<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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SPONSORED POST
Designing a workplace that meets the needs of a diverse workforce is a challenge. What appeals to Millennials may not appeal to Baby Boomers when it comes to a functional work environment. In the 80s we saw the rise of the ‘cubicle farm’, which slowly but surely has faded out to the now open plan layouts that we see in offices. However, to accommodate for different working styles, whether they are generational needs or personal preferences, companies need to provide alternative working areas within an office that go beyond the employee’s desk. The overall design of an office has a major impact on employee productivity and wellbeing, so how do we take all of these factors into account when fitting out an office space?
The Layout
Different generations have different needs when it comes to effective working environments, so how can we design work spaces that cater to such a widespread demographic? In recent years we have seen a shift towards open plan offices, with 70 percent of companies opting for this type of layout. However, according to research conducted in 2019 by Savills titled ‘What Workers Want’, 30% of employees find that this type of layout has a negative impact on their productivity.
Buildings, a journal published by MDPI, found that perceived productivity in open-plan offices was impacted by seven factors including: amount of interruption, noise levels, work area aesthetics, furnishing, cleanliness, ability to adapt the work area, and personal control over lighting levels.  
These are factors that Associate Director of Project Management at Savills, Simon Gazeley, takes into consideration when working with a client to fit out an office space. “Starting by surveying your staff to understand what works and what can be improved upon, plus setting up focus groups to steer the design is highly beneficial to the process. By understanding your peak occupancy ratio, you can release space for alternative settings rather than empty workstations,” Mr Gazeley commented.
For different industries, different layouts will benefit the employees and their overall productivity. For those working in offices where employees are constantly taking phone calls, one-person quiet rooms are beneficial to minimise the distraction to others. Whereas for creative industries where staff are frequently collaborating, less formal, flexible spaces are more appropriate for productivity, rather than staff brainstorming around a boardroom table. “Optimise the building’s attributes by creating focus areas in the darker and quieter spaces, with a variety of furniture settings from high tables, booths, lounge chairs, acoustic screens and the like,” Mr Gazeley said. 
For Millennials in particular, restrictive work environments are perceived by many to hinder their ability to work effectively, so common-use spaces are a real asset when it comes to optimising productivity. “Providing a variety of work settings for different tasks, whilst being cognisant of ensuring equitable access where the office is not fully agile is key to limiting disruption to others, whilst boosting productivity,” Mr Gazeley said. 
Key findings from the ‘What Workers Want’ study by Savills indicated that within the workplace, employees place the greatest value on having the option to work in a variety of spaces, and being provided with quality IT infrastructure. The same study revealed that above all other factors, 37% of employees were dissatisfied with the provision of quiet spaces within their workplace. 
The Technology 
New trends and updates to technology occur frequently – what once seemed like a novelty has become an integral part of daily life, and more so a part of working life. With a heavy reliance on technology, it makes sense to incorporate technology into the design of an office space. However Mr Gazeley points out that with all technology implemented, it should be planned for change and upgrade as it quickly becomes superseded and improved. 
The relationship between technology and architecture has been dubbed ‘Techiture’, with technology embedded in inanimate objects. By digitising buildings, we are able to gather data on the trends of the people who inhabit them. An article by the Kinnarps Trend Report points out that this enables architects to see how employees use the different spaces in their offices. “This is a game changer for the design and construction industry when it comes to designing workplaces that are tailored to the staff, and upgrading or reconfiguring spaces that are not well utilised,” Mr Gazeley said. 
The Wellness Factor
With the average person spending one third of their life at work, we are seeing employers placing greater value on overall employee wellness. While most employers offer their staff discounted health or mental health benefits, research shows that the physical working environment has the biggest impact on overall wellness. With many considerations to take into account, the WELL Building Standard has been established to ensure employee wellbeing is met. Seven factors are taken into account including air, water, nourishment, light, fitness, comfort, and mind. 
Studies have shown that simple factors such as adequate lighting positively impacts employee mood and productivity. According to research conducted by global management software company, Ceridian, dimly lit areas have a negative impact on the brain, with employees who work in poorly lit spaces more likely to suffer from poor moods. “In developing buildings and designing fit-outs, access to daylight or views such as atriums are highly desirable. Built zones tend to be located in NLA farthest from the perimeter, whilst circadian rhythm lighting is currently cost prohibitive in many workplaces, good human centred lighting design should always be adhered to,” Mr Gazeley said. 
The Australian HR Institute says poor air quality reduces cognitive ability and leads to employees feeling fatigued and even suffering from headaches. Air quality can be easily improved by having greenery in the workplace, plus plants also help to absorb noise pollution.  We are seeing nature brought indoors with the trend of vertical gardens and greenery walls taking off, with Gazeley agreeing that Landscape Architects are becoming a key consultant in many large workplace design teams. 
An alternative way to bring the outdoors in is by using natural textures and materials, which is also shown to have a positive impact on wellbeing. Using different types of timbers and incorporating natural lighting is said to make the indoor environment have a calming effect on people. Research is indicating that highly productive workplace design predominately embraces organic shapes intended to bring spaces together without visual barriers. 
Working ergonomics seamlessly into the design of an office space is important not just for aesthetic reasons, but because being seated for prolonged periods of time has a negative impact on a person’s health. The comfort factor of the WELL Building Standard considers different working areas, and places value on ergonomics. “While sit-to-stand workstations may not last the test of time, as workspaces become more agile they represent current best practice when combined with other initiatives to ensure an active workforce. As the cost premium is reducing, we are seeing the ratio increase in current fit-outs,” Mr Gazeley said. 2019 Research by Savills indicates that 6% of employees prefer to work at a standing desk. 
Companies are starting to introduce designated recharging or wellness spaces into their offices, with Google and the Huffington Post going as far as providing high tech sleep pods. With employees clocking up an estimated 90,000 hours at work in their lifetime, providing a space where they can recharge for 20 minutes will be a benefit to how employees utilise their time overall. A wellness area should be a separate space to a staff breakout or kitchen area, where employees can de-stress, switch off their phone, or even meditate. “Even small part floor workplaces can assign a small private quiet room for multiple uses, with the contents of these rooms or spaces being quite modest,” Mr Gazeley said. 
In Conclusion 
Having the correct balance of office layout mixed with technology, plus incorporating the factors that contribute to overall employee wellness helps to accommodate for the multi-generational workplace of today. Taking these combined elements into account helps to maximise the potential work spaces within an office, and in turn boosts overall employee productivity. Considering generational needs and differed working styles will lead us to being able to design workplaces of the future with maximum functionality. 
Savills is a leading global real estate service provider offering the full spectrum of services from strategic advice to managing assets and projects and transacting deals. Simon Gazeley is an Associate Director within the Savills Project Management team. To learn more about Savills, visit <a href="http://www.savills.com.au/">savills.com.au</a>.
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jrobinson-rf4aSBido9

Workplace fit-out fundamentals that accommodate our multi-generational workforce: Savills

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Centuria Property Services, the asset management arm of Centuria Capital Group, has signed an implementation agreement with parking technology startup BaseUp.
Vacant parking bays in and around commercial properties owned by Centuria’s listed and unlisted property funds will be made available via the BaseUp app, where tenants can participate and register for short-term parking solutions.
BaseUp is a provider of smart parking technology to large tenants and landlords in the commercial property market.
BaseUp provides solutions that solve one of commercial real estate’s biggest problems – underutilised parking and a lack of flexibility. 
Matthew McQueen, Portfolio Manager at Centuria, commented: "After a highly successful pilot period at two of our assets, we have now signed up for all our property residents. 
"Those at the forefront of the commercial property market – office properties in particular – are increasingly focusing on the well-being of a building’s users, a significant aspect of which is convenience of commuting and end-of-trip."
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j.ballantyne1990-6AQqhLzZaK

Centuria signs agreement with parking technology provider BaseUp

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A Fitzroy North landholding on Queens Parade with triple street frontages is being offered to market.
The 3,200 sqm development site is situated on a prime corner landholding at 81-89 Queens Parade, with triple street frontages to Alexandra Parade, Queens Parade, and George Street.
Savills Australia’s Clinton Baxter, Jesse Radisich and Benson Zhou have been appointed to manage the expressions of interest campaign with expectations of above $18 million.
“The upside potential of this site is profound, and we have already commenced fielding interest from major local and offshore developers keen to know more about this project,” said Mr Baxter.
“There is approved planning in place for an 8-level Cox Architecture mixed-use commercial project.”
“81-89 Queens Parade is arriving at a time and place that meets the strongest commercial office markets in decades,” added Mr Baxter.
Mr Zhou said that “whilst there has been talk of reducing Chinese capital in our market, Savills has sold more than half of our last 20 deals to buyers of Chinese background. Really there has been a flight to quality projects and investments, the money definitely is still there for the best projects like this one.”
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Savills marketing mixed-used Fitzroy North development site

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GUEST OBSERVATION 
“What we need to do is rebuild confidence in Australia’s building and construction sector,” said federal minister Karen Andrews after the July 2019 meeting of the Building Ministers’ Forum.
This has been a recurring theme since the federal, state and territory ministers commissioned Peter Shergold and Bronwyn Weir in mid-2017 to assess the effectiveness of building and construction industry regulation across Australia. They presented their <a href="https://www.industry.gov.au/sites/default/files/July%202018/document/pdf/building_ministers_forum_expert_assessment_-_building_confidence.pdf" target="_blank">Building Confidence report</a> to the ministers in February 2018.
In the 18 months since then, the combined might of nine governments has made scant progress towards implementing the report’s 24 simple recommendations. Confidence in building regulation and quality has clearly continued to deteriorate among the public and construction industry.
In last week’s Four Corners program, <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/4corners/cracking-up/11431474" target="_blank">Cracking Up</a>, Weir was asked whether she would buy an apartment. She responded: “I wouldn’t buy a newly built apartment, no […] I’d buy an older one.” She went on to say:
"We have hundreds of thousands of apartments that have been built across the country over the last two, three decades. Probably the prevalence of noncompliance has been particularly bad, I would say in the last say 15 to 20 years […] And that means there’s a lot of existing building stock that has defects in it […] There’ll be legacy issues for some time and I suspect there’ll be legacy issues that we’re not even fully aware of yet."
These comments may not have delighted those developers trying to sell new apartments, or owners selling existing apartments, but they are fair and correct. Confidence will not be restored until all the governments act together to improve regulatory oversight and deal with existing defective buildings.
Residents of the <a href="https://theconversation.com/lacrosse-fire-ruling-sends-shudders-through-building-industry-consultants-and-governments-112777" target="_blank">Lacrosse</a>, <a href="https://www.theage.com.au/national/victoria/same-as-grenfell-tower-cladding-fears-as-fire-rips-through-melbourne-cbd-apartment-building-20190204-p50vgl" target="_blank">Neo200</a>, <a href="https://theconversation.com/the-big-lesson-from-opal-tower-is-that-badly-built-apartments-arent-only-an-issue-for-residents-109722" target="_blank">Opal</a> and <a href="https://theconversation.com/buck-passing-on-apartment-building-safety-leaves-residents-at-risk-119000" target="_blank">Mascot</a> towers and other buildings with serious defects are already living with the impact of “legacy” problems. Over the weekend, <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-08-23/cladding-and-mould-forces-residents-out-of-apartment-block/11443976" target="_blank">another apartment building was evacuated</a> – this time in Mordialloc in southeast Melbourne. The building was deemed unsafe because it was clad with combustible material and had defects in its fire detection and warning system.
A costly but essential fix
Fixing such defects is a costly business. A Victorian Civil and Administrative Tribunal <a href="https://www.vcat.vic.gov.au/resources/owners-corporation-no1-of-ps613436t-owners-corporation-no-2-of-ps613436t-owners" target="_blank">decision</a> established that replacing the combustible cladding on the Lacrosse building in Melbourne would cost an average of A$36,000 per unit. At Mascot Towers, consultant engineers <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-08-23/mascot-towers-repair-bill-soars-to-20-million/11439856" target="_blank">estimated the cost</a> of structural repairs at up to A$150,000 per unit on average.
According to <a href="https://cityfutures.be.unsw.edu.au/research/projects/governing-the-compact-city-the-role-and-effectiveness-of-strata-management-in-higher-density-residential-developments/" target="_blank">UNSW</a> and <a href="https://www.afr.com/property/residential/cladding-just-the-tip-of-the-iceberg-20190612-p51wrw#logout" target="_blank">Deakin</a> research, between 70% and 97% of units in strata apartments have significant defects. Let’s assume 85% have such defects and the average cost of fixing these is only $25,000 per unit. That would mean total repair costs for the 500,000 or so tall apartments (four-storey and above) across Australia could exceed A$10 billion.
The Victorian government has taken the lead on combustible cladding, <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-07-16/flammable-cladding-removal-fund-victorian-government/11311518" target="_blank">setting up and funding a A$600 million scheme</a> to replace it. It’s also replacing combustible cladding on low-rise school buildings even though these may comply with the letter of the National Construction Code.
No other state has yet followed this lead. This is concerning given the risk to life. No one viewing images of the <a href="https://www.theage.com.au/national/victoria/how-hundreds-of-lives-were-thrown-into-chaos-when-neo-200-caught-fire-20190429-p51i62" target="_blank">Neo200 fire</a> in the Melbourne CBD could doubt how dangerous combustible cladding can be.
The other states and territories should immediately copy the Victorian scheme. While not perfect, and probably underfunded, it is a positive step to improve public safety. The Andrews government should be congratulated for doing something practical while its counterparts in New South Wales and Queensland, which have many buildings with combustible cladding, fiddle about.
All governments share responsibility
The federal government’s response has been inadequate. When asked about contributing to the Victorian scheme, Karen Andrews said: "The Commonwealth is not an ATM for the states […] this problem is of the states’ making and they need to step up and fix the problem and dig into their own pockets."
This flies in the face of reality. All nine governments are responsible for building regulation and enforcement. All signed the <a href="https://www.abcb.gov.au/Resources/Publications/Corporate/2017-Inter-Governmental-Agreement" target="_blank">intergovernmental agreement</a> on building regulation.
The federal government, which chairs the Building Ministers’ Forum, leads building regulation in Australia. The <a href="https://www.abcb.gov.au/ABCB/The-Board" target="_blank">Australian Building Codes Board</a>, which produces the <a href="https://ncc.abcb.gov.au/ncc-online/About" target="_blank">National Construction Code</a>, is effectively a federal government agency. The precursor to the national code, the Building Code of Australia, was a federal initiative.
It is clear Australian governments have worked effectively together in the past to combat threats to life and safety, or to provide consumer protection nationwide. Examples include initiatives as diverse as the <a href="https://press-files.anu.edu.au/downloads/press/n5314/html/ch09.xhtml?referer=&amp;page=16" target="_blank">national gun buyback</a>, the <a href="https://asic.gov.au/about-asic/what-we-do/how-we-operate/history/" target="_blank">creation of the Australian Securities and Investment Commission</a> (<a href="https://asic.gov.au/about-asic/what-we-do/our-role/">ASIC</a>) and the <a href="https://www.choice.com.au/transport/cars/general/articles/takata-airbags-what-you-need-to-know-in-australia-230717" target="_blank">program to replace defective Takata airbags</a> in cars.
The crop of building defects we see today are a direct result of negligent regulation by all nine governments over the past two decades. Clearly, they all have a legal and moral duty to coordinate and contribute to a program to manage the risks and economic damage this has created.
All the evidence points to a <a href="https://www.afr.com/property/governments-failed-to-act-on-warnings-of-combustible-cladding-dangers-20190226-h1br6n" target="_blank">long-term failure to heed repeated warnings about the dangers</a>. Governments and regulators were captive to the interests of the development lobby, building industry and building materials supply industry.
The governments must stop playing a blame game. Effective programs are urgently needed to fix defects, including combustible cladding, incorrectly installed fire protection measures, structural noncompliance, structural failure and leaks.
The Australian Building Codes Board, which is directly responsible for the mess, should be reformed to ensure it becomes an effective regulator. The National Construction Code <a href="https://theconversation.com/australia-has-a-new-national-construction-code-but-its-still-not-good-enough-113729" target="_blank">should be changed</a> to make consumer protection an objective in the delivery of housing for sale.
All parties involved will have to take some pain: regulators, developers, builders, subcontractors, consultants, certifiers, insurers, aluminium panel manufacturers, suppliers and owners. Only governments can broker a solution as it will require legislation and an allocation of responsibility for fault.
The alternative will probably be a huge number of individual legal cases and a rash of owner bankruptcies, which may well leave the guilty parties untouched.<img src="https://counter.theconversation.com/content/122180/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
Geoff Hanmer, Adjunct Lecturer in Architecture, 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/would-you-buy-a-new-apartment-building-confidence-depends-on-ending-the-blame-game-122180" target="_blank">original article</a>.
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Would you buy a new apartment? Building confidence depends on ending the blame game

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GUEST OBSERVER
It’s easy to ask businesses to invest more, hard to get them to do it. 
You know the economy is in trouble when a clever and successful Liberal Party treasurer resorts to doing an <a href="https://en.wikipedia.org/wiki/Elizabeth_Warren" target="_blank">Elizabeth Warren</a> impersonation in front of the Business Council of Australia in hopes of boosting investment.
That’s what <a href="https://joshfrydenberg.com.au/latest-news/making-our-own-luck-australias-productivity-challenge/" target="_blank">Josh Frydenberg</a> did on Monday, saying:
Share buybacks and capital returns are becoming increasingly prominent and the default option for corporates. But is a buyback always the best option for the future growth of the company and therefore the economy?
Let’s set aside the fact that the recent uptick in buybacks was almost entirely due to a $15.4 billion capital return from BHP after selling off what was left of its ill-fated shale oil and gas investments in the United States.
Are buybacks bad?
A bunch of US Democratic presidential hopefuls sure think so. Self-proclaimed “Democratic Socialist” Bernie Sanders joined with the more centrist Senate Minority leader Chuck Schumer to <a href="https://www.nytimes.com/2019/02/03/opinion/chuck-schumer-bernie-sanders">propose legislation</a> that would require companies spending money to buy back their own shares to raise the minimum wage of their workers $15 an hour and provide seven days of paid annual sick leave.
A number of other prominent Democrats have similar ideas, including Warren, and fellow Senators Kamala Harris and Cory Booker.
There is a myth that share buybacks are some kind of “sure thing” benefit to shareholders that is worth dispelling.
The myth goes like this.
A company buys back some number of its outstanding shares from willing sellers. That reduces the number of shares, but future profits haven’t changed. So, earnings per share go up, and so does the stock price.
That’s said to be is a win for the remaining shareholders, but the business won’t invest as much in capital expenditures and workers might miss out on pay rises.
This logic is tantalising, but wrong. What is overlooked in that the business used cash on hand to buy back its stock. So the value of the company to the shareholders who didn’t sell isn’t the same – it’s been reduced by the amount of the buyback.
The key question is whether that cash can be used more productively inside the company than paid out. US firms like Apple and Boeing have recently undertaken significant buybacks and seen their share price rise relative to the broader stock market. That’s the market telling us that the money is better used outside of Apple and Boeing than in.
The correct term for buybacks like that that increase value is “good corporate governance”, not “short-sighted capitalism” or “theft”.
How to get business to invest more
Having said that, Frydenberg was spot on in his analysis of what is needed to boost wages in Australia:
If we are going to create new jobs and enable people to earn more for what they do, we need businesses to increase their capital expenditure and to adopt new technologies and business practices that effectively integrates capital with labour.“
The question is how to do that.
One thing’s for sure, trying to bully companies into doing it isn’t the answer.
Business invest earnings in plants and equipment when the economic environment is attractive.
Bureau of Statistics figures released Thursday made clear that business have a <a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/5625.0" target="_blank">negative view</a> of that environment.
Capital expenditures were down a seasonally-adjusted 0.5% in the June quarter – worse than market expectations – and down 1% over the year.
The problem with an investment allowance
One idea the treasurer is reportedly considering is a so-called ”<a href="https://www.bca.com.au/in_the_absence_of_tax_cuts_investment_allowance_is_key" target="_blank">investment allowance</a>“, much like the investment allowance the <a href="https://www.acra.com.au/government-investment-allowance-10-tax-rebate/" target="_blank">Rudd government</a> introduced during the global financial crisis between December 2008 to December 2009.
It would give businesses an immediate tax deduction of, say, 10% on spending on equipment and plant and machinery, in additional to the normal annual deduction for depreciation.
The problem with such allowances is that they don’t provide certainty. The fact that they have been brought in and quickly ended makes it look as if they will be taken away. So businesses use them to bring forward investments rather than make long term plans.
And it is hard to limit them to "additional investment” as Frydenberg said he wanted to on Monday.
By contrast, cutting the company tax rate would signal a permanent shift in policy. It’s politically difficult, which perversely would make it a credible signal about future conditions.
Cutting the rate right away, to 25%, would help move us away from one of the highest corporate tax rates in the developed world, and would boost investment.
The best <a href="https://www.aeaweb.org/articles?id=10.1257/aer.20130570" target="_blank">empirical evidence</a> is that about half the benefit of company tax cuts goes to workers. And as <a href="https://www.afr.com/opinion/the-evidence-is-in-cutting-australias-corporate-tax-will-cut-inequality-20180129-h0prje" target="_blank">I wrote early last year</a>, that evidence suggests that young, low-skilled, and female workers benefit the most.
We also need major government investments in physical and social infrastructure to deal with flagging demand and create an environment in which companies will find it worthwhile to invest.
In the low-growth, low-inflation, secular stagnation world we are in budget surpluses are neither prudent nor evidence of sound economic management. They are a death sentence for jobs and growth.<img src="https://counter.theconversation.com/content/122614/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/richard-holden-118107" target="_blank">Richard Holden</a>, Professor of Economics, <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/vital-signs-business-investment-is-flatlining-and-it-isnt-clear-that-suasion-or-a-special-allowance-will-help-122614" target="_blank">original article</a>.
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rh-YsoTT2xMuQ

Business investment is flatlining, and it isn’t clear that suasion or a special allowance will help: Richard Holden

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A part of the historic Cyclops toy factory in Sydney inner west is up for sale. 
The warehouse at 40-76 William Street in Leichhardt is being marketed by Knight Frank agent Demi Carigliano.
The 6,931sqm property consists of a 10,060sqm commercial building spanning four levels that is rented to a self-storage facility.
It is the last part of the original warehouse, with the remainder having been converted into apartments.
The remaining part of the old toy factory will be offered to the market for the first time in 30 years.
“Investors can either keep it in its current use as a self-storage building, reposition or re-adapt the existing building into a commercial or food and beverage hub or undertake a residential or commercial redevelopment of the site, subject to council approval," Demi Carigliano said.
He suggested the site has the potential to become a precinct similar to The Grounds of Alexandria, Tramsheds in Glebe or the Cannery in Rosebery.
There are no heritage restrictions on the property to prohibit or restrict development.
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“This is one of the largest freestanding buildings in this area.
“The property has a three-street frontage, including 88 metres on William Street.
It’s also in close proximity to the Leichhardt light rail station.
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Historic Cyclops, Leichhardt toy factory listed with development potential 

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The Greater Brisbane industrial market has performed strongly over the last 12 months with prime rents increasing by more than 5%, land rates up by as much as 21%, and yields continuing to tighten, according to independent valuer and advisor m3property’s latest industrial report. 
The Winter 2019 report found supply constraints and strong owner-occupier and design and construct activity, especially in the e-commerce logistics area, had driven land (2000 square metre to 5000 square metre) rates across Greater Brisbane up by as much as 46% over the past three years. 
It found that investment sales, currently at circa $540 million for the first six months of the year, were well-placed to surpass what had been a big year in 2018 with circa $970 million of industrial assets transacted.  
Director of Research (Qld), Casey Robinson, said population growth, e-commerce and infrastructure projects had been key market drivers with the latter potentially playing an even more significant role as the State and Federal Governments sought to fast track some projects. 
“Brisbane’s industrial sector is experiencing boom like conditions and all indications are that the market will continue to perform strongly over the next 12 months as population growth and infrastructure projects drive even greater demand for new buildings,’’ Robinson said. 
“There were 1092 industrial buildings approved in Queensland in the year to May which is up 7.3% year on year. 
“Food manufacturers, transport/logistics operators and consumer product operators, in particular, will be behind a considerable increase in supply completions over the remainder of 2019 with most of it in the Western and M1 Corridors.’’
Robinson said an estimated 300,000 square metres of new supply was mostly pre-committed including new buildings for Coles (66,000 square metres), Australia Post (49,000 square metres) and Rheinmetall (42,000 square metres), all of which are located in the Western Corridor.
<a href="https://www.propertyobserver.com.au/images/2019/8/19/brisbane%20industrial%201.jpg" target="_blank">Click here </a>to enlarge: 
<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/2019/8/19/brisbane%20industrial%201.jpg" alt="">
Low yields here to stay 
Senior Valuer at m3property (Qld) Cameron Hicks said while purchaser demand continued to outweigh investment supply, downward pressure on yields would remain. 
“Demand for industrial assets has been very strong and with population growth and the mooted fast tracking of infrastructure projects, such as the strategically important inland freight rail project, continuing to drive tenant demand, the industrial investment market looks set to maintain its current trajectory,’’ Hicks said.
“That said, with the limited supply of modern buildings in the most sought after precincts, yields are likely to continue to tighten, but we should see some stabilisation towards the end of the year and into 2020.’’
He said the limited supply of land in those same precincts, especially the Australia TradeCoast both north and south of the Brisbane River, along with the trend to modern, efficient premises, would also drive further increases in land values.
<a href="https://www.propertyobserver.com.au/images/2019/8/19/brisbane%20industrial%202.jpg" target="_blank">Click here</a> to enlarge: 
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Hicks said while prime rents were expected to continue to rise, the extent of any rental growth would depend on the ability of tenants to absorb it. 
“Further real rental growth will be tested in cases where recent increases in taxable land values are passed onto tenants, and that seems likely in the majority of cases. This could negatively affect the potential for further real rental growth in the near term,’’ Hicks said. 
Hicks said the importance of the circa $10 billion Melbourne to Brisbane inland freight rail project had been underscored by recent acquisitions along the route including Garda Capital’s purchase of four properties - three of them adjoining the Acacia Ride rail yards - and a prominent Sydney based investor’s acquisition of two large properties also with rail access.  
“The inland freight rail project has already had an impact on the market and will undoubtedly continue to be a catalyst for growth with the potential to impact the entire Brisbane industrial market, especially if the line is extended beyond the Acacia Ridge terminal to the Port of Brisbane. Such an extension would result in improved connection to the Western Corridor and Toowoomba,’’ Hicks said.
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Brisbane industrial market booming with yields tightening: m3property

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Hospitality operators have signed secure leases over two buildings on Chapel Street, South Yarra.
James Lockwood and Jordan Ceppi of Fitzroys brokered the respective leases of 585 Chapel Street (pictured above) and 589 Chapel Street (pictured below). 
Both deals are secure five year deals with additional five year options.
New operator Jumi’s Café will open up at the 50 square metres space at 589 Chapel Street and will pay $55,000 per annum net.
<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/2019/8/19/589%20chapel%20st.jpg" alt="">
At 585 Chapel Street, a reputable Chinese hospitality group has leased the 75 square metre space at a similar building rate.
“The tenants were attracted to the prime locations in one of Australia’s most famous shopping and lifestyle precincts,” Ceppi said.
According to Fitzroys’ newly released Walk the Strip, Chapel Street, South Yarra vacancies came down from 18.1% to 15.6% throughout 2018/19.
Fitzroys has also just leased 539 Chapel Street to children’s toys and clothing retailer, Things Adorable for their Melbourne flagship store, and 552 Chapel Street to Melbourne Laser Clinic on a long 10-year deal.
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Two hospitality groups take up Chapel Street, South Yarra leases

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The Midnight Hotel is set to open in Canberra in September following a Marriot International signing with Iconic Hotels.
Midnight Hotel will be a part of Geocon’s $200 million residential and commercial development in Braddon, central Canberra, open in September as an Autograph Collection hotel.
It will be the second hotel for the brand to open in Australia, following the recently renovated Pier One Sydney Harbour, Autograph Collection.
“This deal marks a significant milestone for us since it will be our first in the capital of Australia,” said Richard Crawford, Senior Director, Hotel Development, Australia, New Zealand and Pacific, Marriott International. “We look forward to working closely with Iconic Hotels to bring this hotel to this market.”
Each guest room will feature a bespoke commissioned piece of artwork by international artist and architectural designer, Thomas Bucich.
The hotel will also include facilities such as a restaurant, bar, indoor swimming pool, wellness centre, conference and event spaces and a guest lounge.
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Marriott International to open first Canberra hotel

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EXPERT OBSERVER
Regional area index data for SA4 regions produced by CoreLogic is showing early signs of improving housing market conditions, predominately across Sydney and Melbourne and with some level of improvement in the areas where values previously recorded comparatively large falls.
Over the three months to July 2019, national dwelling values continued to decline, falling by -0.5%, however, the monthly rate of decline has been slowing right throughout 2019 with no change in values throughout the month of July.
<img src="https://www.urban.com.au/images/2019/8/30/SA4%203.JPG" alt="">
<img src="https://www.urban.com.au/images/2019/8/30/SA4%204.JPG" alt="">
The improvement in market conditions was more evident across the combined capital cities, while the combined regional markets have seen the magnitude of declines trend higher throughout 2019.
The improvement in housing market conditions is largely being driven by a slowing rate of decline in values in Sydney and Melbourne throughout 2019 with increases over the past two months.
Melbourne is the only city where values increases occured over the past three months (0.1%) while a several cities recorded slower rates of decline. Dwelling values remained lower than when at their peak across all 46 capital city SA4 regions; the magnitude of declines varied greatly from city-to-city and within the individual capital cities.
While values are now lower than their peak across all SA4 regions, 13 individual regions have either recorded an increase in value or avoided declines over the past three months.
Analysis of the 13 regions where values did not fall over the past three months where in areas that have previously seen comparatively large value declines from their peak. To July 2019, Sydney dwelling values have fallen -14.7% from their peak.
Over the past three months, seven Sydney regions have avoided falls and Baulkham Hills and Hawkesbury (-15.7%), Inner West (- 15.9%), North Sydney and Hornsby (-15.4%) and Sutherland (-16.7%) have each recorded larger overall falls than the Sydney benchmark.
It is a similar story for Melbourne, four SA4 regions have avoided value falls over the past three months, two of which were the Inner East and Inner South which have seen some of the largest overall declines of all Melbourne regions, down - 15.0% and -14.4% from peak respectively. Outside of regions of Sydney and Melbourne, Hobart and Adelaide’s North have also recorded an increase in values over the past three months.
Only 15 of the 46 capital city SA4 regions have recorded falls in excess of 1.0% over the past three months.
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Several combined regional markets are not showing the same early signs of a market recovery that was visible for the capital city markets. Furthermore, some regional markets have seen significant overall declines. For the capital cities, Mandurah in Perth experienced the largest overall decline in values (-35.7%), while three regional markets have recorded larger total falls.
Of the 42 regional SA4 areas, 16 have either recorded an increase in values or no decline over the past three months which is greater than the 13 amongst the capital cities.
The reason for the declining regional values, and with little to no real signs of an improvement, is more to do with the fact that most of the larger regional markets continue to record value falls.
What is interesting is that some of the markets that have recorded significant value falls over recent years have actually recorded value increases over the past three months. Most of these are located in Qld: Townsville, Cairns, Central Qld and Mackay-Isaac Whitsunday while Outback SA has seen the largest value increase over the three months despite values being more than 20% below their peak.
Unlike the capital city SA4 regions, two regional markets have managed to avoid declines with values sitting at record-highs. These regions are West and North West Tas and South East SA. The more populous regional markets continued to record value falls over the past three months with areas like Townsville, Cairns, Richmond-Tweed, Toowoomba and Launceston and North East the main exceptions.
Larger regional areas such as Newcastle and Lake Macquarie, Gold Coast, Sunshine Coast, Geelong, Illawarra and Bunbury have continued to see values fall. Overall early signs are emerging to suggest that the housing market has stabilized, however, this evidence is much more prevalent in capital cities than regional markets.
Within the capital cities, the research concluded that improved conditions are mainly being driven by Sydney and Melbourne and interestingly, in many instances it is those areas where values have recorded larger declines over recent years that are showing the largest improvement.
Over the coming months it will be interesting to see if the improvement continues and whether it spreads from Sydney and Melbourne to other capital cities and regional markets.
CAMERON KUSHER is the head of research for the Australian branch of CoreLogic
Kusher regularly posts on the <a href="https://www.corelogic.com.au/news" target="_blank">CoreLogic website</a>.
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