<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.

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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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A prototype energy-efficient home, dubbed the ‘house with no bills’, is set to go under the hammer tomorrow, on Saturday.
The 199-square-metre, three-bedroom home, is located at 12 Monterey Drive, and was built as part of a study into sustainable living which was undertaken by real estate group MIRVAC.
<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/2020/2/24/HWNB%202.jpg" alt=""> 
Mirvac General Manager of Residential Victoria, Elysa Anderson, said the complex will be used to shape future projects.
“Designed to look, feel and operate the same way as a typical home, the House with No Bills experiment aimed to help address the increasing pressures of housing affordability and reduce environmental impact with market-based solutions,” she said.
The Cheltenham property was home to the Zimmerman family of four until December 2019.
An Evergen solar and battery system featuring CSIRO-developed intelligent energy management, along with a smart home automation system with environmental sensors controlling internal temperatures, are among the various eco-friendly innovations included to reduce the house’s reliance on grid electricity.
Smart meters and monitoring systems helped the Zimmerman family keep track of where and how their energy was being used, assisting the HWNB in achieving a 75 per cent energy cost saving (approximately $2,000) in 12 months, with the potential to operate with net zero energy bills.
<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/2020/2/24/HWNB%203.jpg" alt="">
Built in March 2018, the modern two-storey house has an open-plan kitchen, living and dining area, two bathrooms and a powder room, and an outdoor entertaining area.
Tiles downstairs are efficient for thermal protection, while upstairs bedrooms are carpeted. There is a single car garage, plus space to park in the driveway.
MIRVAC’s Baden Lucas will auction the house, which is being marketed with expectations from $775,000 to $850,000.
Cheltenham’s median house price is $1.267 million.
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house with no bills prototype in Cheltenham listed for sale

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The former site of the Kiandra Residential Care facility, in the Adelaide suburb of Prospect, has been listed for sale.
The property at 20 Alpha Road sits on 4,606 sqm, with a 58 metre frontage to Alpha Road. 
It features a single-storey residential care facility that was fully operational until February 2020, configured to accommodate a combination of single and shared rooms for 50 residents. 
Also included is a communal dining room and lounge, nurse’s stations, kitchen, laundry, extensive staff offices and meeting spaces, consulting rooms and clinical spaces, together with on-site loading and car parking spaces for staff and visitors. 
Justin Hazell and Alistair Mackie, from Colliers International, listed the property.
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Prospect's Kiandra residential care site listed for sale

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EXPERT OBSERVER
The Australian National Accounts, to be released on Wednesday March 4, will provide an estimate of economic activity for the December quarter, including any boost to date from recent policy stimulus. This is ahead of the substantial disruptions from the coronavirus outbreak.
The economy appears to be stuck in the slow-lane after decelerating sharply through the second half of 2018, when the home building cycle swung from boom-to-bust.Moreover, growth is lopsided, centred on public demand and exports, while private demand is weak.
Powerful headwinds persist: construction activity is contracting; weak wages growth and a lack of confidence are impacting consumers; and the global backdrop is challenging.
Tail winds are from: brisk government spending (in the form of public demand), with a focus on health and investment; and the export uptrend, supported by the lower dollar.
Policy stimulus has been deployed - with 3 RBA rate cuts and modest tax rebates. Housing is responding, with prices rebounding sharply. But the flow-on effects to the real economy are yet to emerge. The tax rebates seem to have been largely saved.
The severe bushfires this summer have disrupted activity, across construction activity, consumer spending and possibly business investment. The impact in Q4 may be about -0.1ppt.
In Q3, real GDP growth was 0.4%qtr, 1.7%yr. The arithmetic being: domestic demand +0.2%; net exports +0.2ppts; inventories, +0.1ppt; and the statistical discrepancy, -0.1ppt. For Q4, real GDP growth is a forecast 0.5%qtr, 2.1%yr, with risks tilted a little to the downside. The arithmetic: domestic demand 0.1%; net exports +0.2ppts and inventories +0.1ppt, as well as the statistical discrepancy, +0.05ppt.
Private demand, on our figuring, contracted further, -0.1%qtr, -0.5%yr. Home building is contracting, so too business investment and consumer spending is soft. The last time private demand expanded was 2018 Q2.
On the consumer, accounting for 57% of domestic demand, the national accounts provide us with a detailed update on spending, saving and incomes. Notable is the softness in incomes (wages and non-labour income). Households are income constrained and the savings rate has declined in recent years, to a low of 2.7% in June 2019, then spiking to 4.8% in September 2019 as tax rebates were saved.
The labour market was on the softer side in the December quarter. Job numbers increased by 0.3%qtr, 2.0%yr and hours worked by 0.3%qtr, 1.8%yr. Productivity remains weak, exacerbated by the severe drought.
National income has been running at a 5% plus annual pace of late, supported by higher commodity prices. That changed in Q4, with commodity prices moving into reverse and the terms of trade down an estimated 4.7%. Nominal GDP growth is a forecast -0.3%qtr, 4%yr.
For 2020, our assessment is that output growth will remain stuck below trend, at around 2%. The coronavirus will have a material impact, particularly in the March quarter, when overall activity may stall, with a sizeable hit to trade, particularly tourism and education.
Read the full report <a href="https://westpaciq.westpac.com.au/Article/42327/14186/" target="_blank">https://westpaciq.westpac.com.au/Article/42327/14186/</a>
ANDREW HANLAN is a senior economist for Westpac
 
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Economy stuck in the slow-lane with coronavirus impact yet to come: Andrew Hanlan

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An office building, currently owner-occupied by Netball Victoria, has come onto the market. 
The two-level building a is located 150 metres from Melbourne’s historic Flagstaff Gardens.
It features a 10-car basement. 
Following 23 years of occupation, Netball Victoria is relocating to the State Netball &amp; Hockey Centre in Parkville, which is expected to be completed early-mid 2021. 
Savills have listed the property, being sold via an expressions of interest closing April 1.
An anticipated sale price of at least $4.75 million is expected.
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Netball Victoria's west-Melbourne office building listed for sale

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A Liverpool commercial office building has sold for $52.5 million to an investment group from China.
It's the highest every property sale in Liverpool.
The block at <a href="https://www.commercialrealestate.com.au/property/211-northumberland-street-liverpool-nsw-2170-2015756170" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://protect-au.mimecast.com/s/AHqZC81V1xhLWOxAH1SEax?domain%3Decomms.raywhite.com&amp;source=gmail&amp;ust=1582841778809000&amp;usg=AFQjCNH5OYxNT7pmwSwsJ8ZhzeH-0V16nw">211 Northumberland Street</a> was originally purchased by vendors ESR Australia as part of the Denison Portfolio, that also included a building in Campbelltown.
It was sold fully leased to the NSW Government Department – Family and Community Services – until 2022, with 7,645 sqm of net lettable area.
The building sold with an initial yield of 6.6 per cent, producing just over $3.45 million per annum.
Ray White Commercial Western Sydney agents Peter Vines and Victor Sheu secured the sale, in conjunction with Colliers International's James Barber, Frank Oliveri and John McCann.
Vines said the property was one of Centrelink’s most concentrated multi-service centres across Australia.   “We had a huge amount of interest throughout the campaign with more than 120 enquiries coming from multiple demographics,” he said. 
“With Parramatta currently booming, investors are seeking the next hot spot and given its proximity to the new airport and billions of dollars being invested in infrastructure in the South West, Liverpool is a very good option.”   Sheu said the property was an impressive commercial asset investment that came with value add potential.
“The property is a four-level commercial building that was completed in circa. 2000 and has two levels of security basement parking,” Sheu said.   “The asset offers large efficient floor plates that are light-filled and flexible. The plates are highly desirable to Government tenants with a strong retention history.   “Being in the Liverpool CBD, it provides easy access to the M5 motorway, Hume Highway and arterial roads. It’s also close to the Westfield shopping facilities.”
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Chinese investment group pays $52.5 million for Liverpool office building

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EXPERT OBSERVER
The Urban Taskforce CEO, Tom Forrest, today urged the NSW Government to be bold in their plans for reform of the NSW planning system as new ABS data on housing construction shows that NSW has fallen far behind Victoria and risks sleepwalking into a recession.
Across Australia, the value of construction work on new housing in 2019 declined in New South Wales (-15.5 per cent), Queensland (-10.1 per cent), South Australia (-7.4 per cent), and Western Australia (-14.0 per cent). By contrast, the value of work done on new housing increased: by 0.1 per cent in Victoria, 5.4 per cent in Tasmania and 9.6 per cent in the Australian Capital Territory
NSW has the slowest planning system in the country for every single type of development application according to the NSW Productivity Commissioner, Peter Achterstraat. 
Today’s ABS figures show that in the final three months of 2019, the dollars spent on the construction of new housing in NSW plummeted, and that is before the impact of the bushfires, subsequent floods and the Corona Virus are taken into account. This resulted in a dismal decline in NSW new home construction for the year of 2019.
Today’s ABS figures are a wake-up call for the NSW Government.  The NSW economy needs a stimulus now with new Commonwealth and State funds urgently needed for infrastructure to unlock private sector investment in housing. 
Only increased supply will create downward pressure on housing prices. Rather than increasing taxes on new housing, the NSW Government needs to boost its own spending to unlock private sector investment.
I welcome Premier Berejiklian’s calls for major reforms to the planning system. 
Planning reform is urgently needed because the current planning system is allowing NIMBYs to wreck our economy.  Local groups have successfully pressured Councils and the NSW Government into opposing new housing and apartment development across Sydney. This has slowed up the process, reduced the number of approvals and will result in a shortage in new housing supply.
This downward trend started prior to the State election in 2018 and has gotten worse. This is now having a direct impact on GST revenue, stamp duty revenue, employment and investment.  If urgent steps are not taken to reverse this trend, housing prices will skyrocket while the economy tanks – a worst case scenario.
TOM FORREST is the CEO of Urban Taskforce
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Is NSW sleepwalking into recession? Urban Taskforce's Tom Forrest

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<div>EXPERT OBSERVER</div>
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<div>Plenty of people bemoaned the record low nominal growth in Australia's wage price index in calendar year 2019, myself included.</div>
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<div>Through a prolonged period of high levels of immigration the workforce has clearly become more casualised, and there's been widespread underutilisation as well as wage theft. </div>
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<div>On the other hand, the latest average weekly earnings figures show that there are still plenty of dollars sloshing around some parts of the economy. </div>
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<div>Over the year to November 2019 there was +3.3 per cent growth in average weekly earnings, driven by solid +3.4 per cent growth for full-time employees in the private sector.</div>
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<div>That's well ahead of the rate of inflation of about +1.8 per cent. </div>
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<div>Full-time ordinary time earnings for males increased by +3.2 per cent, which is plenty better than some of the numbers we've seen for men in recent years (while the equivalent figure for females was robust at +3.5 per cent):</div>
 
<div class="separator"><img src="https://1.bp.blogspot.com/-SyB2L8bRUVA/Xk-vRpxsMqI/AAAAAAAA0XE/Lrn-C_wEfMMYQdySez7wuAk_1sGGaTOBQCNcBGAsYHQ/s640/A1.jpg" width="640" height="368" data-original-height="809" data-original-width="1404"></div>
 
<div>For average total male earnings there was very solid growth in Victoria (+5.5 per cent) in particular, as well as in New South Wales (+3.8 per cent). </div>
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<div>In the mining boom glory years male workers drew in extremely strong rates of pay in the Top End - I even lived in Darwin myself for a short time - but those days have long gone, and many workers are leaving the Northern Territory as gravity and mean reversion take hold. </div>
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<div>You can click on the below chart to see how male full-time total earnings have progressed over time by state and territory, with the impact of the end of the mining construction boom in evidence for the resources state figures:</div>
 
<div class="separator"><a href="https://1.bp.blogspot.com/-LpcNpSshjJY/Xk-vRkHSG3I/AAAAAAAA0XI/zeb15JHAWVYEvQdg4c7c9SS3fPKL6JzKgCNcBGAsYHQ/s1600/A2.jpg" target="_blank"><img src="https://1.bp.blogspot.com/-LpcNpSshjJY/Xk-vRkHSG3I/AAAAAAAA0XI/zeb15JHAWVYEvQdg4c7c9SS3fPKL6JzKgCNcBGAsYHQ/s640/A2.jpg" width="640" height="384" data-original-height="826" data-original-width="1371"></a></div>
Sector trends
<div>Overall, average weekly earnings increased by +3.2 per cent over the year to November 2019 to a new high of $1,659, which was a stronger result than the +2.5 per cent seen a year earlier.  </div>
<img src="https://1.bp.blogspot.com/-spjyzBpAnJg/Xk-vRtX1rBI/AAAAAAAA0XM/ri4qmweXsLQdjer9sPAvNXGfMAHXfkgXgCNcBGAsYHQ/s640/AWE.jpg" width="640" height="636" data-original-height="809" data-original-width="814">
<div>Thus while growth in the wage price index has been benign, it's clear that some earners and sectors have been faring reasonably well. </div>
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<div>Higher income earners may include healthcare specialists, construction workers and project managers, engineers, and some of those in tech roles...especially employees based in Melbourne and Sydney. </div>
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<div>Indeed, construction topped the industry sectors for adult ordinary time earnings in 2019, with major infrastructure projects seeing some big pay packets being offered, including in inner-city Brisbane. </div>
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<div>
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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Important market trends investors should keep an eye on: Pete Wargent

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EXPERT OBSERVER
Australians as a whole expect prices to increase by only 3.9% annually over the next two years, according to Roy Morgan surveys conducted in January. This is a slight decrease of 0.1% on December, but down 0.3% on a year ago.
This is the lowest expectation of future price increases to start a year since the series began in 2010 and compares to price expectations of 6.6% annually over the next two years in January 2011.
Comparing price expectations by Federal voting intention shows the highest price expectations are held by those voting for Independents/Others at 4.4% annually over the next two years equal to those who can’t say who they would vote for – also 4.4%.
In terms of supporters of the major parties ALP supporters expect annual price increases of 4.1% over the next two years which is slightly higher than the national average of 3.9% and significantly higher than both L-NP supporters on 3.5% and also Greens supporters on 3.7%.
Roy Morgan’s Inflation Expectations Index measures what Australians believe the future trajectory of prices will be over the next two years. Every Australian brings a unique perspective to the anticipated movement in prices, including which prices are important to them in particular – whether that be food and drink prices, the price at the pump, prices for clothing and footwear, the cost of going to the footy, or prices for financial products, education, housing or transport.
Price expectations in January have dropped to only 3.9% and are now below the record low yearly average of 4% in 2019. Importantly, there are clear differences in perceptions of price increases between supporters of different parties. ALP supporters are the only major party supporters with price expectations above the national average at 4.1% whereas there are significantly lower price expectations for both Greens supporters (3.7%) and L-NP supporters (3.5%) that provide a significant drag on the overall index.
Inflation Expectations by Voting Intention: January 2020
<img src="https://meltwater-apps-production.s3.amazonaws.com/uploads/images/57312c304f003481ed1f1231/image_4679910221582605124165_1582605127519.png" width="525" height="342" data-imagetype="External">
Source: Roy Morgan Single Source: January 2020, n=4,052. Base: Australians 14+.
Price expectations again highest in Queensland and Tasmania, lowest in WA and NSW
There are significant regional differences for price expectations over the next two years. Those in both Tasmania (5.4%) and Queensland (4.4%) continue to have far higher price expectations than anywhere else.
Price expectations in South Australia (4.0%) are marginally above the national average whilst they are slightly below the national average in Victoria (3.8%), NSW (3.7%) and WA (3.7%). 
Inflation Expectations Index long-term trend – Expected Annual Inflation in next 2 years
Click <a href="https://meltwater-apps-production.s3.amazonaws.com/uploads/images/57312c304f003481ed1f1231/image_76785245631582605124167_1582605127842.png">here </a>to enlarge:
<img src="https://meltwater-apps-production.s3.amazonaws.com/uploads/images/57312c304f003481ed1f1231/image_76785245631582605124167_1582605127842.png" width="690" height="420" data-imagetype="External">
Source: Roy Morgan Single Source: Interviews an average of 4,000 Australians per month aged 14+ (Apr. 2010 – Jan. 2020).
January Inflation Expectations are based on personal interviews with a nationally representative sample of 4,052 Australians aged 14+. Price expectations in 2019 averaged a record low 4% across the year slightly beneath the previous low of 4.1% averaged throughout 2016 and the mark of 3.9% for January represents the lowest price expectations to start a year since the series began in April 2010.
MICHELE LEVINE is the CEO of Roy Morgan
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Inflation expectations much higher among ALP supporters than Liberal, National or Greens supporters: Michelle Levine

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In general terms, the Sydney industrial property market performed strongly in 2019 and it will be the most exciting market to watch in 2020, according to the February report from valuation firm Herron Todd White.
The property valuation firm found a notable increase in demand in Sydney’s industrial market over 2019 with tenants and owner-occupiers alike experiencing difficulty finding well located, good quality industrial space, a trend we expect to continue in 2020.
Demand continues to be driven by lack of supply that has been influenced by residential infill re-zonings in traditional industrial precincts close to the Sydney CBD, airport and ports.
The increase in demand for imported goods and the need for transport and logistics centres have also contributed to the strong increase in demand for warehousing space. As a result, well-located industrial precincts with good connectivity to major transport routes and ease of access to regional business centres including Liverpool, Campbelltown, Parramatta, Blacktown and Penrith will continue to perform well this year.
Such precincts include Wetherill Park, Silverwater, Bankstown and Moorebank, all of which are well placed for access to key transport routes.
HTW valuers said, "we saw yield compression across most industrial precincts in 2019 and we expect this to stabilise somewhat in 2020 with most areas showing relatively low yield rates, currently generally sitting between 4% and 7%."
"We expect that in some areas it is possible that these yields will continue to tighten, but more generally we are expecting stability."
"Average rents across most industrial markets in Sydney grew in 2019, particularly in well located precincts that offer ease of access, transport or proximity to the CBD and ports. We expect that this upward trend will continue in 2020.
"A continued lack of land supply will see premiums paid for vacant land and under improved sites. in some areas we have noted the return of developers undertaking industrial developments and some smaller unit developments being undertaken by local land owners."
They said they will be closely watching the Western Sydney Aerotropolis.
HTW forecast that 2020 will provide some great opportunities in the market, however the challenge will be supply, which may make finding the right property difficult.
Investors looking for returns will struggle at the lower end of the market, however some opportunity for returns and longer-term growth exist at the higher end of the market (say above $5 million), they concluded.
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Sydney industrial market driven by lacking supply: HTW Industrial

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We can anticipate the year ahead to remain stable for the Coffs Harbour industrial and commercial property market in 2020, according to the February 2020 report from valuation firm Herron Todd White.
The property valuation firm found the commercial market demonstrates firm yields across a broad spectrum of price ranges.
Based on the current low interest rate climate, these conditions should continue throughout 2020.
Whilst there will be limited impact throughout 2020, HTW would anticipate the market will become aware of the beneficial economic impact the construction development phase will bring to the local property market.
HTW valuers said, "industrial property should benefit and the demand for services will increase."
"We would expect that retailing will remain difficult with a continuation of the current market, featuring high vacancy rates and sensitivity with rental levels."
"The Woolgoolga commercial market is expanding with a number of new developments proceeding and this market should continue to strengthen throughout the year," they concluded.
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