<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

<html><body>
EXPERT OBSERVER
Sydney is currently blanketed by smoke haze from severe bushfires that have burned through New South Wales.
Air pollution levels on Thursday reached <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-11-21/sydney-smoke-from-fires-unlikely-to-clear-today-authorities-warn/11723876" target="_blank">hazardous levels</a> for the second time in a week. The NSW Rural Fire Service has warned that haze could be around for days.
On Thursday, several locations in Sydney had air quality index levels above 1,000. Anything over 200 is considered hazardous. Health authorities in Sydney have asked children to stay indoors.
You might be surprised to hear that while air pollution is <a href="https://www.who.int/health-topics/air-pollution" target="_blank">bad for our health</a>, it can also be bad for the economy.
In our forthcoming study in the <a href="https://fbe.unimelb.edu.au/research/streams/decision-making-and-markets/market-impact-of-chinese-haze-events" target="_blank">Journal of Corporate Finance</a> we show that air pollution impairs forecasts by financial analysts. This has implications for our financial system, which relies on accurate and timely information.
Air pollution has been <a href="https://www.theguardian.com/environment/2016/may/12/air-pollution-rising-at-an-alarming-rate-in-worlds-cities" target="_blank">rising worldwide</a>. Currently, four in every five city dwellers are exposed to dangerous levels of outdoor pollution. We know that as well as harming physical health, it hurts <a href="https://www.aeaweb.org/articles?id=10.1257/aer.102.7.3652" target="_blank">worker productivity</a>.
We investigated whether it also harms the decision-making ability of financial analysts. This is important because their reports play a crucial role in the functioning of capital markets.
<a href="https://images.theconversation.com/files/302898/original/file-20191121-515-1iebhwu.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/302898/original/file-20191121-515-1iebhwu.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
Beijing smoke haze, November 2018. ROMAN PILIPEY/EPA
China is an ideal place to study it.
Over the past 20 years China has faced severe air pollution, including the infamous “<a href="https://qz.com/159105/2013-will-be-remembered-as-the-year-that-deadly-suffocating-smog-consumed-china/" target="_blank">airpocalypse</a>” which struck Bejing in 2013, when average air quality levels remained hazardous for much of the year.
Recently China has made headway in reducing air pollution, but it remains a significant issue.
China is not alone – emerging and developing nations such as Brazil, India and Iran face similar problems – so our study is useful for understanding the economic effects of pollution elsewhere.
We examined the pollution levels in different cities on the days Chinese companies announced their earnings.
<h2>The more hazy the location, the more hazy the thinking</h2>
Most Chinese companies are followed by analysts in a number of Chinese cities. On earnings days, some are experiencing haze and others are not.
We were able to examine more than 59,000 publicly available forecasts from more than 2,000 analysts. We used published phone numbers to identify their locations.
We found those that were exposed to haze produced less bold forecasts, less timely forecasts, and less accurate forecasts
Analysts exposed to pollution were
<ul>
<li>
4.8% less likely to differentiate their forecasts from those of other analysts
</li>
<li>
4% less likely to incorporate the new information from the announcements into their forecasts
</li>
<li>
14% less likely to revise their forecasts at all within two days the announcements.
</li>
</ul>
<h2>Hazy thinking matters</h2>
We are not sure why. We know that air pollution has negative effects on physical health and <a href="https://www.propertyobserver.com.au/https://www.ncbi.nlm.nih.gov/pubmed/25673816">mood</a> and we know that financial analysts are exposed to pollution not only when outside, but also at home and in the office, since filtering systems <a href="https://www.propertyobserver.com.au/https://www.tandfonline.com/doi/abs/10.1080/02786820117903" target="_blank">cannot completely clean the air</a>.
Investors rely on analysts to provide information. Earnings announcements are key information events. Poor forecasts resulting from those events are an indirect negative effect of high levels of pollution.
Those indirect negative effects might be widespread, extending as far as manufacturing, schools and services industries. They add to the case for cleaning up air.
<a href="https://theconversation.com/profiles/naomi-soderstrom-892532" target="_blank">Naomi Soderstrom</a>, Professor of Accounting and Deputy Head of Department, <a href="http://theconversation.com/institutions/university-of-melbourne-722" target="_blank">University of Melbourne</a> and <a href="https://theconversation.com/profiles/chao-kevin-li-892606" target="_blank">Chao Kevin Li</a>, Lecturer School of Accounting, <a href="http://theconversation.com/institutions/unsw-1414" target="_blank">UNSW</a>
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/smoke-haze-hurts-financial-markets-as-well-as-the-environment-127511" target="_blank">original article</a>.
</body></html>

j.ballantyne1990-6AQqhLzZaK

Smoke haze hurts financial markets as well as the environment

<html><body>
The Canberra retail market has continued to display stable sales and leasing activity throughout 2019 with early indications of market strengthening taking place, underpinned by the recent interest rate reduction by the Reserve Bank, low unemployment, vacancy levels below the ten year average and continued population growth, according to the latest retail report from Herron Todd White.
The property valuation firm found retail sale statistics issued in August by the ABS indicated a growth rate of 1.9 per cent (above the national average) in seasonally adjusted terms for the nation’s capital.
It should be noted that while many aspects of the retail market appear positive, a continued divergence between new and old offerings has led to an increased disparity in both demand and rental results.
Non-centrally located and dated stock, often in older local shopping precincts, has seen a spike in vacancies and a softening of rental expectations.
Increases to municipal and council rates continue to be a major concern in the Canberra property sector with these increases often outweighing CPI rental increases.
HTW valuers said, "the market has responded, with local agents indicating that more net leases and increases to recoverable outgoings are being negotiated."
"The outlook for the Canberra retail market is for slow to medium take-up levels to continue over the next 12 months, with a need for incentives to continue," they concluded.
</body></html>

Canberra retail market appears positive: HTW Retail

<html><body>
A 2018 study by Herron Todd White (commissioned by the Property Council of Australia) found that there was about 220,000 square metres of general retail space in the greater Darwin area.
They found that this figure includes properties varying from neighbourhood style centres of two to three shops through to regional retail centres such as Casuarina Square. Of this 220,000 square metres, about 68,000 square metres (or 30 per cent) has come on line in the past two to three years.
HTW valuers said, "unfortunately, this large increase in supply has come on line at a time when Darwin’s population is experiencing a significant decline, with the weaker economy seeing many Darwinites heading interstate in search of work."
"What we have seen has been a drift of businesses to these newer centres, attracted by strong tenant incentives and a desire to follow the ant trail of shoppers."
"As a result of this displacement, vacancies have sprung up, particularly in Darwin CBD and Palmerston CBD. It is difficult to see trading conditions improving in these locations until the population begins to increase," they added.
It is expected that there will be limited rental and capital growth opportunities in Darwin retail centres, especially secondary centres without a major anchor, for the next three to five years, HTW forecast.
</body></html>

Darwin retail sector suffers from declining population: HTW Retail

<html><body>
The Cairns retail property market passed through the bottom of the cycle during the course of 2014, but the limited recovery thus far means that the retail property market remains relatively flat, according to the latest retail report from valuation firm Herron Todd White.
The property valuation firm found that it must be also said that retail property sales in Cairns are extremely sporadic, with most sales involving retail property of mixed use retail and office buildings or tenant buyouts of single premises.
The level of general commercial property sales in Cairns, inclusive of retail and commercial office premises, highlights that activity in the Cairns commercial market remains well below the levels achieved in the 2003 to 2007 period.
Sales volumes have been gradually rebuilding over the past nine years, but are still only averaging around 90 to 100 sales per annum.
The HTW report authors said, "median prices paid specifically for strata titled premises have increased mildly over the past seven years, but our general impression is that prices per square metre of floor area are mostly stable within the $2,500 to $4,500 range for strata units."
"High exposure CBD retail space remains reasonably well occupied, but vacancies are more noticeable in the lesser exposure locations and on the CBD fringe. Rents have remained generally stable, showing ranges of $600 to $800 per square metre per annum for prime CBD space and $1,000 to $1,750 per square metre per annum in key tourist precincts such as the Cairns Esplanade."
"Blue chip retail located within the main Esplanade tourist strip as well as the central business district show reasonably low vacancies, though there is also limited demand from new businesses."
"There remains good investor demand for well leased properties which rarely come onto the market."
"The Cairns retail property market overall has experienced little change thus far during 2019 and is expected to see little change for the remainder of the year," they concluded.
</body></html>

Cairns retail property market remains stagnant: HTW Retail

<html><body>
Hotelier Sam Arnaout has sold his King Street, Sydney CBD building for $23.5 million.
It's believed to have been bought by a luxury retailer who had his eye on a heritage building.
Bidding opened at $18 million, with nine bids driving the price to $23.5 million, when it was knocked down by auctioneer Damien Cooley, reportedly to the luxury watch boutique Swiss Concept owner.
The freehold property, marketed as the perfect office HQ by Colliers International agents Miron Solomons and Harry Bui in conjunction with Savills agent Jordan Lee.
Hermes, Louis Vuitton, Dior, Cartier, Boss, Bally, Tiffany &amp; Co, Bulgari, Frank Muller, Chopard, Zegna all neighbour the property.
The 1887-built heritage-listed property spans six levels with a 310 sqm area. It was designed by architects Sheering &amp; Hennessy.
Hermes recently spent $100 million on the nearby 155 King Street.
Miron Solomons of Colliers International said this is a record breaking result for Sydney’s lux hotspot.
“It’s not often that such a high calibre asset goes to auction in the Sydney CBD and it was impressive to see the who’s who of Sydney’s property market whipping out their calculators and cheque books."
According to Jordan Lee, of Savills Australia, the on market campaign saw a range of interest from around Australia and across Asia Pacific.
“We had a lot of High Net Worth privates looking for flagship assets and a lot of clients in Asia hoping to secure a flagship presence in the Sydney CBD” he said.
</body></html>

jonathanchancellor-7SQnKwU6yx

King Street, Sydney CBD building sells for $23.5 million

<html><body>
Channel Nine is selling two empty shell apartments in the Gatwick Hotel, the site of the 2018 series of The Block.
Both stripped two-bedroom units are on the ground floor.
They are for sale with proposed floor plans.
The smaller of the two, apartment G01, has 128 square metres of floor space.
It has price expectations of about $800,000.
<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/2019/11/18/The%20Gatwick%202.jpg" alt="">
Neighbouring G02 is bigger, with 138 square metres of floor space along with a 46-metre outdoor area.
It has price expectations of $900,000.
<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/2019/11/18/The%20Gatwick%203.jpg" alt="">
The former boarding house, built in 1937, had previously belonged to sisters Rose Banks and Yvette Kelly.
They used it to provide accommodation for needy residents, however after developing its “hotel hell” reputation, they sold the building to Channel 9 in 2017 for $10 million.
<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/2019/11/18/The%20Gatwick%201.jpg" alt="">
St Kilda’s median apartment price is $512,000, while the median house price is $1.32 million.
</body></html>

Channel Nine lists gutted units in The Block's Gatwick Hotel 

<html><body>
Stockland has partnered with Amazon to offer Amazon Locker, a secure, self-service kiosk for parcel pickups.
Stockland has recently installed Amazon Locker across a number of retail locations in NSW and Victoria.
Locations include the Piccadilly Centre in Sydney CBD, Stockland Green Hills in Maitland, Stockland The Pines in Doncaster East as well as Stockland centres in Merrylands, Baulkham Hills, Balgowlah, Glendale, Nowra, Shellharbour, Wetherill Park, Point Cook and Wendouree, and others. 
Amazon Locker provides customers with the flexibility to pick up a package at a convenient time, rather than having it delivered to a home or business address.
Shipping to an Amazon Locker at Stockland is available at no additional cost.
During checkout, customers will select a Locker at the nearest Stockland location as their shipping address. Once their package is ready for pickup, customers will receive an e-mail along with a barcode that they’ll use to pick up their package during store hours.   
“Our customers continue to demonstrate their desire for innovative in-centre features, tech-integrated amenity and convenience led initiatives to enhance their everyday shopping experience. It is integral that Australian shopping centres continue to evolve and adapt to retailer, customer and global demands,” Stockland Group Executive and CEO of Commercial Property, Louise Mason said. 
“This partnership with Amazon is another way we are curating our offering to what our customers really want. We view online shopping on platforms such as Amazon as an extension of what our retail town centres can provide customers.
“At Stockland we believe the future of retail is about creating places that are at the heart of communities, provide exceptional convenience and offer tailored and unique experiences for customers.”
 
</body></html>

Stockland partners with Amazon Locker

<html><body>
Coles has sold their neighbourhood shopping centre, Coles Amaroo Village in Canberra.
Located in the northern suburbs of Canberra, the property was sold for $29.5 million on a net yield of 6.25 per cent (fully leased).
80% of the gross floor area in the centre is secured to Coles and Liquorland on a brand-new long-term lease. 
There are also eight specialty shops including a pharmacy, real estate agency, barber, Indian Grocer and various food offerings. 
The 4,594 sqm GLA centre was sold by Steven Lerche and Nic Purdue of Savills Australia and Philip Gartland of Stonebridge.
Savills Australia National Director of Retail Investments, Steven Lerche said “Amaroo Village is an outstanding convenience and non-discretionary retail hub, ideally located within the town centre. Collectively, we received over 230 enquiries and multiple bids, with the successful buyer being interstate." 
“The yield of 6.25% is consistent with other similar strata transactions around the country, confirming that the market for well leased convenience based retail property remains firmly on the investor radar” he said.   
“With interest rates continuing to drop, commercial property investment in Australia will remain attractive to both local and off shore capital. Investor demand will remain strong and property prices will hold firm” he said.
Savills Australia will be managing the shopping centre.
</body></html>

Coles sells Amaroo Village Shopping in ACT for $29.5 million

<html><body>
GUEST OBSERVATION
What do a billionaire, a former vice president, and a US democratic socialist have to do with Australia’s nearly three-decade run of economic growth?
More than you might think.
The race for the Democratic Party’s 2020 Presidential nomination is far from over – in fact voting in the first state (Iowa) doesn’t even begin until January. But Senator Elizabeth Warren has become the front-runner in betting markets and national polls, pulling ahead of former vice president Joe Biden.
Warren is running on a “democratic socialist” platform of banning private health insurance, imposing a wealth tax and more rigorously examining proposed trade agreements. Biden is much more centrist – he was Barack Obama’s vice president after all – but he is struggling to maintain the lead he once held.
This has a number of people freaked out. Among them is former New York mayor (and former Republican) Mike Bloomberg, who has filed paperwork to get himself into the Democratic primary race.
Bloomberg is a pro-market, socially liberal, three-term mayor of New York. He amassed a US$50 billion fortune by creating the category-killing <a href="https://www.bloomberg.com/company/stories/understanding-bloomberg-and-the-terminal/" target="_blank">Bloomberg terminal</a> for financial data and securities trading.
He has taken progressive stands on gun control, gay rights and women’s reproductive rights.
And on climate change he spent half a billion dollars on climate mitigation projects as well as campaigning with the environment group <a href="https://www.sierraclub.org/" target="_blank">Sierra Club</a> (successfully) for coal mines to be closed.
Bloomberg’s path to the Democratic nomination is far from assured, but in Australia someone like him would be in the mould of prime ministers past.
And that tells us something important about our internationally unusual long run of economic growth.
Straight down the middle
Since Bill Hayden became Labor (and opposition) leader in 1977 and put to rest the economic upheaval of the Whitlam era, Australia’s two major political parties have maintained, for the most part, staunchly centrist economic policies. They’ve combined the virtues of markets with a strong social safety set.
The <a href="https://theconversation.com/hawke-was-our-larrikin-but-also-our-reformer-117308" target="_blank">Hawke-Keating government famously opened up the Australian economy</a> to the world: floating the Australian dollar, deregulating the banking system, slashing tariffs, and privatising sleepy state-owned enterprises.
John Howard not only continued this legacy but introduced the Goods and Services Tax – a much more efficient form of taxation than had existed – and successfully negotiated the <a href="https://dfat.gov.au/trade/agreements/in-force/ausfta/Pages/australia-united-states-fta.aspx" target="_blank">Australia-US Free Trade Agreement</a>.
And though the Rudd-Gillard-Rudd government may have lacked stability, it did not lack major economic achievements.
Rudd and then Treasury boss Ken Henry <a href="http://research.economics.unsw.edu.au/richardholden/assets/did-labor-really-save-us-from-the-gfc-we-ask-an-expert.pdf" target="_blank">acted decisively with stimulus and bank guarantees</a> to avoid the economic disaster that hit most of the rest of the world.
<a href="https://images.theconversation.com/files/301692/original/file-20191114-77315-1hc4e9a.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/301692/original/file-20191114-77315-1hc4e9a.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
Total annual greenhouse gas emissions excluding emissions from land use, land use change and forestry. <a class="source" href="https://www.theguardian.com/business/grogonomics/2018/jan/09/australias-emissions-are-rising-its-time-for-this-government-to-quick-pretending" target="_blank">Greg Jericho, Guardian</a>
Gillard introduced a carbon tax that had an almost immediate effect in reducing Australia’s emissions.
While the Abbott-Turnbull-Morrison government’s stance on climate change has been rightly criticised (often by yours truly), it has continued to enact free trade agreements, the most recent of which, the <a href="https://dfat.gov.au/trade/agreements/negotiations/rcep/Pages/regional-comprehensive-economic-partnership.aspx" target="_blank">Regional Comprehensive Economic Partnership</a>, might be <a href="https://theconversation.com/are-trumps-tariffs-legal-under-the-wto-it-seems-not-and-they-are-overturning-70-years-of-global-leadership-121425" target="_blank">truly transformational</a>.
Sometimes veering to the sides
Although that centrism has served Australia well socially and economically, there have been moments where policy looked like it would veer away from the centre.
Labor opposed the goods and services tax. The current government has flirted with government guarantees for new coal-fired power plants, which was a policy more in the spirit of Marx and Lenin than Howard and Costello.
Holding the centre
The current depressing state of the Australian economy (pun intended) might provide the biggest test yet to centrist economic policy.
Wage growth is sluggish (Wednesday’s figures showed annual growth slipping from a historically low <a href="https://www.smh.com.au/politics/federal/inextricably-linked-wage-growth-flatlines-as-report-shows-jobless-rate-hurting-economy-20191113-p53a94" target="_blank">2.3% to 2.2%</a>) and unemployment is climbing (Thursday’s figures showed the unemployment rate climbing from <a href="https://www.abs.gov.au/ausstats/abs@.nsf/Latestproducts/6202.0Main%20Features1Oct%202019?opendocument&amp;tabname=Summary&amp;prodno=6202.0&amp;issue=Oct%202019&amp;num=&amp;view=" target="_blank">5.2% to 5.3%</a>).
There’s pressure from both the left and the right to “do something”.
Cutting immigration, moving away from free trade, propping up failing industries, or offering selective wage rises to particular sectors (such as childcare workers) are among the “somethings” that have been on the table or partially implemented.
The Hawke-Keating and Howard-Costello governments sustained centrist economic policy for more than two decades.
They did it not only through a series of sound policy choices, but also through a narrative about the virtues of markets coupled with a social safety net.
It’s a narrative under threat. In Australia it hasn’t been drowned out yet.<img src="https://counter.theconversation.com/content/126918/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;">
Richard Holden, Professor of Economics, UNSW.
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/vital-signs-might-straight-down-the-middle-be-the-source-of-our-economic-success-126918" target="_blank">original article</a>.
</body></html>

Might straight down the middle be the source of our economic success?

<html><body>
GUEST OBSERVATION
It is difficult to make predictions, especially about the future. (attributed to Danish physicist Niels Bohr)
The difficulty of making predictions has long been known, but the rise of the internet means that it is getting harder to hide the gaps between predictions and reality.
Perhaps the most significant example of repeated failed projections has been the International Energy Agency’s projections of the importance of renewable power – the proportion of electricity generated by solar and wind and other renewable sources other than hydro.
Beginning in 1994, when generation from these sources was negligible, the Agency has produced estimates of the future share of renewables every two years.
Every two years, with striking regularity, the previous estimates have been exceeded (hugely) and the new set has been revised upwards. But never by enough. Each time the upward revision has been inadequate.
This graph, prepared by <a href="https://www.quora.com/q/xwpxpfefwalgifkr/A-modest-proposal-to-the-International-Energy-Authority" target="_blank">Paul Mainwood</a> from IEA reports, illustrates the point:
Projections versus reality
<a href="https://images.theconversation.com/files/302056/original/file-20191117-66945-19v9ijz.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/302056/original/file-20191117-66945-19v9ijz.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Reality versus repeated projections of renewables share of electricity generation (ex hydro). <a class="source" href="https://www.quora.com/q/xwpxpfefwalgifkr/A-modest-proposal-to-the-International-Energy-Authority" target="_blank">Paul Mainwood, Quora</a>
The dashed lines represent successive projections from 1994 to 2016.
The solid red line represents the actual growth of non-hydro renewables as a share of total electricity generation.
What can be seen is that eleven times in a row the projected growth in renewables was far too low and had to be upgraded. Eleven times in a row the upgrades weren’t big enough.
As a joke (indicated by the green line) Mainwood “corrected” the 2016 projection for the typical under-projection:
Projections plus “corrected” 2016 projection
<a href="https://images.theconversation.com/files/302067/original/file-20191117-66953-1tfh6u0.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/302067/original/file-20191117-66953-1tfh6u0.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Reality versus projections of renewables share of electricity generation (ex hydro) plus 2016 projection corrected for typical undershoot. <a class="source" href="https://www.quora.com/q/xwpxpfefwalgifkr/A-modest-proposal-to-the-International-Energy-Authority" target="_blank">Paul Mainwood</a>
Projections often understate change
Another striking example relates to religious belief. In 2015 the Pew Research Institute released a <a href="https://www.pewforum.org/2015/04/02/religious-projections-2010-2050/" target="_blank">report</a> suggesting a gradual decline in Christianity in the United States.
The headline finding for the US:
"Christians will decline from more than three-quarters (75%) of the population in 2010 to two-thirds (66%) in 2050."
Yet only four years later in 2019, Pew released another report with this headline finding about the US:
'In 2018 and 2019, 65% of American adults describe themselves as Christians when asked about their religion, down 12 percentage points over the past decade."
Thus, a decline expected to take forty years had taken place inside ten.
Moreover, Christian affiliation is highest in the older age cohorts, very few members of which will be around in 2050. Looking at the younger cohort born after 1981, only 49% claim a Christian affiliation, a proportion that has declined by 16 percentage points in a decade. Unless that trend is rapidly reversed, or later cohorts experience a religious revival, Christians will be a minority well before 2050.
They enable modellers to escape responsiblity
Faced with outcomes of this kind, modellers often defend themselves by drawing a distinction between “predictions” and “projections”.
A prediction (Latin for “foretelling”) is a claim about what is most likely to happen in the future. By contrast, a projection (“casting forward”) is a model output derived by extrapolating past trends, holding some parameters constant and allowing others to vary.
The International Energy Agency projections were characterised by the assumption that the costs of renewable energy would change only slowly, rather than continuing the extraordinary decline that began in the 1970s.
In the case of the Pew projections, the crucial parameter is conversion rates – the frequency with which people brought up with one religion (including “no religion”) change to another. The Pew projections were based on the assumption conversion rates will remain unchanged.
It is the opposite of the widely-held but controversial “secularisation hypothesis” which states that modernisation leads to increased conversions to “no religion”.
Predictions force them to take responsibility
Projections are useful in the development of models. All models are based on past experience and have to assume that in some respects the future will be like the past. By examining the projections generated under particular assumptions about which variables and parameters will remain constant, it is possible to understand how models works and make modelling choices.
But projections of this kind are of no use in informing people not familiar with the material. They mislead casual readers of the Australia’s budget.
The budget uses both predictions and projections.
For the two years following each budget the Commonwealth uses “forecasts” which it is prepared to stand by, then for the next two it presents mechanical “projections”:
<img src="https://images.theconversation.com/files/302072/original/file-20191117-66957-w8vxaq.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
<a class="source" href="https://www.budget.gov.au/2019-20/content/bp1/index.htm" target="_blank">2019-20 Commonwealth budget, Budget Paper 1</a>
When asked to defend (for example) its wage growth number of 3½%, the treasury points out that it is a mechanical projection rather than a forecast, a distinction lost on all but the most enthusiastic of budget devotees.
In practice it is impossible to separate the two.
Even though both the International Energy Association and Pew describe their estimates as “projections” they are almost invariably <a href="https://www.mining.com/new-iea-report-predicts-surge-in-global-coal-use-2/" target="_blank">treated as</a> <a href="https://www.pri.org/stories/future-religion-around-world-one-chart" target="_blank">predictions</a>. 
Since any statement about the future will be treated as a prediction, the only serious option for modellers prepared to be truthful with the public is to bite the bullet and make predictions.
It means working hard to make the best possible estimate of the future paths of all model parameters, and using judgement to take account of everything else.
It’s what those of us looking to experts for guidance deserve.<img src="https://counter.theconversation.com/content/126734/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;">
John Quiggin, Professor, School of Economics, The University of Queensland.
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/please-no-more-projections-what-we-need-are-predictions-and-theyre-harder-126734" target="_blank">original article</a>.
</body></html>

Latest Investing Insights

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

Editor's Picks

Developments

New apartments

New townhouses

News

Latest Investing Insights

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

Editor's Picks

Receive the latest news stories to your inbox

Developments

New apartments

New townhouses

News