<a href="https://www.urban.com.au/developers/far-east-consortium">Far East Consortium</a>’s 640 Bourke Street stands as a testament to&nbsp;<a href="https://www.urban.com.au/developments/melbourne-vic-3000">Melbourne</a>’s ability to bridge its storied past with a bold vision for the future.&nbsp;

Rising above the heritage-listed Eliza Tinsley building, the development reflects a broader shift toward adaptive reuse in the city, where historical assets are retained and reinterpreted as part of new residential development.

Designed by <a href="https://www.urban.com.au/architects/rothelowman">Rothelowman</a>, <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> incorporates the Eliza Tinsley building as its foundation, housing a grand gallery and lobby space that serve as both a functional and symbolic centrepiece. The heritage façade informs the tower’s design, creating a connection between Melbourne’s past and its contemporary skyline.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=365684]

Above this historic base, the 68-storey tower will deliver just over 600 residences, a notable reduction from earlier schemes, reflecting a deliberate move toward larger-format apartments and a stronger owner-occupier focus.

Unlike traditional CBD developments that prioritised investor stock, 640 Bourke Street has been repositioned to respond to changing buyer expectations.

"The discussion was all around making 640 Bourke Street the best residence to live in, to be much more focused on the people in the building rather than people looking at the building," Marsland explained.&nbsp;

This shift is evident in the development’s interiors, which emphasise practical luxury with spacious layouts, high ceilings, and floor-to-ceiling windows framing sweeping views of Melbourne and Port Phillip Bay.&nbsp;

“What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Lauren Sheldon, Far East Consortium’s Director of Sales and Marketing, said.&nbsp;

[smartcode_project:default project_id=509 project_image_fid=365687]

Rothelowman Associate Jun Chang added, "We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."&nbsp;

Amenities spanning more than 3,000 sqm across multiple levels further reinforce this focus on resident experience. These include a pool, gym, co-working areas, and a range of hospitality-inspired spaces such as a whisky lounge, library, and private dining rooms, many drawing reference from traditional bathhouses and Melbourne’s laneway culture.

"We wanted to make both the pool and the gym area to be absolutely destinational, and when you traverse across to these spaces, there is a gentle familiarity to the beautiful notions of the hammams and the Roman baths, a gentle nod to history," Chang noted.

At street level, the project contributes to the ongoing transformation of the western CBD, with upgrades to Langs Lane and the introduction of retail, hospitality, and gallery spaces designed to activate the precinct and strengthen its connection to the surrounding city fabric.

[smartcode_project:default project_id=509 project_image_fid=365689]

The location places residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market, and the Docklands waterfront, positioning the development within a rapidly evolving inner-city neighbourhood.

"We believe it's the best site left in the city of Melbourne," Craig Williams, Executive Director at Far East Consortium, said.&nbsp;

640 Bourke Street is Far East Consortium’s 14th building in Melbourne’s western CBD.

"A very elegant designed building. It's going to be a Melbourne statement for many, many years to come."

One-bedroom apartments are priced from around $640,000, with 640 Bourke Street targeting completion in 2029.

Renders shown are Artist's Impressions correct as of May 2026.

[smartcode_project_cta:default project_id=509]

Joel Robinson

Heritage-led design anchors Far East Consortium’s 640 Bourke St, Melbourne

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD Group</a> has set a new residential price record in Queensland with the $30 million sale of the penthouse at its <a href="https://www.apartments.com.au/new-apartments/one-burleigh-88-the-esplanade-burleigh-heads-qld-4220">ONE Burleigh</a> development in Burleigh Heads.

The sale equates to around $37,500 per sqm.

The two-level, 800 sqm penthouse, featuring five bedrooms, five bathrooms, five car spaces, and a private infinity pool overlooking the Pacific Ocean, was acquired by a Gold Coast-based entrepreneur, highlighting continued demand for ultra-premium beachfront product.

Selling agent Freddie Tehle of PRD Burleigh Heads said the result reflects tightening supply of high-quality, large-format apartments in Burleigh.

“There’s very limited opportunity to secure this level of scale and absolute beachfront position in <a href="https://www.apartments.com.au/developments/burleigh-heads-qld-4220">Burleigh Heads</a>,” Tehle said.

“Buyers are increasingly seeking apartments that genuinely replace a standalone home, and this penthouse delivers that with its size, privacy, and direct ocean frontage.”

[smartcode_project:default project_id=146358 project_image_fid=323057]

The sale comes as construction progresses on ONE Burleigh, a boutique development of 17 full-floor residences at 88 The Esplanade, scheduled for completion in early 2027.

Developed by MAYD Group and designed by <a href="https://www.apartments.com.au/architects/mas-architecture-studio">MAS Architecture</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/sici-design">Sici Design</a>, the project has been positioned as a collection of house-sized beachfront apartments, each occupying an entire floor with around 381 sqm of internal and external living space.

When construction commenced, MAYD director Todd Mould pointed to the long-term resilience of premium coastal real estate as a key driver behind the project.

“Real estate, particularly at the premium end, remains one of the most resilient and proven long-term investment avenues,” Mould said.

“Our ambition is that anyone who buys a MAYD-built product can genuinely feel the care, craftsmanship and commitment we bring to every detail.”

[smartcode_project:default project_id=146358 project_image_fid=323055]

Each residence has been configured with four bedrooms, multiple living zones, a private office, and expansive ocean-facing terraces. Interiors draw on a restrained material palette, including travertine stone, timber joinery, and integrated premium appliances.

Interior designer Sici Design said the approach was to reflect the project’s coastal setting through both materiality and spatial planning.

“ONE Burleigh is our vision of luxury living, designed to bring the essence of Burleigh Heads' vibrant coastal beauty into an unparalleled residential experience.”

Residents will have access to a suite of wellness-focused amenities, including pools, sauna facilities, and dedicated relaxation spaces, reflecting a broader shift toward lifestyle-driven apartment design on the Gold Coast.

[smartcode_project:default project_id=146358 project_image_fid=323052]

The project occupies a southern Esplanade site with uninterrupted beachfront frontage, an increasingly rare offering in Burleigh Heads, free from the Norfolk Pines that line much of the coastline and often limit direct ocean outlook.

Mould said the design intent was to balance that outlook with a sense of retreat.

“Living at ONE Burleigh is about how your day naturally unfolds, morning light across the ocean, coffee on the balcony, and being in Burleigh but elevated above the noise.”

The result further reinforces Burleigh Heads’ emergence as one of the Gold Coast’s most tightly held and supply-constrained beachfront markets, where boutique, owner-occupier-focused developments are increasingly setting new price benchmarks.

[smartcode_project_cta:default project_id=146358]

MAYD Group sets Queensland record with $30 million penthouse sale at ONE Burleigh in Burleigh Heads

Apartment developers in the Gold Coast are finding new, creative ways to differentiate themselves from competing projects, as new supply starts to flow through up and down the Coast.

Developer BIG Projects brought in the renowned Sydney-based design studio YSG Studio to craft the interiors for The Frederick, BIG Projects' new Mermaid Beach project and YSG Studio's first move into the multi-residential development space.

[smartcode_project:default project_id=110588 project_image_fid=5346]

It was a strategic move for BIG Projects to bring in a Sydney eye to the development.

“Our role is to give our design partners the space and freedom to explore,” says Matt Barrett, Director of BIG Projects.

“We wanted YSG Studio to capture the essence of Nobby’s, to design a building that embraces life, light and connection, while creating a genuine sense of place.”

There are only 39 apartments in The Frederick, including a striking beach house, just 100 metres from the booming Nobby Beach precinct.&nbsp;

[smartcode_project:default project_id=110588 project_image_fid=5347]

Yasmine Ghoniem, Director of YSG Studio, says their vision&nbsp;for The Frederick "reinvents coastal living."

“Nobby’s has such an iconic energy, it’s one of those rare pockets of the Gold Coast where the community, the beach, and the streets all feel connected,” Ghoniem says.

"Responding to the neighbouring coastline, soothing curves add a relaxing regional overlay, while unique detailing really sets it apart. It’s a place that feels lived in from the moment you step inside.”

A standout feature of The Frederick is its rooftop terrace, an uncommon inclusion for a boutique, low-rise building, where amenity is typically concentrated at ground level.

[smartcode_project:default project_id=110588 project_image_fid=5360]

Positioned to capture panoramic views from the hinterland to the ocean, the rooftop has been designed as a series of intimate zones. It includes a pool, sauna, sun decks, workspaces and dedicated entertaining areas.

“The rooftop was conceived as a collection of spaces where residents can unwind and connect, an extension of the Nobby’s lifestyle,” Barrett says.

Architecture for the project was led by Plus Studio, with landscape design by LDG Landscape Architecture.

SRQ Projects Director Nick Clydsdale, who is handling sales at The Frederick, says the majority of enquiry is coming from South East QLD and Victorian buyers who have been actively searching between Broadbeach and Mermaid Beach for some time.

"They’ve reviewed a number of projects, however this one has stood out for its unique detailing and compelling design,"&nbsp;Clydsdale says.

Site demolition is slated for this month, with construction commencing soon after. BIG Projects is targeting a late 2027 completion.

[smartcode_project_cta:default project_id=110588]

Sydney’s YSG Studio makes Gold Coast multi-residential debut with BIG Projects at The Frederick

Melbourne-based property developer ALTA Property has this week achieved planning approval for the adaptive re-use of a former commercial tower into a $200 million, 169-apartment project at 10 Queens Road, one of the last developable sites along the Albert Park Lake-fronting boulevard.&nbsp;

Set within one of Melbourne’s most sought-after precincts and designed by <a href="https://www.apartments.com.au/architects/fraser-partners-0">Fraser and Partners</a>, the illustrious building will offer unparalleled views across Albert Park Lake, Port Phillip Bay and Melbourne CBD.&nbsp;

The mix of 1, 2 and 3-bedroom residences will be complemented by a ground-floor amenity featuring private dining, a lounge bar, gym and wellness spaces, co-working, outdoor communal gardens, and retail.&nbsp;

The 17-storey building is a masterclass in adaptive re-use, with the existing commercial building’s façade, shell and internal structure to be retained, before high-end residences are built from the ground up in a newly built Albert Park facing addition to the building.&nbsp;

Sitting atop the building will be two 320+sqm penthouses with private rooftop terraces, which are expected to be priced between $9 - $11 million.&nbsp;

<img alt="ALTA Property achieves permit approval for $200 million Queens Road tower" data-entity-type="file" data-entity-uuid="aa11211b-5581-43f9-940c-fc84d30a0e61" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/C_04.png?VersionId=Yhf5p_1EgGDu_zOIMFgvA8Ug8j3sTFQs" />

Architecturally, the building will feature a curved, geometric façade that celebrates and elevates the existing structure, with warm, muted tones which were selected to extend the materiality of the existing building rather than contrast it.&nbsp;

Interiors will bring together three metre high ceilings with waffle concrete in some spaces, natural timber, granite and Australian materials, culminating in crafted, generous and considered spaces that are defined by authenticity.&nbsp;

The adaptive re-use means that the Queens Road project will be a sustainability led, high-quality finished product, with a 62% saving in carbon emissions by re-using the existing structure rather than knocking it down and rebuilding.&nbsp;

ALTA Property was launched by Nigel Givoni in 2023, bringing over 25 years of experience in multi level residential delivery.&nbsp;

Melbourne’s property market growth is currently led by apartments. According to RPM VIC Apartments &amp; Townhomes Market Report (April 2026), units are outpacing houses, especially in the middle ring suburbs where median prices hit $757,500 – a four-year high that represents 2.9 percent growth quarter-on-quarter.&nbsp;

<img alt="ALTA Property achieves permit approval for $200 million Queens Road tower" data-entity-type="file" data-entity-uuid="647e13d7-b4bc-433a-9bc9-fe3c3dd4f2ec" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/V_06.png?VersionId=ou4NUCWUgA3NAy.6CQJlEdKX50j3dOk6" />

For ALTA Property Founder Nigel Givoni, this performance speaks to the confidence he has in the Melbourne market.&nbsp;

“Queens Road represents a rare opportunity to continue to shape our presence in the Melbourne market.,"&nbsp;Givoni says.

"With a considered project team and a premier site along one of the city’s most sought-after boulevards, we look forward to contributing to the fabric of this established address.

“Other Australian markets are getting a lot of attention, but I believe the depth of value in Melbourne is being overlooked. The fundamentals are strong, population growth is steady and, based on our preliminary conversations with a leading builder, construction costs are beginning to normalise, creating further opportunity."

Givoni says the project is a&nbsp;highly considered example of adaptive re-use, delivering quality, high-end residences, premium hotel-inspired amenities and an architecturally striking façade, all achieved without the need to remove the existing structure.

"We are really looking forward to the market’s response,” he said.&nbsp;

ALTA Property to deliver $200 million Queens Road apartment tower

Construction is set to begin at <a href="https://www.apartments.com.au/new-townhouses/orchard-mews-glen-iris-18-scott-grove-glen-iris-vic-3146">Orchard Mews</a> in Glen Iris, with&nbsp;PC Whitehall &amp; Sons&nbsp;now appointed as the townhome development moves into its next phase.

The development by&nbsp;<a href="https://www.apartments.com.au/developers/montcoeur">MontCoeur</a>,&nbsp;located at 18 Scott Grove, is now around 30 per cent sold, with completion targeted for late-2027.

Orchard Mews comprises a curated collection of three- and four-bedroom customisable townhomes, positioned within one of <a href="https://www.apartments.com.au/developments/glen-iris-vic-3146">Glen Iris</a>’ more tightly held residential streets. The low-density project has been designed by <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a>, with landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/jack-merlo">Jack Merlo</a>, bringing together a team known for high-end residential projects across Melbourne.

[smartcode_project:default project_id=150128 project_image_fid=366285]

The development is defined by its focus on flexible living and long-term usability. Each residence includes multiple living zones and a customisable multipurpose room, allowing buyers to tailor spaces to suit changing needs, whether as a home office, additional bedroom, wellness area or entertainment space.

Architecturally, the townhomes emphasise natural light and spatial volume, with dual-aspect layouts and double-height living areas incorporated into the design. Interiors feature natural stone benchtops, premium appliances, and a neutral material palette intended to support everyday functionality rather than statement-driven finishes.

All residences are all-electric and include private lifts and secure double garages, reflecting a broader shift toward sustainability and future-focused housing in Melbourne’s established suburbs.

[smartcode_project:default project_id=150128 project_image_fid=366277]

Outdoor connections are also central to the offering, with a mix of private courtyards and terraces extending internal living spaces and integrating with the landscaped surrounds.

The Scott Grove address places Orchard Mews within close proximity to some of Melbourne’s key lifestyle and education amenities, including Scotch College, Sacré Cœur, Cabrini Hospital and the retail hub of Chadstone. Public transport access is also nearby, with trams and Gardiner Station providing connectivity to the CBD and surrounding suburbs.

[smartcode_project_cta:default project_id=150128]

Construction to commence at luxury Glen Iris townhome project, Orchard Mews

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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The residential market throughout the Ballina Shire began the 2019 year somewhat slowly.
It came after heated market conditions throughout 2016, 2017 and early 2018, according to the December 2019 report from Herron Todd White (HTW). 
The valuation firm found that while market conditions were comparatively slow, no noticeable falls in value levels were experienced.
In the second half of 2019 there was a moderate increase in market activity, however local agents still report that listings need to be priced appropriately for any interest to be generated.
"The prestige market in the sought after coastal locations of Lennox Head, Skennars Head and East Ballina as well as the sought after rural localities towards the north of the Shire remain strong which can be partly attributed to the recent upswing in the Sydney and Melbourne markets," HTW said. 
"Local agents report limited stock available for sale across this market segment, creating some upward pressure on value levels, however again listings need to be priced appropriately."
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Ballina Shire residential property market strengthened in late 2019: HTW Residential

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Five developers, including two well-known institutional entities, are behind the purchase of $136 million worth of Caltex service station properties across Australia with plans for a mix of residential and retail development. 
The sales of the 25 properties - 15 in NSW, eight in Victoria, and one each in Queensland and WA - were brokered by CBRE’s Mark Wizel and Julian White with Lincoln Blackledge of Stonebridge. 
The institutional buyers purchased several sites, while three other groups purchased single sites. 
Wizel said the marketing campaign had attracted more than 2000 enquiries and ultimately 160 offers.
He said developers had been attracted by strong locations, the lack of development site options, predictions of housing undersupply, and the license agreement that offered an income well above what they were currently returning on cash in the bank. 
“Given widely forecast predictions of a looming undersupply of apartments, purchasing one or more of these sites was an ideal way to build a pipeline to cater to pent up demand whilst generating an attractive income in the interim,’’ Wizel said. 
“The market’s response to the campaign was not surprising, indeed it was a clear indication that confidence is returning to the residential development sector on the back of what has been perhaps a surprisingly quick rebound in housing prices across key markets.’’
He said the fact that the bulk of the sites were extremely well located to transport, schools and town centres made them ideal for residential redevelopment. 
Caltex Chief Development Officer David Bridger said the success of the campaign had unambiguously vindicated the divestment strategy involving a portfolio of 50 well located properties. 
“These sites had been identified as having a higher and better, non-fuel related use and obviously the market is in accord with that rationale given the success of this first tranche of sites we are very confident in putting to market another 25 sites across Australia early next year,’’ Bridger said. 
White said the properties, located in prime suburban precincts, including Surfers Paradise, Bondi, Mascot, Box Hill, and Perth, were sold via an expressions of interest campaign with purchasers having options to buy individual sites, sites in any combination or the offering as a whole.
He said the currently trading petrol stations - the first in tranche of a 50 property divestment strategy - would soon cease trading with remediation to be undertaken under a license agreement.
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CBRE and Stonebridge broker Caltex service stations sales across Australia

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Australian household electricity have risen exponentially in the last decade, however new data shows that they could drop by as much as 20% by 2022 in some areas. 
Modelling conducted by the Australian Energy Market Commission (AEMC) indicate that a wave of new renewable energy entering the electricity grid is pushing down retail prices. 
Retail electricity bills are projected to fall nationally at a 7.1% average between 2019 and 2022. 
In south-east Queensland, household bills are expected to fall by 20% in that time - an average annual saving of $278. Falls in other states are projected to be smaller. 
The National Electricity Market (NEM) is one of the largest interconnected electricity systems in the world.
It comprises approximately 40,000 kilometres of transmission lines and cables, supplying nine million customers in all states and territories other than Western Australia and the Northern Territory. 
Prices have risen since 2009, after more than half a century of consistently cheaper electricity year-on-year, due to a significant and largely unnecessary rise in spending on network infrastructure, uncertainty about climate policy, and a large increase in wholesale prices. 
The latter was triggered by both rising coal and gas prices and sudden exit of coal-fired power generators, and created a disorderly transition to firmed renewables. 
The recent modelling however showed that additional electricity supply is now putting significant downward pressure on wholesale prices. 
This is due to a very large quantity of new renewable projects coming online, adding much-needed supply. 
The sudden closure of coal-fired power stations such as Hazelwood in Victoria took a lot of electricity from the system, leading to higher wholesale prices.
This drove new investment in gas, wind and solar generation, which is projected to cause prices to fall. 
Modelling shows wholesale costs falling by 10-17% by 2022 across the NEM, which should flow on to the retail price paid by households.
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AEMC predicts power prices in Australia to fall significantly 

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Nine markets, the most recent being Sydney, Lismore and the Gold Coast have all reached the peak of the office market, according to valuation firm Herron Todd White latest report.
In their December National Property Clock for the office market, Herron Todd White found Ballina/Byron Bay, Coffs Harbour, Dubbo, South East NSW and the Sunshine Coast have been at the peak of the office market at least a month now.
The Illawarra office market has begun approaching it's peak as well.
Brisbane is now classified as a rising market, joining Ballarat.
Office markets that are just beginning their recovery this month Geelong and Newcastle who have joined that likes of Adelaide and Canberra, markets where a recovery as already begun.
Three capital cities remained in a bottom of the market position, Darwin, Perth and Hobart.
They are joined by Cairns, Launceston, Mackay, and Townsville, among others.
<a href="https://www.propertyobserver.com.au/images/2019/12/9/HTW%20Office%20Clock%20Decembe%202019.JPG" target="_blank">Click here</a> to enlarge:
<img src="https://www.urban.com.au/images/2019/12/9/HTW%20Office%20Clock%20Decembe%202019.JPG" alt="">
Alice Springs and Ecucha have continued to decline while the Mid North Coast is still at the beginning of its fall.
Rockhampton has joined Gladstone and South West WA as they approach the bottom of the market.
"It should come as no surprise that there was a mixed bag of results for the office market in 2019," the HTW report noted.
"Many big-city investors were looking to shore up cash flow by concentrating on commercial stock, which led to incredibly strong prices, but in less-populated areas, the outcomes were a bit more subdued."
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Sydney joins Melbourne as a peak office property market: HTW December Office Clock

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<a href="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/file/Australia/2019/March/er20190312BullAustralianBusinessConditionsFeb.pdf">E</a>XPERT OBSERVER
As the 2019 year draws towards a close, conditions in the Australian economy remain weak. Policy stimulus is struggling to gain traction. The NAB business survey for November reports that business conditions have stabilised at low levels.
The survey was conducted from November 19 to 29. Given this timing, the survey is unlikely to have fully captured the recent “sales” - with Black Friday falling on November 29 and Cyber Monday on December 2.
The business conditions index was unchanged at +4, a below average reading. The index has moved broadly sideways since April, after tumbling from +19 over the first half of 2018.
Business confidence fell by 2pts to 0, reversing the 2pt lift in October. Confidence rallied in May, after the Federal election, but the bounce was short-lived. The lack of confidence is understandable in this challenging environment - with weak domestic sales and a slowing global economy, with heightened uncertainty around international trade.
The private business surveys correctly foreshadowed the sharp loss of momentum in the Australian economy from mid-2018, a shift that was led by the home building cycle turning from boom-to-bust, as well as by consumers.
Australia’s September quarter economic report card was another disappointing one - confirming feeble and uneven growth, at 1.7% for the year. The private sector economy is in recession, with private demand contracting by 0.3% in the quarter and declining by 0.4% over the year.
The NAB survey suggests that weak conditions have extended into the December quarter and there is a lack of momentum heading into 2020.
As to business conditions detail for November: trading conditions fell by 1pt to +6; profitability improved but remained weak, up 3pts to +3; and employment conditions moved sideways, at +4.
The survey suggests that employment conditions at this level are consistent with job gains averaging 18k per month near-term (down a little from the 20k per month average for the 2019 year to date).
We note that recently the official jobs data has fallen into line with the more downbeat forward indicators from the private business surveys to be consistent with the sluggish output results. The six month annualised pace of jobs growth has slowed to 1.6%, down from 2.5% in March.
Forward orders are weak, after a one-off gain in October, falling by 5pts to -2.
By industry, while aggregate business conditions have stabilised there has been some shift in the mix. The goods sectors have tended to weaken further since April, while services have improved somewhat. The consumer sectors have lifted off their lows, but retail is still as weak levels.
By state, weakness in trend business conditions is broadly based. Of note, the survey reports that conditions have eased in recent months in WA, mirroring the trend in the mining sector, as commodity prices moderate. Over the past three months, conditions in Qld are reportedly the softest of any of the states.
Read full report <a href="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/file/Australia/2019/December/er20191210BullAustralianBusinessConditions2019Nov.pdf">'Australian business conditions November' (PDF 201kb)</a>
ANDREW HANLAN is a senior economist for Westpac 
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Australian business conditions & confidence stablise: Andrew Hanlan

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The sod has been turned and work has commenced on Merrifield City, a retail-led town centre for Victoria’s largest mixed-use master planned community, Merrifield. 
The joint venture between QIC GRE and Merrifield developers – MAB Corporation and Gibson Property Corporation sits at the heart of Merrifield.
It is a 900-hectare, master planned community located in Mickleham, Merrifield City where retail spending for the growth corridor is also projected to rise substantially to circa $2.7 billion by 2036.
Mr Stubbings said QIC GRE’s partnership with MAB Corporation and GPC was established in 2014 when QIC GRE acquired a 50% stake in the greenfield site, as well as development and management rights.
He said, “once complete, Merrifield will be home to over 8,000 dwellings and, with a dedicated business park, create more than 30,000 jobs.
“The first stage of the vision for Merrifield City will be dynamic and convenience-based, focused on food and essential offers that service people day and night, as well as introduce the region’s first supermarket, Coles.”
"It will incorporate 6,700 sqm of retail space comprising Coles, two mini-majors and 19 speciality retailers, as well as an at-grade car park for 350 vehicles and a kid’s play zone."
MAB Corporation Managing Director, Andrew Buxton, said with stage one works already underway, Merrifield City is expected to open its doors to the community in late-2020.
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Construction commences on Merrifield City retail centre

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EXPERT OBSERVER
Despite election talk of reducing the permanent intake into Australia, any prospective slowdown has been offset by an increase in temporary visa issuance. 
<div>The big drivers have been seen in student visas, bridging visas, and other visitors.</div>
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<div class="separator"><img src="https://1.bp.blogspot.com/-2dolV8p17RI/Xe1r4gkH2gI/AAAAAAAAzRw/IeetJKg5qFgWXm5cF3qROpTq3BnHYzE9ACNcBGAsYHQ/s640/A1.jpg" width="640" height="374" data-original-height="817" data-original-width="1398"></div>
 In particular, student visas have exploded into Sydney and Melbourne. 
<div class="separator"><img src="https://1.bp.blogspot.com/-hYmdWqZ2KKo/Xe1stn5KXPI/AAAAAAAAzSA/UgSES-Ow_400t_FzvJt1VF7WbUecawliQCNcBGAsYHQ/s640/A3.jpg" width="640" height="222" data-original-height="258" data-original-width="743"></div>
 The total number of temporary visas hit a record high 2.3 million in Q3 2019. 
<div class="separator"><img src="https://1.bp.blogspot.com/-8d-Y6SOpCok/Xe1r4jQv62I/AAAAAAAAzR0/blfhsvjEnes8K7TRpFUotwkXhHg0nWV7ACNcBGAsYHQ/s640/A2.jpg" width="640" height="382" data-original-height="801" data-original-width="1339"></div>
 
<div>Temporary visas on issue have fairly consistently increased by about 100,000 per annum over the past six years, from 1.7 million in 2013 to a record high of 2.3 million as at September 2019. </div>
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<div class="separator"><img src="https://1.bp.blogspot.com/-hRMdurDD-gU/Xe1tTj9GfBI/AAAAAAAAzSI/D7uRiuenV_kc9R_a6ONc6lfH22qCS3EVgCNcBGAsYHQ/s640/A4.jpg" width="640" height="244" data-original-height="280" data-original-width="729"></div>
<div class="separator"> </div>
<div class="separator">This means that population growth, when including temporary and permanent immigration, and the natural population increase (births minus deaths), is running at close to 400,000 per annum.</div>
<div class="separator"> </div>
<div>I recently <a href="https://gonextlevelwealth.com.au/the-stars-never-align-perfectly-2-minute-video/" target="_blank">discussed here</a> that while population growth can drive housing prices, it isn't a precondition for rising prices. </div>
<div> </div>
<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>. </div>
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No slowdown in visa issuance: Pete Wargent

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EXPERT OBSERVER
There’s been a striking absence of balance in newspaper coverage of real estate in recent times. That mythical beast that some analysts call “the Australian property market” has been having either a rampant boom or a catastrophic collapse, with little middle ground.
Residential property appears to exist in a no-win situation. When prices were falling in some of our major markets earlier in the year, it was described as a national crisis. It was the biggest downturn on record and consumers were refusing to spend because their property values were “plummeting”.
And now that prices are rising again, that’s a catastrophe as well - because affordability is evaporating and no one will be able to buy.  APRA will be forced to act to squash rampant price escalation.
We have far too many economists, journalists and other poorly-credentialled commentators stressing over the resurgence in the so-called national property market. Consumers would benefit if everyone took a cold shower and had a wee lie down.
Part of the problem is the obsession with the two biggest cities and the tendency towards generalisation. Far too often, outcomes in Melbourne and Sydney are converted into a national scenario which plainly does not exist. Another part of the issue is sensationalism.
Here’s the Financial Review on 3 December: “Economists warn that Australia’s banking regulators will be pressured into introducing a new round of macroprudential tightening measures if the strong and swift surge in house prices continues into the new year.”
The Sydney Morning Herald on 2 December wrote: “Clearly, such increases in prices cannot be sustained. Sydney is growing at an annualised rate of almost 40% and Melbourne at almost 30% which – if continued – would see the median price hit $1.3 million and $1 million respectively by this time next year.”
A 5 December article on domain.com.au quoted economists from NAB, St George and AMP Capital fretting over the “sharp upturn” in prices and the return to “boom-time behaviour”. The lack of quality analysis was reflected in AMP’s Shane Oliver comment that prices may go ballistic because “it has that feel about it”, while NAB’s Alan Oster was quoted as saying: “We’re not sure if it will keep going. But we didn’t expect it to be this quick.”
Another SMH headline shouted: “RBA and Government walk tightrope on soaring house prices”.
All this and a lot more was based on one month’s price data from a single research source. Mainstream media has gone overboard in the coverage of this breath-taking event – and most have compounded their over-reaction by attributing everything to the recent interest rate reductions. 
An economics writer at The Australian wrote on 2 December that “the Reserve Bank’s controversial interest rate cuts have electrified the national housing market”. On the same day, an article in the Fairfax network had this headline: “Sydney and Melbourne house values surge on lower interest rates”. 
And a “business columnist” wrote in The Age: “Residential property prices are on a headline-grabbing tear as monthly growth rates hit a 21-year record ... The floodgates have started to open as cheap money has unleased pent-up demand and spurred buyers to bid up prices”.
This is kindergarten analysis. What about the host of other major factors which have influenced our many and varied real estate markets – like the Federal Election result, the APRA changes, the tax cuts, the assistance package for first-home buyers, the rise in consumer sentiment, the general shortage of supply - and, in some markets, big population growth and major infrastructure spending.
One research source claims big rises in Melbourne and Sydney in November (but less prolific rises for the bulk of the nation) and journalists have run amok.
I would pose this question: When did journalists stop questioning things? And when was it okay for writers to not have expertise on the subject about which they are writing?
A well-informed commentator would know this: if you source the latest price data on any of our capital cities from four different big-name entities, you get four different results. And often the figures from one source contradict those from another.
There are several major cities where, in annual terms, prices have risen according to some sources, but have fallen according to others. 
Misinformation abounds in real estate coverage and the losers are real estate consumers. It’s time for everyone to lift their game in 2020. But I won’t be holding my breath.
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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Too much generalisation in Australian real estate: Hotspotting's Terry Ryder

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GUEST OBSERVATION
The effective exclusion of Uber from London, one of the digital platform’s most lucrative markets, adds to a small but significant list of places putting up roadblocks to “uberisation”.
Governments in Bulgaria, China, Denmark, Hungary and Australia’s Northern Territory have all made conditions hostile to Uber. There are partial bans in Finland, France, Germany, Italy and the Netherlands.
Specific reasons for the bans differ. In the case of London it is thousands of cases of unauthorised, uninsured drivers using verified driver accounts to pick up passengers.
Behind safety concerns, though, is also a deep resentment towards Uber itself circumventing regulations. This has led, in 2016 and 2014, to thousands of drivers of London’s traditional black cabs jamming the city <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2016-02-11/london-black-cab-drivers-block-streets-in-uber-protest/7158214" target="_blank">in protest</a>.
Uberisation refers to the use of a computing platform to facilitate transactions between service providers and customers, often bypassing a traditional organisational intermediary. Uber pioneered this in “ride-sharing” and has pushed aggressively into food delivery. Its most controversial bypass is the traditional employment relationship.
This is epitomised by the case of Amita Gupta, the Australian Uber Eats driver fired for being <a href="https://www.smh.com.au/business/workplace/uber-eats-driver-sacked-for-being-10-minutes-late-seeks-tribunal-appeal-20191115-p53b2f" target="_blank">ten minutes late</a> in delivering a food order. Gupta’s claim of unfair dismissal was rejected by Australia’s federal Fair Work Commission on the basis she was an independent contractor, not an employee, and therefore not covered by the protections of Australia’s Fair Work Act. (She is now appealing to the <a href="https://www.smh.com.au/business/workplace/uber-eats-drivers-only-free-to-negotiate-a-lower-rate-of-pay-20191118-p53bnn" target="_blank">full bench of the Fair Work Commission</a>.)
The good news, as the London ban on Uber signals, is that uberisation is not an unstoppable force. For all its attractions to companies keen to hire labour while circumventing costly labour laws, it is destined to clash with the controls required to keep capitalism ticking over.
That’s no cause for complacency, though, because even if uberisation has its limits, we are seeing the apparent normalisation of all forms of precarious and insecure work.
The revolution that never happened
In 2015, with a crush of Uber-inspired startups rushing to market, <a href="https://www.huffingtonpost.ca/2015/04/01/uberization-uber-of-everything_n_6971752" target="_blank">a Huffington Post article</a> predicted the combination of “realtime data, mobile payments, instant gratification and dynamic pricing” was the beginning of “an on-demand revolution that will ‘Uberize’ the entire economy.”
This hasn’t happened.
In the <a href="https://www.nber.org/papers/w22667" target="_blank">United States</a> the percentage of workers in precarious employment – including agency temps, contract workers, independent contractors, freelancers and the like – rose from 10.7% in 2005 to 15.8% in 2015. Only an estimated 0.5% were involved with online intermediaries like Uber.
A <a href="http://natcen.ac.uk/media/1543748/The-characteristics-of-those-in-the-gig-economy.pdf" target="_blank">2018 report</a> for Britain’s Department for Business, Energy and Industrial Strategy estimated less than 1% of British workers relied on the gig economy for the majority of their income.
In Australia, our analysis of the data presented by Deloitte Access Economics for the <a href="https://www.finance.nsw.gov.au/sites/default/files/Deloitte_Report_Review_Collaborative_Economy.pdf" target="_blank">NSW Department of Finance, Services and Innovation</a> suggests 1.6% of the population earn money in the gig economy, often as supplement to other income.
The limits of capitalism’s logic
Uber and other labour-based digital platforms reveal the limits of the logic of contemporary capitalism: a logic based on the assumed value of deregulated markets that operate best with minimal interference by the state.
Their business models follow a textbook formula of unfettered capitalism. It eliminates employment obligations in favour of a spartan market-based economic exchange between capital and labour. Paid holidays, pension contributions, minimum wage, sick leave and protection from unfair dismissal – with a click on an app, all these hard-won rights disappear.
If this were to become the dominant economic model, it would undermine the system rather than help it flourish. More workers would find themselves among the “working poor”, unable to sustain themselves and their families. The burden on the welfare state would increase. Conflict and industrial unrest would escalate, as it has wherever Uber has set up shop, be it in <a href="https://www.smh.com.au/world/north-america/almost-100-000-drivers-accuse-uber-of-wage-theft-20191108-p538kv" target="_blank">New York</a>, <a href="https://www.bbc.com/news/business-48190176" target="_blank">London</a>, <a href="https://fortune.com/2016/12/16/france-uber-protest/" target="_blank">Paris</a>, <a href="https://www.dw.com/en/spain-police-crane-lift-taxis-to-break-anti-uber-protest/a-47269876" target="_blank">Madrid</a>, <a href="https://www.bbc.com/news/av/world-europe-39046463/uber-threat-drives-noisy-italy-protests-by-taxi-drivers" target="_blank">Rome</a>, <a href="https://www.dw.com/en/germanys-taxi-drivers-protest-uber-deregulation-plans/a-48277628" target="_blank">Berlin</a>, <a href="https://www.bbc.com/news/av/world-africa-49008968/uber-drivers-in-nairobi-explain-why-they-are-on-strike" target="_blank">Nairobi</a>, <a href="https://www.theguardian.com/world/2017/sep/08/violence-erupts-taxi-uber-drivers-johannesburg" target="_blank">Johannesburg</a>, <a href="https://www.reuters.com/article/us-uber-ola-strike/uber-ola-drivers-strike-in-india-demanding-higher-fares-idUSKCN1MW1WZ" target="_blank">Delhi</a>, <a href="https://www.bbc.com/news/av/world-asia-35868569/scuffles-at-jakarta-uber-protest" target="_blank">Jakarta</a> or <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-05-08/uber-drivers-stage-global-protest-over-pay-and-conditions/11092696" target="_blank">Melbourne</a>.
The business model is parasitical. It depends on the regular economy to subsidise it. And yet this is still not enough. To date <a href="https://www.forbes.com/sites/lensherman/2017/12/14/why-cant-uber-make-money/#45bd196e10ec" target="_blank">Uber has never recorded a profit</a>. When it listed on the New York Stock Exchange, <a href="https://www.bloomberg.com/news/articles/2019-04-12/uber-ipo-filing-warns-that-drivers-will-be-even-less-happy" target="_blank">its Initial Public Offering filing</a> revealed its plan to further “reduce driver incentives to improve our financial performance”.
Normalising precarious work
While we can be relieved the gig economy hasn’t become more widespread, it is a concern that these platforms’ high profiles and extensive marketing have helped normalise and sanitise business models with parasitical employment practices.
Celebrities to have fronted Uber Eats advertisements in Australia, for example, include Boy George, Sophie Monk, Naomi Watts, Nic Naitanui, Ryan Moloney, Peter FitzSimons, Rebel Wilson, Ruby Rose, Lee Lin Chin and Ray Martin. Its most recent campaign features Jimmy Barnes, John Farnham and Anh Do.
Such endorsements have arguably helped to make Uber Eats and all forms of precarious work more acceptable.
In Australia, some research suggests the number of workers who feel insecure in their jobs has been <a href="https://theconversation.com/workers-are-actually-feeling-less-insecure-in-their-jobs-81836" target="_blank">relatively stable for the past two decades</a>, as have <a href="https://theconversation.com/factcheck-has-the-level-of-casual-employment-in-australia-stayed-steady-for-the-past-18-years-56212" target="_blank">casualisation</a> and <a href="https://theconversation.com/australian-jobs-arent-becoming-less-secure-99739" target="_blank">self-employment</a>. But Australia also tops the OECD <a href="https://www.macrobusiness.com.au/2018/05/australia-tops-oecd-insecure-work/" target="_blank">in its levels of casual and contract work</a>. Given <a href="https://www.theguardian.com/business/2019/aug/14/wage-growth-in-australia-stagnant-at-23-despite-hourly-rate-rise" target="_blank">stagnant wage growth</a>, <a href="http://www.roymorgan.com/findings/7733-wealth-inequality-in-australia-is-getting-worse-201809210554" target="_blank">widening inequality</a>, <a href="https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/BriefingBook45p/HousingAffordability" target="_blank">falling housing affordability</a>, a <a href="https://www.smartcompany.com.au/business-advice/politics/wage-theft-woolworths-senate/" target="_blank">mounting wage theft crisis</a> and <a href="https://theconversation.com/self-employment-and-casual-work-arent-increasing-but-so-many-jobs-are-insecure-whats-going-on-100668" target="_blank">growing corporate power</a>, it is clear that feelings of insecurity and precariousness about work are painfully real for many.
So even without Uber taking over the world, we might all end up damagingly closer to the situation workers like Amita Gupta have found themselves in.<img src="https://counter.theconversation.com/content/127234/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;">
Peter Fleming, Professor, University of Technology Sydney.
Carl Rhodes, Professor of Organization Studies, University of Technology Sydney.
Kyoung-Hee Yu, Associate Professor, University of Technology Sydney.
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/uber-might-not-take-over-the-world-but-it-is-still-normalising-job-insecurity-127234" target="_blank">original article</a>.
Photo credit: <a href="http://www.quotecatalog.com/" target="_blank">www.quotecatalog.com</a>
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Uber might not take over the world, but it is still normalising job insecurity

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A prime commercial landholding in Camberwell has sold to a local buyer for $10,050,000 at auction.
The 1,965 sqm block at <a href="https://www.commercialrealestate.com.au/property/398-410-burke-road-camberwell-vic-3124-2015782263" target="_blank">398-410 Burke Road</a> comprises six adjoining retail and commercial freehold buildings in the South Camberwell Retail Village.
The Bakers Wife bakery, the restaurant Squires Loft, Kinban Building Consultants, Dealing in Design and Rod Lord Restorations are just some of the tenants.
Savills Australia agents Jesse Radisich, Nick Peden, and Benson Zhou secured the sale at a tight 1.65% yield and a land rate of $5,120 per sqm within one week following the close of expressions of interest. 
They had strong interest from offshore and local buyers.
Radisich said numerous international and local buyers were attracted to the site’s significant existing rental income, prime location, development potential, and the scarcity of the offering in terms of scale. 
“398-410 Burke Road lends itself to a host of possible outcomes,” Radisich said. 
“In a very positive sign of strength in the market, a cashed up local buyer was able to outbid strong off-shore and other local interest, with an incredibly short settlement period of just 23 days.” 
“The property is located in a Commercial 1 Zone, and the current owner was very deliberate in not putting in place any long-term leases at the property which would restrict short-term development potential. 
"This of course makes the site ideal for a prime mixed-use development in the near future.”  
Nick Peden said it is rare for a site of this scale to be offered to the market within a prime retail strip. 
 
 
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