<a href="https://www.apartments.com.au/new-apartments/smith-by-valli-collingwood-224-228-smith-street-collingwood-vic-3066">Smith Collingwood</a> is a new boutique apartment development bringing a refined, design-led approach to one of Melbourne’s most established inner-city neighbourhoods.

Designed by <a href="https://www.apartments.com.au/architects/pandolfini-architects">Pandolfini Architects</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/lisa-buxton-interiors">Lisa Buxton</a>, Smith by Valli sits on iconic Smith Street and comprises just 22 residences tailored toward owner-occupiers seeking a more considered style of apartment living.

[smartcode_project:default project_id=140747 project_image_fid=367540]

The design of Smith focuses on a north-facing orientation across all residences, a relatively uncommon feature in dense inner-Melbourne settings. Each apartment has been planned to maximise natural light and outlook, alongside a material palette defined by warm tones, custom joinery, and a full suite of Gaggenau appliances.

The development comprises a mix of one, two, and three-bedroom apartments, with pricing currently ranging from just under $1 million to around $4.85 million for the premium penthouse-level residences, reflecting growing demand for luxury owner-occupier product in Melbourne’s inner urban market.

Residents will also have access to a private rooftop garden designed as an elevated retreat above the city, &nbsp;featuring curated landscaping, veggie boxes, intimate seating areas and spaces for relaxed gatherings. Sustainability has also been integrated into the project through a 7-star energy rating and two secure bicycle facilities for every residence.

[smartcode_project:default project_id=140747 project_image_fid=367529]

Smith by Valli sits in the heart of one of Melbourne’s most established retail and hospitality strips, within walking distance of venues such as Falco Bakery, Carnation Canteen and Alimentari, alongside parks and everyday services. With a Walk Score of 99, the location reinforces the project’s positioning toward buyers prioritising walkability and access over car dependency.

With only a limited number of residences, Smith reflects growing demand for smaller, highly curated apartment developments that prioritise design quality, liveability, and connection to neighbourhood character.

[smartcode_project_cta:default project_id=140747]

Joel Robinson

Smith by Valli delivers a refined collection of luxury residences to Melbourne’s inner north

<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]

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

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 Feros Hotel Group has bought Highfield Caringbah, the modern bistro and sports bar, for around $15 million.
Feros Hotel Group, who also run The Terrey Hills Tavern and Potts Point Liquor, were the tenants of the premises at <a href="http://ecomms.raywhite.com/collect/click.aspx?u=jRYOrR8N39QzG/Nyy8oj1MsQ8lDBqOLeGnfqPgIdmzmVW8USMH2yRIkL23sKlvcw9AAv2bvY52GmBAZy16vj3DwUuonGW8rSPNlY+IBAk29Rqkhsq7NIhj/eLAv7JpZH4lmUg0pxGF1IkmoZw/p+yg==&amp;rh=ff0051548225348a722f5b8b9b45b797708c0ed0" target="_blank">32 Banksi</a><a href="http://ecomms.raywhite.com/collect/click.aspx?u=jRYOrR8N39QzG/Nyy8oj1MsQ8lDBqOLeGnfqPgIdmzmVW8USMH2yRIkL23sKlvcw9AAv2bvY52GmBAZy16vj3DwUuonGW8rSPNlY+IBAk29Rqkhsq7NIhj/eLAv7JpZH4lmUg0pxGF1IkmoZw/p+yg==&amp;rh=ff0051548225348a722f5b8b9b45b797708c0ed0" target="_blank">a Road</a> in Sydney’s south.
Feros spent around $12 million in 2017 on major capital works and a fit-out.
The former workers' club, which homes Ugly Pizza, Huxley's, Public House and The Botanical, as well as a Sports TAB and gaming space, was offered with a double net lease with a net passing income of $589,104 + GST.
Spanning three levels, the building with 3,070 sqm of net lettable area on its 1,025 sqm land, has future development potential to add accomodation and an additional rooftop bar. 
Ray White Commercial NSW – Sydney City Fringe agents Kristian Morris and Justin Rose secured the sale.   Morris said there was strong interest throughout the campaign and the final sale price represented a sub-four per cent yield.
<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/2019/9/10/Highfield%20Caringbah%202.jpg" alt="">   “This was a well-executed campaign with 85 direct enquiries, 15 different groups inspecting the property and multiple parties interested close to the four per cent yield mark,” he said.   “Buyers saw the value in such a long lease (15-years plus options totalling up to 60 years with ratchet clause in favour of the lessor) and strong covenant. “Hotel assets that are subject to such a long lease don't come up very often and this resulted in such a tight cap rate 
Rose added that the property was an outstanding three-storey mixed-use hospitality asset with four separate but interconnecting dining experiences.   “It’s rare to have such a long and secure lease to a group that’s committed to the area, and it provided the right buyer with an investment seldom offered to the market,” he said.   “These freehold subject-to-lease (FSTL) opportunities are rarely available and it offered a stress-free and hassle-free annuity income stream, with the tenant paying 100 per cent of the outgoings and running costs.   “It’s close to the Caringbah Town shopping centre and major retailers such as Coles, Woolworths, McDonald's and is just 150* metres to Caringbah train station.”
 
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jrobinson-rf4aSBido9

Feros Hotel Group snap up Highfield Caringbah for around $15 million

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GUEST OBSERVATION
Australians need greater housing diversity to meet their current and future housing needs. Yet increasing diversity, and meeting the need for more smaller dwellings in particular, has proved surprisingly difficult to achieve. Vested interests – both the big end of town and traditionalists seeking to preserve Australians’ suburban way of life – have come together in a rare alliance to argue against policies to deliver more diverse housing.
There are strong demographic drivers of the need for a more diverse range of housing in our cities. Not all current and future households want single standalone houses or multi-storey apartments.
Indeed, <a href="https://grattan.edu.au/wp-content/uploads/2014/04/090_cities_report_housing_market.pdf" target="_blank">three</a> <a href="https://www.propertyobserver.com.au/https://www.mdpi.com/2071-1050/9/10/1718" target="_blank">recent</a> <a href="https://www.sydney.org.au/terraces-before-towers-sydneysiders-want-more-medium-density-housing/" target="_blank">surveys</a> showed city dwellers are looking for housing diversity, particularly smaller houses such as terraces and semi-detached dwellings, in inner and middle suburbs. This demand <a href="https://theconversation.com/lack-of-housing-choice-frustrates-would-be-downsizers-60512" target="_blank">comes from downsizers</a> as well as families. We are seeing a clear <a href="https://www.domain.com.au/advice/the-block-2019-why-owner-occupiers-investors-and-developers-are-embracing-medium-density-%20housing-865240/" target="_blank">recognition of the shortage of this stock</a>.
There is strong community support for providing more housing choice in the areas where people already live. People as they approach retirement overwhelmingly want to stay in the same neighbourhood.
Housing hasn’t kept up with changing needs
From about the 1980s, cities began to respond to the economic, social and environmental consequences of sprawl by <a href="https://theconversation.com/becoming-more-urban-attitudes-to-medium-density-living-are-changing-in-sydney-and-melbourne-84693" target="_blank">promoting more compact urban forms and concentrating high-density housing in selected urban centres</a>. However, new housing in Australian cities has typically been dominated by two categories: freestanding homes and apartments.
Attempts to introduce more diverse housing have <a href="https://www.smh.com.au/national/nsw/terraces-before-towers-sydneysiders-want-more-medium-density-housing-20190118-%20p50s8q" target="_blank">met</a> with <a href="https://architectureau.com/articles/election-promise-to-end-medium-density-housing-code-a-backward-step-institute/" target="_blank">fierce resistance</a> from <a href="/news">home owners in existing low-density suburbs</a>. As a result, cities in Australia have some of the <a href="https://cur.org.au/cms/wp-content/uploads/2018/10/housing-policy-brief.pdf" target="_blank">largest houses and lowest densities</a> in the world.
And just on the horizon is a huge <a href="https://2qean3b1jjd1s87812ool5ji-wpengine.netdna-ssl.com/wp-content/uploads/2018/04/Australia-Population-Map-Generational-Profile_Infographic_McCrindle.pdf" target="_blank">demographic bubble of older Australians</a>, many living in these large detached houses. This means much of our housing stock is likely to be under-used.
Furthermore, lifestyles are changing, including greater workforce participation by women and <a href="http://theconversation.com/australian-city-workers-average-commute-has-blown-out-to-66-minutes-a-day-how-does-yours-compare-120598" target="_blank">ever-increasing commute times</a>. These changes have made smaller, lower-maintenance houses in inner and middle suburbs, with good public transport, very desirable places to live.
The ‘missing middle’ of housing supply
Despite these trends, our bigger cities offer limited variation in housing types. Australians mostly have a choice between single detached houses or high-density apartment living.
Take Sydney as an example. More than half of new homes built in the city are high-rise apartments. In 2018, <a href="https://www.smh.com.au/national/nsw/apartment-oversupply-puts-squeeze-on-rents-20190705-p524cp" target="_blank">30,880 apartments were completed</a> in Sydney, with another <a href="http://www.udiansw.com.au/uploads/docs/Policy_Agenda_2019_20_low_res.pdf" target="_blank">194,000 in the pipeline</a>.
Housing that is neither a freestanding house nor an apartment accounts for only 14% of housing approvals in Sydney. Only 5,390 such homes were approved in 2015-16. This is despite current council zoning and planning controls offering the potential for almost 280,000 of these dwellings.
Dwelling supply from high-density apartments and from greenfield land releases will continue to provide the most significant proportion of future housing requirements.
However, there is a compelling case for an increase in different housing types in established urban areas, especially in middle suburbs developed in post war years.
Between 1919 and 1962, fewer terrace houses were built as they fell out of favour. Homes on quarter-acre blocks were built across Australian cities, aided by the construction of train lines and then the arrival of cars and motorways. Later, when strata title laws were introduced, apartments were increasingly developed.
But this housing legacy no longer meets the needs of large sections of our population, both old and young. The variety of housing supply has not kept pace with changing household needs, particularly as household sizes have shrunk and housing costs have soared.
Singles and couple-only households are increasing, accounting for more than 50% of all household types in some cities. <a href="https://aifs.gov.au/facts-and-figures/households-australia/households-australia-source-data" target="_blank">Average household size has fallen</a> below 2.5 people from more than 3 at the start of the 1990s.
These trends are partly linked to an ageing population. By 2036 the number of the Australian population aged over 60 will have <a href="https://aifs.gov.au/facts-and-figures/households-australia/households-australia-source-data" target="_blank">increased by 56%</a>. More than <a href="https://aifs.gov.au/facts-and-figures/households-australia/households-australia-source-data" target="_blank">one in seven people will be over 65</a>.
The other fast-growing age segment in Australian cities is young people and young families. But, as house prices rise, <a href="https://aifs.gov.au/facts-and-figures/households-australia/households-australia-source-data" target="_blank">home ownership levels for people in the 20-35 age group are falling</a>.
Governments need to challenge vested interests
Housing stock other than multistorey apartments or larger suburban homes will provide more affordable homes for smaller households. Compact, well-designed houses on smaller land parcels are <a href="/news">around 25% more affordable</a> than detached houses (for newer or more recent stock) in the same neighbourhoods.
Yet providing this sort of housing stock still presents considerable challenges. Existing <a href="https://www.thefifthestate.com.au/urbanism/planning/posh-sydney-says-no-to-density-its-a-thing/" target="_blank">owners in middle-ring suburbs are concerned about change and loss of character</a>. Councils face stiff opposition when they try to increase densities and introduce new housing stock.
The opposition often comes from people who have lived in these suburbs for a long time. This opposition is sometimes <a href="https://www.smh.com.au/national/nsw/limited-high-rise-can-halt-sprawl-and-preserve-our-suburbs-character-20190524-p51qzp?btis" target="_blank">supported by the property sector</a>, which perhaps fears this kind of stock <a href="https://www.smh.com.au/national/nsw/how-to-eliminate-nimbys-let-householders-unite-as-developers-20190227-p510kh" target="_blank">could undermine demand for new high-rise apartments</a>.
There are no powerful interest groups advocating for housing diversity because this market, in infill suburbs, is widely dispersed among individual householders.
Oregon has become the first US state to comprehensively bar local governments from imposing exclusive single-family residential zoning, and to open up almost all residential zones to low-density housing stock. The <a href="http://cityobservatory.org/in-oregon-the-middle-isnt-missing-any-more/" target="_blank">Oregon experience</a> shows that, after many years of trying alternative approaches, state government action was required to achieve housing diversity against the arguments of local councils, residents and the property industry. Neighbourhoods with this diversity of housing are now among the state’s most desirable.<img src="https://counter.theconversation.com/content/122390/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
Roberta Ryan, Professor, UTS Institute for Public Policy and Governance and UTS Centre for Local Government, 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/people-want-and-need-more-housing-choice-its-about-time-governments-stood-up-to-deliver-it-122390" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

People want and need more housing choice. It’s about time governments stood up to deliver it

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GUEST OBSERVATION
Most Australians are spending more of their income on housing than they used to, but low-income households are being squeezed the hardest.
Many are in <a href="https://www.acoss.org.au/wp-content/uploads/2018/10/ACOSS_Poverty-in-Australia-Report_Web-Final.pdf" target="_blank">poverty</a>, and many more are suffering <a href="https://grattan.edu.au/wp-content/uploads/2018/11/912-Money-in-retirement.pdf" target="_blank">financial stress</a>. A growing number of Australians are becoming <a href="https://blog.grattan.edu.au/2019/06/who-is-homeless-in-australia/" target="_blank">homeless</a>.
A decade ago the Rudd federal government established the National Rental Affordability Scheme – <a href="https://www.dss.gov.au/our-responsibilities/housing-support/programmes-services/national-rental-affordability-scheme" target="_blank">NRAS</a>. The scheme paid incentives to developers and community housing organisations that built new homes and rented them out for at least 20% below market rents for 10 years.
The Abbott government axed the scheme in 2014. Labor promised to reintroduce it if won the 2019 election. Now advocates of affordable housing are calling on the Morrison government to do the same.
But new research <a href="https://blog.grattan.edu.au/?p=1011&amp;preview=true" target="_blank">published by the Grattan Institute today</a> concludes they are wrong. The NRAS was expensive, inefficient and mainly helped those not in greatest need.
Other policies, such as building social housing and boosting Commonwealth Rent Assistance, would be better targeted and waste less money along the way.
Poor value for money
The <a href="https://www.dss.gov.au/our-responsibilities/housing-support/programs-services/national-rental-affordability-scheme/national-rental-affordability-scheme-nras-incentive-indexation" target="_blank">value of the NRAS subsidy</a> was set much higher than it needed to be.
NRAS developers still on the program receive about A$11,000 of public money per unit per year (the subsidy was set originally at A$8,000, but indexed).
The problem is, A$11,000 is much more money than the developers need to cover the cost of the rental discount.
In 2016 the value of the 20% rental discount was slightly less than A$4,000 a year in the typical suburb in which NRAS properties were built.
The leftover value of the subsidy – about A$7,000 a year – was essentially a windfall gain for developers.
We estimate it provided windfall gains to private developers of at least A$1 billion, or roughly one-third of the <a href="https://www.anao.gov.au/work/performance-audit/national-rental-affordability-scheme-administration-allocations" target="_blank">total cost</a> of the scheme.
Community housing providers also received windfall gains, although they would have reinvested the funds into more affordable housing or deeper rental discounts for tenants.
The scheme was also poor value for money because the subsidy didn’t vary depending on location or type of dwelling: the same subsidy was offered for a one-bedroom apartment or a three-bedroom home. Not surprisingly, the scheme ultimately <a href="https://www.dss.gov.au/sites/default/files/documents/07_2019/nras-quarterly-report-march-2019.pdf" target="_blank">funded</a> a lot of small, cheap-to-build units.
Not directed at those most in need
The eligibility criteria were far too loose.
Someone can qualify to live in one of the NRAS dwellings left on the scheme with an income of <a href="https://www.dss.gov.au/our-responsibilities/housing-support/programs-services/national-rental-affordability-scheme/national-rental-affordability-scheme-nras-household-income-indexation" target="_blank">up to A$50,000</a> – a good deal higher than the <a href="https://blog.grattan.edu.au/2019/04/how-much-does-the-typical-australian-earn-the-answer-might-surprise-you/" target="_blank">median income</a>.
A couple can qualify if their household income is below A$70,000.
It means about half of all households that rent can qualify to live in an NRAS subsidised home. Half of them would be ineligible for Commonwealth Rent Assistance because their incomes are too high.
Only <a href="https://www.dss.gov.au/sites/default/files/documents/06_2017/nras_tenant_demographic_report_as_at_30_april_2016.pdf" target="_blank">one-third</a> of the households living in an NRAS home at the scheme’s peak in 2016 had gross household incomes below A$30,000 a year, whereas one-third had incomes above A$50,000 a year.
No extra housing
There’s also little evidence the NRAS led to much more housing being built than otherwise.
Government subsidies don’t create extra housing if they crowd out housing that would have been built anyway. Crowding out is most likely when supply is already constrained, as it is in major Australian cities where land-use rules <a href="https://grattan.edu.au/wp-content/uploads/2018/03/901-Housing-affordability.pdf" target="_blank">prevent greater density</a> in established suburbs. International research suggests affordable housing <a href="https://www.sciencedirect.com/science/article/abs/pii/S0047272710000885" target="_blank">crowds out</a> private housing.
No useful stimulus
Nor was the NRAS a useful stimulus. It began in 2008 at the height of the global financial crisis, but most NRAS properties were <a href="https://www.dss.gov.au/sites/default/files/documents/07_2019/nras-quarterly-report-march-2019.pdf" target="_blank">only approved</a> between 2013 and 2015, by which time housing construction was <a href="https://grattan.edu.au/wp-content/uploads/2018/03/901-Housing-affordability.pdf" target="_blank">already booming</a>.
<a href="https://www.anao.gov.au/work/performance-audit/administration-national-rental-affordability-scheme" target="_blank">Administrative difficulties</a> and a complex design made housing constructed through NRAS anything but timely.
Better alternatives
Instead of reinstating the NRAS, state and federal governments should focus on policies that will do the most (at least cost) to better house low-income Australians.
A Rudd-era policy the Morrison government should introduce is the <a href="http://www.nwhn.net.au/admin/file/content101/c6/social_housing_initiative_review.pdf" target="_blank">Social Housing Initiative</a>, which built 20,000 new social housing units and refurbished another 80,000 over two years at a cost of A$5.6 billion.
The economic hit was immediate: construction approvals spiked within 12 months of the announcement. A repeat today would provide a more effective boost to declining housing construction than a reinstated NRAS.
<a href="https://grattan.edu.au/report/commonwealth-orange-book-2019/" target="_blank">Boosting</a> Commonwealth Rent Assistance by 40%, and indexing it to changes in rents typically paid by people receiving income support, would be a fairer and more cost-effective way to help the much larger number of lower-income earners struggling with housing costs.
It <a href="https://grattan.edu.au/wp-content/uploads/2018/11/912-Money-in-retirement.pdf" target="_blank">shouldn’t push up rents much</a> because only some of the extra assistance will be spent on housing.
The states should also <a href="https://theconversation.com/to-make-housing-more-affordable-this-is-what-state-governments-need-to-do-105050" target="_blank">fix planning rules</a> that prevent more homes being built in inner and middle-ring suburbs of our largest cities. It would help a bit to make housing cheaper to buy and rent. Reforming tenancy rules would make renting more secure.
There is a powerful case for governments to do more to help house low-income Australians. But unless we learn from past mistakes, we will wind up with another expensive housing policy that does little to help those who most need that support.<img src="https://counter.theconversation.com/content/122854/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;">
Brendan Coates, Program Director, Household Finances, Grattan Institute.
Jessie Horder-Geraghty, Researcher, Grattan Institute.
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/rudds-rental-affordability-scheme-was-a-1-billion-gift-to-developers-abbott-was-right-to-axe-it-122854" target="_blank">original article</a>.
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Kevin Rudd’s rental affordability scheme was a $1 billion gift to developers; Tony Abbott was right to axe it

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EXPERT OBSERVER
Real estate is buzzing with questions about the so-called recovery in property markets. Is it real? Does it have legs? Is it a dead cat bounce?
Before providing answers, we need to understand the questions, some of which show a chronic lack of understanding about real estate markets.
The questions assume that what’s happening in Sydney and Melbourne reflects the nation. It doesn’t.
Generalisation is the blight of real estate consumers. We’re afflicted with writers and commentators who discuss Australia as a single market, quoting economists whose knowledge of the intricacies of residential real estate could be written on the back of a postage stamp in crayon.
The overriding assumption is that events in the two biggest cities describe the entire nation. If they’re booming, the “Australian property market” is booming. If Sydney and Melbourne prices are falling, then prices are falling across the nation.
Journalists who parrot this nonsense - in the process of re-cycling press releases from lazy research firms and ignorant economists – are treating their customers shabbily. Misinformation proliferates.
So, are property prices recovering in Hobart? Well no, they’re not, because they didn’t fall. Hobart prices remain comfortably higher than last year, having been rising for the past three years.
Are property prices recovering in Canberra? Also no, because Canberra didn’t have the Sydney boom and it didn’t suffer Sydney’s post-boom correction. It’s just been chugging along happily, as Canberra tends to do. It’s the perennial Goldilocks of Australian real estate – not too hot, not too cold, just right.
Price recovery is also a foreign concept in Regional Victoria because prices have been rising strongly in many towns and cities outside of Melbourne for the past two years, and continue to do. Dozens the regional centres across Victoria have recorded double-digit growth in their median house prices in the past year.
So when media talks about the possibility of recovery in Australian house prices, people who live in Ballarat, Bendigo, Pakenham, Warragul, Bright, Mildura, Wangaratta, Seymour, Moe, Kyneton and many other Victorian centres wonder what on earth they mean.
There are similar scenarios is many regional locations across New South Wales, Tasmania and Queensland.
When media discusses recovery in real estate prices, they’re essentially referring to Sydney and Melbourne, which dominate coverage in big media, to the exclusion of all other locations.
That’s where the question of market recovery and the realness of price increases is focused.
What we’re witnessing is an end to the post-boom downturn and price correction in Sydney and Melbourne. The evidence is strong and real. Looking across price data from multiple sources, we first saw an easing of the rate of decline, then a bottoming of the downturn - and then, increasingly, signs of a return to growth.
This was accompanied by an improvement in auction clearance rates – which, as I commented last week, are a rather blunt instrument by which to measure markets but, taken alongside other data, can add some weight to overall conclusions.
Often anecdotal evidence is more telling than the statistics, and this also is increasingly positive. All kinds of property professionals have been feeling the upturn in demand and the growing pressure on prices, in an environment where stock on the market is generally low.
None of this is terribly surprising. The perfect storm of negatives that impacted the big city markets in the first half of the year has blown over – and has been replaced by a series of fortunate events, starting with the Federal Election result.
Too much has been made (as usual) of the impact of interest rate reductions. These don’t hurt, but interest rate levels are never the prime motivator of events in real estate.
Far more important are the improvement in overall sentiment, the end of the fear created by Labor policies, the greater ease in obtaining finance and the state of economies at a local level.
So what we have in Sydney and Melbourne is a fairly normal post-boom market. The correction phase that usually happens after a prolonged up-cycle has happened and now we’re back into situation normal – healthy activity and some pressure on prices, but with little likelihood of a return to boom conditions.
We’re more likely to see booms in other places – Brisbane, where conditions are improving and prices are attractive; Adelaide, which has an emerging economy likely to underpin an upsurge in real estate demand, helped by great value-for-money real estate; Perth, which is fighting back after a long downturn in the underlying WA economy; and many parts of regional Australia, such as regional Queensland, where a growing number of regional centres have improving economies, lower vacancies and attractive price/yield scenarios.
TERRY RYDER is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a> twitter.com/hotspotting
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terryryder-YECXbqmri2

Brisbane is more likely to see a property boom: Terry Ryder

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CBRE has acquired Montlaur Project Services Pty Ltd, a project management company in Australia.
The acquisition is seen as strengthening CBRE’s position as a provider of real estate services across the Pacific region. 
Montlaur is active across a wide range of industry sectors including commercial, government, education, industrial, health and aged care, residential, retail and hospitality.
Since its founding in 1988, Montlaur has delivered more than 2.5 million square metres of projects valued at more than AU$4.0 billion for clients such as Transurban, SEEK, Energy Australia and the Victorian Government.  
Montlaur’s team of 52 professionals in Melbourne and Sydney will join CBRE’s existing Project Management group, which now has more than 170 professionals.
Montlaur Directors Brian Miller and Richard Hume will lead the combined Project Management operations in Victoria, reporting to Scott Jackman, Managing Director of CBRE’s Pacific Project Management business.
Montlaur’s Leon Lachal will take on a new role as National Director, Project Management.  
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CBRE acquires project management firm Montlaur 

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A retail complex in the southern Perth suburb of Leda has sold to a Singaporean investor for $2.3 million.
The recently completed, 730 square metre complex is anchored by Chemist Warehouse, with two smaller tenancies occupied by a newsagent and convenience store. 
Located at 6 Feilman Drive, on the western side of Gilmore Avenue in Leda, it is close to both Thomas and Bertram Roads.
Knight Frank Capital Markets Director – WA, Tony Delich, said the boutique retail centre had attracted interest from a broad range of potential buyers, with several from interstate and overseas.  
He said the property offered upside in rental and capital growth as Leda was a rapidly expanding residential area. 
Delich said the property returned a secure income in excess of $205,000 per annum and showed a 9% return.
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Leda retail complex sells to Singaporean investor for $2.3 million

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The Port Office Hotel in Brisbane has reopened its doors after repairing the damage caused in January by a fire.
The pub has been at the corner of Edward and Margaret Streets for 155 years. 
According to the owners, Nick and Meagan Gregorski, the fire started in the kitchen of the dining room and almost consumed the entire building.
The historic hotel currently comprises the Port Office Dining Room for lunch and dinner, the Front Bary, and the Colonial Bar located upstairs. 
Originally called the Shamrock Hotel, the hotel opened its doors in 1864. 
The hotel underwent its first of many renovations in 1876 when it was reconstructed as a two-storey masonry building with verandas, designed by James Cowlishaw and built by contractor Charles Midson.
In 1888, the remodelled hotel contained 15 bedrooms, a drawing room, two bathrooms and four public rooms, and was patronised by workers from nearby shipping, industrial and riverside businesses and political operatives.
It experienced its first major flood in 1893, causing extensive damage which called for more works.
The year 1909 saw a change of licensee to John Chillan Cutbush who renamed it the Port Office Hotel. 
In 1955, the hotel was refurbished again this time under the direction of architect Francis Leo Cullen, including the removal of all the verandas, lacework, canopies and chimneystacks and renovation of the interior fittings. 
In 1974, the great Brisbane Flood hit the city, with the Port Office amongst the many casualties.
The hotel survived to undergo further renovations in the 1980s.
In 1992, the Port Office Hotel was listed on the Queensland Heritage Register.
During the 2011 Brisbane floods, the Port Office Hotel escaped yet another inundation.
Gregorskis bought and refurbished the historic hotel in 2017, turning it into an award-winning gastropub.
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Brisbane heritage pub The Port Office Hotel reopens after fire damage

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The Noosa Par 3 Golf Course in Sunshine Coast’s Noosaville has been re-listed for sale.
The <a href="https://www.commercialrealestate.com.au/property/noosa-par-3-golf-course-noosaville-qld-4566-2015516986" target="_blank">30 hectare Hollett Road property</a> includes a 36 hole golf course, two residences and a clubhouse with a restaurant and bar.
It is being marketed by Ray White Commercial Noosa and Sunshine Coast North Property Consultant Louisa Blennerhassett and Paul Butler.
<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/2019/9/4/013_Open2view_ID587638-16_Goldburg_Crt_-_Noosaville%201.jpg" alt="">
Blennerhassett said the Noosa Par 3 Golf Course was a popular course with both locals and tourists alike. 
“The options are varied on this property. You can continue and grow the current business, land bank, develop, or even build your own private oasis,” she said.
 <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/2019/9/4/027_Open2view_ID587638-16_Goldburg_Crt_-_Noosaville%201.jpg" alt="">
The Golf Course is located about five minutes to Noosaville and 10 minutes to Noosa Heads and Hastings Street.
“It borders Lakes Entrance residential estate and is adjacent to a future 52 lot rural residential subdivision,” Butler said.
The expressions of interest campaign for the property closes on September 23. 
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Noosa Par 3 Golf Course hits the market

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Senversa Pty Ltd has secured part of the ground floor of 190 Flinders Street, Adelaide.
Savills Australia’s Adam Hartley and Alexandra McGee secured the deal for Senversa and said the tenants were drawn to the convenience and efficiency that the building offers. 
“The owners of this building are willing to listen and act on feedback we give them and are good landlords to their existing tenants, which is why only one tenancy now remains in the building,” Hartley said. 
Senversa’s Adelaide business has been growing and Hartley said the ground floor space meets their expansion requirements.
“The office meets Senversa’s requirement for extra space, without making the move a costly exercise because they are able to use much of the existing fit out,” Hartley said.
McGee said the office will provide great amenities.
“The office provides tenants access to a private outdoor courtyard, which remains highly sought and difficult to come by,” McGee said. 
Senversa Pty Ltd has signed a three-year lease and will pay $370 per square metre.
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Senversa secures an Adelaide ground floor tenancy

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A tenanted strata office in Spring Hill, Brisbane has been snapped up by a private Sydney based investor for $5 million.
The sale of 170 Leichhardt Street makes it the biggest settled strata transaction so far this year in the Queensland capital. 
The 1,374 square metre office space on level two is tenanted by Imagine Education Australia for a seven-year term with a three-year option.
The offering also includes 22 square metre balcony area and nine car parks.
It was marketed via an expression of interest campaign by Sam Biggins and Tony Wang from Colliers International.
“This was the first commercial property acquisition for the high net worth Sydney-based investor who works in the finance sector,” said Biggins.  
“With current record low interest rates and decreasing vacancy rates in the Brisbane office sector, we are continuing to see interstate investors looking to Brisbane, attracted by the yield differential and growth prospects over the southern markets.”
Colliers International has transacted eight strata offices so far this year across the CBD and metro Brisbane.
The properties range from $500,000 to $5 million, averaging at $3,851 per square metre and an average yield of 7.88%.  
“Long term investors are backing the strata market, but sales to owner occupiers are also on the rise as the leasing market continues to improve in combination with record low interest rates,” said Wang.
“Strata office sales within the golden triangle precinct have performed very well. Within 97 Creek Street Colliers International’s Strata team have sold four offices so far this year ranging from 63 square metres up to a full floor of 638 square metres. One of the office investments had achieved a record 6.2% yield.”
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