<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

<html><body>
EXPERT OBSERVER
Once, emulating Germany would be something to be proud of. Not at the moment.<a href="https://theconversation.com/profiles/richard-holden-118107"> </a>
It’s four years since then Prime Minister Tony Abbott warned Australia had been heading to “<a href="https://www.smh.com.au/politics/federal/tony-abbott-claims-australia-was-heading-for-a-greekstyle-future-20150318-1m1n9n" target="_blank">a Greek-style economic future</a>”.
He was referring to what he said had been happening under the previous Labor government.
When Labor left office in 2013 the federal government’s budget deficit had been 3% of gross domestic product. The Greek government’s had been 7%.
The Australian government’s debt to GDP ratio was 20%. The Greek government’s was 177%.
Australia was never on the path to becoming an economic basket case like Greece, but right now we are on the road to becoming like another European nation.
It also starts with “G”.
Becoming economically like Germany isn’t as scary. But it is genuinely troubling nevertheless.
Germany is not in good shape
Germany’s GDP growth in the June quarter was minus 0.1%. That means economic activity shrank.
Its central bank, the Bundesbank, doesn’t see things getting better <a href="https://edition.cnn.com/2019/08/19/economy/germany-recession-bundesbank/index" target="_blank">any time soon</a>, saying growth “is probably set to remain lacklustre in the third quarter of 2019”.
Interest rates have fallen so low that investors are now <a href="https://www.bloomberg.com/markets/rates-bonds/government-bonds/germany" target="_blank">paying the German government to take their money</a>. The nominal interest rate on two-year German government debt is -0.90%, and on extremely long-term 30-year bonds is -0.15%.
That’s right: even for 30 years into the future, investors think its safer to lose money by parking funds with the German government than to try to make money by using them in other investments.
Put another way, markets think the German economy will be in trouble for decades, meaning short-term German interest rates will have to remain ultra-low for decades.
The German penchant for balanced budgets became (there’s really no other way to put it) fanatical in the wake on the financial crisis of 2008.
Like centre-right governments around the world – Britain was a leading example – a dark fiscal austerity took hold, at precisely the wrong time.
2009 was a time of chronically weak private demand that required both lower interest rates and, as monetary policy was running out of steam, continuing budget deficits.
Instead Germany cut government spending, pushing the budget back into surplus from 2014.
It didn’t get everything wrong.
As I <a href="http://research.economics.unsw.edu.au/richardholden/assets/greece-debt-crisis-afr-july-13.pdf" target="_blank">wrote at the time</a>, Germany was largely right to insist that Greece get its out-of-control spending and government debt under control.
But Germany’s approach to its own economy hurt it and other European economies such as Italy and Spain.
We’re turning German…
With apologies to British 1980s band The Vapors, we’re at risk of “<a href="https://youtu.be/XedDyR0opow" target="_blank">Turning Germanese</a>”.
Like Germany, our interest rates are getting close to zero. OK, Germany has negative nominal 30-year interest rates, but we’ve got negative real 10-year bond interest rates, and zero 30-year bond rates.
Both of our major political parties are gripped by balanced-budget fetishism, appearing to want to balance the budget regardless of the economic context.
Again, here we are not quite as fanatical as Germany, but Labor seems determined to “<a href="https://www.afr.com/politics/federal/labor-promises-23b-surplus-twice-the-coalition-s-20190509-p51lj5" target="_blank">out-surplus</a>” the Coalition to prove its economic management credentials. And the government has made delivering a surplus the centrepiece of its economic agenda.
And, like in Germany, our economic growth is slowing. We don’t yet have negative GDP growth like in Germany, but we do have negative per capita GDP growth.
…but there’s time to pull back
Poor old Reserve Bank governor Philip Lowe has been pleading over and again for more aggressive government spending, particularly on infrastructure, to help complement what he is doing on interest rates.
A couple of cheesy photo ops with Treasurer Josh Frydenberg aside, there’s no evidence of him gaining any traction in Canberra.
Structurally balanced budgets are important, and thinking government debt doesn’t matter is deeply misguided.
But this is the situation we face:
<ul>
<li>
private demand is chronically weak
</li>
<li>
our physical infrastructure has not kept pace with population growth and modern needs
</li>
<li>
our social infrastructure (including all levels of education) is not up to standard
</li>
<li>
interest rate cuts are running out of puff
</li>
<li>
the government can borrow in its own currency, long-term, for close to nothing
</li>
</ul>
Any government that won’t borrow and spend up big and smart in these circumstances is making a huge mistake – one for which we and our children will pay dearly.
If we’re not careful the old Abbott narrative of “we’re about to become Greece” will become true, except about another country whose shoes we would rather not be in.
Richard Holden, Professor of Economics, UNSW.
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/vital-signs-economically-australia-is-at-risk-of-becoming-germany-and-not-in-a-good-way-122217" target="_blank">original article</a>.
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rh-YsoTT2xMuQ

Economically, Australia is at risk of becoming Germany, and not in a good way: Richard Holden

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EXPERT OBSERVER
Since 2000, planning authorities in Australia have overseen a massive rezoning of inner-city industrial land to make way for mixed-use residential development. They claim central industrial space is obsolete in a post-industrial economy driven by knowledge, finance, and real estate. And rezoning offers opportunities to house people near jobs and services, thereby slowing urban sprawl.
While industrial rezonings have contributed to the <a href="https://theconversation.com/density-sprawl-growth-how-australian-cities-have-changed-in-the-last-30-years-65870" target="_blank">densification of Australian cities</a>, they also open the door to real estate speculation and accelerate <a href="https://theconversation.com/when-a-suburbs-turn-for-gentrification-comes-75609" target="_blank">gentrification</a>. This has forced many people to <a href="https://theconversation.com/its-not-just-the-buildings-high-density-neighbourhoods-make-life-worse-for-the-poor-82070" target="_blank">move outward</a> in search of affordable shelter.
Rather than fostering walkable <a href="https://www.planmelbourne.vic.gov.au/current-projects/20-minute-neighbourhoods" target="_blank">20-minute neighbourhoods</a>, “<a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-06-06/ghost-shops-haunting-new-developments/11184644" target="_blank">ghost shops</a>” haunt many new mixed-use residential developments. And <a href="https://www.theage.com.au/politics/victoria/melbourne-sprawl-50-000-housing-lots-to-be-released-making-way-for-12-new-suburbs-20190214-p50xwf" target="_blank">sprawl continues unabated</a>.
Other problems stem from a <a href="https://www.tandfonline.com/doi/full/10.1080/08111146.2018.1556633" target="_blank">fundamental misunderstanding of contemporary manufacturing</a>. The loss of central industrial zones displaces a range of <a href="https://theconversation.com/can-our-cities-thriving-creative-precincts-be-saved-from-renewal-83042" target="_blank">specialised manufacturers, creative producers, and small businesses</a>. With them go the quality jobs and vital services they provide. In the process, the diversity of land uses and jobs is reduced in the very places that policymakers want it.
Can urban policy make room for manufacturing and create real diversity and a mix of employment opportunities in our cities?
<h2>Australian manufacturing misunderstood</h2>
Manufacturing employment has declined for decades. This is typically attributed to competition from low-wage countries. In reality, Australian manufacturing is <a href="https://theconversation.com/the-australian-manufacturing-industry-is-not-dying-its-evolving-csiro-study-69398" target="_blank">changing</a> and is largely distinct from overseas high-volume, low-cost mass production. Urban policy and an <a href="https://www.tandfonline.com/doi/full/10.1080/08111146.2018.1556633" target="_blank">outdated vision of manufacturing</a> are as much to blame for the loss of central industrial land.
Today, Australian manufacturing is small, nimble, and specialised. Firms with fewer than 20 people provide <a href="https://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/8165.0Main+Features1June%202014%20to%20June%202018?OpenDocument" target="_blank">93% of all manufacturing employment</a>. And most firms (74%) have fewer than five employees.
These businesses are not pumping out automobiles or anoraks. They are more likely to engage in small-batch production of high-value-added and design-intensive products.
Much of this production is directly <a href="https://www.sciencedirect.com/science/article/pii/S187791661730084X" target="_blank">linked to the cultural industries</a>, such as architecture, fashion and home furnishings, and is geared toward local consumption, particularly food and beverages. Combined, these forms of production account for about <a href="/news">half of all manufacturing employment</a>.
<img src="https://images.theconversation.com/files/287321/original/file-20190808-144873-sc1pby.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""> Carol and Stuart Faulkner of Heartwood Creative Woodworking in Marrickville, Sydney. Paul Jones, used with permission, Author provided
Yes, manufacturing does not provide as many jobs as it once did. Yet it remains crucial to a diversified economy.
Contemporary manufacturing <a href="https://www.sgsep.com.au/publications/rise-urban-manufacturing" target="_blank">thrives among the dense networks and consumer markets found in cities</a>. Or it would, if we did not rezone all of our central city industrial land. The decline in manufacturing employment over the past 20 years coincides with major industrial rezonings.
Despite a net increase in industrial land due to outer suburban expansions, Greater Melbourne <a href="/news">lost 2,423 hectares</a> (or nearly 19 Hoddle grids) since 2000-01. These were mostly small industrial pockets (less than 5 hectares) in the inner suburbs. The few that remain have no vacancies.
<a href="https://www.colliers.com.au/find_research/industrial/sydney_industrial_land_supply/" target="_blank">Sydney</a> has virtually no inner industrial land left. This follows years of industrial rezonings at the hands of major <a href="https://www.theaustralian.com.au/business/business-spectator/news-story/the-property-players-cashing-in-on-sydneys-rezoned-land/a76e65f878b8fd2fc17e55f1039b4174" target="_blank">property developers</a>.
<h2>Property speculation designs out mixed-use activity</h2>
Indeed, industrial rezonings have arisen less from an obsolescence of manufacturing than from opportunistic targeting of higher-return land uses. Two-thirds of Melbourne’s industrial land was <a href="/news">rezoned</a> to promote residential development or other mixed use that does not permit industrial activity.
That leads to an immediate rise in property values and, of course, speculative investment. An infamous example in Victoria is then planning minister Matthew Guy’s <a href="https://www.theage.com.au/national/victoria/report-slams-matthew-guy-on-rezoning-of-fishermans-bend-20151019-gkcyrv" target="_blank">2012 rezoning of 250 hectares</a>) of central Melbourne industrial land at Fishermans Bend for a high-density mixed-use precinct. But this is a <a href="https://www.theguardian.com/cities/2017/feb/06/made-london-property-speculation-industry-capital" target="_blank">global phenomenon</a>.
Paradoxically, while mixed use is the planner’s holy grail, many new mixed-use projects do not foster the dense and walkable neighbourhoods they seek. Most are simply “shop-top” apartments with nominal ground-floor retail, not a diverse mix of uses. Meanwhile, <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-06-06/ghost-shops-haunting-new-developments/11184644" target="_blank">retail vacancies are on the rise</a> – nearly 40% in some suburbs.
While some mixed-use projects include office space, rarely do they incorporate multiple forms of work space. This means they do not support a rich business mix. Nor do they help solve the challenge of affordable housing, because an <a href="https://www.thefifthestate.com.au/columns/spinifex/more-housing-hasnt-fixed-australias-affordability-crisis-its-time-for-a-national-settlement-strategy/" target="_blank">increase in housing supply does not guarantee lower prices</a>.
For these reasons, zoning out employment land in the central city may not be “the highest and best use”. Even in a post-industrial economy, we need urban industrial zones that provide flexible work spaces, incubate new creative activities, allow for maintenance and repair and, above all, temper market rents for firms that provide quality, essential jobs and services.
<h2>How to renew inner-city industry</h2>
Inner-city industrial land is at capacity. If urban policymakers do not confront the legacy of industrial rezonings, they risk compounding problems in housing, jobs and retail. That, in turn, will further homogenise our cities and worsen inequality.
We can tackle the problem in three ways:
<h3>1. Preserve inner and middle industrial zones</h3>
To support a critical mass of enterprises would require no longer treating industrial lands as an opportunity for speculative housing and mixed-use activity. Tenure security for hundreds of <a href="https://theconversation.com/can-our-cities-thriving-creative-precincts-be-saved-from-renewal-83042">micro-enterprises</a> encourages local entrepreneurialism, in contrast to the part-time, low-wage jobs that generic chains bring to mixed-use projects.
US cities such as Chicago, Milwaukee and Portland have long maintained central “<a href="https://www.propertyobserver.com.au/https://www.portlandoregon.gov/bps/article/491196" target="_blank">industrial sanctuaries</a>” that prohibit residential development.
<h3>2. Develop alternative mixed-use zoning</h3>
Current mixed-use zoning primarily creates residential development and assumes manufacturing is incompatible. In fact, there are important <a href="https://www.sciencedirect.com/science/article/pii/S187791661730084X" target="_blank">spatial interdependencies</a> between manufacturing and creative industries.
Melbourne, Portland, San Francisco, and Vancouver have implemented new zoning designations intended to accommodate this mix. This is a positive step, but uptake of measures like the <a href="/news">Commercial 3 Zone</a> in Melbourne has been slow.
<img src="https://images.theconversation.com/files/287324/original/file-20190808-144843-na0ib.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""> SFMade’s 150 Hooper Street is a mixed-use project that provides the first new manufacturing space in San Francisco in 20 years. Carl Grodach
<h3>3. Add new inner-city industrial space</h3>
Consumers <a href="https://www.smh.com.au/business/companies/they-are-wounded-animals-department-stores-fight-for-survival-20190807-p52eus" target="_blank">want direct relationships with makers</a>. Rising land prices and the changing size and scope of manufacturing today means there is potential to add industrial to <a href="https://sfmade.org/blog/the-manufacturing-foundry-at-150-hooper/" target="_blank">commercial</a> and even <a href="https://dailyhive.com/vancouver/strathcona-village-belcourt-residence-vancouver" target="_blank">residential</a> redevelopments, via cross-subsidy incentives. Empty shop-top retail could be carefully retrofitted for creative and small manufacturing, with new building codes that enable alternative low-impact, ground-floor uses.

<a href="https://theconversation.com/profiles/carl-grodach-403324" target="_blank">Carl Grodach</a>, Professor and Director of Urban Planning &amp; Design, <a href="http://theconversation.com/institutions/monash-university-1065" target="_blank">Monash University</a>; <a href="https://theconversation.com/profiles/chris-gibson-9277" target="_blank">Chris Gibson</a>, Director, UOW Global Challenges Program &amp; Professor of Human Geography, <a href="http://theconversation.com/institutions/university-of-wollongong-711" target="_blank">University of Wollongong</a>, and <a href="https://theconversation.com/profiles/justin-oconnor-11847" target="_blank">Justin O'Connor</a>, Professor of Cultural Economy, <a href="http://theconversation.com/institutions/university-of-south-australia-1180" target="_blank">University of South Australia</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/three-ways-to-fix-the-problems-caused-by-rezoning-inner-city-industrial-land-for-mixed-use-apartments-121566" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

Three ways to fix the problems caused by rezoning inner-city industrial land for mixed-use apartments

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EXPERT OBSERVER
Anyone who reads my reports will know I’m finding many of the best markets across the nation in Regional Australia.
Most of the strongest markets for sales activity and price growth in the past two years have been found outside the capital cities and the regional areas of Victoria, NSW, Tasmania and Queensland continue to present large numbers of growth numbers.
I tell seminar audiences around Australia this is a good thing for investors, because the regions have lower prices and higher rental yields. And, if you choose your locations well, you’re well-placed for good capital growth as well.
It’s a message that most Australians haven’t been getting, because the major research firms focus primarily on the capital cities and major media obsesses over the markets in Melbourne and Sydney.
As I told seminar audiences in Mackay recently, Central Queensland cities will never feature in national media unless there’s a cyclone or flood. Mackay, in fact, is a growth market with low vacancies, strong rentals and rising prices, boosted by positive events in the local economy.
But gradually, it seems, Australia is waking up to the opportunities presented by markets in Regional Australia. 
Agency network PRDnationwide published an August report which predicted that regional centres are set to outperform capital cities over the next six months as affordable prices and higher returns lure buyers.
It said regional areas generally had fared better than metropolitan markets recently and that performance would continue over the second half of the year.
PRDnationwide’s national research manager Asti Mardiasmo said: “Regional areas are more insulated than bigger cities due to the increased infrastructure developments, cheaper house prices and big businesses moving their head offices to regional areas,” Mardiasmo said.
This correlates with Hotspotting research which has identified rising sales activity and good price growth in many of the regional markets in the major eastern states, as well as Tasmania and Western Australia.
The monthly reports of national valuation firm Herron Todd White have also recorded uplift in many of the nation’s regional markets. 
Its latest National Property Clock suggests that markets are rising or recovering in regional centres such as Tamworth, Dubbo, Albury and Bathurst in NSW; Townsville, Mackay, Cairns, Gladstone, the Sunshine Coast, Hervey Bay and Emerald in Queensland; Karratha and Port Hedland in WA; Shepparton and Wodonga in Victoria; and Launceston in Tasmania.
Markets at the bottom of the cycle ahead of recovery include Alice Springs, Rockhampton and Toowoomba.
Hotspotting would add a number of key regional cities to the list of strong markets, including Ballarat and Bendigo in Victoria, and Orange, Wagga Wagga, Goulburn, Queanbeyan, the Hunter Valley and the Tweed region in NSW.
In the Winter edition of the Price Predictor Index, 30 of the National Top 50 Super-charged Suburbs list were regional locations.
Brisbane-based researcher Propertyology published an analysis of population trends across the nation and suggested the areas where property markets benefited the most from interstate and intrastate migration were regional cities like the Gold Coast, the Sunshine Coast and Geelong.
A recent report by the Regional Australia Institute, based on a research project by the University of South Australia and Southern Cross University, urged Australians to consider the regions as an alternative to the major cities - it says many regional towns offer jobs, affordable housing, lifestyle and scope for economic growth, as well as less congestion and a lower cost of living.
The university research project compared wages, employment, congestion and house prices among outer suburban and metropolitan areas, and the regions.
The study found that while wages might be less in the regions compared to cities, job prospects are often at least as good and the cost of living is lower than the big cities. 
Terry Ryder is the founder of hotspotting.com.au
<a href="https://mailto:ryder@hotspotting.com.au">ryder@hotspotting.com.au</a>
twitter.com/hotspotting
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terryryder-YECXbqmri2

Australian investors waking up to regional property market opportunities: Hotspotting's Terry Ryder

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Australians are feeling more optimistic about purchasing a home, according to new research from Westpac.
Just over half of all participants suggested that they felt more confident about the housing market than they did 12 months ago, while 53% stated they were eager to take advantage of record low interest rates.
Those who already owned at least one home were the most optimistic demographic, with almost three quarters (71%) feeling more confident about the market than last year, and two thirds (66%) believing now is a good time to purchase their next home.
The primary motivations for those signally an intention to invest in the current housing market were (1) low interest rates (20%), (2) falling house prices (18%), and (3) the desire to live in a new area (17%).
The study also indicates that Australians are significantly more likely to be looking to buy a new home to live in themselves (37%), particularly for the sake of upsizing (24%) – these figures have more than doubled since 2018.
<a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><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/Subscriber%20strip%20ad.jpg" alt=""></a>
“Record low interest rates have created a positive environment for home owners to not only get ahead on their mortgage repayments, but to also purchase their next home,” said Will Ranken, the general manager of home ownership at Westpac.
The findings showed relief might be on the way with Australian home owners now 50% more likely to sell their home compared to last year, with one in ten (10%) intending to sell in the next 12 months.
“We’ve seen a recent rise in auction clearance rates, so it could be an opportune time for sellers to capitalise on growing demand, particularly in the lead up to spring; the time of year when house hunters tend to be the most active,” said Ranken.
A limitation of investment options was the primary concern of participants in the study, with almost one in five (18%) next home buyers feeling challenged by a lack of property supply listed on the market.
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wdavis-8cCN98p7xp

Australians are feeling more optimistic about the housing market: Westpac

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GUEST OBSERVATION
Since President Trump tweeted about imposing new tariffs on China, global equity markets have gone into a tailspin.
Trump’s more recent announcement that the new tariffs would be <a href="https://www.bbc.com/news/business-49287494" target="_blank">delayed</a> has not calmed the markets, with very large falls in most major stock markets.
Another factor particularly spooking the markets in recent days has been the “<a href="https://theconversation.com/vital-signs-amid-talk-of-recessions-our-progress-on-wages-and-unemployment-is-almost-non-existent-121813" target="_blank">inversion of the yield curve</a>” in the United States.
The yield curve is a graph showing the relationship between interest rates earned on lending money for different durations.
Normally, someone who lent to the government or a corporation for one year (by buying a one-year government or corporate bond) would expect to get a lower interest rate than someone who lent for five or ten years, making the yield curve upward-sloping.
An inverted curve slopes down
A simple way to get an idea of the slope of the yield curve is to compare a short-duration government interest rate for a two- or three-year government bond with the rate on a ten-year government bond.
In Australia the ten-year government bond rate has just fallen to a record low 0.891%, only slightly above the three-year rate at around 0.7%.
<a href="https://www.propertyobserver.com.au/images/2019/8/19/the%20conversation%201.png" target="_blank">Click here</a> to enlarge: 
<img src="https://www.urban.com.au/images/2019/8/19/the%20conversation%201.png" alt="">
CNBC.
In the US in recent days the ten-year bond rate has fallen to the point at which the ten-year rate is below the two-year rate – so the yield curve is inverted.
What has made the markets so nervous is that there has been a yield curve inversion before each of the past seven recessions.
The graph below plots the difference between the US ten-year government bond rate and the US two-year government bond right back to the 1970s.
When the difference is negative (when the ten-year bond rate slips below the two-year bond rate), the line moves below zero.
It has done it just before each of the US recessions, which are also marked.
<a href="https://www.propertyobserver.com.au/images/2019/8/19/the%20conversation%202.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/the%20conversation%202.jpg" alt="">
Sometimes the recession follows soon after the line slips below zero, and sometimes there is a delay. Interestingly, in the case of the most recent recession the yield curve inversion was quite small, and began some time before the global financial crisis.
So does correlation imply causation? Reserve Bank deputy governor Guy Debelle said on Thursday that <a href="https://www.afr.com/markets/equity-markets/rba-s-debelle-challenges-us-recession-signal-20190815-p52hc7" target="_blank">this time is different</a>.
We should certainly hope so.
There are good reasons to think that this time it will be different.
No recession this time?
One reason is that although central bank controlled rates are near record lows, most central banks have also announced words to the effect of “doing what it takes” to support the economy. With the markets expecting further rate cuts, long-term rates might simply reflect this rather than expectations of a recession.
Of course, it could be that markets see central banks’ cuts as a sign that they see a recession coming. It’s hard to tell.
Another reason to think it might be different this time is that President Trump pressured the Federal Reserve to cut rates. Many economists think the latest rate cut took place for that reason rather than because of economic fundamentals.
The simple point here is that a lot of things are different this time.
Many economists, like myself, view recent moves by central banks to cut rates as <a href="https://theconversation.com/on-rate-cut-tuesday-here-are-four-reasons-why-the-reserve-bank-shouldnt-jump-116590" target="_blank">unproductive</a>.
The gist of these arguments is that the Australian economy has reasonably strong fundamentals, and any weakness can be better dealt with by measures other than rate cuts. Among them would be measures to boost productivity.
In the US, by contrast, there are indeed reasons to be concerned about a recession.
The trade war with China has already been very destructive, and the political uncertainty of Trump, high debt levels and other structural weaknesses are creating problems.
A US-only recession?
The last time the US entered recession was September 2008. During that quarter global trade fell off a cliff, but in the year that followed Australia’s economy grew by a solid 4%.
Supporting Australia’s economy was a very large Chinese stimulus package that led to very strong demand for Australian resources.
A recession in the US in the next year or two would again lead China to consider all options. Traditionally those options have included much more funding for resource intensive infrastructure.
While that is the most likely path that China would take, it probably has less financial room to supercharge infrastructure than in 2008. That’s enough of a reason for Australians to very concerned if the US goes into recession.
In the end though it is well to remember that Australia’s economy is still in a reasonably strong position compared to others. Unemployment is low, wages growth is higher than it was at 3.1%, public debt is low and other fundamentals are reasonably sound.
But predicting recessions is notoriously difficult.
There are some who have successfully predicted nine of the last two recessions in Australia, and those pundits are very pessimistic now!
I tend to be more of the view that the probability of a recession in Australia in the next year or so is higher than it has been since 2008, but a recession is far from the sure thing that yield curve readers might suggest.
Mark Crosby, Professor, Monash University.
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/what-is-an-inverted-yield-curve-why-is-it-panicking-markets-and-why-is-there-talk-of-recession-121975" target="_blank">original article</a>.
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What is an inverted yield curve? Why is it panicking markets, and why is there talk of recession?

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An inner-city property with three street frontages and potential development in Collingwood has been offered to the market.
Located at 4-12 Langridge Street, the property comprises a standalone brick warehouse with 358 sqm of internal space.
Set on a 368 sqm site, it is zoned Commercial 1 under the City of Yarra Planning Scheme.
It comes with a frontage of 39 metres, 24m to Langridge Street and 15m Little Oxford Street.
The property also features RSD access, off-street parking for up to six cars, and a third access point via a laneway at the rear.  
It is for sale subject to a five year lease, expiring March 2022, at a current rental of $81,120 per annum net.
While the tenant has a further five year lease option, a redevelopment clause provides the owner with the option to give 12 months’ notice to the tenant at any time after the fourth year of the initial term.  
According to marketing agents, Teska Carson’s Luke Bisset, George Takis and Matthew Feld, the property offers an opportunity for investors to acquire a well located freehold, situated in one of Melbourne’s most sought-after inner-city suburbs. 
Mr Takis said the favourable Commercial 1 zoning and multi-storey height precedent provided scope for a multitude of development options. 
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Collingwood site with three street frontages listed

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A double fronted retail space has been leased out in the inner Melbourne suburb of Brunswick.
Situated at 271-273 on Albert Street, was leased by ESD Enterprises Pty Ltd on a five year lease term for $55,000 p.a. plus GST.
Set on 310 sqm, the agreement equates to a building rate of $177 per square meter.
The property features ground floor retail space, first floor dwelling/offices, rear ROW access, on-site parking and is centrally located 80m from Sydney Road, and 130m from Brunswick Train Station.
The ground floor will be operated as a restaurant or bar, while the first floor will host a recording studio.
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Double fronted Brunswick retail space leased

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EXPERT OBSERVER
The national housing market has just experienced its largest downturn in dwelling values since at least the 1980s.
The fact that values nationally fell by less than 10% speaks to the ongoing strength of the housing market over the past 40 years which has culminated in Australia being one of the most expensive places in the world in which to buy property.
Since the federal election in May, there have been ongoing signs of improving market conditions.
This has been driven by a number of factors including: an unexpected win by the Coalition in the federal election which removed uncertainty about changes taxation policies relating to investment, two 25 basis point cuts to interest rates, tax cuts for low income earners and an easing of some of the previous lending restrictions that were in place.
While there are clear signs of improving conditions, many point to the fact that the very low volume of sales in the market indicate that the recovery is not real or unsustainable.
While that could very well prove to be true if/when stock levels rise, the truth of the matter is that in a downturn, sales volumes typically fall and subsequently, the early stages of a housing recovery are usually characterised by low volumes of sales.
<img src="https://www.urban.com.au/images/2019/8/23/CL%20Recovery%201.JPG" alt="">
The above chart shows the monthly volume of settled sales for dwellings nationally, together with the rolling three month change in dwelling values nationally. The dotted line represents 0% change, so anything below means that values are falling and anything above is indicative of growth. What becomes quite clear from the data is that when values are declining, sales volumes typically fall and increasing values typically leads to higher volumes.
What is also evident is that the market doesn’t respond immediately, when values start rising, initially at least, it isn’t necessarily occurring in concert with a rise in sales volumes. Even recent examples in the 2009 and 2011 market recoveries show this to be the case.
This is precisely what is occurring at the moment, specifically in Sydney and Melbourne where housing conditions are improving following a sharp downturn.
<img src="https://www.urban.com.au/images/2019/8/23/CL%20Recovery%202.JPG" alt="">
Another way to look at how a housing market recovery starts out with low sales volumes is the auction market.
Coming out of the Global Financial Crisis (GFC), values nationally started to lift in January 2009. Equally, the above chart shows how auction clearance rates bounced however, this bounce occurred with very low volumes of auctions taking place.
Equally, the housing recovery which started in early 2012 saw a relatively low number of auctions occurring right through until early 2013. It is a similar story right now with auction clearance rates having bounced higher since the middle of May, yet the volume of properties going to auction remaining quite low.
<img src="https://www.urban.com.au/images/2019/8/23/CL%20Recovery%203.JPG" alt="">
Finally, you can only really take to auction or purchase what is available for sale. One of the major reasons why transaction volumes remain so low is because there is very little actually available for sale. The number of new listings nationally (new listings are anything not previously advertised for sale over the past 6 months) are the lowest they’ve been at this time of year for many years and are -18.9% lower than they were last year.
Total listings are also lower than they’ve been at this time of year for many years and are -4.4% lower than they were a year ago.
Auction volumes have certainly fallen much more than volumes in the general market however, as housing market conditions have softened, vendors have become much more selective about which properties are appropriate to be taken to auction.
Notwithstanding that, as we have seen in the past you can’t say that an increase in dwelling values is not sustainable just because the volume of stock either selling or going to auction is low.
Ultimately, you can only transact that which is actually available for sale and at this point there is not a lot of stock available for sale. Of course as we enter spring that may change and a higher volume of stock for sale may prove to snuff out any increases in housing values but at this stage the improving trend is quite real.
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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The signs of a market recovery: CoreLogic's Cameron Kusher

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The French Beauty Academy has opened their fourth Queensland based campus.
The beauty school agreed to a seven-year lease (with a five-year option) of a 651 square metre space, located at 300 Adelaide Street in the Brisbane CBD.
The academy joins seven other tenants who have relocated to the building since late last year.
“The French Beauty Academy strives to provide a premium experience for our students and staff,” said the organisation’s director of operations, David French.
“300 Adelaide represented an exciting opportunity for the Academy to design and build a state-of-the-art beauty focused training facility.”
Having been recently been renovated, the multipurpose complex provides a complimentary car share service for all of its tenants.
The building also features a Mercedes-Benz Brisbane boutique, Motorwagen café, a hair salon, dining options, and its own art gallery. 
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French Beauty Academy opens new Brisbane campus

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The Reserve Bank governor Philip Lowe has acknowledged that lower interest rates had pushed up Sydney housing prices during the 2012 to 2017 boom.
"I think that’s pretty clear," he acknowledged when recently addressing our federal politicians.
But he went onto say there were other things that were "probably more important over the past decade".
"They go to population growth and the slow response to that on the supply side," he said. 
Lowe pinpointed that population growth picked up in Australia quite a lot and it took almost a decade for the rate of growth of the supply to respond to that.
He added he was raising the topic in the context of the next phase in the housing market.
"Because what we’re seeing at the moment is quite strong population growth, which I think is good, but the additions to supply of the housing stock are slowing right down.
"New development is slowing down, and one of the issues we’re going to keep a very close eye on over the next little while is what the supply of housing is doing.
"If developers cannot get financed, the supply of housing will slow a lot and we will be sowing the seeds for the next upswing."
The property market is a dynamic entity, always evolving.
One of the great marketing tools bandied about the market is that strong population growth is an indicator of future price growth.
But not just by itself as the governor advises this point fails to heed the impact of supply and demand.
Australia's population stands at around 25.4 million, up 404,000 in 2018.
The ABS calculates one birth every 1 minute and 40 seconds, one death every 3 minutes and 19 seconds, one person arriving to live in Australia every 56 seconds, one Australian resident leaving Australia to live overseas every 1 minute and 53 seconds, leading to an overall total population increase of one person every 1 minute and 13 seconds.
NSW's population sits at just over eight million, up 1.6% last year.
Victoria recorded the highest growth rate of all states and territories at 2.2%. The Northern Territory recorded the lowest growth rate at -0.4%.
Capital city growth accounted for 79% of Australia's total population growth. The capital city with the largest increase in population was Melbourne (119,400 people), followed by Sydney (up 93,400 to around 5.2 million) and Brisbane (50,100).
The fastest growing Sydney localities were around Riverstone, Marsden Park, Cobbitty, Leppington, Rouse Hill and Beaumont Hills.
Taking a look at dwelling approvals, which of course don't all get undertaken, Australia's new housing pipeline currently sits at a five-year low.
The rolling yearly total sits around 199,000, official figures show.
The peak was 232,000 approvals in 2015.
It hasn't been lower than 100,000 nationally since 2001.
There were 180,000 plus peaks in the mid-70s, late 80s, mid-90s, 2000 to 2004 and 2011.
It was running at around 70,000 in the 1950s. 
NSW's approvals peaked in 2017 at around 70,000.
Housing markets are not homogeneous across Australia’s states and territories, or even in neighbouring suburbs.
The relationships between housing markets and the broader demographic shifts are complex, although conventional wisdom does suggest house prices are primarily influenced by the factors headlined by interest rates, building activity and population growth.
When house prices move in an ‘abnormal’ way it is often because one or more of these drivers become distorted relative to their ‘normal’ settings.
This article was first published in the Saturday Telegraph.
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Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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