on the housing market is inevitable.  “With both fixed and variable rates at record lows, anyone who has a deposit saved up right now could be in a very powerful position.” The rise in positivity around housing affordability – at its highest level since last June – has pulled the average of positivity across all five metrics higher than last month. “Before the pandemic hit, the worry was that housing prices were continuing to rise even as wages, household debt and cost of living didn’t improve.  “Now, after a global business disruption unrivalled in recent history, the cost of housing might just come back into sight for some Aussies looking to buy,” Cooke said. <img src="https://lh5.googleusercontent.com/QYdBAIcGt_SVYh6Bc-ixcBeeNpaIlPnjBzGbuvmBOPXlXRoqJhZtwY_hbG5PBkmVpSky4kpLBbnJEbAqPxSadD0IAD8NxBxouhp8y2nKXur0bWsqP0MeOfsyrhSGxmARElDpIcEC" width="602" height="399" data-imagetype="External"> <img src="https://lh3.googleusercontent.com/Nn1XHJFGWvNg2nZlmyxjukWBdAKyluQlFllWabQWb53kZ2ib9gOy0ZQEkRVYuil9Rlxr-bc6WCU2Um_hRp722YTcHoEBzec_PXZ61XbJqfH5H9zGd6PM8QWlJBOzRMsCsEkNizs7" width="602" height="404" data-imagetype="External"></body></html>

Experts forecast more economic stimulus and ASX falls: Finder.com.au

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GUEST OBSERVATION
“People of the same trade seldom meet together, even for merriment and diversion,” wrote Adam Smith in The Wealth of Nations (published in 1776), “but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.”
With the coronavirus crisis, though, Australia’s competition watchdog has decided a little more conversation is in the public interest.
The Australian Competition and Consumer Commission is lightening up on its normal competition rules by giving interim authorisation for competitors to cooperate.
On Wednesday the regulator <a href="https://www.accc.gov.au/media-release/nbn-co-telcos-to-coordinate-on-demand-surge-and-consumer-support-package" target="_blank">authorised the NBN Co</a> and the five biggest telcos (Telstra, Optus, Vodafone Hutchison, TPG and Vocus) to “work together to take measures necessary to keep Australia’s telecommunications networks operating effectively”.
On Tuesday it <a href="https://www.accc.gov.au/media-release/medicine-wholesalers-to-co-operate-on-access-to-pharmaceutical-products" target="_blank">authorised wholesalers of medicines</a> “to co-operate to facilitate distribution of essential medication and pharmacy products.
On Monday it <a href="https://www.accc.gov.au/media-release/banks-authorised-to-co-operate-on-loan-relief-and-services" target="_blank">authorised banks</a> "to co-operate to provide supplementary relief packages for individuals and businesses”.
And last week it <a href="https://www.accc.gov.au/system/files/public-registers/documents/Interim%20Authorisation%20Decision%20-%2023.03.20%20-%20PR%20-%20AA1000477%20Coles%20%26%20Ors.pdf" target="_blank">authorised the major supermarket</a> chains (Woolworths, Coles, Aldi and IGA/Metcash) to coordinate their activities to ensure the supply of retail products, particularly those in short supply.
What is cartel conduct
Normally a competition watchdog guards against any collaboration or collusion between competitors. There are hefty fines and even criminal penalties to deter competitors talking to each other.
<a href="https://www.accc.gov.au/business/anti-competitive-behaviour/cartels">Cartel conduct</a> – agreements to fix prices, share markets, rid bids or control the amount of goods and services available to buyers – is arguably the biggest threat to a well-functioning competitive market.
Rather than competing on product quality, price and service, cartels maximise profits by agreeing to charge consumers more, pay suppliers less and putting the squeeze on other competitors. Competition officials have described cartels as “<a href="https://ec.europa.eu/commission/presscorner/detail/en/SPEECH_00_295" target="_blank">cancers on the open market economy</a>”.
But these are not normal times. The normal behaviour that allows markets to function has been thrown into flux. Panic buying of toilet paper, hand sanitiser, pasta and other staples has led to significant supply shortages. Video conferencing and streaming has led to a surge in broadband data use.
In these “unprecedented circumstances”, the watchdog has decided the benefits of permitting competitors to cooperate to secure the supply of essentials goods outweigh the risks.
Different times, different conditions
History shows cartel conduct is tempting to companies in hard economic times. In fact, it’s even tempting to regulators.
<img src="https://images.theconversation.com/files/325142/original/file-20200403-74889-r5xbsg.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt="">
 A 1933 US Postage stamp commemorating the National Recovery Administration established under National Industrial Recovery Act. <a class="source" href="https://en.wikipedia.org/wiki/File:New_Deal_N.R.A._3c_1933_issue_U.S._stamp.jpg" target="_blank">Wikimedia</a>, <a class="license" href="http://creativecommons.org/licenses/by-sa/4.0/" target="_blank">CC BY-SA</a>
In 1933 the United States legalised cartel conduct with the National Industrial Recovery Act. The intention was to assist recovery from the Great Depression. Agreements to restrict output and fix prices were seen as a short-term solution to keep businesses afloat. It has since been argued the US law <a href="https://digitalcommons.law.yale.edu/cgi/viewcontent.cgi?article=1016&amp;context=yjreg" target="_blank">actually slowed the recovery</a> by converting “otherwise competitive industries into highly regulated, cartelised, and often inefficient industries”.
The US government’s mistake is not one the Australian Competition and Consumer Commission is making.
Its interim authorisations allow officials from the regulator and the federal government to monitor discussions. Every arrangement must be approved by the regulator. Everything is “out in the open”, eliminating a key feature for any cartel arrangement to succeed – secrecy.
Conditions now are also very different to those in 1930s America.
Then the issue was over-supply. Now it’s mostly a problem of undersupply, due to demand surges.
This is not a situation in which supermarkets, pharmaceutical companies and broadband providers have anything to gain through restricting supply.
They might have an interest in increasing prices. But the competition watchdog has expressly forbidden talk about retail prices.
A tight leash needed
European regulators are taking a similar approach to Australia. The European Commission <a href="https://ec.europa.eu/competition/ecn/202003_joint-statement_ecn_corona-crisis.pdf" target="_blank">has declared</a> it will not actively intervene against “necessary and temporary measures” to avoid supply shortage:
“Considering the current circumstances, such measures are unlikely to be problematic, since they would either not amount to a restriction of competition […] or generate efficiencies that would most likely outweigh any such restriction.”
Even so, there are risks. There are anti-cartel laws for good reason. The longer competitors spend working together, as Adam Smith noted, the greater the risk of conspiracy.
The competition watchdog will need to keep talks on a tight leash. Apart from price, it needs to ensure companies do not share information about operations and processes that would allow them to act independently in a mutually beneficial manner. This would give us exactly what cartel laws are meant to stop – higher prices.
Australia’s competition watchdog is arguably better equipped for this task than its European counterparts. But with more industry requests for competitors to cooperate likely, it will need to stay vigilant, making full use of its powers to monitor talks and ensure cooperation only goes on for as much, and as long, as absolutely necessary.<img src="https://counter.theconversation.com/content/135303/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/sven-gallasch-1014219" target="_blank">Sven Gallasch</a>, Lecturer in Law, <a href="https://theconversation.com/institutions/swinburne-university-of-technology-767" target="_blank">Swinburne University of Technology</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/look-whos-talking-australias-telcos-banks-and-supermarkets-granted-exemption-to-cartel-laws-135303" target="_blank">original article</a>.
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Look who's talking: Australia's telcos, banks and supermarkets granted exemption to cartel laws

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EXPERT OBSERVER
Events have been moving quickly in the Australian economy.
With the announcement of the Australian Government’s latest JobKeeper Payment (JKP) policy and further tightening of social distancing guidelines we have reviewed our employment, GDP, and Budget deficit forecasts.
Key forecasts had been: a peak in the unemployment rate of 11.1% in the June quarter; a GDP contraction of 3.5% in the June quarter; and the likely issuance of an additional $250bn in Australian government bonds over 2019/20 and 2020/21.
In reviewing those forecasts we have maintained the approach of assessing employment and output across industry sectors to arrive at a more granular estimate of the impact of the various government policies on the Australian economy.
We also maintain our core view that while the intensity of the policies to address the virus will peak near the end of the June quarter, most policies will be maintained through the September quarter and the recovery will be delayed until the December quarter. Conditions in the global economy will remain very weak until well into the December quarter.
With the shutdowns and social distancing policies being tightened we now expect a much more severe impact on the output of most industries.
As expected, the most seriously affected industries are likely to be: retail; accommodation; restaurants; transport; recreation; and real estate. However we also expect negative impacts for other industries including manufacturing; construction; and distribution. Other industries such as health, government, and telecommunications will see a lift in employment and output.
We expect GDP will now contract by 8.5% in the June quarter; to be followed by a 0.6% contraction in the September quarter; and a 5.2% lift in the December quarter.
Overall, the economy is expected to contract by 5% through the 2020 year.
BILL EVANS is the <a href="https://westpaciq.westpac.com.au/Article/42804/16785/" target="_blank">Chief Economist at Westpac</a>
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bevans-rYk9SxEa4r

JobKeepers payment to reduce peak unemployment rate from 17% to 9%: Westpac's Bill Evans

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EXPERT OBSERVER
Job vacancies had barely begin their decline by the end of February, holding up at about 227,000.
Vacancies were lower than a year earlier due to the bushfires, but not by much.
Click <a href="https://1.bp.blogspot.com/-KNa301clF_4/XoVRp1y5JiI/AAAAAAAA1DM/Oc-nvFUNd0Yj1oiu6d41CR0KXGHCg2XbQCNcBGAsYHQ/s640/A1.jpg" target="_blank">here</a> to enlarge.
<img src="https://1.bp.blogspot.com/-KNa301clF_4/XoVRp1y5JiI/AAAAAAAA1DM/Oc-nvFUNd0Yj1oiu6d41CR0KXGHCg2XbQCNcBGAsYHQ/s640/A1.jpg" width="640" height="384" style="font-size: 12.16px;" data-original-height="816" data-original-width="1359">
<div class="separator"> </div>
<div>There were about 700,000 unemployed persons at the end of the last month, so there never was any tight labour market in this cycle. </div>
<div> </div>
<div>We simply never got low or tight enough to see stronger wages growth. </div>
<div> </div>
<div class="separator"><img src="https://1.bp.blogspot.com/-D28blnXsgiw/XoVRp2NX0DI/AAAAAAAA1DI/e6kSJ5tag6QHcqB-Cc5JlpCHJ-5qPwktwCNcBGAsYHQ/s640/A3.jpg" width="640" height="376" data-original-height="824" data-original-width="1398"></div>
And full employment has remained elusive throughout the full cycle.
Click <a href="https://1.bp.blogspot.com/-d5OcMFYxtOs/XoVRprnURdI/AAAAAAAA1DE/VuLDAE0OyWoQ8tVThGIyatv2iax8ATpiACNcBGAsYHQ/s640/A2.jpg" target="_blank">here</a> to enlarge.
<div class="separator"><img src="https://1.bp.blogspot.com/-d5OcMFYxtOs/XoVRprnURdI/AAAAAAAA1DE/VuLDAE0OyWoQ8tVThGIyatv2iax8ATpiACNcBGAsYHQ/s640/A2.jpg" width="640" height="370" data-original-height="814" data-original-width="1408"></div>
<div class="separator"> </div>
<div>Looking at the most timely available data from private data sets on job vacancies and other reads, it seems likely that unemployment is probably heading to about 10 per cent, although the situation is very fluid right now. </div>
<div> </div>
<div>At the state level, the resources states were tracking a bit better, as Sydney and Melbourne have moved beyond their respective peaks. </div>
<div> </div>
<div>Click here to enlarge.</div>
<div> </div>
<div class="separator"><a href="https://1.bp.blogspot.com/--rUsZxjmY2U/XoVRq0743RI/AAAAAAAA1DQ/0A7rMqDZHeM1ShxtFwsnDL6Px5T_8HbygCNcBGAsYHQ/s640/A4.jpg" target="_blank"><img src="https://1.bp.blogspot.com/--rUsZxjmY2U/XoVRq0743RI/AAAAAAAA1DQ/0A7rMqDZHeM1ShxtFwsnDL6Px5T_8HbygCNcBGAsYHQ/s640/A4.jpg" width="640" height="370" data-original-height="811" data-original-width="1400"></a></div>
Challenging times ahead.
PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.
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pwargent-M4siyDbqQY

Job vacancies are getting set for a plunge: Pete Wargent

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GUEST OBSERVATION
You’ve lost income because of the coronavirus crisis and finding it hard to pay the bills. What if you can’t pay your rent? 
The short answer, if you live in Australia, is that rules changes give you more time – at least six months – before you face eviction.
But that’s all. Nothing else has changed. As <a href="https://www.theguardian.com/australia-news/live/2020/apr/03/coronavirus-update-live-news-australia-queensland-victoria-nsw-qld-tas-act-sa-wa-nt-covid19-latest-updates?page=with:block-5e86b5d58f0866297e9f624a" target="_blank" style="font-family: Tahoma, Helvetica, Arial, sans-serif;">Prime Minister Scott Morrison has said</a>, the moratorium on evictions “doesn’t mean there’s a moratorium on rents”.
Whatever rent you don’t pay you will still owe, with consequences eventually.
There’s unlikely to be any other national assistance for residential tenants along the lines the commercial tenancy market <a href="https://www.pm.gov.au/media/update-coronavirus-measures-030420" target="_blank">might get</a>.
But there may be other assistance on offer according to your state and territory. In Queensland, for example, you may be eligible for a one-off rental payment.
So this is how your options stand.
Eviction moratorium
The National Cabinet – incorporating the federal cabinet and state and territory leaders – announced the eviction moratorium <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-04-03/eight-million-tenants-wait-to-learn-coronavirus-rent-bill/12114082" target="_blank">on March 29</a>. Rental law is a state and territory matter, so legal enforcement depends on these governments enacting legislation.
Tasmania was the first <a href="https://www.cbos.tas.gov.au/topics/housing/residential-tenancies-covid-19-emergency-provisions" target="_blank">to do so</a>, pre-empting the National Cabinet decision with a four-month ban on evictions. It’s likely a good indication of what other states and territories will do.
The Tasmanian legislation prohibits commercial and residential landlords from serving notice to vacate for rent arrears for the duration of the “emergency period”, unless:
<ul>
<li>
the lease is non-fixed term and property is being sold (with notice being served before April 3)
</li>
<li>
the Residential Tenancy Commissioner orders termination because of “severe hardship” to either party.
</li>
</ul>
Severe hardship is an established part of tenancy law. It allows parties to apply for a fixed-term lease to be terminated without penalty. It is possible a landlord could argue financial hardship based on needing rent to cover their own debts, but commissioners (or tribunals in other jurisdictions) are likely to scrutinise such applications closely.
(Severe hardship is discussed further below, under “What if I want to break the lease?”).
What if I don’t pay my rent?
If you don’t pay your rent, your debt will keep accruing. Once the moratorium ends, you face eviction.
Your landlord will have the right to keep your bond to cover the rent. If you owe more, they can chase it up through debt collectors or file court proceedings. If this happens, your personal <a href="https://www.canstar.com.au/credit-score/what-is-a-credit-rating/" target="_blank">credit rating</a> could take a hit, and costs may be added to any judgment against you.
So take the Prime Minister’s <a href="https://www.afr.com/property/commercial/office-tenants-inundate-landlords-with-rent-relief-requests-20200330-p54fe6" target="_blank">advice</a>: negotiate with your landlord or agent.
Try to work out an arrangement both sides can live with. Remember, many private landlords rely on rent to pay the mortgage. Even with the <a href="https://www.ausbanking.org.au/covid-19-relief-faqs/" target="_blank">major banks offering mortgage relief</a> during coronavirus crisis, the interest on that debt will keep accruing.
Can I get any rent assistance?
There are generally no special provisions for rent assistance during the coronavirus crisis.
So far only <a href="https://www.qld.gov.au/housing/renting/rent-assistance/bond-loan/covid19-rental-grant" target="_blank">Queensland</a> is offering any form of special rental assistance – a one-off payment of up to $2,000, paid directly to your lessor. To be eligible, you must have lost your job due to the pandemic and have applied to Centrelink for income support.
In other states the usual rules for <a href="https://www.servicesaustralia.gov.au/individuals/services/centrelink/rent-assistance" target="_blank">rent assistance</a> apply. You need to first qualify for Centrelink income support, such as the JobSeeker payment, Youth Allowance or the Parenting Payment. Centrelink provides up to A$139 a fortnight if you’re single, and A$164 for a couple with two children.
What about a rent reduction?
As mentioned, there’s no sign there’ll be direct subsidies for residential tenants, though there may be a national package to reduce commercial rents.
The closest thing so far announced is the <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-04-02/act-government-covid19-coronavirus-spending-package-announced/12114504" target="_blank">Australian Capital Territory’s</a> encouragement to residential landlords to lower rents by at least 25% through direct tax relief equal to half the discount (up about $100 a week). The scheme is voluntary, so it remains to be seen how effective it will be.
What if I want to break the lease?
If you’re not on a fixed-term lease, but a monthly or weekly tenancy, you simply have to give the required notice to the landlord (usually 21 days).
If you’re on fixed-term lease, state and territory laws allow both tenants and owners to apply to break the lease without penalty if its continuation causes “severe hardship”.
But this option “should be seen as a last resort,” <a href="https://www.cbos.tas.gov.au/topics/housing/residential-tenancies-covid-19-emergency-provisions" target="_blank">advises</a> the Tasmanian government. “It is best to maintain a positive relationship between owners and tenants. The best way to do this is for owners and tenants to discuss their concerns.”
It is possible your lease may contain a force majeure clause providing for suspension or termination when unforeseeable events (for which neither party is responsible) occur. Unfortunately, such clauses are extremely rare in leases, and unlikely to cover pandemics.
Is there anything else to consider?
If you consistently miss rent payments you risk going on a “black list” – a privately owned tenancy database that real estate agents use to screen tenants. A track record of missing payments can mean a black mark on a future rental application.
So the bottom line: talk with your landlord.<img src="https://counter.theconversation.com/content/135312/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/mark-giancaspro-182268" target="_blank">Mark Giancaspro</a>, Lecturer in Law, <a href="https://theconversation.com/institutions/university-of-adelaide-1119" target="_blank">University of Adelaide</a> and <a href="https://theconversation.com/profiles/david-brown-103001" target="_blank">David Brown</a>, Co-Director, Bankruptcy and Insolvency Scholarship Unit, <a href="https://theconversation.com/institutions/university-of-adelaide-1119" target="_blank">University of Adelaide</a>
This article is republished from <a href="https://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/what-if-i-cant-pay-my-rent-these-are-the-options-for-rent-relief-in-australia-135312" target="_blank">original article</a>.
Correction: this article has been amended to clarify that consistent non-payment of rent is required to be listed on a residential tenancy database. The article originally suggested any non-payment was a risk. For more advice contact the tenants advice service in your state or territory.
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What to do if you can't pay rent (nothing is not a good option)

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Media, marketing and creative agencies are flocking to North Sydney to take advantage of the newly developed commercial office space.
Colliers International has leased seven suites at 150 Pacific Highway in North Sydney, ranging from 60-100 sqm each.
Companies Pictura Creative, Mobius, Intergrid and FINAO are just some of the tenants that leased the space with rents ranging from $650 to $680 sqm gross per sqm per annum.
“All seven suites were leased within a six-month period highlighting the demand in North Sydney for creative, modern and bright office space,” said Jay Horrell, Executive, Office Leasing at Colliers International.
“In line with the growing importance of staff retention and wellbeing, we are seeing a greater number of tenants seeking creative workspace offering a more appealing environment for staff”
150 Pacific Highway is a brand-new building with onsite end of trip facilities and each suite has floor to ceiling windows, polished concrete flooring and a three metre plus ceiling height.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/3/27/3_North%20Sydney%20PH.jpg" alt="">
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Seven suites leased at 150 Pacific Highway

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EXPERT OBSERVER
Australia is teeming with people who have questions about the impact of the virus crisis on real estate and are seeking urgent answers. 
My webinar with buyers’ agent Rich Harvey of propertybuyer on 24 March attracted a big audience – our largest ever - and we received more questions than we could handle during the live event.
Many of those questions including some of the fundamental ones that everyone is asking: will property values decline, how long will it last, is this a good time to buy, what happens if my tenant can’t pay the rent and if I ask my lender for a mortgage holiday, will it affect my credit rating?
Here are some of the key questions or comments, and my responses.
Is now the time to be buying an investment property? Will there be tenants in the market?
I think this is a good time to be looking for an investment property. There will be opportunities to buy well in the current climate. Buyers will be able to negotiate from a position of strength. Just be careful to select a location with the credentials for long-term growth. There will be tenants – vacancies are low around the nation and the various government stimulus packages will assist people who might otherwise struggle to pay their rent.
Auction clearance rates will change now that the first wave of lock-down controls come into effect. Do you predict that the market will continue to be healthy amidst rising unemployment?
Yes, I think the market will continue to be healthy. The rise in unemployment will be temporary – if it was long-term, extending right throughout the year, it would have a material impact on markets and property prices, but I expect it to be relatively short-term. Auctions will be curtailed by the government restrictions on gatherings, but most sales do not occur via auction so that in itself will not be detrimental to property prices. Only 10-11% of sales across Australian happen through auctions. It will cause some vendors who particularly want auctions to withdraw their properties from sale, which will exacerbate the shortage of listings and put a floor under property values.
Do you think vacancy rates will rise in the short term with unemployment increasing?
I think there will be some increase in vacancy rates in the short-term, but mainly because owners who had been using AirBNB rather than permanent rental situations will now be seeking permanent tenants (because of the travel restrictions, which are killing the AirBNB market at the moment). Most markets should be able to absorb this, because vacancy rates are very low in most locations across Australia.
Can you help unpack how a potential 10% unemployment rate cannot have any impact on property prices going forward?
If we had a 10% jobless rate long-term in Australia, it would impact on property prices – but we won’t have that. We will have a short, sharp spike in unemployment but it won’t last long enough to cause a significant fall in house prices.
Will this situation promote longer-term demographic shifts to more people working remotely and strengthen property growth in regional areas?
I think that is a trend anyway and has helped to drive the boom in the past 2-3 years in Regional Victoria, particularly in towns within 1-2 hours of Melbourne, and also the Central Coast just outside Sydney. The current situation will probably enhance that trend towards people working remotely and therefore making lifestyle changes. Increasingly, there are fewer and fewer reasons to be close to the CBDs of major cities. 
Do you have any perspectives on negotiating with developers during this time, especially as first home buyers.
Everything is negotiable at any time but in these turbulent times I suspect buyers will be able to negotiate favourable deals when buying new product from developers. It would be a good time to present yourself as a buyer at a time when many people will be standing back or sitting on the fence.
Over the next few months if you find yourself unable to keep up with your loans, get on the front foot and call the credit provider early.  This will not only relieve some pressure as you won’t be living in fear of what they might do, but it will most likely help to protect your credit file in the process.  If the emotion is too close to home for you to liaise with the credit provider yourself, then engage a professional to do it for you. But check in early with your lenders.
I think that is sound advice. The major lenders have made it clear that they want to help their mortgage customers, as well as businesses, because they have a strong vested interest in keeping their customers healthy. Anyone who is struggling with loan repayments should contact their lenders and work out a solution with them. The major banks are indicating that they will allow people to pause their repayments for a period of time.
What should landlords do if a tenant advises they can’t pay their rent?
I don’t think it’s possible to give a generalised answer to that. It needs to be handled on a case-by-case basis. But a lot of the emphasis in the various stimulus packages is on assisting people in those situations. The benefits for people out of work have been significantly increased to try to avoid situations where people can’t pay their rent. But, for any landlords who fact that situation, work with your tenants, or your property manager, to come up with a solution – perhaps by reducing the rent for a short period.
Should I reduce the rent before the tenants ask?
It may be a good strategy, to pre-empt any problems – perhaps offer a reduction in the rent for a short period to help get through the difficult period. It’s preferable to do that, rather than losing your tenant. I note that some landlords are doing that, according to media reports. But it needs to assessed on a case-by-case basis. 
Should we hold on to our savings and see how low the market will go?
That kind of strategy seldom works. It’s indicates a short-term viewpoint when real estate should be approached with long-term horizons. The other problem with that kind of approach is that it’s impossible to pinpoint the bottom of the market – the data that shows the bottom of the trough doesn’t appear until a long time after the event. A better approach is to look for good buying opportunities in areas with the credentials for long-term growth.
What is your take on people losing their jobs who have a mortgage, will they lose their homes, if so how will they get a rental in such a tight rental market?
One of the key factors in the response from the Federal Government and the major banks is to support people who lose their jobs and have difficulty paying the mortgage. Lenders have said they will offer mortgage holidays – e.g. suspending payments for six months. The tight rental markets are being eased, to a certain extent, by investors who previously used AirBNB now putting their properties into the permanent rental pool (because the travel restrictions are killing the AirBNB market).
My husband is very nervous and wants me to sell our family home.  What’s your advice on selling now. 
No, please don’t do that. There is no need to panic to that degree. We are not going to see property values collapse and anyone who struggles to pay the mortgage during this crisis period should be able to arrange a suspension of their regular payments with their lender. 
If I were to make an opportunistic buy, what’s to say I can rent it out in a timely manner in the current environment?
A sensible investor would, firstly, buy in a location where the vacancy rate is low (and most locations around the nation currently have low vacancies) and, secondly, speak to property managers in the local area about the prospects for renting the property you’re thinking of buying – before signing a contract.
Terry Ryder is the founder of hotspotting.com.au
<a href="https://mailto:ryder@hotspotting.com.au">ryder@hotspotting.com.au</a>
twitter.com/hotspotting
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