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

Joel Robinson

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

<a href="https://www.urban.com.au/developers/far-east-consortium">Far East Consortium</a>’s 640 Bourke Street stands as a testament to&nbsp;<a href="https://www.urban.com.au/developments/melbourne-vic-3000">Melbourne</a>’s ability to bridge its storied past with a bold vision for the future.&nbsp;

Rising above the heritage-listed Eliza Tinsley building, the development reflects a broader shift toward adaptive reuse in the city, where historical assets are retained and reinterpreted as part of new residential development.

Designed by <a href="https://www.urban.com.au/architects/rothelowman">Rothelowman</a>, <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> incorporates the Eliza Tinsley building as its foundation, housing a grand gallery and lobby space that serve as both a functional and symbolic centrepiece. The heritage façade informs the tower’s design, creating a connection between Melbourne’s past and its contemporary skyline.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=365684]

Above this historic base, the 68-storey tower will deliver just over 600 residences, a notable reduction from earlier schemes, reflecting a deliberate move toward larger-format apartments and a stronger owner-occupier focus.

Unlike traditional CBD developments that prioritised investor stock, 640 Bourke Street has been repositioned to respond to changing buyer expectations.

"The discussion was all around making 640 Bourke Street the best residence to live in, to be much more focused on the people in the building rather than people looking at the building," Marsland explained.&nbsp;

This shift is evident in the development’s interiors, which emphasise practical luxury with spacious layouts, high ceilings, and floor-to-ceiling windows framing sweeping views of Melbourne and Port Phillip Bay.&nbsp;

“What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Lauren Sheldon, Far East Consortium’s Director of Sales and Marketing, said.&nbsp;

[smartcode_project:default project_id=509 project_image_fid=365687]

Rothelowman Associate Jun Chang added, "We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."&nbsp;

Amenities spanning more than 3,000 sqm across multiple levels further reinforce this focus on resident experience. These include a pool, gym, co-working areas, and a range of hospitality-inspired spaces such as a whisky lounge, library, and private dining rooms, many drawing reference from traditional bathhouses and Melbourne’s laneway culture.

"We wanted to make both the pool and the gym area to be absolutely destinational, and when you traverse across to these spaces, there is a gentle familiarity to the beautiful notions of the hammams and the Roman baths, a gentle nod to history," Chang noted.

At street level, the project contributes to the ongoing transformation of the western CBD, with upgrades to Langs Lane and the introduction of retail, hospitality, and gallery spaces designed to activate the precinct and strengthen its connection to the surrounding city fabric.

[smartcode_project:default project_id=509 project_image_fid=365689]

The location places residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market, and the Docklands waterfront, positioning the development within a rapidly evolving inner-city neighbourhood.

"We believe it's the best site left in the city of Melbourne," Craig Williams, Executive Director at Far East Consortium, said.&nbsp;

640 Bourke Street is Far East Consortium’s 14th building in Melbourne’s western CBD.

"A very elegant designed building. It's going to be a Melbourne statement for many, many years to come."

One-bedroom apartments are priced from around $640,000, with 640 Bourke Street targeting completion in 2029.

Renders shown are Artist's Impressions correct as of May 2026.

[smartcode_project_cta:default project_id=509]

Heritage-led design anchors Far East Consortium’s 640 Bourke St, Melbourne

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD Group</a> has set a new residential price record in Queensland with the $30 million sale of the penthouse at its <a href="https://www.apartments.com.au/new-apartments/one-burleigh-88-the-esplanade-burleigh-heads-qld-4220">ONE Burleigh</a> development in Burleigh Heads.

The sale equates to around $37,500 per sqm.

The two-level, 800 sqm penthouse, featuring five bedrooms, five bathrooms, five car spaces, and a private infinity pool overlooking the Pacific Ocean, was acquired by a Gold Coast-based entrepreneur, highlighting continued demand for ultra-premium beachfront product.

Selling agent Freddie Tehle of PRD Burleigh Heads said the result reflects tightening supply of high-quality, large-format apartments in Burleigh.

“There’s very limited opportunity to secure this level of scale and absolute beachfront position in <a href="https://www.apartments.com.au/developments/burleigh-heads-qld-4220">Burleigh Heads</a>,” Tehle said.

“Buyers are increasingly seeking apartments that genuinely replace a standalone home, and this penthouse delivers that with its size, privacy, and direct ocean frontage.”

[smartcode_project:default project_id=146358 project_image_fid=323057]

The sale comes as construction progresses on ONE Burleigh, a boutique development of 17 full-floor residences at 88 The Esplanade, scheduled for completion in early 2027.

Developed by MAYD Group and designed by <a href="https://www.apartments.com.au/architects/mas-architecture-studio">MAS Architecture</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/sici-design">Sici Design</a>, the project has been positioned as a collection of house-sized beachfront apartments, each occupying an entire floor with around 381 sqm of internal and external living space.

When construction commenced, MAYD director Todd Mould pointed to the long-term resilience of premium coastal real estate as a key driver behind the project.

“Real estate, particularly at the premium end, remains one of the most resilient and proven long-term investment avenues,” Mould said.

“Our ambition is that anyone who buys a MAYD-built product can genuinely feel the care, craftsmanship and commitment we bring to every detail.”

[smartcode_project:default project_id=146358 project_image_fid=323055]

Each residence has been configured with four bedrooms, multiple living zones, a private office, and expansive ocean-facing terraces. Interiors draw on a restrained material palette, including travertine stone, timber joinery, and integrated premium appliances.

Interior designer Sici Design said the approach was to reflect the project’s coastal setting through both materiality and spatial planning.

“ONE Burleigh is our vision of luxury living, designed to bring the essence of Burleigh Heads' vibrant coastal beauty into an unparalleled residential experience.”

Residents will have access to a suite of wellness-focused amenities, including pools, sauna facilities, and dedicated relaxation spaces, reflecting a broader shift toward lifestyle-driven apartment design on the Gold Coast.

[smartcode_project:default project_id=146358 project_image_fid=323052]

The project occupies a southern Esplanade site with uninterrupted beachfront frontage, an increasingly rare offering in Burleigh Heads, free from the Norfolk Pines that line much of the coastline and often limit direct ocean outlook.

Mould said the design intent was to balance that outlook with a sense of retreat.

“Living at ONE Burleigh is about how your day naturally unfolds, morning light across the ocean, coffee on the balcony, and being in Burleigh but elevated above the noise.”

The result further reinforces Burleigh Heads’ emergence as one of the Gold Coast’s most tightly held and supply-constrained beachfront markets, where boutique, owner-occupier-focused developments are increasingly setting new price benchmarks.

[smartcode_project_cta:default project_id=146358]

MAYD Group sets Queensland record with $30 million penthouse sale at ONE Burleigh in Burleigh Heads

Apartment developers in the Gold Coast are finding new, creative ways to differentiate themselves from competing projects, as new supply starts to flow through up and down the Coast.

Developer BIG Projects brought in the renowned Sydney-based design studio YSG Studio to craft the interiors for The Frederick, BIG Projects' new Mermaid Beach project and YSG Studio's first move into the multi-residential development space.

[smartcode_project:default project_id=110588 project_image_fid=5346]

It was a strategic move for BIG Projects to bring in a Sydney eye to the development.

“Our role is to give our design partners the space and freedom to explore,” says Matt Barrett, Director of BIG Projects.

“We wanted YSG Studio to capture the essence of Nobby’s, to design a building that embraces life, light and connection, while creating a genuine sense of place.”

There are only 39 apartments in The Frederick, including a striking beach house, just 100 metres from the booming Nobby Beach precinct.&nbsp;

[smartcode_project:default project_id=110588 project_image_fid=5347]

Yasmine Ghoniem, Director of YSG Studio, says their vision&nbsp;for The Frederick "reinvents coastal living."

“Nobby’s has such an iconic energy, it’s one of those rare pockets of the Gold Coast where the community, the beach, and the streets all feel connected,” Ghoniem says.

"Responding to the neighbouring coastline, soothing curves add a relaxing regional overlay, while unique detailing really sets it apart. It’s a place that feels lived in from the moment you step inside.”

A standout feature of The Frederick is its rooftop terrace, an uncommon inclusion for a boutique, low-rise building, where amenity is typically concentrated at ground level.

[smartcode_project:default project_id=110588 project_image_fid=5360]

Positioned to capture panoramic views from the hinterland to the ocean, the rooftop has been designed as a series of intimate zones. It includes a pool, sauna, sun decks, workspaces and dedicated entertaining areas.

“The rooftop was conceived as a collection of spaces where residents can unwind and connect, an extension of the Nobby’s lifestyle,” Barrett says.

Architecture for the project was led by Plus Studio, with landscape design by LDG Landscape Architecture.

SRQ Projects Director Nick Clydsdale, who is handling sales at The Frederick, says the majority of enquiry is coming from South East QLD and Victorian buyers who have been actively searching between Broadbeach and Mermaid Beach for some time.

"They’ve reviewed a number of projects, however this one has stood out for its unique detailing and compelling design,"&nbsp;Clydsdale says.

Site demolition is slated for this month, with construction commencing soon after. BIG Projects is targeting a late 2027 completion.

[smartcode_project_cta:default project_id=110588]

Sydney’s YSG Studio makes Gold Coast multi-residential debut with BIG Projects at The Frederick

Melbourne-based property developer ALTA Property has this week achieved planning approval for the adaptive re-use of a former commercial tower into a $200 million, 169-apartment project at 10 Queens Road, one of the last developable sites along the Albert Park Lake-fronting boulevard.&nbsp;

Set within one of Melbourne’s most sought-after precincts and designed by <a href="https://www.apartments.com.au/architects/fraser-partners-0">Fraser and Partners</a>, the illustrious building will offer unparalleled views across Albert Park Lake, Port Phillip Bay and Melbourne CBD.&nbsp;

The mix of 1, 2 and 3-bedroom residences will be complemented by a ground-floor amenity featuring private dining, a lounge bar, gym and wellness spaces, co-working, outdoor communal gardens, and retail.&nbsp;

The 17-storey building is a masterclass in adaptive re-use, with the existing commercial building’s façade, shell and internal structure to be retained, before high-end residences are built from the ground up in a newly built Albert Park facing addition to the building.&nbsp;

Sitting atop the building will be two 320+sqm penthouses with private rooftop terraces, which are expected to be priced between $9 - $11 million.&nbsp;

<img alt="ALTA Property achieves permit approval for $200 million Queens Road tower" data-entity-type="file" data-entity-uuid="aa11211b-5581-43f9-940c-fc84d30a0e61" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/C_04.png?VersionId=Yhf5p_1EgGDu_zOIMFgvA8Ug8j3sTFQs" />

Architecturally, the building will feature a curved, geometric façade that celebrates and elevates the existing structure, with warm, muted tones which were selected to extend the materiality of the existing building rather than contrast it.&nbsp;

Interiors will bring together three metre high ceilings with waffle concrete in some spaces, natural timber, granite and Australian materials, culminating in crafted, generous and considered spaces that are defined by authenticity.&nbsp;

The adaptive re-use means that the Queens Road project will be a sustainability led, high-quality finished product, with a 62% saving in carbon emissions by re-using the existing structure rather than knocking it down and rebuilding.&nbsp;

ALTA Property was launched by Nigel Givoni in 2023, bringing over 25 years of experience in multi level residential delivery.&nbsp;

Melbourne’s property market growth is currently led by apartments. According to RPM VIC Apartments &amp; Townhomes Market Report (April 2026), units are outpacing houses, especially in the middle ring suburbs where median prices hit $757,500 – a four-year high that represents 2.9 percent growth quarter-on-quarter.&nbsp;

<img alt="ALTA Property achieves permit approval for $200 million Queens Road tower" data-entity-type="file" data-entity-uuid="647e13d7-b4bc-433a-9bc9-fe3c3dd4f2ec" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/V_06.png?VersionId=ou4NUCWUgA3NAy.6CQJlEdKX50j3dOk6" />

For ALTA Property Founder Nigel Givoni, this performance speaks to the confidence he has in the Melbourne market.&nbsp;

“Queens Road represents a rare opportunity to continue to shape our presence in the Melbourne market.,"&nbsp;Givoni says.

"With a considered project team and a premier site along one of the city’s most sought-after boulevards, we look forward to contributing to the fabric of this established address.

“Other Australian markets are getting a lot of attention, but I believe the depth of value in Melbourne is being overlooked. The fundamentals are strong, population growth is steady and, based on our preliminary conversations with a leading builder, construction costs are beginning to normalise, creating further opportunity."

Givoni says the project is a&nbsp;highly considered example of adaptive re-use, delivering quality, high-end residences, premium hotel-inspired amenities and an architecturally striking façade, all achieved without the need to remove the existing structure.

"We are really looking forward to the market’s response,” he said.&nbsp;

ALTA Property to deliver $200 million Queens Road apartment tower

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

<html><body>
GUEST OBSERVATION
There are some anecdotes just so good that almost every story about a particular economic principle begins the same. So too this article begins with cake mix.
In the 1950, the story goes, US food company General Mills wanted ideas on how to sell more of its Betty Crocker brand of instant cake mixes. It put psychologist Ernest Dichter – the “father of motivational research” – on the case.
Dichter ran focus groups. Change the recipe, he then advised the company. Replace powdered eggs in the cake mix with the requirement to add fresh eggs. All-instant cake mix makes baking too easy. It undervalues the labour and skill of the cake maker. Give the baker more ownership in the final result.
And the rest is history.
<iframe src="https://www.youtube.com/embed/_ts9HLWh2qI?wmode=transparent&amp;start=0" frameborder="0" width="440" height="260"></iframe>
Add eggs! Betty Crocker cake mix advertisement.
It’s likely this story is <a href="https://www.snopes.com/fact-check/something-eggstra/" target="_blank">extremely overegged</a>. Inconvenient facts include another company, <a href="https://www.mashed.com/66243/untold-truth-duncan-hines/?utm_campaign=clip" target="_blank">Duncan Hines</a> having a cake mix recipe using fresh eggs (developed by food chemist <a href="https://daily.jstor.org/duncan-hines-cake-mix-maker-extraordinaire/" target="_blank">Arlee Andre</a>) as early as 1951. And in 1935, the company P. Duff and Sons <a href="https://www.bonappetit.com/entertaining-style/pop-culture/article/cake-mix-history" target="_blank">was granted a patent</a> for a cake mix using fresh eggs.
<a href="https://images.theconversation.com/files/269739/original/file-20190417-139110-34pk5x.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/269739/original/file-20190417-139110-34pk5x.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
The P. Duff and Sons in 1935 patent. US Patent and Trademark Office
“The housewife and the purchasing public in general seem to prefer fresh eggs,” <a href="https://pdfpiw.uspto.gov/.piw?Docid=02016320&amp;homeurl=http%3A%2F%2Fpatft.uspto.gov%2Fnetacgi%2Fnph-Parser%3FSect1%3DPTO1%2526Sect2%3DHITOFF%2526d%3DPALL%2526p%3D1%2526u%3D%25252Fnetahtml%25252FPTO%25252Fsrchnum.htm%2526r%3D1%2526f%3DG%2526l%3D50%2526s1%3D2016320.PN.%2526OS%3DPN%2F2016320%2526RS%3DPN%2F2016320&amp;PageNum=&amp;Rtype=&amp;SectionNum=&amp;idkey=NONE&amp;Input=View+first+page" target="_blank">the patent reads</a>, “and hence the use of dried or powdered eggs is somewhat of a handicap from a psychological standpoint.”
Even the book sometimes credited as the source of the Dichter anecdote, Something from the Oven: Reinventing Dinner in 1950s America, by Laura Shapiro, says that “if adding eggs persuaded some women to overcome their aversion to cake mixes, it was at least partly because fresh eggs made for better cakes”.
Nonetheless it is the story of Dichter making a profound psychological insight into consumer behaviour that has passed into legend.
Almost seven decades later, the idea of making things more laborious to get consumers to value them more is an established marketing tactic.
We now know it as the “IKEA effect”.
Testing the IKEA effect
The IKEA effect – “that labour alone can be sufficient to induce greater liking for the fruits of one’s labour” – was named in a <a href="https://dash.harvard.edu/bitstream/handle/1/12136084/norton%20mochon%20ariely%20third%20round%5b1%5d.pdf?sequence=3&amp;isAllowed=y" target="_blank">2011 paper</a> in the Journal of Consumer Psychology by Michael Norton, Daniel Mochon and Dan Ariely. They chose the name because products from the Swedish manufacturer typically require some assembly.
Their paper also begins with the cake-mix story. It concedes there might have been other reasons General Mills increased its sales – an alternate view is that the icing on the cake was, in fact, <a href="https://www.bonappetit.com/entertaining-style/pop-culture/article/cake-mix-history" target="_blank">the icing on the cake</a> – but the authors were still enthused by the idea that “infusing the task with labour” was a crucial ingredient.
To empirically confirm this phenomenon, and its limits, they conducted experiments that involved assembling IKEA boxes, folding origami and building with Lego. The results showed participants valued items they assembled themselves more than items assembled by someone else.
The following graph shows the results from one of the experiments, in which participants were asked to fold origami cranes or frogs and then bid to buy the creations. The bidding phase also included origami made by expert folders. They tended to see their own creations as much more valuable than those made by other participants, and almost equal in value to the expert origami.
<a href="https://images.theconversation.com/files/269703/original/file-20190417-147487-1glzp2u.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/269703/original/file-20190417-147487-1glzp2u.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
 Results show participants’ willingness to pay (WTP) for origami frogs and cranes made by themselves or others. Participants saw their amateurish creations as similar in value to experts’ creations, <a class="source" href="https://www.hbs.edu/faculty/Publication%20Files/11-091.pdf" target="_blank">Harvard Business School</a>, <a class="license" href="http://creativecommons.org/licenses/by/4.0/" target="_blank">CC BY</a>
The experiments also showed the effect had limits.
When participants spent too much time building or deconstructing their creations, or failed to complete the task, their willingness to pay for the item declined.
The following graph shows the results of the experiment in which some participants built an IKEA box, while others were allowed to complete only half the steps required to build the box.
<a href="https://images.theconversation.com/files/269717/original/file-20190417-139107-1sng0vr.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/269717/original/file-20190417-139107-1sng0vr.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Results shows participants’ willingness to pay (WTP) for assembled IKEA boxes. Those who built their boxes bid more for their creations than did incomplete builders. <a class="source" href="https://www.hbs.edu/faculty/Publication%20Files/11-091.pdf" target="_blank">Harvard Business School</a>, <a class="license" href="http://creativecommons.org/licenses/by/4.0/" target="_blank">CC BY</a>
Those who got to complete their box valued it much more, shown by their willingness to pay to keep it. “Most importantly,” the paper notes, “this increase in valuation was not limited to only participants who considered themselves DIYers.”
Related, but different, concepts
The IKEA effect is connected to, but not quite the same as, a number of other important economic behaviours.
First, there is the <a href="https://www.behavioraleconomics.com/resources/mini-encyclopedia-of-be/endowment-effect/" target="_blank">endowment effect</a>, in which simply owning a product increases its perceived value. Though this effect has long been recognised, it was formally named by economist Richard Thaler in a <a href="http://www.eief.it/butler/files/2009/11/thaler80.pdf" target="_blank">1980 paper</a>. Since then many studies have demonstrated that individuals usually want more money to give up something they own than they are willing to pay to acquire a similar item from someone else.
Second is the psychological idea of <a href="https://psychology.iresearchnet.com/social-psychology/attitudes/effort-justification/" target="_blank">effort justification</a>. This goes back to studies in the 1950s. The idea is that an individual who makes a sacrifice to achieve a goal rationalises the effort by attributing greater value to the achievement. In one celebrated study, for example, women made to undergo an embarrassing initiative to join a social group subsequently rated membership of that group higher than those who did not.
Third is personal preference, which is expressed in consumers <a href="http://www.acrwebsite.org/web/acr-content/640/emotional-attachment-to-brands-the-implications-for-marketers.aspx" target="_blank">being attached</a> to particular brands. Being involved in the creative process might be regarded as an extension of this attachment to individual tastes, something companies seek to leverage through customisation options.
In their experiments Norton, Mochon and Ariely were very careful to control for these effects. For example, none of the items they had participants assemble entailed customisation.
Their findings have been supported by subsequent studies that <a href="https://onlinelibrary.wiley.com/doi/full/10.1111/j.1540-5885.2010.00768.x" target="_blank">disentangle ownership and personal preference</a> from valuing the fruits of one’s labour.
Convenience isn’t everything
Having customers do most of the work, feel great about it, and at the same time perceive they have attained “greater value for money’” is the Holy Grail for marketers.
Even if the Dichter cake-mix story is more legend than history, food and grocery brands are using the IKEA effect to attract new “value-seeking” customers.
Consider the “ready-to-create” meal kit – prepackaged raw ingredients you prepare and cook yourself. These meals seek to balance the desire for convenience with concerns about about healthy eating and the pleasure of cooking.
<img src="https://images.theconversation.com/files/269735/original/file-20190417-139110-4q1u95.jpeg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
A typical meal kit. Blue Apron
Brands getting in on the action include YouFoodz (known for its convenient “ready-made” meals) launching “<a href="http://www.foodanddrinkbusiness.com.au/news/youfoodz-expands-into-meal-kits" target="_blank">ready-to-create</a>” options, and Pataks (known for its “pre-made” curries in a jar) offering “<a href="https://www.pataks.com.au/products/pataks-curry-kits-2/%5D" target="_blank">curry kits</a>”.
Market research company Nielsen estimates more than <a href="https://www.nielsen.com/au/en/insights/news/2018/unlocking-growth-in-meal-kits" target="_blank">one million Australian households</a> will buy meal kits by the end of 2019.
While many retailers focus their efforts on <a href="https://theconversation.com/aussie-retailers-need-to-adapt-to-a-world-built-on-speed-78184" target="_blank">speedy deliveries</a> and ready-made, convenient solutions, the IKEA effect suggests the secret to success may be to make things a little more challenging.<img src="https://counter.theconversation.com/content/113647/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;">
Gary Mortimer, Associate Professor in Marketing and Consumer Behaviour, Queensland University of Technology
Frank Mathmann, Lecturer (Assistant Professor), Queensland University of Technology
Louise Grimmer, Lecturer in Retail Marketing, Tasmanian School of Business and Economics, University of Tasmania
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/the-ikea-effect-how-we-value-the-fruits-of-our-labour-over-instant-gratification-113647" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

The IKEA effect: how we value the fruits of our labour over instant gratification

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Investec Australia Property Fund has announced plans to pursue an ASX listing and associated capital raising.
The fund plans to raise approximately $100 million through the issue of 76.9 million new units.
IAPF CEO Graeme Katz said that following the ASX listing, the fund will delist from the BSX and will be dual primary listed on the JSE and ASX.
“Following the recent acquisition of 24 Wormald Street in Canberra, and given the current favourable conditions in the Australian REIT market, Investec Property Limited as responsible entity of the Fund has decided to pursue the ASX listing and associated capital raising,” Katz said.
“The proceeds from the capital raising will be used to repay debt and pay the costs associated with the offer, and will result in the Fund’s gearing reducing to approximately 29%n.
“If the ASX listing proceeds, the Fund will be dual primary listed on both the ASX and the JSE. We believe this is an important strategic initiative which will provide the Fund with a more diversified pool of capital to allow it to grow and diversify its property portfolio.”
Further information on the ASX listing and the offer, as well as a special distribution, has been published on <a href="http://www.iapf.com.au" target="_blank">the fund’s website</a>.
The announcement was contained in the fund's financial results statement which declared a final distribution of 5.18 cents per unit, pre-withholding tax, headlining the figures.
Post withholding tax, the cents per unit distribution was 4.75.
Both were slightly higher than the 2018 distributions of 5.08 and 4.65 respectively.
This total distribution for the year was 10.23 cents per unit pre-withholding tax and 9.40 cents per unit post withholding tax.
IAPF said this represents growth for the full year of 2.0% pre-WHT and 1.2% post-WHT, which is in line with guidance given to the market.
Katz said the financial result reflects the fund’s strategy of acquiring properties in established office or industrial precincts supported by key infrastructure, optimising returns through active asset management and the efficient management of the balance sheet and interest rates.
“We are continually looking at ways to improve the tenant experience, whether by improving our management processes or investing in the portfolio through planned or discretionary capital expenditure,” Katz said.
“Ensuring our portfolio remains relevant and understanding users’ occupancy requirements is critical in retaining existing tenants and attracting new tenants which ultimately drives revenue growth.
“During the year we entered into leases over approximately 12%a of the portfolio with only 1 417m2 remaining vacant and 48% of leases expiring after five years.”
IAPF’s portfolio now comprises 28 assets valued at $1063 million, with a gearing ratio as at 31 March 2019 of 38.1%.
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jonathanchancellor-7SQnKwU6yx

Investec announces ASX listing and capital raising plans

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Dexus, Australia's biggest office landlord, has purchased 80 Collins precinct, a commercial and hotel development for $1.5 billion.
The 80 Collins precinct is a large-scale site located in the Eastern Core of Melbourne’s CBD.
The precinct comprises 105,000 square metres of Net Lettable Area across an existing 47 level A-grade office tower, a new 35 level premium office tower, a new retail podium with 21 tenancies and a new 255 room boutique hotel.
New components of the 80 Collins precinct are currently being developed, with completion slated for 2020.
Dexus chief executive Darren Steinberg said the sale was completed on a passing yield of about 5.3 per cent and will be accretive to the 2020 financial year results.
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"This is right on our strategy and will provide an excellent return to Dexus shareholders in the future," Mr Steinberg said.
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"We are playing to our strengths and we see strong demand in the Melbourne office market."
With this acquisition Dexus will own or manage circa 20% of the total office stock (by area) in the Eastern Core post the acquisition of the 80 Collins precinct and the development of the neighbouring Dexus owned 52 and 60 Collins Street.
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Dexus purchase 80 Collins precinct in Melbourne

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EXPERT OBSERVER
According to data recently released by the Australian Bureau of Statistics (ABS) property taxation revenue increased further over the 2017-18 financial year to reach $30.293 billion.
State and local governments collected a whopping $30.293 billion worth of property tax revenue over the 2017-18 financial year. If you were to compare these statistics to what was published last year, the figures would be vastly different.
Previously, the ABS included stamp duties on conveyances as taxes on property however, in this year’s release this has been moved to a different section of taxation – taxes on the provision of goods and services.
Nevertheless, the $30.293 billion in property tax revenue was 5.6% higher over the past year with the annual increase lower than the 7.9% increase over the previous year.
 <img src="https://www.urban.com.au/images/2019/5/2/Property%20Taxation%201.JPG" alt="">
Within total property taxes, land taxes ($9.153b) increased 9.0% over the year, municipal rates ($18.451b) increased 4.3% and other taxes ($2.689b) increased 3.4% over the year.
Through analysis of the results, it was confirmed that revenues from property taxes are now the highest in the most populous states.
Across the states, total property tax revenue in 2017-18 was recorded at: $8.382 billion in NSW, $8.778 billion in Vic, $5.658 billion in Qld, $2.433 billion in SA, $3.654 billion in WA, $549 million in Tas, $133 million in NT and $705 million in ACT. 
Taking a look at stamp duties, which although they are no longer defined as part of ‘taxes on property’, they are a tax paid when a property when is transacted.
<img src="https://www.urban.com.au/images/2019/5/2/Property%20Taxation%202.JPG" alt="">
When the housing market is seeing increased transactions and rises in values, stamp duty generally rises and vice versa. The national housing market started to see values fall late in 2017 and as a result, stamp duty revenue is largely unchanged in 2017-18 from the previous year.
Stamp duty revenue over time across each state and territory shows the most populous states derive the most revenue from stamp duty, however, the chart also shows how volatile revenue from stamp duty can be based on the performance of the housing market. Over the most recent year, stamp duty revenue fell in NSW, Qld, SA, WA, NT and ACT while it rose elsewhere.
With the national housing market now seeing values and transaction volumes continuing to decline, it is to be expected that the 2018- 19 financial year will see a much lower value of stamp duty revenue.
While non-transactional based property taxes provide state and local governments with consistent revenue streams year after year, transactional-based stamp duty is much less guaranteed and harder to forecast for budgeting purposes.
Over recent years as the housing markets in Sydney and Melbourne have boomed, the NSW and Vic state governments have benefitted greatly from a significant increase in stamp duty revenue.
<img src="https://www.urban.com.au/images/2019/5/2/Property%20Taxation%203.JPG" alt="">
Stamp duty revenue in NSW is 89.7% higher over the past five years and in Vic it is up 116.0%. By comparison, in WA where the housing market has largely been falling over the same period, stamp duty revenue is down -18.9%.
With the NSW and Vic Governments seemingly going to be hit by a loss of stamp duty revenue over the coming years it would seem that now is as good a time as ever to look to move away from this transactional tax.
Although no one likes additional taxes, a tax on all residential properties is more equitable than a tax on the 4%-6% of properties that transact in any given year. Furthermore, it provides a more guaranteed revenue stream to state government so they can better plan their expenditure into the future.
In closing, it should be noted that the ACT Government announced in 2012 that it was going to remove stamp duty over a 20 year period.
<img src="https://www.urban.com.au/images/2019/5/2/Property%20Taxation%204.JPG" alt="">
CAMERON KUSHER is the head of research for the Australian branch of CoreLogic
Kusher regularly posts on the <a href="https://www.corelogic.com.au/taxonomy/corelogic-people/cameron-kusher" target="_blank">CoreLogic website</a>.
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ckusher-ujnxiKuFQs

Property tax revenues continue climb in 2017/18 despite downturn: Cameron Kusher

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EXPERT OBSERVER
The main measure of consumer prices in Australia – and a key guide to the cost of living for families – is the Consumer Price Index. In the March quarter the CPI was unchanged in original terms, the lowest result in three years. And the annual rate of inflation eased from 1.8 per cent to a 2½-year low of 1.3 per cent. 
While the cost of living has slowed markedly in the latest quarter, this is a trend that has been operating for quite some time. Over the last five years, annual inflation has averaged just 1.74 per cent – the lowest equivalent result since late in 1963. If 20-year averages are used, you would have to go back to 1952 to find a lower outcome. 
While wage growth has slowed over time, so has inflation – and to a greater extent. Aussie consumers have rarely had it better. 
But while the CPI provides a broad gauge of the cost of living, in practice living costs will vary across demographic groups and across regional areas. It all depends on the relative importance of the good or service in your household budget. Clearly younger people purchase markedly different items to those purchases by aged pensioners. 
The other important point is that living costs should be tracked in relation to incomes. For instance if wages are growing at a faster rate than prices, purchasing power will have increased, and, more broadly, the standard of living. Of course the standard of living is more subjective and may include things like traffic congestion and access to medical services. 
The other complication is the time period for measurement. The cost of living may have improved in recent times, but that may have occurred after a long period where living costs were soaring. 
The bottom line is that purchasing power has continued to improve for Australian consumers. For average wage earners, wage growth has exceeded growth of prices over the past five years and over the past decade. Quite remarkably the prices of 26 of the 87 expenditure class items tracked by the ABS are actually lower now than a decade ago. Only 16 of 87 expenditure class items have recorded faster price increases than wages over the past decade.
Living cost indexes 
The Consumer Price Index measures “price inflation for the household sector as a whole”. But to measure purchasing power for different groups in the economy, the Bureau of Statistics compiles living cost indexes. The March quarter figures were issued yesterday. The living cost index (LCI) changes were: employees (flat; +1.4 per cent annual); aged pensioners (up 0.3 per cent; +1.4 per cent annual); self-funded retirees (down 0.2 per cent; +1.6 per cent annual); ‘other government transfer recipient households’ (up 0.2 per cent; +1.6 per cent annual); pensioner and beneficiary households (up 0.3 per cent; +1.6 per cent annual). 
Over the past decade, arguably employee households have had more to celebrate than other groups. The LCI for employees lifted by only 19.3 per cent, followed by self-funded retirees (up 22.8 per cent); age pensioners (up 23.8 per cent), pensioner and beneficiary households (up 25.1 per cent) and ‘other government transfer recipient households’ (up 26.1 per cent).
Prices and incomes
Over the past five years the Consumer Price Index (CPI) rose by 8.3 per cent. And over the past decade, prices rose by 23.4 per cent. The main measure of wages is the wage price index. But data on the WPI is only available to December 2018. Still, the WPI has grown at a faster rate than prices over the past five and ten years. Wages have grown by 11.3 per cent over the past five years and grown by 30.9 per cent over the past decade. 
Using a different measure of wages – average ordinary time earnings for full-time adults – wages rose 11.7 per cent in the five years to November (December quarter) and lifted 38.6 per cent over the past decade. 
The maximum standard rate of the aged pension has lifted by 10 per cent over the past five years and increased by 53 per cent over the decade. The maximum partnered rate of the aged pension increase by 10 per cent over the past five years and increased by 38 per cent over the past decade. 
Cheaper prices 
Most Aussie consumers would be surprised at the breadth and depth of goods that have become cheaper over time. Together with items like clothes, shoes and electrical goods, cars are cheaper than a decade ago – down by over 9 per cent. And then there are staples like eggs (-0.8 per cent), bread (-0.9 per cent) and milk (-14.4 per cent).
Clothing, footwear, cars and a raft of electrical goods have become cheaper over time. In part, this is a global trend, reflecting more efficient production techniques for large scale manufactured goods. Consumers across the globe have benefitted from the greater availability of higher-quality/lower-priced goods. 
Internet purchases have also proven beneficial. Consumers can buy goods whenever they want and wherever they are. In economics, this can be explained as an expansion of supply or choice of goods – putting downward pressure on selling prices. Dearer prices
 When people bemoan the rising cost of living, they are primarily thinking about utilities, child care, education and medical services such as health insurance. The prices of these items have lifted notably over both the last five years and the past decade. 
The good news is that governments have been successful in reducing utility prices with both gas and electricity now cheaper than a year ago. Child care costs have also fallen over the past year. But health insurance fees have lifted by 4.1 per cent over the past year, well ahead of the rate of inflation.
What are the implications?
The conventional wisdom is that the cost of living is soaring. The reality is that the cost of living is growing at the slowest pace in a generation. Now while the cost of living is rising as it always does in a growing economy, annual inflation has actually eased – not just in the past five years but on far longer timeframes.
Our parents and grandparents would been accustomed to inflation rates near 2 per cent and indeed current-day inflation is more akin to that seen in the 1950s and 1960s. 
A raft of goods and services has become cheaper – not just over the past year but many items are cheaper than a decade ago. Thank technology, thank the efficiency and productivity of businesses across the globe.
While price growth has eased, so has wage growth. In a globalised world, businesses are finding it harder to lift prices of their finished products or services. So it is harder for companies to give out pay increases similar to those awarded a decade ago.
Importantly, incomes are growing at a faster pace than prices, so many goods and services have become more affordable.
In the globalised world, businesses needs to stand out. That is, businesses need to find that point of difference with their competitors or their ‘uncommon offering’. Aussie businesses not only can win more market share at home, they can tap into the global marketplace.
Craig James is the chief economist at <a href="https://www.comsec.com.au/default.aspx" target="_blank">CommSec</a>.
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cjames-5S2v74qSNK

Inflation is at a 55-year low: CommSec's Craig James

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EXPERT OBSERVER
Westpac expects falling house prices to see a significant ‘wealth effect’ drag on Australian consumer demand this year and next. However, the exact nature and size of this effect remains a major area of uncertainty. What does the latest evidence show?
<div>
For a start, the housing correction is starting to have a clearer impact on the household balance sheet. Latest data shows the total value of dwelling assets fell $270bn over 2018, reflecting both lower prices and slower additions to the dwelling stock. The decline amounts to 40% of a year’s income. Relative to income that is about half the size of the peak to trough falls seen in the GFC and 2011-12 correction.
Recall that the ‘signature’ of a wealth effect drag is a fall in net worth accompanied by a rise in the savings rate, the latter meaning that spending is growing at a slower pace than incomes. Also recall that the shock effect should be confined to states experiencing material price declines (NSW, Victoria and WA).
Westpac compiles estimates of household net worth and savings rates by state based on a range of annual and quarterly benchmarks. These ‘indicative’ estimates show, as expected, considerably larger falls in net worth in NSW and Vic with declines closer to 60% of annual income. They also highlight the extent of the prior run up with net worth in both states still well above 2015 levels.
On savings, the estimates point to declines in NSW and Vic consistent with a wealth effect boost to spending rather than a drag. Any hint of a turn in Q1 will be a key pointer to how this effect may play out.
However even before that there are some clues of a shift coming through in the composition of spending. In a detailed article on wealth effects in its March Bulletin, the RBA set out empirical estimates of the size of this effect noting that the effect appeared to be more pronounced for particular spending categories: namely, vehicles, durables and other discretionary items. A composite measure of growth in ‘wealth sensitive’ items already shows a swing to outright declines in per capita spending. While the weakness still looks to be fairly mild to date it is more pronounced in NSW, Vic and WA.
MATTHEW HASSAN is a Senior Economist for Westpac
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Matthew_Hassan-HHWHptmrw4

The wealth effects, the latest evidence: Westpac's Matthew Hassan

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GUEST OBSERVATION
In 1961, the Australian Labor Party came within a whisker of an unlikely victory.
At the time, the ALP was still recovering from a split with the Democratic Labor Party and was not viewed as a serious threat to the Liberal-Country Party Coalition. The <a href="https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/BN/2011-2012/DPLOverview" target="_blank">DLP</a> was a conservative, Catholic-based, anti-communist party that consistently gave its preferences to the Coalition over the ALP.
In the 1958 federal election, aided by DLP preferences, the government of <a href="http://adb.anu.edu.au/biography/menzies-sir-robert-gordon-bob-11111" target="_blank">Robert Menzies</a> was returned to power in a major swing against the ALP. The Coalition gained 54% of the two-party preferred vote, with 77 seats in the House of Representatives to the ALP’s 45.
What nearly cost the Coalition the next election, though, was the Menzies government’s “credit squeeze”.
The end of import restrictions and the credit squeeze
Despite its huge electoral advantages, the Menzies government began to encounter political problems in the early 1960s. From 1952 to 1960, the Menzies government had been forced to license imports because Australia’s rural exports did not earn enough to pay for its imports. An opportunity to abolish import licensing came at the end of the 1950s, when <a href="https://www.rba.gov.au/publications/confs/1992/stevens" target="_blank">inflation</a> started to rise.
<a href="http://primeministers.naa.gov.au/primeministers/holt/" target="_blank">Harold Holt</a>, the then-treasurer, urged the government to end import licensing to boost imports and thereby dampen inflationary pressure. <a href="http://adb.anu.edu.au/biography/crawford-sir-john-grenfell-jack-1391" target="_blank">Sir John Crawford</a>, the secretary of trade, disagreed. He feared a blow-out in the balance of payments, and urged caution and a gradual easing of import controls.
Despite Crawford’s objections, the Cabinet preferred Holt’s plan and abolished import restrictions in February 1960. The result, as Crawford predicted, was a balance of payments crisis. In November 1960, Menzies took drastic action, sharply increasing sales taxes and imposing restrictions on credit to bring the economy back into balance.
The consequence of the “credit squeeze” was a minor recession. <a href="https://melbourneinstitute.unimelb.edu.au/downloads/working_paper_series/wp1997n24.pdf" target="_blank">Unemployment</a>, rose to 53,000 people at the end of 1960, and 115,000 at the end of 1961. The Menzies government’s longevity after 1949 had partly been due to its achievement of high levels of employment. Even moderate levels of unemployment posed a significant danger for a government that would have to face re-election in 1961.
But <a href="https://www.propertyobserver.com.au/https://catalogue.nla.gov.au/Record/56067?lookfor=author:%22Martin,%20A.%20W.%20(Allan%20William),%201926-2002%22&amp;offset=10&amp;max=31" target="_blank">Menzies</a> remained optimistic. He said: "I do not think we will be beaten. There are no circumstances which would suggest even a remote possibility of the opposition winning 17 seats."
The 1961 election
<img src="https://images.theconversation.com/files/269258/original/file-20190415-147487-g1ygt3.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Gough Whitlam meets with Arthur Calwell. L. J. Dwyer, National Library of Australia, nla.obj-142691238
The ALP, led by Arthur Calwell and Gough Whitlam, seized the opportunity given them by the Menzies government’s apparent mismanagement of the economy. Calwell, despite being a far less impressive television performer than Menzies, campaigned doggedly on the economy. Calwell also received support from the Sydney Morning Herald, whose owner, Sir Warwick Fairfax, had become disenchanted with Menzies.
Calwell promised that, if elected, the ALP would reduce unemployment through a series of selective import controls and expanded social services. <a href="https://www.propertyobserver.com.au/https://catalogue.nla.gov.au/Record/56067?lookfor=author:%22Martin,%20A.%20W.%20(Allan%20William),%201926-2002%22&amp;offset=10&amp;max=31" target="_blank">Menzies</a> lampooned Calwell’s ideas as pie-in-the-sky rhetoric, and broadened his attack to include the ALP’s alleged closeness to the Communist Party.
Queensland was the key state. The Coalition held 15 of the 18 Queensland seats in the House of Representatives, and the ALP needed to win a swag of them to have any chance of victory. But election observers predicted that the ALP would not pick up more than two or three in Queensland, and that the ALP’s overall gains would be limited to seven or nine seats.
Following a frantic whistle-stop tour by Whitlam to north Queensland, the results of the December 9 election surprised everyone. For days, the election hung in the balance.
In the end, the ALP won a total of 15 seats, eight in Queensland. But the vote count finally tipped in Menzies’ favour when Billy Snedden was returned in Bruce and <a href="https://www.smh.com.au/national/killen-dies-aged-81-20070113-gdp8i6" target="_blank">James Killen</a> in Moreton, both supported by DLP preferences.
Menzies was so shell-shocked by the results that he did not congratulate Killen on his victory, forcing Killen to concoct a story that the prime minister had famously <a href="http://www.andrewbartlett.com/blog/?p=1286" target="_blank">greeted him with the words</a>: "Killen, you were magnificent."
Consequences of the election
In the long-term, Menzies and his colleagues were able to turn the near-defeat in 1961 into another decade of Coalition rule, aided by further electoral victories in 1963, 1966 and 1969.
When <a href="https://www.propertyobserver.com.au/https://catalogue.nla.gov.au/Record/3545835?lookfor=author:(SExton,%20Michael)&amp;offset=1&amp;max=42" target="_blank">Labor</a> was finally able to win office in 1972, it faced three years of unremitting hostility from the Senate, non-Labor states and an opposition that regarded an ALP government as so exceptional as to be illegitimate.
If Labor had won in 1961 and lasted until 1964, or perhaps longer, could this have had a longer-term impact on the country? Would Australia have entered the Vietnam War? Would conscription have been introduced? Would Australia have officially recognised the People’s Republic of China a decade earlier?
Menzies’ legacy also would have been cut short by what would undoubtedly have been considered one of the biggest election upsets in Australian history.<img src="https://counter.theconversation.com/content/115140/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
David Lee, Associate Professor of History , 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/issues-that-swung-elections-the-credit-squeeze-that-nearly-swept-menzies-from-power-in-1961-115140" target="_blank">original article</a>.
Main photo: Arthur Caldwell almost defeated Robert Menzies in the 1961 federal election, dominated by debate over the economy and unemployment. National Archives, National Library of Australia, Wikimedia, <a href="http://creativecommons.org/licenses/by/4.0/" target="_blank">CC BY</a> 
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The ‘credit squeeze’ that nearly swept Menzies from power in 1961

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Veriu CEO Zed Sanjana has announced that the first Veriu-branded Melbourne property will open adjacent to the city’s iconic Queen Victoria Market.
The new-build hotel is slated to open in late 2022 as part of Melbourne-based developer PDG Corporation’s major renewal of the Queen Victoria Market.
Along with the hotel, the project includes the City of Melbourne’s largest community hub – facilities such as childcare, family services and an underground car-park, complemented by retail and a limited number of residences.
The new retail space will benefit from 140 years of on-site trading history, integrating market legacy with modern laneways that provide new entry points to one of Melbourne’s most well-travelled precincts.  
The Queen Victoria Market hotel is the second new hotel announcement since former Quest CEO Sanjana became CEO of the Veriu Group in September 2018. 
Veriu also revealing word of a new 95-key neighbourhood hotel in Collingwood this week, with more details to follow in the coming months.  
The brand’s push into the Melbourne market began in 2018 with the purchase of the Punthill Apartment Group.
Since this acquisition, Veriu have announced two new Punthill-branded properties; Ivanhoe in partnership with Cayden, and Alphington in partnership with Alpha Partners. 
 <img src="https://www.urban.com.au/images/2019/5/1/Back%20Lane.jpeg" alt="">
Back in its home state of New South Wales, Veriu will open a 144-key apartment hotel in Green Square this July.
This property is a joint venture with Charter Hall.  
Veriu is set to divest its Sydney Central property, one of four Sydney properties.
The sale will be handled by Colliers, and the new owners will have the opportunity to lease the hotel back to Veriu on a long-term basis.  
”Veriu’s sale of Veriu Central will enable us to free up capital to invest in our national expansion plans for both Punthill and Veriu over the course of the next five years," Sanjana said.
"It will also enable Veriu to focus on delivering its two development sites at 323 George St Sydney and 822 George St, Chippendale.”
Veriu has a further two hotel sites in addition to Collingwood and Queen Victoria Market in the Melbourne pipeline with a further five to six locations within inner suburban areas.
The group plan to add 500-plus keys to the Victorian market over the next five years within unique neighbourhood locations like Carlton, Prahran, Richmond, Windsor, South Yarra, South Melbourne as well as CBD Melbourne.  
Nationally, there are a further 10 sites in the pipeline across Sydney, Perth and Adelaide. 
“We are currently targeting to open between 20-30 hotels under the Veriu brand over the next 10 years with a focus on interesting neighbourhoods that meet our brands criteria” says Sanjana.  
Veriu’s current Sydney portfolio includes Veriu Broadway, currently ranked third in Sydney on TripAdvisor, and Camperdown that is ranked in the top 20 hotels in Sydney. 
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Veriu announce new Queen Victoria Market Hotel

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The Veriu Central Hotel in Sydney's Surry Hills has been listed for sale, just a year after it was officially launched.
The landmark building on the corner of Wentworth Avenue and Elizabeth Street was previously known as Wentworth House.
Two years ago it was announced that Veriu, who have a long lease at <a href="https://www.realcommercial.com.au/property-hotel+leisure-nsw-sydney-503177538" target="_blank">75 Wentworth Avenue,</a> would spend $15 million converting the iconic building into a 112 room hotel.
<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/2019/5/1/Veriu2.jpg" alt="">
The are four other retail shops housed within the building that are currently being leased.
They include the cafe Basket Brothers and the popular modern Australian restaurant Nel.
Nel, named after owner and chef Nelly Robinson, won Time Out Sydney's People's Choice Best Restaurant in 2015.
<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/2019/5/1/Veriu3.jpg" alt="">
Accessible from the refurbished lobby is the Drawing Room, Veriu's modern interpretation of a 1920s Drawing Room, as well as Harry's Dumpling House and Harry's Singapore Chilli Crab.
Colliers International agents Joseph Lin, Karen Wales and Gus Moors advise that the current owner has explored the possibility of expanding the building given it sits well below the permissable planning guidelines in relation to floor space ratios and building heights.
“The opportunity to secure such well-located properties is incredibly rare, and when coupled with the security of the leases and potential development upside, Sydney has not witnessed such a quality investment opportunity for a long time,” Moors said. 
The current owner had looked at two different developments which had the potential to add between 42 and 93 extra rooms above the current building.
Last month Veriu co-founders Alex Thorpe and Rhys Williams <a href="/expert-insights/investing/veriu-founders-list-surry-hills-boarding-house-park-side">listed Park Side</a>, the boarding house on the fringe of Redfern and Surry Hills.
Veriu, launched in early 2017, also have hotels in Broadway and Green Square. They have 42 properties, including 20 stand-alone hotels spread across Sydney, Brisbane and Melbourne.
Marketing agent Karen Wales said Sydney was a very tightly held hotel ownership market, with only two CBD hotels transacting in 2018 and only 10 CBD properties selling below $100 million over the past five years.  
“The Sydney City accommodation market now comprises approximately 23,553 accommodation rooms and, given the record high occupancy levels, has greater capacity to absorb new rooms,” she said.
“While there are new rooms coming into the Sydney City hotel market, the pace of openings is considerably slower than in other Australian state capitals."
 
<a href="https://www.realcommercial.com.au/property-hotel+leisure-nsw-sydney-503177538"> </a>
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jrobinson-rf4aSBido9

Wentworth House, home of Veriu Central Hotel, listed for sale

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An inner-city warehouse at South Yarra in Melbourne’s inner east, which had a $3.3 million asking price after its recent auction, has been sold for $2.75 million.
Located directly opposite the Como Centre and Vogue Plaza, the 56 River Street property, comprises a single level, 235 square metre brick building on a 324 square metre site zoned Activity Centre 1.
The 56 River St property is a 250 square metre building on 371 square metres, with two frontages and on-site parking.
It has street and laneway access as well as on-site parking.
According to marketing agents, Teska Carson’s Luke Bisset and Matthew Feld, the property offered an owner-occupier opportunity and/or office conversion or development opportunity.
"The purpose of Activity Centre zoning is to encourage a mixture of uses and the intensive development of the activity centre as a focus for business, shopping, working, housing, leisure, transport and community facilities, and to deliver a diversity of housing at higher densities to make optimum use of the facilities and services," the agents said during its marketing.
The property will be sold subject to a short term lease at $50,000 per annum net. 
The warehouse last sold for $3.75 million through Teska Carson in 2016 to an intending owner-occupier reflecting $10,135 a square metre.
At the time the premises had a short-term tenant returning $44,950 a year.
It had sold at $82,000 in 1977.
It has been offered by the Williams family from South Yarra.
The family is headed by Lyn Williams, who has managed the estate of the artist Fred Williams, and is executive director of Maraquita Pty Ltd, the family company.
 
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