<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.

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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.

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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.

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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.

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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;

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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.

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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.

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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.”

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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.”

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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.

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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.

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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.

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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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A retail/residential property at Glen Iris in Melbourne's inner east has hit the market. 
Located at 159 Burke Road, within the Malvern East Central Park shopping village, the property comprises a two storey freehold with 167 sqm of internal space.
It comes with retail on the ground floor and office/residential on the first floor. 
Zoned Commercial 1 under the City of Boroondara Planning Scheme, the 142 sqm site has 6m of frontage to Burke Road and benefits from secondary access via a rear laneway.  
Situated between Wattletree Road and High Street, the property is within close proximity of Central Park, Glen Iris Railway Station and major arterial routes including the Monash Freeway and Dandenong Road.
The property has been listed by Teska Carson’s Fergus Evans and Matthew Feld. 
"The fact that 159 Burke Road is being offered for the first time in 65 years underlines just how sought after and tightly held properties in this precinct are,’’ Mr Evans said.  
The property will be sold with vacant possession.
It has been scheduled for auction on September 6.
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j.ballantyne1990-6AQqhLzZaK

Glen Iris shop offered for the first time in 65 years

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Travel website, Luxury Escapes has signed a 5-year lease at Market Lane in South Melbourne.
They are taking residence over 1,590 sqm of office floor space.
The deal brokered by Chris Meehan and Matt Cosgrave of Colliers International.
Joining Luxury Escapes will be owner, developer and builder, Hickory Group, which is taking up tenancy and moving its headquarters into the building at 68 Clarke Street.
Architect Elenberg Fraser has designed the building.
Market Lane features a ground floor laneway with retail concessions, underneath a central atrium.
Boasting a 5-star NABERS rating and a 4-star Green Star rating, Market Lane features landscaped terraces, indoor and outdoor working spaces, electric car charging stations, electric bike charging facilities, and high tech building management.
Only a short walk to the main commercial districts on Clarendon St and South Melbourne Market, Market Lane is also located with swift access to Melbourne's CBD.
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Travel website Luxury Escapes signs South Melbourne lease

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The Brisbane office market remains a target for the global flexible workspace operators with the city already recording approximately 16,000 sqm of commitments across CBD and metro regions in the first half this year., according to Colliers International.
“Major players in this space such as IWG and WeWork are expanding within Brisbane as the competitive rents allow them to make a bigger footprint for less capital expenditure,” said Nick Davies, Associate Director of Tenant Advisory at Colliers International."
“We are also an attractive location given the large number of small businesses operating in Queensland as well as a substantial amount of project related requirements from Engineering and Resources sector."
“Colliers International is forecasting flexible workspace operators to take up approximately 28,250sqm of space in the CBD this year. There are reports of operators that are in the process of negotiating new locations across the CBD and as well as metro locations."
“Despite the lack of available large scale contiguous space, flexible workspace operators are still expected to contribute to the reduction of the city’s vacancy rate through 2019 and well into 2020."
“With a substantial number of new office developments which have been approved or looking for pre-commitment, operators will be looking to take pre-commitment for this space that is due for completion around the late 2021 to late 2022, such as Midtown Centre, 80 Ann Street and 360 Queen Street just to name a few."
“Fortitude Valley has several new projects that are seeking pre-commitment and landlords are willing to provide highly favourable deal terms to secure long-term tenants,” said Mr Davies. 
Simon van Grootel, Development Director Australia at IWG said they are seeing a huge rise in demand for larger scale solutions from 50 – 500 work stations coming through weekly across the country.
“These are forming part of a national strategy for many of our corporate customers who not only value the national and global network we provide, but also need the scale across multiple locations to quickly satisfy the frequent spikes and subsequent reductions in head count space. 
“With Brisbane a key growth city that has matured significantly over the past 5 years, we anticipate that more companies will grow their presence here driven by strong migration and a skilled labour force. Our Spaces brand which is larger footprint offering, demonstrates our confidence in this with new centres opening in Melbourne, Perth and Sydney in the next 6 months with further announcements coming soon.”  
As per Colliers International research statistics collated in February 2019 Brisbane is the Australian capital city with the largest percentage of flexible workspace occupancy of CBD stock at 2.8%.
There are 32 flexible workplace centres across Brisbane CBD totalling 63,104sqm with the average desk cost of $550 per month. 
Brisbane has reached its lowest vacancy in five years, with flexible workspace operators directly contributing to the take up in space.
Flexible workspace transactions have a significant impact on the reported vacancy rate as they account for pure absorption and are not typically leaving behind older tenancies.
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Major flex space companies expand into Brisbane: Colliers International

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Goldfields’ $300 million, 24-level office tower on Chapel Street in South Yarra has opened its arms to prospective tenants. 
Works have just commenced on the PCA A-Grade tower at 627 Chapel Street.
It has been billed as "South Yarra’s most significant commercial development in generations," set for completion by September 2021.
 Goldfields Chief Operating Officer, Lachlan Thompson said, "a landmark development, it is the largest commercial project to hit South Yarra in decades and will change the landscape of the Melbourne office leasing market, delivering over 24,000 sqm of A-Grade commercial transport and amenity-rich space in a traditionally residential location."
“With an approximate floorplate range of 900 sqm to 1250 sqm, coupled with a building design that easily allows for interconnecting staircases, we’ve had strong interest from larger businesses with two to three-year views on their lease expiries seeking space in the 3000 sqm to 6000 sqm range."
“At the same time, we’re already seeing enquiries from smaller businesses, looking for space in the 900 sqm to 1200 sqm range, who traditionally start searching for their next home about 12 – 15 months from their lease expiry.
“This is due to the fact that current leasing options for these prospective tenants are very limited, and we expect demand from the SME market segment to strengthen even further over the next six months as we get closer to our September 2021 completion date,” he said.
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Adam Spencer-Shirley, Director of Office leasing – Victoria, at Cushman Wakefield, said Goldfields’ decision to speculatively develop the site was not only a vote of confidence in the strength of the Melbourne office leasing market, but also offered genuine certainty for potential tenants.
“With no pre-commitment required to commence construction as a result of the developer’s speculative approach, prospective tenants can have complete confidence that the project will be delivered by the September 2021 deadline,” said Mr. Spencer-Shirley.
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$300 million South Yarra office tower commences construction, seeks lessors

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While Clermont locals are celebrating the approval of the controversial Adani mine in Queensland’s Galilee Basin, property investors should be careful before entering the market, according to RiskWise Property Research.
The $2 billion Carmichael coal mine, one of Australia's largest thermal coal mines, will comprise six open-cut pits and five underground mines covering about 447sq km.
Adani states it will produce between 10 to 15 million tonne per year of coal, with an option to increase this to 27 million tonnes.
Employment creation figures have been disputed with Adani claiming there will be between 1500 and 1800 ongoing jobs, while Nationals MP Brigid McKenzie last year stated it would be as few as 100.
The recent sign-off by Queensland State Government on the mine's groundwater management plan was cause for celebration among ‘locals’ in the town of Clermont, 160km southeast of the site.
<a href="http://www.riskwiseproperty.com.au/" target="_blank">RiskWise</a> CEO Doron Peleg said while this might make it look like an attractive option for property investors, the economy of Central Queensland had been in decline “at an alarming rate” since the end of the mining boom.
He said, overall, investments in mining towns carried a higher level of risk. <a href="http://www.riskwiseproperty.com.au/" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable"> </a>
“Our research has found that when you apply an in-depth risk-return approach with a macro-overview, and review this over three years, many ‘hotspot’ areas have significantly underperformed the market,” Mr Peleg said. “This has most certainly resulted in many investors losing money, often having negative equity, particularly in regional and mining areas.
“Only 37 per cent of houses and 33 per cent of units of the Top 100 2014 Property Hotspots, many in mining areas, performed as well as the market benchmark over a three-year period, which means that, overall the 2014 Hotspots, performed significantly lower than the benchmark. And the results were also similar for the 2011 and 2012 Hotspots.”
He said a comprehensive analysis on region, location, suburb growth, property type and features helped identify and accurately assess the risks and the projected returns.
“The second issue is that other macro-factors were probably not taken into consideration. For example, property investment in mining towns is strongly correlated to movements in the commodities market."
"This was demonstrated following the recent mining boom when business investment in these towns was poor, leading to poor economic growth, a weak job market, low population growth, and therefore, poor capital growth in many so-called ‘Hotspots’ in Western Australia and Queensland."
“When it comes to Clermont, there has been a huge decline in dwelling prices. According to CoreLogic’s data, over the past five years, house prices decreased by 29 per cent and for units an incredible 65.5 per cent."
“You then have to also consider that Clermont is really in the middle of nowhere and far from employment hubs."
The closest is the city of Mackay and that is 500km away. This does not set it up for good property fundamentals and consequently increases the risk for negative capital growth, despite the Adani mine getting the go ahead.”
Mr Peleg said this placed Clermont into the high-risk bracket when it came to property investment, for the same reason Central Queensland and Western Australia suffered after the end of the last mining boom.
“These areas experienced negative capital growth on a major scale, with some such as Gladstone – Biloela experiencing price reductions of 28.7 per cent for houses and 39.9 per cent for units in the past five years.
“We need to learn from this and not make the same mistakes made in mining towns in the past.”
Visit <a href="http://www.riskwiseproperty.com.au/" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">www.riskwiseproperty.com.au</a>
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Riskwise warns against mining town property investment following Adani approval

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EXPERT OBSERVER
The July Labour Force Survey was a robust update on employment (+41.1k) but with participation hitting a new record high at the same time, unemployment remained sticky at 5.2%. Given this strength in participation, even if employment growth continued to outperform expectations from here, it is hard to see unemployment getting down to 5% any time soon, let alone getting down to the RBA’s natural rate of 4.5%.
This matters for wages, even more so given that the underemployment rate (those who are working who desire and are able to work more hours) didn’t improve as much as unemployment did through 2018. Underemployment was trending higher earlier this year compared to unemployment until the surprise drop in June. But in July, underemployment bumped higher to 8.4%, still better than 8.6% in May but this lift did lock in a trend drift higher.
Given rising participation and rising underemployment, we were not surprised to see another soft wages update from the June quarter Wage Price Index (WPI). In the June quarter the WPI lifted 0.6% vs market expectations for a 0.5% rise and up slightly from the 0.5% rise in the March quarter. This held the annual rate flat at 2.3%yr which is a modest lift from the low of 1.9% in 2017 but can hardly be described as a breakneck pace.
The June quarter wage print was 0.61% at two decimal places with a 0.54% rise in private sector wage rates and a very solid 0.82% rise in public sector wages, the largest quarterly rise in public sector wages since Q1 2014. But this followed the smallest quarterly rise in public sector wages since March 2000 of 0.45% in the March quarter, highlighting greater than normal volatility in this series.
The ABS noted that in the June survey, the most significant contribution to wage growth in the public sector component came from health care and social assistance, with Victoria reporting a number of large increases as employees there had their pay adjusted to ensure wage parity with other states.
Victorian public sector wages grew 1.5%, there was a more average rise in Queensland of 0.5% while NSW reported a below average increase of 0.2%. In the year to June, public sector wages have been growing at 2.6%yr.
Contrast the lift in public wages against the flattening pace in private sector wages. Private sector wages printed a rise of 0.54% in each of the last two quarters seeing the annual pace ease back to 2.3%yr from 2.4%yr in March which was the fastest pace since December 2014.
Overall, we have to admit the pace of growth in private sector wages has been very disappointing. We have found that private sector wages have a good relationship with underutilisation (unemployment plus underutilisation) with a lag of around two quarters.
Which then leads to an ongoing conundrum: why are wages growing so slowly in NSW, the state that previously had underutilsation that was well below the national average (thus the tightest labour market) since the second half of 2015?
Contrast this with WA, the state that has had the highest rate of underutilisation and is now experiencing well below average wage outcomes. Yet wages in the state of Victoria have been more responsive to changes in labour market conditions.
The recent modest acceleration in the pace of wages growth in Victoria to 2.9% maps nicely against the decline in underutilisation from late 2016 to early 2018. Since the second half of 2018 underutilisation has started to drift higher again suggesting the acceleration in wage inflation should moderate in Victoria (excluding any effect from public sector wage equalisation) as we move through 2019.
It is a puzzle as to why NSW wages have underperformed the tightness in labour market conditions, so we can't be confident how far labour market tightness in Victoria will lift wages. We also have to take care when considering how much of the Victorian pressure on wages will be passed onto other states.
Read the full report: <a href="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/file/Australia/2019/August/er20190819BullLabourForce.pdf" target="_blank">'Australian July Labour Force' (PDF 179kb)</a>
JUSTIN SMIRK is ‎a senior economist for Westpac 
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Employment remains robust but unemployment and wages are unmoved: Justin Smirk

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EXPERT OBSERVER
Real estate consumers often fixate on the idea that individual suburbs will do better than their neighbours. I’m constantly asked for my opinion of one suburb or another, on the basis that the target location has special qualities and it will out-perform others.
The reality is that it’s rare for one suburb to star while its neighbours under-perform. Market performance tends to happen in clusters, with a group of suburbs with similar qualities being influenced by the same factors, such as a major new piece of infrastructure.
So at Hotspotting we tend to think in terms of Local Government Areas. Our quarterly editions of The Price Predictor Index focus primarily on municipalities, looking for patterns of growth within clusters of suburbs.
The list below, my estimation of the leading LGAs in the nation for rising buyer demand, may surprise because of the number of precincts within Adelaide that feature – but if you study the numbers and the trends, it’s evident that Adelaide is the most consistent of markets and has more momentum that other capital cities.
It has a number of precincts with above-average price growth and the potential for future strong performance.
Here, then, is my national top 10 municipalities in terms of growth momentum (listed in alphabetical order):-
Belconnen ACT 
I regard Canberra as the strongest real estate economy in Australia, with the nation’s highest average incomes and the lowest unemployment. It is challenging Victoria for the No.1 ranking on population growth, it has low vacancies and it often leads on rental growth. The Belconnen District is Canberra’s No.1 jurisdiction for suburbs with rising sales activity. This precinct has a number of affordable suburbs, vacancies are well below 1%, rental yields are solid and some suburbs have grown their median prices 6-7% in the past 12 months. 
Bendigo VIC 
Bendigo is now the leading market in Victoria in terms of the number of suburbs with rising demand, having overtaken other strong markets like Geelong and Ballarat. It’s attracting both home-buyers and investors out of Melbourne, chasing affordability and/or better rental yields in a growth centre. Many Bendigo suburbs have median prices in the $300,000s, emphasising the city’s affordability. Bendigo is rising because of its own inherent strengths - including a strong and diverse economy - and its strong links to Melbourne. 
Brisbane North QLD 
The Brisbane North precinct (the northern suburbs of the Brisbane City Council area) is the most active part of the Brisbane market, which is poised for stronger growth. This middle-ring area has 10 suburbs with rising sales demand, including Alderley where quarterly sales have been 28-37-48-50-52 in the past year or so: its median prices have risen 5% for houses and 22% for units. Other growth suburbs include Boondall, Chermside West, Everton Park, Kedron, McDowall, Sandgate, Stafford, Stafford Heights and Wavell Heights. These are all middle-market areas with median prices in the $600,000s and $700,000s. 
Charles Sturt SA 
The Charles Sturt LGA extends north-west from central Adelaide out to the beaches and includes a range of good suburbs, including eight where sales activity is rising steadily. They include inner-city Brompton (where quarterly sales have been 23, 32, 38 and 50) as well as middle-market suburbs like Findon, Seaton, Flinders Park (quarterly sales 22, 25, 25, 32, 35 and 38), Woodville South and Fulham Gardens. Henley Beach and West Beach also have growth momentum. Good price growth is happening in this area, including Henley Beach South (median house price up 15% to $985,000). 
Joondalup WA 
The Joondalup LGA continues to be a stand-out for its steadiness and resilience against the Perth downturn and is poised to lead the city’s market recovery. It now has eight suburbs with rising sales momentum, which makes it No.1 in Perth and among the best of the nation’s LGAs. The suburbs of this LGA are based around the Joondalup CBD, which is a centre for infrastructure and services for Perth’s north. Growth markets include Burns Beach, Duncraig, Edgewater, Greenwood, Joondalup, Mullaloo and Padbury, many of which offer good affordability. 
Marion SA 
The Marion LGA, a middle-market area in the south-west of Adelaide which has been a market leader for the past 18 months, is once again a standout market. It has nine suburbs with rising sales patterns, including Ascot Park, Edwardstown, Glengowrie, Hallett Cove, Marion, O’Halloran Hill and Seacombe Gardens. Warradale makes our National Top 50 list of rising suburbs, with quarterly sales of 30-36-41: its median house price of $595,000 is typical of the Marion LGA’s middle-ring affordability. 
Melville WA 
The City of Melville in Perth’s inner south is one of the precincts leading the market fightback in the WA capital. It has seven growth markets and seven consistent performers. Suburbs with rising sales demand include Attadale, Bull Creek, Kardinya, Leeming, Mt Pleasant and Palmyra - some of which are million-dollar suburbs but most are middle-market areas. The star is Willagee, which makes our National Top 50 list with quarterly sales of 25-39-46-51 - and the latest quarter also shows sign of growth in the median house price ($520,000). 
Port Adelaide Enfield SA 
The Port Adelaide Enfield LGA emerged in 2018 as an up-and-coming market in the SA capital - and continues to be one of the busiest precincts in Adelaide. Our latest survey reveals seven suburbs with rising activity, including Croydon Park, Dernancourt, Greenacres, North Haven, Rosewater and Royal Park. Dernancourt features in our National Top 50 list. This precinct is being boosted by major local events, including the massive program of building vessels for the Australian Navy and ongoing development around the port. The Osborne Naval Shipyard is undergoing a $535 million upgrade to accommodate the building of 40 new Defence craft; 500 public servants are being moved here; and a new rail spur is proposed to link the Port’s commercial centre and the Dock One residential precinct to the Adelaide CBD. 
Onkaparinga SA 
As we have observed many times, Onkaparinga always features prominently in our analysis of the Adelaide market. It currently has seven suburbs with growth momentum – including Aldinga Beach (where quarterly sales have been 54-63-67-70), which features in our National Top 50 list of supercharged suburbs. Other growth markets include Christies Beach, Hackham, Happy Valley, Old Reynella and Seaford. This LGA ticks a lot of boxes for investors: it has lifestyle, affordability, improved transport links, economic growth drivers, population growth and proximity to major jobs nodes. 
Sunshine Coast QLD 
The Sunshine Coast continues to be the strongest of the Queensland markets, both in terms of rising sales activity and price growth. It’s rising while the more high-profile Gold Coast market is falling. The Sunshine Coast has 10 suburbs with rising buyer demand and another 13 have consistent sales activity. Landsborough and Little Mountain feature on our National Top 50 list. Over 60% of Regional Queensland markets have median prices higher than a year ago. Of the higher growth markets, 21 have increased by more than 10%, and 10 of those 21 locations are Sunshine Coast suburbs, led by Eumundi (28%), Sunshine Beach (15%), Twin Waters (15%) and Wurtulla (15%). 
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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Australia's top 10 property price growth areas in 2019: Hotspotting's Terry Ryder

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GUEST OBSERVATION
Legend has it that, when asked by US President Richard Nixon in 1972 what he thought about the impact of the French Revolution, Chinese Premier Zhou En Lai replied: “it’s too early to say”.
Waiting for progress on wages and unemployment in Australia may not be a multi-century enterprise (the French Revolution was in 1789) but Reserve Bank Governor Philip Lowe’s <a href="https://rba.gov.au/speeches/2019/sp-gov-2019-08-09" target="_blank">testimony</a> to the House of Representatives Standing Committee on Economics on Friday was reminiscent of Zhou’s caution:
"In the central scenario that I have sketched today, inflation will be below the target band for some time to come and the unemployment rate will remain above the level we estimate to be consistent with full employment.
"While this remains the case, the possibility of lower interest rates will remain on the table. The board is prepared to ease monetary policy further if there is additional accumulation of evidence that this is needed to achieve our goals of full employment and inflation consistent with the target. Time will tell."
That was a week ago, but since then “<a href="https://youtu.be/VhkmB5OzvQ0" target="_blank">old man time</a>” has given us two less than completely encouraging pieces of information.
Wage growth isn’t really climbing
On Wednesday the Bureau of Statistics released the June quarter <a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/6345.0" target="_blank">Wage Price Index</a> which showed wages rising 0.6% for the quarter and 2.3% on the year.
It provides two things to worry about.
First, wage growth isn’t rising. Annual growth has remained unchanged for three quarters.
<a href="https://images.theconversation.com/files/288130/original/file-20190815-136208-8bizez.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/288130/original/file-20190815-136208-8bizez.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
<a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/6345.0" target="_blank">ABS 6345.0</a>
Second, the growth that is there is driven more by the public sector (0.8% over the quarter) than the private sector (0.5%).
As the Bureau’s chief economist Bruce Hockman puts it:
"Wage growth continues at a steady rate in the Australian economy on the back of strong public sector growth over the quarter. The most significant contribution to wage growth this quarter came from the public sector component of the health care and social assistance industry, where a number of large increases were recorded in Victoria under a plan to ensure wage parity with other states"
Things might improve when and if the Reserve Bank interest rate cuts of June 5 and July 2 start changing the way consumers and employers think.
But the Reserve Bank cash rate has been at a record low of 1.5% since September 2016. All through those three years Governor Lowe has told us to be patient, that soon wage growth will climb and unemployment will fall.
We’ve had little progress on wages, and since January none on unemployment.
Unemployment isn’t really falling
On Thursday the bureau followed up with the latest <a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/6202.0" target="_blank">unemployment figures</a>.
Although job creation was strong in July – 24,600 jobs were added to the economy, 15,100 of which were full-time – the trend unemployment rate ticked up to 5.3%, from 5.2%.
The “trend” is a smoothed out extension of the way the way the Bureau of Statistics algorithm thinks the rate is going.
<a href="https://images.theconversation.com/files/288128/original/file-20190815-136186-f1ybgp.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/288128/original/file-20190815-136186-f1ybgp.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
<a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/6202.0" target="_blank">ABS 6202.0</a>
In part it is going up because more people not previously regarded as unemployed are looking for work (and not finding it).
It isn’t necessarily a bad thing, but it is also exactly what would be expected when wage growth was sluggish. Households are doing what they can to assemble more income.
The world economy is in trouble
Global economic conditions are concerning. This week Europe’s second-biggest economy <a href="https://www.destatis.de/EN/Press/2019/08/PE19_304_811" target="_blank">Germany</a> announced that its economy shrank by 0.1% in the second quarter of 2019, putting it on track to meet what some people call the technical definition of a recession.
Figures out of China regarding industrial production were also worrying, with factory output climbing more slowly than at any time in the last 17 years.
The US stock market climbed 1.5% on Tuesday after the Trump administration announced it would delay some of its new tariffs on China, but slid twice that amount the next day on the news from Germany and China.
The fall in stocks led to a flight to the relative safety of government bonds. This caused the yield on 10 year US government bonds to fall below that of the 2 year bonds, a so-called “inverted yield curve” of the kind usually seen before a recession. The last time the US yield curve inverted was before the US Great Recession of 2008.
None of this is good for Australia. With roughly 20% of our economy powered by exports, we need the countries we export to to be doing well.
As Reserve Bank deputy governor Guy Debelle put it in a <a href="https://rba.gov.au/speeches/2019/sp-dg-2019-08-15" target="_blank">speech</a> on Thursday:
"Australia also has significant exports to China in both tourism and education. To date, these have been broadly unaffected by the slowdown in the Chinese economy. But a further significant slowing in the Chinese economy and household incomes would clearly pose a risk."
There’s no telling how low rates will go
There have been plenty of <a href="https://theconversation.com/no-surplus-no-share-market-growth-no-lift-in-wage-growth-economic-survey-points-to-bleaker-times-post-election-110315" target="_blank">competing views</a> about the state of the Australian economy over the past few years.
Not long ago most economists who thought interest rates would move <a href="https://theconversation.com/no-surplus-no-share-market-growth-no-lift-in-wage-growth-economic-survey-points-to-bleaker-times-post-election-110315" target="_blank">thought they would rise</a>. The Reserve Bank governor suggested the same.
But its increasingly clear that <a href="https://www.afr.com/policy/big-project-spending-a-good-way-to-kickstart-stagnant-economy-20150819-gj2i7v" target="_blank">secular stagnation</a> is gripping advanced economies around the world. In response, the US Federal Reserve has recommenced cutting rates and markets predict it will cut <a href="https://rba.gov.au/speeches/2019/sp-ag-2019-08-13" target="_blank">another full percentage point</a> by this time next year.
Markets also expect the European Central Bank, Bank of Japan, and the Reserve Bank to cut rates significantly.
The Bank’s “<a href="https://theconversation.com/rba-update-governor-lowe-points-to-even-lower-rates-121690" target="_blank">house position</a>” on unemployment is that we can go down to 4.5% before worrying about triggering inflation (not that there’s much sign of that happening).
Another way to say that is that unemployment has to reverse course and get down to a barely-precedented 4.5% before there’s much hope of the Reserve Bank meeting the inflation target it is meant to be aiming for.
Perhaps the most important question facing the Australian economy is how aggressively the bank will act to attempt to get it there and to keep the economy afloat. Time will tell.
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-amid-talk-of-recessions-our-progress-on-wages-and-unemployment-is-almost-non-existent-121813" target="_blank">original article</a>.
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Amid talk of recessions, our progress on wages and unemployment is almost non-existent

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GUEST OBSERVATION
Young adults not only struggle to buy a home, many struggle to secure any kind of independent housing. This contributes to a cycle of living in precarious and informal housing and to a growing gap between their current situation and their short and longer-term housing aspirations.
A <a href="https://www.propertyobserver.com.au/https://www.ahuri.edu.au/research/final-reports/318" target="_blank">report released today</a> by the Australian Housing and Urban Research Institute (<a href="https://www.ahuri.edu.au/about-us/who-we-are-and-what-we-do" target="_blank">AHURI</a>) adds nuance to debates about generational change and housing by examining how housing aspirations differ among emerging adults (18-24 years) and in early adulthood (25-34 years). For example, emerging adults are more likely than the older cohort to prefer living in an apartment.
By early adulthood, the housing aspirations gap is greatest for individuals in the private rental sector, particularly those on higher incomes, and narrowest for home owners. Home buyers on low to moderate incomes are most happy with their housing.
While long-held values around the ideal of home ownership prevail, these are not as persistent as for past generations. The ideal differs according to age, education and the quality and security of current living arrangements. But having somewhere safe and secure to call home was the top priority across all young adults.
Aspirations change with stage of life
An extended phase of dependence to semi-dependence shapes the housing aspirations of young adults. This involves either remaining in the family home or sharing with others.
In 2015-16, the <a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/6503.0" target="_blank">ABS Survey of Income and Housing</a> revealed that only one in six (17%) young adults (18-24 years) lived independently. Two-thirds (66%) lived with parents. Around a third of young adults (25-34 years) are also opting to remain or move back with parents or live in shared housing.
While these living arrangements reflect concerns about housing affordability, they are also used as a strategy to pursue other aspirations, such as education.
What do young adults want in their housing?
The AHURI <a href="https://www.ahuri.edu.au/research/research-in-progress/ahuri-inquiries/evidence-based-policy-inquiry-51170" target="_blank">research</a> includes a nationally representative survey of more than 2,400 Australians aged 18-34 years. It was supported by focus groups and in-depth interviews, including with Indigenous Australians, in Western Australia, New South Wales and Victoria.
Home ownership was the ideal tenure for 60% of emerging adults (18-24). By early adulthood (25-34) the proportion had climbed to 70%. The ideal of home ownership was lower (61%) for those still living in the family home by early adulthood compared with higher-income couples living independently (80%).
By early adulthood, educational status becomes a key marker of whether home ownership is considered possible. Nearly two-thirds (61%) of households with a tertiary-educated member believed they could buy a house within five years. This compares with just over a third of those with an education to year 12 (36%) and less than a quarter (23%) of those with an education to year 11 or below.
The preference for apartment living falls with age. About a third (34%) of emerging adults reported this as their ideal, compared with 21% of early adults.
Young adults also want more space. The largest share of both emerging (32%) and early adults (43%) indicated that a four-bedroom house is ideal. This compares to just 20% of those over 55 years of age who wanted four or more bedrooms.
How large is the housing aspirations gap?
For emerging adults (18-24), living in a group household typically met short-term (82%) but not longer-term (25%) aspirations. Similarly, living with parents mostly met short-term (76%) but not longer-term (30%) aspirations.
<a href="https://images.theconversation.com/files/287454/original/file-20190809-144851-1h1mcvj.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip" target="_blank">Click here </a>to enlarge: 
<a href="https://images.theconversation.com/files/287454/original/file-20190809-144851-1h1mcvj.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/287454/original/file-20190809-144851-1h1mcvj.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Australian Housing Aspirations Survey 2018, Author provided
By early adulthood (25-34) the housing aspirations gap is greatest for individuals in the private rental sector, particularly those on higher incomes. For higher-income groups, their current private rental housing met the short-term aspirations of just over three-quarters (76%) but only 20% for longer-term aspirations.
The aspirations gap is narrowest for home owners. Home buyers on low to moderate incomes were most happy with their housing in the short-term (92%) and longer-term (60%).
<a href="https://images.theconversation.com/files/287457/original/file-20190809-144843-1v1u54g.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip" target="_blank">Click here</a> to enlarge: 
<a href="https://images.theconversation.com/files/287457/original/file-20190809-144843-1v1u54g.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/287457/original/file-20190809-144843-1v1u54g.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Housing Aspirations Survey 2018, Author provided
What can be done to close the aspirations gap?
Very few people are actively planning for their housing futures. Affordability and the deposit gap, insufficient income, employment insecurity and “waiting for the market to settle down” all impact on achieving longer-term aspirations. In the short-term, not being in a preferred location, high mobility and insecurity matter most.
Housing policy needs to become more realistic about the housing futures of young Australians. Achieving both short- and longer-term aspirations requires new policy frameworks that can enable young people to move towards attaining “secure independence”.
Public debate about the housing aspirations of young adults gained prominence during the federal election with <a href="https://theconversation.com/small-but-well-formed-the-new-home-deposit-scheme-will-help-and-its-unlikely-to-push-up-prices-117073" target="_blank">promises of a targeted scheme</a> to help first home buyers. Proposed first home owner deposit schemes are an important step in meeting aspirations, particularly among private renters with higher and secure incomes.
But before young people even contemplate home ownership they need greater support in making key life transitions, such as from education to work, via more continuous and integrated packages of housing assistance.
We also need continued reforms to ensure a fairer and more secure private rental sector with short and longer-term leasing options close to employment and training, and with stable rents.
There needs to be diversity and real choice in dwelling types, size and locations and scaling up of more sustainable and niche models of co-housing.
As for young people locked out of home ownership in the long-term, they need a way to build an investment nest egg and to access quality social and public rental housing.<img src="https://counter.theconversation.com/content/121431/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
Sharon Parkinson, Senior Research Fellow, Centre for Urban Transitions, Swinburne University of Technology
Amity James, Senior Lecturer, School of Economics, Finance and Property, Curtin University
Steven Rowley, Head of School, Economics, Finance and Property, Curtin University. Director, Australian Housing and Urban Research Institute, Curtin Research Centre, Curtin University
Wendy Stone, Associate Professor, Centre for Urban Transitions and Director, Australian Housing and Urban Research Institute Swinburne Research Centre, Swinburne University of Technology
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/first-home-buyer-schemes-arent-enough-to-meet-young-adults-housing-aspirations-121431" target="_blank">original article</a>.
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First home buyer schemes aren’t enough to meet young adults’ housing aspirations

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A two story Leichardt warehouse with zoning and development potential is set for auction later this August.
The "Elements I Love” owners Brooke Crowle and Tim McGuigan are selling <a href="https://www.realcommercial.com.au/property-land+development-nsw-leichhardt-503276198" target="_blank" rel="noopener noreferrer">124 James Street</a>. They plan to relocate the business to Byron Bay. 
Currently surrounded by three street fronts and freestanding houses, the property’s zoning permits the construction of a house, but also the ability to build apartments, multi-dwelling housing, semi-detached dwellings and shop top housing up to 14m high if granted council approval.
It is currently surrounded by three street fronts and houses. 
Sydney City Fringe Principal Kristian Morris and associate Lachlan Palm of Ray White Commercial NSW hold the listing.
Set on an 875 site, the holding is located close to the intersection of the City West Link Rd, James Street and Darley Rd, just 5kms to Sydney CBD and a 2 minute walk to the Light Rail stop. 
Last sold in 1998, the property transacted for $500,000.
The building was also listed in August 2018 but following an unsuccessful expressions of interest campaign it was taken off the market in January 2019
The auction is scheduled for August 24.
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