Apartment buyers in New South Wales are set to gain a decade of insurance-backed protection against major building defects, after the NSW Parliament passed the Fair Trading and Building Legislation Amendment Bill 2026.&nbsp;

The Bill establishes decennial defect insurance, known in the market as Latent Defects Insurance (LDI), as an alternative to the existing two-year strata building bond. It cleared the Legislative Council with amendments on Tuesday evening (August 4, 2026), with the Legislative Assembly agreeing to those amendments shortly after.

Under the reform, eligible developers can satisfy their statutory bond obligation by taking out an approved decennial-style policy that gives owners 10 years of cover for major structural defects from completion, claimable directly, without first having to pursue developers or builders through costly legal action.&nbsp;

The change forms the final tranche of amendments arising from the 2021 statutory review of the Strata Schemes Management Act 2015 and related legislation.

Resilience Insurance, which originated the cover in Australia and has delivered it in NSW since 2022, welcomed the passage and credited the NSW Government for delivering it.

“This is protection apartment buyers have needed for a long time, and the credit for delivering it belongs to the NSW Government,”&nbsp;said Corey Nugent, CEO of Resilience Insurance.

“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into. Reform like this is what good, evidence-based regulation looks like.”

Resilience has delivered LDI in NSW since 2022, protecting thousands of apartments, giving the State, and now the country, real-world evidence of how decade-long, no-fault protection works in practice.

The reform also places NSW within a wider national shift.

NSW is the third jurisdiction to put decennial cover into law. The ACT legislated for it in 2024, with the scheme taking effect in late 2025, and Victoria passed its own framework on 17 June. Between them, the three cover the majority of Australia's apartment market.

The reform commences once the legislation is proclaimed, which is expected in the coming weeks. From that point, developers of Class 2 residential apartment buildings can meet their statutory obligation with an approved decennial policy in place of the bond.

Buyers who purchased into projects that took out the cover early are among the first in the country to take keys to apartments carrying decade-long structural protection.

“With the legislation passed, the focus now turns to making it work for buyers,”&nbsp;Nugent said.

“There are already thousands of apartments in NSW covered by this insurance, bought by developers who moved early. The question every buyer should be asking in a display suite is a simple one: does this building come with 10-year defect cover, and who stands behind it?&nbsp;

“We look forward to working with the Government and the Building Commission in coming weeks as the framework moves to implementation, and to sharing what we have learned over the past four years so the protection reaches owners as smoothly and quickly as possible.”

Other states are working through their own reform programs. Western Australia has indicated that decennial cover is within consideration a later stage of its reform sequence, and Queensland has been examining the settings as it looks at the development pipeline ahead of the 2032 Olympics.

Resilience Insurance acknowledges the NSW Government’s continued focus on strengthening consumer protection while supporting housing delivery across the State.

Fast Facts: What the reform means

<ul style="color:#222222; font-family:Arial, Helvetica, sans-serif; font-size:small; font-style:normal; font-variant-ligatures:normal; font-weight:400; text-align:start; white-space:normal; background-color:#ffffff; text-decoration-thickness:initial; text-decoration-style:initial; text-decoration-color:initial">
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Proven at scale:&nbsp;Decennial cover has operated in NSW since 2022, protecting thousand of apartments.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">10 years of cover:&nbsp;Protection for major structural defects runs for a decade from completion, claimable directly and with no legal action required.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">An alternative to the bond:&nbsp;Eligible developers can meet their statutory obligation with an approved decennial-style policy in place of the 2% strata building bond.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Part of a national shift:&nbsp;The ACT has had decennial provisions in force since 2025 and Victoria passed its framework in June. NSW now joins them.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">No-fault, first resort:&nbsp;Owners corporations claim directly from the insurer without first having to establish who is liable for the defect.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Cost-competitive:&nbsp;At approximately 1.8% of build cost, LDI is typically priced below the 2% bond while offering broader, longer protection.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Market position:&nbsp;Resilience originated LDI in Australia and has delivered it in NSW since 2022.</li>
</ul>

Fast Facts: What is Resilience LDI?

<ul style="color:#222222; font-family:Arial, Helvetica, sans-serif; font-size:small; font-style:normal; font-variant-ligatures:normal; font-weight:400; text-align:start; white-space:normal; background-color:#ffffff; text-decoration-thickness:initial; text-decoration-style:initial; text-decoration-color:initial">
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Resilience Latent Defects Insurance (LDI):&nbsp;Covers major structural defects for 10 years from completion.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Consumer-first:&nbsp;Direct claim access, no need for lengthy legal action.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Cost advantage:&nbsp;At approximately 1.8% of build cost, LDI is typically priced below the traditional 2% Strata Bond while offering broader protection.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Market leader:&nbsp;&nbsp;Resilience Insurance originated LDI in Australia and is the national market leader.</li>
</ul>

Joel Robinson

NSW parliament passes 10-year defect insurance laws for new apartment buyers

Builder-developer <a href="https://www.apartments.com.au/developers/mcnab-developments">McNab</a> has wasted little time reshaping one of South Brisbane's most significant undeveloped apartment sites after acquiring the property earlier this year.&nbsp;

McNab has lodged plans to scrap an existing approval for two 30-storey towers and instead deliver a single 28-storey residential building, preserving part of the site for a future development opportunity.

The proposal, lodged over <a href="https://www.apartments.com.au/new-apartments/64-peel-street-south-brisbane-qld-4101">64 Peel Street and 9 Cordelia Street</a>, is for a residential-led mixed-use development comprising 124 apartments above a landscaped podium, alongside a boundary realignment that preserves part of the land for a future residential project.

<img alt="First look: McNab resets decade-old South Brisbane approval with 124-apartment tower" data-entity-type="file" data-entity-uuid="743bf564-3f8f-45fc-b8d3-bbf18f5b628f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mcnab%20Peel%20st%20podium.png?VersionId=EhCxGrVn_VFH3qTbKnI4WppGwaMnOn0t" />

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a>, the development will deliver 119 two-bedroom and five three-bedroom apartments across 23 residential levels. A five-level podium will accommodate 135 car spaces, while the ground floor will include a 66 sqm commercial tenancy, an activated residential lobby with work-from-home spaces, and a publicly accessible landscaped plaza linking Cordelia and Peel streets.&nbsp;

Communal amenities will span Level 6 and the rooftop, including indoor and outdoor recreation spaces, a swimming pool, barbecue facilities, kitchen and dining areas, lawn space, sauna, steam room and yoga facilities.

The application also proposes a boundary realignment to create a standalone 1,290 sqm development lot while retaining an adjacent parcel for future redevelopment, allowing the balance of the site to contribute additional housing over time.

Hayball said the architecture has been shaped by the site's elevated corner position at the intersection of Peel and Cordelia streets and Brisbane's subtropical climate.

The design incorporates generous landscaped setbacks, a masonry podium wrapped with planting, large north-facing balconies, and a slender tower profile intended to maximise natural light, cross ventilation and long-range views. The rooftop has been conceived as a wellness-focused retreat overlooking Brisbane, with amenities positioned to capture views towards Mount Coot-tha and the CBD.

<img alt="First look: McNab resets decade-old South Brisbane approval with 124-apartment tower" data-entity-type="file" data-entity-uuid="c5f99e84-6ad8-4a87-82d1-869685b754d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mcnab%20tower%20perspective.png?VersionId=Gw0IuJaSAlk.tvGBxInhZOcQAdIB..2b" />

The planning submission positions the proposal as a response to both changing market conditions and Brisbane's Kurilpa Sustainable Growth Precinct planning reforms.

McNab acquired the site after the previous approval was granted, with the existing scheme no longer reflecting current residential market demands, economic conditions, construction challenges, construction efficiencies or the quality of development outcome now being pursued, the planning report noted.

McNab continues to expand its residential development pipeline across Brisbane and the Gold Coast. The developer recently launched The Tannery in West End, securing more than 60 per cent of apartments before the project's public release. It is also delivering Elements Budds Beach in Surfers Paradise and Lucia Highgate Hill, an eight-apartment boutique development overlooking the Brisbane River.

McNab resets decade-old South Brisbane approval with 124-apartment tower

A steeply sloping Bellevue Hill site is set to accommodate a new mid-rise apartment development, with plans lodged for 20 homes that respond to the site's dramatic topography.

The proposal for the consolidated land at <a href="https://www.apartments.com.au/new-apartments/138a-140-bellevue-road-bellevue-hill-nsw-2023">138A-140 Bellevue Road</a> has been designed by Sydney architecture practice Common Office, which has used the site’s substantial fall to distribute the building’s scale and unlock 20 apartments without presenting the full height to the street.&nbsp;

“The unique design strategy leverages the site’s substantial topographical fall to facilitate increased density, presenting a seven-storey profile to Bellevue Road while rising to 10 storeys at the rear,” Common Office said in its architectural design report.

The apartment mix spans one, two, three- and four-bedroom residences. Four two-bedroom apartments are designated as affordable housing, while the plans also include two adaptable dwellings. The mix is majority three-beds, with the typical three-bed apartment offering around 144 sqm internally, with balconies of around 15 sqm.

The affordable housing component represents 15 per cent of the residential floor area and allows the project to access additional height and floor space under the NSW Government’s in-fill affordable housing provisions. The site also falls within the inner area of the Low and Mid-Rise Housing Policy because it is within 400 metres walking distance of Double Bay Town Centre.

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="b1230d0f-3bfa-4a11-abaf-0928c66ef345" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20da.png?VersionId=dZeMK3P.OutGjN8ycjsxm8uNsj_QFWQv" />

Common Office has arranged the building around a masonry podium and a lighter upper volume, drawing on two recurring elements of Bellevue Hill’s established architecture: sandstone bases and the vertical proportions of local Inter-war Art Deco apartment buildings.

“The proposal is governed by a holistic design language that reconciles the solid horizontal masonry of the neighbourhood’s podiums with the elegant verticality of its Art Deco heritage,” the architect said.

“The building maintains a consistent rhythmic logic utilising deep recesses and a sophisticated material transition to break down the 10-storey scale into a series of articulated, human-scale volumes.”

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="0147f503-1af1-4d51-97fb-c2f1cba63a9d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20bldg.png?VersionId=GoW7q3NlK67OpnePXhk7zvklrlKb72Qc" />

Large-format sandstone tiles will define the lower levels, establishing a robust base that negotiates the change in elevation from Bellevue Road. Above, red-tinted precast concrete frames, recessed balconies, anodised aluminium screens and expanded metal details will create a more vertically expressed façade. Integrated planter beds will introduce greenery across balcony edges and recessed sections of the building.

The elongated northern façade has been divided into three recessed vertical masses to reduce its perceived length. Triangular window elements and metal privacy screens reference the geometry of nearby Art Deco buildings while controlling overlooking toward surrounding homes. The southern elevation will incorporate further privacy screening, landscaped edges and deep balconies to maintain light and ventilation.

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="e8679cf1-18bc-4447-8a0f-0052b94ab83c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20da%20rooftop.png?VersionId=5SQqQqRFf76rvE2p1TbxJSweMN70AIbc" />

Private and communal landscaping is distributed throughout the development. A landscaped garden apartment is positioned within the lower portion of the site, while a communal terrace on Level 5 will include a central timber deck, barbecue facilities, resident planting plots and areas for outdoor dining and informal gatherings.

Common Office described the terrace as an elevated sanctuary designed to capture district views and sunlight. Its planting strategy incorporates endemic species associated with the Eastern Suburbs Banksia Scrub, extending the landscape vertically through the building and providing habitat for local flora and fauna.

A second communal outdoor area is proposed at roof level, with built-in seating, paved gathering areas and perimeter planting.

Bellevue Hill is enjoying renewed momentum in the new apartment market, with several boutique developments recently launched and currently under construction. Positive Investment Enterprise is delivering the 16-apartment Kew Palm House on Birriga Road, while Chanine Developments is also under construction at Florian, a 36-apartment project on Banksia Road.

&nbsp;

Bellevue Hill is enjoying renewed momentum in the new apartment market, with several boutique developments recently launched and currently under construction.

First Look: Apartment development pitched for Bellevue Hill, Double Bay fringe

South Brisbane's apartment pipeline continues to build momentum, with <a href="https://www.apartments.com.au/developers/trk-property-group">TRK Property Group</a> lodging plans for a 161-apartment tower on Montague Road as developers accelerate investment across the Kurilpa Sustainable Growth Precinct.

The proposal for 176–186 Montague Road would replace an existing office building with a 20-storey residential tower designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, adding to a growing pipeline of high-density projects reshaping one of Brisbane's fastest-evolving inner-city precincts.

The project has been conceived as a "living building", featuring a flowing tower form, extensive vertical landscaping, and generous communal spaces that respond to the evolving Kurilpa Sustainable Growth Precinct.

TRK Property Group Development Director Matt Kan said the project reflected the confidence developers have in South Brisbane's long-term future.

"South Brisbane is entering an incredibly exciting period, and we see Montague Road sitting right at the heart of that evolution," Kan said.

"With the former Visy site directly opposite us and significant investment planned throughout the broader Kurilpa precinct, there is a real sense of momentum around this part of the city and what it will become over the coming years.

"For TRK, this is an opportunity to be part of that next chapter and deliver a project that responds to where the precinct is heading, while contributing to the continued evolution of Brisbane's river edge."

<img alt="First look: TRK Property joins South Brisbane apartment surge with Montague Road tower plans" data-entity-type="file" data-entity-uuid="590fe1ad-f892-4446-a679-80e33a16d029" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/TRK%20tower%20facade.png?VersionId=uOJStrcKpyHFcPE1w6_9SMAFzVMCcZll" />

The scheme includes a mix of one, two, three and four-bedroom apartments, incorporating multi-purpose rooms in selected residences to provide additional flexibility for home offices or expanded living areas. The proposed mix comprises 15 one-bedroom, 13 one-bedroom plus MPR, 73 two-bedroom, 26 two-bedroom plus MPR, 30 three-bedroom, and four four-bedroom apartments.

Rather than adopting a conventional rectilinear tower, COX Architecture has developed a sculpted form inspired by the movement of the Brisbane River.

"The proposal has been designed by COX Architecture as a 'living building' that responds to the site's riverine setting, floodplain history and evolving urban context within the Kurilpa Sustainable Growth Precinct," the planning report states.

"The architectural form draws from the fluid nature of the Brisbane River, with a curved and undulating tower form that creates a varied architectural edge and avoids a conventional rectilinear tower expression."

The podium has also been designed as an architectural feature rather than a conventional parking structure, with cascading planting, screening and natural-toned materials softening its appearance. Resident parking is elevated above ground level to address the site's flood constraints, while habitable apartments sit above flood planning levels. Upper-level communal facilities are designed to accommodate shelter-in-place arrangements during major flood events.

<img alt="First look: TRK Property joins South Brisbane apartment surge with Montague Road tower plans" data-entity-type="file" data-entity-uuid="01fa15d0-90df-46c7-9555-7941fc45373c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/TRK%20podium.png?VersionId=mHyua.w1pHGBt9qEdWzrlsv.leztUCwO" />

Communal amenity is a major focus of the proposal. Around 1,815 sqm of shared resident space is proposed across the ground floor, level 19 and the rooftop, including co-working areas, indoor and outdoor recreation spaces, wellness facilities, dining and gathering areas, lawn spaces, a rooftop pool and spa, and extensive landscaping. At street level, a landscaped forecourt and approximately 345 sqm of publicly accessible open space along Montague Road are intended to improve the pedestrian experience while activating the building's frontage.

The development will provide 163 car spaces, including 152 resident bays and 11 visitor spaces, together with 144 bicycle spaces incorporating resident storage, visitor parking, bicycle maintenance facilities and e-mobility charging infrastructure.

The site sits within one of Brisbane's fastest-changing inner-city precincts, less than two kilometres from the CBD and within easy reach of South Bank, West End, the Queensland Cultural Centre and extensive public transport connections. The Kurilpa Sustainable Growth Precinct planning framework is encouraging higher-density residential development to help meet Brisbane's housing supply targets while supporting walkable, transit-oriented neighbourhoods.

TRK Property joins South Brisbane apartment surge with Montague Road tower plans

Article summary

<ul data-end="785" data-start="311">
	<li data-end="459" data-section-id="5hbcyr" data-start="311">Pikos Group has released the five-penthouse collection at Skye Kangaroo Point, headlined by a two-storey sky home spanning more than 1,000 sqm.</li>
	<li data-end="561" data-section-id="1p7lq8n" data-start="460">Early buyer interest suggests the residences could set a new Queensland apartment price record.</li>
	<li data-end="667" data-section-id="1y70z0l" data-start="562">The collection includes four move-in ready penthouses and the highly customised Skye One residence.</li>
	<li data-end="785" data-section-id="yvm0y1" data-start="668">The release caps one of Bri​sbane's most ambitious luxury apartment developments overlooking the Brisbane River.</li>
</ul>

<hr data-end="790" data-start="787" />
Pikos Group has released the five-penthouse collection at its <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye by Pikos</a> development in Kangaroo Point, with early buyer interest indicating the flagship residences could eclipse every apartment sale previously recorded in Queensland.

The collection crowns the luxury riverfront development with five residences, including four completed penthouses and Skye One, a two-level sky home spanning more than 1,000 sqm that will be tailored to its eventual owner.

[smartcode_project:default project_id=90059 project_image_fid=374075]

Wanting to offer a fully customisable home, Pikos is offering Skye One as a blank canvas, allowing the buyer to work alongside the developer's design team to customise the home's layout, finishes and internal spaces.

The residence will feature a 247 sqm private rooftop terrace with its own swimming pool, sauna, steam room, outdoor kitchen and multiple entertaining areas overlooking the Brisbane River and CBD skyline.

The remaining four penthouses have been completed and are ready for immediate occupation, each offering four bedrooms, expansive open-plan living areas, soaring ceilings and private lift access.

[smartcode_project:default project_id=90059 project_image_fid=374059]

One of the defining features throughout the project is its use of Roman Classic Travertine, with more than 20,000 sqm of the natural stone imported from Italy after being personally selected by Pikos Group Founder and Executive Director Pedro Pikos, interior designer Julie Williamson and third-generation stone specialist Mario Caucci.

Pikos said the penthouse collection represented the culmination of the company's long-term vision for Skye.

"True legacy isn't measured by what we build today, but by what endures tomorrow," Pikos said.

"Our ambition is to create places that become more valuable with time, enrich the lives of generations, and stand as timeless landmarks long after we've stepped away."

[smartcode_project:default project_id=90059 project_image_fid=374060]

Williamson said the interiors were inspired by the natural character of Kangaroo Point and the Brisbane River rather than international design trends.

"Materiality tells the story of a place," Williamson said.

"We looked to the movement of the Brisbane River, the texture of the cliff face and the warmth of the surrounding landscape to create interiors that feel understated, enduring and unmistakably Brisbane."

Positioned above the Kangaroo Point cliffs, Skye places residents within walking distance of Howard Smith Wharves, South Bank and James Street while offering uninterrupted river and city views.

[smartcode_project_cta:default project_id=90059]

Brisbane's next apartment price record? Pikos unveils Skye's exclusive penthouse collection

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>
GUEST OBSERVATION
People’s quality of life, their health and their comfort can suffer when living in poor-quality housing. It can also impose high ongoing costs of maintenance, repairs, heating and cooling. And these problems are more likely to affect low-income households, as <a href="http://www.shelternsw.org.au/uploads/1/2/1/3/121320015/poor_quality_housing_report_2019.pdf" target="_blank">our report</a> for Shelter NSW shows. In it, we review the evidence on housing quality problems and consider ways to resolve these, especially for low-income households.
There is extensive evidence of the impacts of poor-quality housing on <a href="https://www.propertyobserver.com.au/https://www.ncbi.nlm.nih.gov/pubmed/27712557" target="_blank">physical health</a>, <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1257572/" target="_blank">mental wellbeing</a> and <a href="https://www.propertyobserver.com.au/https://www.ncbi.nlm.nih.gov/pubmed/10942447" target="_blank">comfort</a>. For example, poor design and maintenance can lead to the <a href="https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1398-9995.1998.tb03859.x" target="_blank">build-up of mould</a>.
These negative impacts vary by income groups and tenure. From the recently completed <a href="https://dataverse.ada.edu.au/dataset.xhtml?persistentId=doi:10.26193/RDMRD3" target="_blank">Australian Housing Conditions Dataset</a> we know, for example, that renters on very low incomes (the bottom fifth of households for gross income, about $20,000 a year) are most likely to have unmet repair needs. They also have a harder time staying comfortable during winter and summer, as the table below shows.
<a href="https://images.theconversation.com/files/276912/original/file-20190529-181266-12d6trt.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/276912/original/file-20190529-181266-12d6trt.PNG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
<a class="source" href="https://dataverse.ada.edu.au/dataset.xhtml?persistentId=doi:10.26193/RDMRD3" target="_blank">Source: Australian Housing Conditions Dataset</a>, Author provided
What are the reasons for poor-quality housing?
There are several underlying reasons for substandard housing.
Properties may enter the rental market after years in owner-occupation with no formal checks on their state of repair.
Another problem is some private renters do not assert – <a href="https://rentingfair.org.au/need-to-know" target="_blank">or feel unable to assert</a> – their legal right to habitable premises in a reasonable state of repair and upkeep. This is often because of the insecurity of their leases and lack of affordable alternative housing.
Another issue is “split incentives” – landlords decline to upgrade properties because they would not receive any benefit themselves.
There are also problems in public housing. Disinvestment by governments has both reduced the supply of housing and caused a <a href="https://www.propertyobserver.com.au/https://www.ahuri.edu.au/research/final-reports/148" target="_blank">backlog of maintenance for much of the remaining stock of dwellings</a>.
Housing quality is covered by myriad regulatory regimes. Lately, governments have been focused on questions of <a href="https://ncc.abcb.gov.au/" target="_blank">how best to regulate construction of new buildings</a>. Less attention is given to the ongoing use of existing buildings.
Recent state and national reviews have highlighted problems in the certification of building design and construction, and in the public agencies that oversee the certifiers. Some state governments have begun to respond. The New South Wales government, for instance, is moving to consolidate the regulation of construction practitioners under a new <a href="/news/nsw-government-to-appoint-building-commissioner-following-industry-reform-report">building commissioner</a>.
We spoke to a range of housing sector stakeholders and the theme from the recent reviews that most struck a chord was inadequate policy governance. There was no comprehensive overview or oversight of the issues of housing quality. As a result, some important issues escape policymakers’ attention.
Many stakeholders indicated that the current focus on problems in new buildings is an example of this. Although that’s plainly an issue in need of attention, other problems in existing buildings and more fundamental solutions are being overlooked – such as increasing social and affordable housing supply.
So what are the solutions?
<ul>
<li>Empowering tenants and regulators</li>
</ul>
One way in which the quality of existing housing is regulated is through tenancy laws. This will become more important as rental housing becomes an <a href="https://www.tandfonline.com/doi/full/10.1080/02673037.2017.1301400" target="_blank">increasingly common option, particularly for the long term</a>.
Recently, some state governments have amended tenancy laws to specify <a href="https://www.cbos.tas.gov.au/topics/housing/renting/beginning-tenancy/minimum-standards" target="_blank">“minimum standards” for rental housing</a>. Our research participants supported these moves, but said security of tenure also had to be improved to protect renters when they assert their rights. The onus of legal enforcement could also be shifted from tenants to regulators.
<ul>
<li>Mandating improvements to overcome the split incentive problem</li>
</ul>
The <a href="https://www.propertyobserver.com.au/https://apo.org.au/node/178481" target="_blank">split incentive problem for housing quality</a> means some landlords are reluctant to pay for upgrades – such as insulation or other energy-efficient features – where tenants are the beneficiaries. As a result, renters, especially those on low incomes, are likely to be <a href="https://www.propertyobserver.com.au/https://www.ahuri.edu.au/research/final-reports/159" target="_blank">living in housing of lower standards or quality</a>.
A potential solution is for governments to take the minimum standards approach and legislate energy efficiency and other improvements as mandatory. This is <a href="https://www.gov.uk/government/publications/the-private-rented-property-minimum-standard-landlord-guidance-documents" target="_blank">already commonplace overseas</a>.
One of our workshop participants observed that “energy poverty” was another way of framing the policy issue that had proved compelling in overseas jurisdictions. While this framing had not had the same impact in Australia, <a href="https://www.acoss.org.au/wp-content/uploads/2018/04/EEC-Survey-online-FINAL-.pdf" target="_blank">this may be changing</a>.
<ul>
<li>Improving transparency of housing standards</li>
</ul>
Social housing providers have a role in leading by example. Increased investment in social housing could contribute to improved quality across the housing system.
To this end, social housing landlords – particularly state and territory public housing authorities – need to be more accountable to tenants and the general public. Transparent reporting on property conditions, maintenance and tenant satisfaction, led by the social housing sector, can and should be rolled out as standard practice across the sector.
To do this, however, <a href="https://theconversation.com/australia-needs-to-reboot-affordable-housing-funding-not-scrap-it-72861" target="_blank">enough funding must be provided</a> to reverse <a href="https://www.theguardian.com/australia-news/2019/may/17/national-obscenity-australias-story-of-housing-boom-and-homelessness" target="_blank">decades-long underfunding</a> in the sector.
Collectively, these options can deliver more equitable housing outcomes, not only to low-income households but to all. The challenge lies in having the political and industry will to act on them.
Edgar Liu, Senior Research Fellow at City Futures Research Centre, UNSW
Chris Martin, Research Fellow, City Futures Research Centre, UNSW
Hazel Easthope, Associate Professor, City Futures Research Centre, 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/chilly-house-mouldy-rooms-heres-how-to-improve-low-income-renters-access-to-decent-housing-116749" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

Chilly house? Mouldy rooms? Here’s how to improve low-income renters’ access to decent housing

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Cbus Property has secured a second commercial office project in Brisbane’s CBD in a deal with local developer, Nielson Properties, to develop its 205 North Quay and adjacent 30 Herschel Street properties.
The partners will combine the two properties to create a 3,000 square metre riverfront corner site, with plans to develop it into a circa $600 million A-grade commercial building.
Savills agents Anthony Ott and John McDonald negotiated the transaction.
The new development, to be known as 205 North Quay, presents a landmark opportunity for Cbus Property to bookend its successful 1 William Street, Brisbane commercial project, tenanted by Queensland Government and recently awarded Property Council of Australia’s 2019 Queensland Development of the Year.
205 North Quay will add 50,000 square metres of net lettable area to the Brisbane CBD office market and responds directly to the emergence of the North Quarter precinct which has received record infrastructure investment.
“205 North Quay is a major riverfront CBD site, ideally located to capitalise on the major infrastructure projects nearby such as the recently announced Roma Street Station, Brisbane Metro, Cross River Rail and Brisbane Live,” said Adrian Pozzo, CEO of Cbus Property.
“The economic outlook for Brisbane is strong, with positive employment growth forecast to continue and Queensland’s economic growth also anticipated to continue to outperform the Australian average.
“We will look to build on these strong economic foundations and our past success with 1 William Street, to deliver a premium and future-focused commercial tower for Brisbane’s CBD in collaboration with our partner, Nielson Properties.”
Located in Brisbane’s prime commercial district, the 205 North Quay development will play a significant role in the continued regeneration of the burgeoning North Quarter precinct, which will now also include Mirvac’s 80 Ann Street tower to be tenanted by Suncorp, Shayher Group’s 300 George Street project and the recently completed W Hotel on George Street.
“We are proud to partner with Cbus Property on this landmark riverfront commercial project,” says Ross Nielson, Founder and Managing Director of Nielson Properties.
“As a local Brisbane developer, we’re excited to be a part of the evolution of the North Quarter as it becomes a vibrant hub bolstered by outstanding connectivity to Brisbane’s CBD and premium infrastructure and amenity.”
The tower is expected to be complete by 2023.
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Cbus Property locks in $600 million North Quay, Brisbane office project

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The office market in Geelong, south west of Melbourne, is approaching its peak, according to valuation firm Herron Todd White.
The market kicked in to gear early last year when the offices of insurer TAC sold for a region record $115 million (pictured above).
It was sold by Impact Investment Group, who set a record when they paid $95.8 million in 2014.
The six level trophy asset was bought by Centuria Property Funds Limited.
Herron Todd White now believe the office market in Geelong is approaching the peak, along with Brisbane and Sydney.
To enlarge the National Office Property Clock, click here.
<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/2019/6/5/Geelong1.jpg" alt="">
The Brougham Street offices of the Transport Accident Commission are located on a 5475 sqm waterfront site.
The record setting sale bred confidence.
Following the sale, a <a href="https://www.realcommercial.com.au/property-offices-vic-geelong-502580650" target="_blank">Ryrie Street office block</a> sold for $40 million through Savills.
It was sold fully leased to the likes of the State Government and a number of ASX listed and growth industries.
The confidence didn't just breed sales success.
Savills negotiated the lease of a 13,200 sqm Malop Street office to WorkSafe Victoria who moved their head office to the site.
The 14 level A grade office building was only completed in December 2017 having been developed by Quintessential Equity. 
Earlier this year the former Target Head Office at <a href="https://www.commercialrealestate.com.au/property/12-14-thompsons-road-geelong-vic-3220-2014720216" target="_blank">12-14 Thompsons Road in North Geelong</a> (pictured below) sold for $10.6 million.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/6/5/Target1.jpg" alt="">
It included a large land holding of around 38,000 sqm.
The property has been earmarked for a mixed-use rezone and sold with vacant possession.
Geelong has a number of offices in prime locations currently for sale.
An office block at <a href="https://www.realcommercial.com.au/property-offices-vic-geelong-503199098" target="_blank">49 Mercer Street</a> (pictured below), just one road back from the harbour, has been listed for sale.
<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/2019/6/5/Mercer1.jpg" alt="">
Set on 240 sqm in the Western Wedge zone, the current fitout has six office spaces across its two levels. 
It is currently tenanted by the Australian Red Cross and last traded for $335,000 in 2004. It was last advertised for rent at $55,000 per annum in 2016.
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jonathanchancellor-7SQnKwU6yx

Geelong offices approaching the peak of market: HTW national office clock

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The Byron at Byron Resort and Spa, frequently named in the top 10 best luxury resorts in Australia, has been listed for sale for the first time with around $50 million hopes.
Opened in 2005, the owner-operated eco-resort is being offered by billionaire retail giant Gerry Harvey, the executive chairman of Harvey Norman.
Harvey told The Weekend Australian that he believes it's worth between $40 million and $50 million.
“It’s one of our trophy assets like Magic Millions,” Harvey said, calling the asset a 'burden'.
The Broken Head Road property bordering Suffolk Park has 92 suites, a one-hatted restaurant, infinity swimming pool, tennis court, gym, lobby retail shop and a day spa.
It sits in 18 hectare of subtropical rainforest with beachfront access.
<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/2019/6/5/Byron2.jpg" alt="">
CBRE Hotels are marketing the property, having sold the nearby Byron Beach House Hotel for $70 million, the largest pub transaction in Australian history. 
CBRE Hotels agents Wayne Bunz and Andrew Jackson are conducting the international expressions of interest campaign for The Byron at Byron Resort and Spa.
Bunz said that he expected a high level of interest due to the calibre of the property and the high barriers to entry for new accommodation offerings presented by environmental protection laws in the Byron Bay area.
“Acquiring a land parcel and gaining the necessary approvals to build this type of asset in Byron Bay is notoriously difficult, and approvals of this nature may never again be repeated in the area, making this a very exclusive opportunity,” said Mr Bunz.
“After several high-profile clients approached us to find a location in Byron Bay, CBRE Hotels submitted off-market expressions of interest for the Byron at Byron, and subsequently convinced the vendors to take it to a public marketing campaign.” 
  
 
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jrobinson-rf4aSBido9

Retail billionaire Gerry Harvey lists The Byron at Byron Resort and Spa with $50 million hopes

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Private investor Mintus has added another retail asset to its property portfolio, by purchasing the West Gosford Shopping Centre.
The established neighbourhood centre, anchored by Coles/ Liquorland, was sold for $23 million by ISPT/ Coles.
The single level neighbourhood centre at 269-299 Brisbane Water Drive, West Gosford sits on a 17,559sqm site with a Gross Lettable Area of 9,249sqm.
The centre includes a well performing Coles and Liquorland supported by a number of specialty tenants.   
The property was sold off market by Steven Lerche and Andrew Palmer of Savills Australia.
Saville noted the centre is strategically located at the intersection of the Central Coast Highway and Brisbane Water Drive and has significant value add potential.
“This was a rare opportunity to undertake a refurbishment/ redevelopment of a strategically located shopping centre on the Central Coast of NSW," according to Steve Lerche, National Director, Retail Investments at Savills Australia.
“The Central Coast is a thriving and growing catchment and this property is situated at the bottom of the Gosford escarpment and is the first major shopping centre in the region” he said.  
The centre has convenient on grade parking for 210 cars and town planning is Zoned “B2 Local Centre” under the “Gosford Local Environmental Plan 2014” with a FSR: 1:1 Height Limit: 11.5 metres.
According to Andrew Palmer, Associate Director, Retail Investments at Savills Australia, Gosford is the third largest urban hub in NSW, strategically located 70kms north of Sydney and 95kms south of Newcastle. 
“The Central Coast is a major population growth area of NSW with a current population estimated at 337,765, AND IS expected to grow to 414,615 by 2036 (over 21% increase). There is also a large trade area catchment population with 16,000 in the MTA” he continued.  
The Gosford City Centre Masterplan 2031 plans to revitalise the city centre and sustainably managing projected growth. 
It aims to help achieve a residential target of an additional 10,000 residents and 6,000 new jobs by 2031.
According to Ben Stewart, Director, Retail and Residential at Mintus West Gosford represents a "fantastic opportunity" for Mintus to redevelop and reinvigorate the precinct to reflect current retail trends and position the asset for strong future growth. 
“We look forward to working with Coles, Council and the public to provide a convenient neighbourhood centre that suits the local area”. 
The Central Coast Council area’s Gross Regional Product was $13.72 billion in the year ending June 2017, growing 1.6% since the previous year. 
The Gosford City population as at 2018 is estimated at 173,593 and is forecast to grow to 189,195 by 2036.
 
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Mintus snap up West Gosford Shopping Centre through Savills

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The 123-year-old global real estate brand, Stanton Hillier Parker, has announced it will re-open its real estate arm in Australia.
It will be under the guidance of managing partner Eugene Evgenikos who said he was excited to re-launch a real estate brand with a global property legacy, almost 20 years since it was last seen in a real estate agency capacity in Australia. 
“We’ll be focussing on providing our clients with world-class service standards, expert advice and outstanding results underpinned by a passionate, highly-experienced management team,” said Mr Evgenikos, who was at Knight Frank in NSW metropolitan sales.  
“Leveraging our 123-year strong global property legacy, we’ll be creating truly invested partnerships that drive results and help our clients create a property legacy of their own.”  
Stanton Hillier Parker intends to offer commercial sales and transactions, capital markets advice, leasing, asset management, residential project marketing and valuations to private, institutional and government clients. 
The company has opened offices in the Sydney CBD and Mascot with a valuation office in Parramatta.
Stanton Hillier Parker is currently actively sourcing a new office in the Melbourne CBD. 
“Our unique proposition in the market is the opportunity to grow through an equity partnership model – in the same way as Stanton Hillier Parker’s major global real estate agency business started,” he confirmed.  
“Our brand pedigree and international recognition is a platform we will build on in Australia, and we look forward to announcing new offices and partnerships as we grow the platform.”
 new management, offering boutique property advisory services to a diversified range of clients Australia-wide. 
Stanton Hillier Parker was originally formed via the merger of Hillier Parker, first established in 1896 in the United Kingdom, and Stanton &amp; Sons Limited, established by Richard Stanton in Sydney in the late 1800s.  
The company has a rich heritage in Australia, having been responsible for the development of the Sydney suburbs of Rosebery and Haberfield. Richard Stanton was also the founder of the Real Estate Auctioneers and Agents’ Association of New South Wales.  
During the 1970s the company operated around the world, with businesses in Scotland, Australia, France, the Netherlands, Belgium, Germany, Italy, Portugal, Spain, Sweden, Switzerland and the United States.  
 
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Stanton Hillier Parker relaunches Australian real estate arm after two-decade absence

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GUEST OBSERVATION 
Millennials are less likely to own a home than previous generations were at the same age.<a class="source" href="https://www.shutterstock.com/image-photo/sold-home-sale-real-estate-sign-168053771?src=MyyBDZW8tOfFl2Au5es9xg-1-2"> </a>
It used to be that everyone wanted to buy a home, seeking pleasure and security, as well as the potential for future wealth.
But younger Americans are buying homes far less often than their elders’ generations did, and that puts a large sector of the U.S. economy at risk.
<a href="https://www.urban.org/sites/default/files/publication/96221/homeownership_and_the_american_dream_0.pdf" target="_blank">Millennial home ownership levels</a> are dramatically lower than the those of previous generations at a similar age. In 1985, 45.5% of 25- to 34-year-olds owned homes in the U.S. By 2015, this had fallen about 25%.
Since the housing industry currently accounts for <a href="https://www.nahb.org/en/research/housing-economics/housings-economic-impact/housings-contribution-to-gross-domestic-product-gdp.aspx" target="_blank">15% to 18% of the nation’s gross domestic product</a>, any change in established behaviour could have substantial consequences on the larger economy.
<a href="https://scholar.google.com/citations?user=rBUYZnsAAAAJ&amp;hl=en" target="_blank">Researchers like me</a> who are interested in the future of the U.S. economy are faced with some difficult questions about how millennials’ behaviour is changing the housing market.
My recent research suggests that both increases and decreases in home prices can be directly tied to where millennials choose to live. If a long-term behavioural change is afoot, and this generation continues not to buy homes, it will very directly impact GDP.
Homeownership
Research has shown that younger generations <a href="https://www.stlouisfed.org/publications/regional-economist/second-quarter-2018/accounting-age-financial-health-millennials" target="_blank">lag behind</a> previous generations in terms of milestones like homeownership and marriage.
One of the assets that set previous generations apart is home equity. In 2001, Gen-Xers held an average of US$130,000 in assets, compared to millennials in 2016 that held almost 31% less.
However, assets attributed to home equity are subject to the whims of the housing market. Just ask anyone <a href="https://www.washingtonpost.com/business/economy/a-guide-to-the-financial-crisis--10-years-later/2018/09/10/114b76ba-af10-11e8-a20b-5f4f84429666_story" target="_blank">still underwater</a> on a home purchased before the financial crisis.
And home equity isn’t just vulnerable to large-scale economic upheavals. In fact, it’s constantly fluctuating.
Age and cost
I analyzed data from the U.S. Census Bureau and American Community Survey from about 800 of the most populous counties in the U.S., or about 85% of the population, in a study that has not yet been published. The data show a rather disconcerting trend.
If no one ever moved from one county to another, almost all counties would gradually grow older in terms of average age.
However, the migration of primarily younger individuals has caused an escalation in this ageing shift. Some areas are ageing much more quickly than expected. In those areas, home prices have been vulnerable to long-term declines.
In other words, the trend of rising or falling home values follows patterns of migration in the U.S.
<iframe style="border: none;" src="https://datawrapper.dwcdn.net/Omibc/1/" frameborder="0" width="100%" height="400"></iframe>
From 2010 to 2016, counties with ageing populations were about 50% more likely to have experienced a decline in home values than those counties that were becoming “younger.” Not surprisingly, counties that were becoming younger were often experiencing increases in both populations and in the prices of homes.
Two areas that provide an illustration of this are key to the oil and gas industry: the Midland-Odessa area of Texas and Ward County, North Dakota. Both areas have experienced not only a net decrease in the age of residents, but also a net increase in population.
This is far from a rural phenomenon. In Allegheny County, the Pennsylvania county that’s home to Pittsburgh, a similar increase in population has also decreased the average age of its residents.
<iframe style="border: none;" src="https://datawrapper.dwcdn.net/lGbVg/1/" frameborder="0" width="100%" height="400"></iframe>
The cost of a home
Millennials’ migration to particular counties has fuelled <a href="https://www.corelogic.com/downloadable-docs/marketpulse/the-marketpulse-vol-8-issue-4-april-2019-screen-041719.pdf" target="_blank">speculative real estate transactions</a>.
In 2018, such transactions are reaching levels just below the pre-crisis highs, accounting for almost 11% of all homes sold last year. The prices are inflated by buyers looking to “flip” houses. This forces younger buyers to compete with the professionals, pushing them out of the markets they are migrating to.
Younger buyers are further frustrated by the cost of what economists refer to as frictions. Frictions include <a href="https://www.realtrends.com/wp-content/uploads/2018/06/RT_0618News.pdf" target="_blank">commissions that average 5% to 6%</a> of the purchase price, myriad inspection and appraisal fees, as well as mortgage and title insurance. All of this runs counter to the transparency and ease of access many millennials have become used to in the modern world.
Since the younger generation is <a href="https://www.urban.org/sites/default/files/publication/96221/homeownership_and_the_american_dream_0.pdf" target="_blank">better educated</a>, one might expect significant wage increases to counter some of these frictions. But recent graduates between the ages of 22 and 27 <a href="https://www.newyorkfed.org/research/college-labor-market/college-labor-market_wages" target="_blank">earn about 2% less</a> than their predecessors did in 1990.
If <a href="https://www.multpl.com/case-shiller-home-price-index-inflation-adjusted" target="_blank">home prices</a> had also stayed relatively flat, this likely wouldn’t be an issue. However, from 2000 to the present, average home prices have increased by about 3.8% annually, though this varies dramatically from county to county.
<iframe style="border: none;" src="https://datawrapper.dwcdn.net/3A5rK/2/" frameborder="0" width="100%" height="400"></iframe>
As urban areas continue to attract more new residents, many young people may need to reassess the true value that home ownership offers. Meanwhile, older generations are likely just becoming aware of the impact of millennial migration on the American dream. If you live in an area that is ageing faster than the natural rate, the probability of your home value decreasing is very real.<img src="https://counter.theconversation.com/content/115830/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
Jimmie Lenz, Clinical Assistant Professor of Finance, University of South Carolina
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/how-millennials-are-affecting-the-price-of-your-home-115830" target="_blank">original article</a>.
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How millennials are affecting the price of your home: Jimmie Lenz

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EXPERT OBSERVER
Mining accounts for about half of Australia’s exports. In terms of ‘economic complexity’, the nation ranks 59th in the world, between Kazakhstan and Lebanon.
Three years ago, then prime minister Malcolm Turnbull went to an election spruiking the wonders of innovation. “There has never been a more exciting time to be an Australian,” government advertising had enthused in the months before.
But the public wasn’t enthused, and Turnbull’s government barely scraped back into office.
Since then innovation policy has spooked the political class. They see it as a vote loser, and a threat to jobs – mostly their own.
Consequently, innovation and industry policy has received the least attention just when the decline of investment in <a href="https://www.smh.com.au/politics/federal/worrying-trend-in-australian-research-and-development-20180705-p4zpnh" target="_blank">research and development</a> may matter most to our economic future.
<hr>
<a href="https://images.theconversation.com/files/274790/original/file-20190516-69182-gyqlpw.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/274790/original/file-20190516-69182-gyqlpw.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a> The red bars show the average intensity of the member states of the OECD and the European Union. Data for Argentina, Australia, New Zealand, Poland, Switzerland, Turkey, and South Africa is from 2015; data for Singapore is from 2014. <a class="source" href="https://www.oecd.org/sti/DataBrief_MSTI_2018.pdf" target="_blank">OECD Main Science and Technology Indicators Database</a>
<hr>
Here’s how we got to where we are.
<h2>A deafening, blinding boom</h2>
After the terms of trade downturn of the 1980s and the economic reforms of the 1990s, Australia enjoyed the biggest, unanticipated mining boom in our history, thanks to the rise of China. John Howard wanted us to be “relaxed and comfortable” and we were, at least while it lasted.
Increased commodity prices boosted our terms of trade, without any extra effort on our part. By contrast with <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/radionational/programs/ockhamsrazor/how-australia-got-left-behind-in-manufacturing-and-innovation/6163528" target="_blank">Norway</a>, which prepared for its post-oil future with a 76% resource rent tax and sovereign wealth fund, Australians enjoyed tax cuts and a spending splurge.
However, the underlying structural problem of our economy had not gone away. Measured by the research intensity of our exports, Australia’s “<a href="https://atlas.media.mit.edu/en/rankings/country/eci/" target="_blank">economic complexity</a>” ranks at 59, between Kazakhstan and Lebanon.
This index compiled by MIT’s Observatory of Economic Complexity is topped by Japan, Switzerland and Germany. Our position in <a href="https://www.globalinnovationindex.org/analysis-indicator" target="_blank">global innovation rankings</a> is no less dismal, especially when it comes to turning ideas into products.
While recent domestic growth has been driven by services, retail and construction, our future living standards will depend on how we pay our way in the world. This means identifying new, more sustainable sources of export income.
Of course, resources will still have a part to play, but not as unprocessed raw materials. For example, we have everything we need for renewable energy production, battery manufacture and hydrogen exports. And how could anyone contemplate continuation of the barbaric live animal trade?
The graphic below shows Australia’s export profile in 2017. Of US$244 billion in total exports, US$131 billion were mineral products.
<hr>
<iframe src="https://atlas.media.mit.edu/en/visualize/embed/tree_map/hs92/export/aus/all/show/2017/?controls=false" frameborder="0" scrolling="no" width="100%" height="550"></iframe>
<hr>
This rebalancing won’t happen automatically through the market. It will require <a href="https://www.afr.com/brand/chanticleer/no-need-for-any-more-innovation-reviews-20151203-gletj5" target="_blank">active intervention</a> to manage the post-mining boom transition to an inclusive and dynamic knowledge-based economy. And to reverse the slowdown in productivity growth associated with current wage stagnation.
<h2>Too obvious to ignore</h2>
During the boom, high prices for coal and iron ore masked Australia’s <a href="https://theconversation.com/what-would-it-take-to-raise-australian-productivity-growth-83505" target="_blank">deteriorating productivity performance</a>. Now mining no longer contributes to growth, the impact on our national income has become all too obvious.
That’s why it was so important to Malcolm Turnbull to reinvigorate the <a href="https://www.afr.com/leadership/innovation/malcolm-turnbulls-innovation-lovefest-20151210-glkiwk" target="_blank">national innovation and science agenda</a> with a focus on startups and business-university collaboration, after Tony Abbott’s $3 billion cuts to Labor’s programs.
And why it was then so disappointing he could not build on his agenda for an “ideas boom” to replace the mining boom.
<iframe src="https://www.youtube.com/embed/sfCjdToaXwU?wmode=transparent&amp;start=0" frameborder="0" width="440" height="260"></iframe> Prime Minister Malcolm Turnbull launches the National Innovation and Science Agenda in December 2015.
The Coalition government has cycled through three prime ministers and six industry ministers. It continues to cut science and innovation programs. Its latest budget “savings” included $4 billion from the Research and Development Tax Incentive scheme, $3.8 billion from the Education Investment Fund and $2.2 billion from higher education.
As a result, Australia’s <a href="https://www.theguardian.com/australia-news/2018/jul/10/australias-spending-on-research-plummets-far-below-oecd-average" target="_blank">total spending on research and development</a> is now just 1.88% of GDP, from 2.11% five years ago. The government contribution (0.57%) is where it was in the 1980s. Meanwhile Japan and Sweden are committing more than 3%, and Korea and Israel more than 4%.
<h2>Small target strategies</h2>
For any mention of innovation and industry policy in the current election campaign, you have to look hard.
The Coalition has confined itself to some low-key announcements on a new space agency, defence innovation, genomics, food, marine science and manufacturing.
It has rejected or parked the recommendations of its own <a href="https://www.afr.com/news/economy/we-still-dont-have-a-joined-up-innovation-and-research-system-20180131-h0r12c" target="_blank">Innovation and Science Australia 2030 strategy</a>, including using any savings from winding back the R&amp;D Tax Incentive to promote high-growth export opportunities.
Labor has committed to a <a href="https://www.innovationaus.com/2019/05/170-boost-for-RD-Tax-Scheme" target="_blank">“collaboration premium”</a> to encourage business engagement with universities and the CSIRO as part of a restructured R&amp;D Tax Incentive (another key recommendation of the 2030 strategy).
However, it will also “bank” the Coalition’s savings to achieve its budget surplus. In this context, it will be all the more challenging for a new Labor government to achieve its R&amp;D target of 3% of GDP, given that this will require additional investment of at least $20 billion.
In addition, Labor has announced an “off-budget” $1 billion Manufacturing Future Fund and a series of initiatives on renewable technologies, biofabrication, food and fibre, artificial intelligence, blockchain, space, hydrogen, electric vehicles and “digital skills hubs”. In an important symbolic gesture, it has also promised to rescue CSIRO climate science.
These initiatives are clearly worthwhile, but do not restore the funding that has been lost, let alone increase it.
If new policy must be paid for, why not cut expenditure that actually impedes economic transition? The <a href="https://theconversation.com/estimating-the-cost-of-fuel-tax-credits-is-a-tricky-business-62777" target="_blank">diesel fuel tax rebate</a>, for example. This $6 billion scheme, whereby taxpayers subsidise fuel costs for the resources sector, is equivalent to almost half the entire annual budget outlay for research and innovation.
<h2>Weighing the costs</h2>
Most successful economies around the world use “knowledge foresights” to identify national priorities in areas of existing or potential competitive advantage. They have long-term, coherent <a href="https://theconversation.com/five-things-about-innovation-australia-can-learn-from-other-countries-50966" target="_blank">policy frameworks</a> for pursuing these priorities.
Australia’s next government will have a chance to devise such a framework, in cooperation with business, unions and research organisations. Of course, it will require substantial public as well as private investment. But we can no longer afford a “do nothing” approach.<img src="https://counter.theconversation.com/content/116966/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/roy-green-3866" target="_blank">Roy Green</a>, Emeritus Professor &amp; UTS innovation adviser, <a href="http://theconversation.com/institutions/university-of-technology-sydney-936" target="_blank">University of Technology Sydney</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/its-the-only-way-to-save-australia-from-a-deep-hole-but-innovation-policy-is-missing-in-action-116966" target="_blank">original article</a>.
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Australian innovation policy is missing in action

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Coles Group has sold its latest Kedron Centre for $34.24 million, setting a new record as the largest freestanding supermarket sale for Queensland.
Savills national director Peter Tyson negotiated the sale to a Melbourne based investor.
The sales tops the $30.25 million sale of the Coles Pacific Pines in 2017. Last year Coles Alderley sold for $30.2 million.
Savills agents Peter Tyson, Ben Parkinson and Steven Lerche fielded enquiry from local, interstate and offshore buying groups.
“The supermarket’s high-exposure location on the outbound side of Gympie Road, within seven kilometres north of the CBD was a valuable drawcard” Peter Tyson said.
“Coles Kedron’s highly convenient freestanding design differentiates it from larger, less-convenient surrounding shopping centres, ensuring it will remain attractive to shoppers in the long term.”
The 4,092 sqm complex was developed by Coles Group and opened in late 2017. They acquired and consolidated the site over an extended period of time.
It comprises three tenancies, a freestanding 3,915 square metre Coles Supermarket and Liquorland store, plus a Coles Express service station and a café tenancy. 
The centre was fully leased and provided long lease security with a weighted average lease expiry of 14.7 years, underpinned by a 15 year lease to Coles.
 
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Kedron Coles sale sets record as the largest freestanding supermarket sale in Queensland

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