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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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
The budget just before an election seems to have a special quality: the transport infrastructure will surely be more plentiful than usual, and carefully chosen to shore up the electoral bulwarks. But don’t get too excited: this year the rhetoric may be big, but the scale of the numbers is nothing unusual. What is different is the pattern of spending over the budget’s four-year forward estimates.
The budget estimates a transport spend of A$7.4 billion for the coming year, 2019-20, and $33 billion over the forward estimates period. The 2019-20 expenditure estimate amounts to 0.37% of GDP – comparable to what we’ve seen in recent years. In fact, governments have spent between 0.26% and 0.53% of GDP under Treasurers Morrison, Hockey and Swan, and Treasurer Frydenberg is no different.
What’s particularly interesting about this budget, though, is that the treasurer is chancing his arm on the medium term.
<a href="https://images.theconversation.com/files/267093/original/file-20190402-177175-1h08ig9.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/267093/original/file-20190402-177175-1h08ig9.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Usually treasurers leave themselves some wriggle room in the outyears. They can always spend more if the cash is available, and invariably they do. Plus, it gets easier to estimate what will be spent as the time of spending draws closer.
Of course, these days much of the promised spending is further into the future than the forward estimates. The government is touting a $100 billion, ten-year <a href="https://buildingourfuture.gov.au/assets/documents/10_Year_Infrastructure_Pipeline.pdf" target="_blank">Infrastructure Investment Pipeline</a>. There’s money all over the country.
Where does the money go?
Victoria gets particularly big-ticket items in this budget, totalling $6.2 billion, and somewhat more of it within the next four years than other states. In New South Wales, the longer-term package totals $7.3 billion, including $3.5 billion for the Western Sydney north-south rail link as well as a $1.6 billion upgrade to the M1 Pacific Motorway extension to Raymond Terrace.
But if you look at what’s happening within the next four years, a notable larger item is a road safety package, totalling $400 million over four years. The longer-term goal is for this package to cost $2.2 billion.
Some of the other longer-term spending is squarely focused on rural and regional areas. This includes a billion to improve the Princes Highway in NSW, Victoria and SA.
If it all comes to pass, there’s something here for everyone.<img src="https://counter.theconversation.com/content/114597/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;">
Marion Terrill, Transport and Cities Program Director, Grattan Institute
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/total-transport-spending-is-about-par-for-the-course-but-the-pattern-is-unusual-114597" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

Total transport spending is about par for the course, but the pattern is unusual

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The Willoughby headquarters of the Nine Network is about to hit the market.
The LEPC9 joint venture which consists of Sydney-based property group and funds management company Lotus Group and Hong Kong-based global property group Euro Properties is behind the sale.
The three hectare, mixed-used development located on Artarmon Road in Sydney’s lower north shore has been ‘Masterplan Approved’.
Designed by architects CHROFI, the site currently includes approval for 460 apartments across nine buildings ranging in height from four to nine storeys, as well as public piazzas and open green space.
Channel Nine will remain the tenant until late 2020.
Euro Properties Executive Director Jeff Chan said: “Since the joint venture acquired the site in August 2015, we have added considerable value in developing the masterplan and working with the award-winning architects, CHROFI to conceive this highly sophisticated concept plan for the site.” 
“LEPC9 has had numerous advances from prominent groups and has resolved to take the site to market now that significant value has been added to the site through the uplift in density with a new masterplan including improvements in overall layout as well as new connection to the nature reserve.”
Colliers International National Director, Development Sites, Residential, Guillaume Volz said they expect a hot contest amongst big development groups.
 “A lot of developers have either held off buying waiting for better market conditions or have not found suitable sites to acquire,” Volz said.
“This prudent approach has however led to many companies facing a gap in their development pipeline.
“We have seen evidence of increasing confidence as there have been several direct approaches for the Channel Nine site particularly from those developer interest is increasing with developer’s looking to restock for 2020 and beyond.
“The location and the fact the site is masterplan approved allows groups to put their mark on the development and to take it forward.
“Significantly, with Channel Nine still tenanting the site until late 2020, the site remains cash-flow positive.
“Furthermore, the supply wave of apartment sites in Sydney has dramatically dropped and there is significantly less supply coming into the market until 2021/2022.”
Volz said Colliers International planned to present this opportunity to developers overseas as well as the local market. 
“Willoughby is grossly underdeveloped and therefore perfectly placed to capture improving buyer sentiment, particularly in the highly desirable lower north shore,” Volz added.
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Channel Nine's Willoughby HQ site comes to market

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Cape Lodge, a boutique hotel with vineyard in the Margaret River wine region, has been listed for sale. 
WA rich-lister and co-founder of Navitas, Peter Larsen is selling the property. 
The expression of interest campaign for the hotel ends May 9. 
It has been offered by Aaron Desange, Ryan McGinnity and Chloe Mason from CBRE. 
Set on a 16.5ha parkland and vineyard, Cape Lodge at 3341 Caves Road, Yallingup, comprises 22 guestrooms, a five-bedroom private residence, restaurant. 
Additional features including swimming pool, tennis court, spa and conference venue. 
Cape Lodge also offers a gourmet retreat and cooking school designed for culinary enthusiasts.
Mr Desange said the Margaret River region had gained huge attention as a global wine-producing region and had drawn a surging number of international visitors over the past three years.
“Cape Lodge is the most high-profile accommodation in the South-West and we expect investors will be drawn to the prospect of owning a trophy,” Mr Desange said.
The property opened  in 1993 as a six-room luxury bed and breakfast and was extensively renovated in 2003 and again more recently.
Navitas is a leading global education provider.  
 
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Cape Lodge, Margaret River listed for sale

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The listing of the landmark building, Wirrara in Potts Point coincides with the lease of Arida formally expiring this August.
The luxury retailer of international clothing brands and distinctive interiors has been on a five year lease at $158,000 a year, the local listing agents have advised potential buyers.
It has been trading there for almost two decades.
The tenancy intentions of Arida have not been made public, with Hemmes leaving it to the next owner to negotiate.
The neighbouring Hemmes-run restaurant The Fish Shop has been on a $170,000 a year lease which Hemmes could continue subject to the buyers' wishes.
It has been many restaurants through the decades including Juillet's, Moran, Giraffe, Clochemerle, Lotus and Merivale.
At one point it was leased by Thelma and Terry Clune, the gallerists, who are best associated with the adjacent acclaimed Yellow House. 
The corner building has been listed for sale with a reported $11 million plus guide. 
It has been offered through Alan Levy from Metro Commercial inconjunction with the local R&amp;W office.
The building has been scheduled for May 8 auction by the unassuming Justin Hemmes. 
However the seemingly full of themselves listing agents claim in the marketing it was "without doubt a listing of nationwide magnitude, the coming to market of this block is a headline-worthy event."
Set in the corner of Macleay Street and Challis Avenue, the mixed-use freehold investment located features four large apartments and two retail shopfronts. 
It boasts Merivale’s Fish Shop at street level and the Arida clothing retail outlet next door. 
There is current $520,950 total rental income with $328,550 from the shops and $192,400 from the four upstairs units per annum. 
The total internal 741 sqm area comprises 300 sqm of the ground floor, 225 sqm of the first floor, and 216 sqm of the second floor. 
There are $10,000 estimated council rates, $93,000 water rates and $55,000 land tax. 
Through the years, as the Hemmes family expanded their fashion and restaurant business, they also started buying up the buildings in which they operated their different businesses.
One of their first Merivale coffee shops was in Potts Point.
Justin Hemmes' late father, Mr John bought the property at 61-63 Macleay Street for $1.428 million in 1988 from Peejays Developments.
The property is part of the Santa Fe row of 1905 Queen Anne style terraces that once ran from 45 to 63 Macleay Street.
It is part of the surviving half of a set of 10 terraces, designed by architect Maurice B Halligan, some of them demolished to make way for the Chimes. 
 
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jchancellor-FAypfDUnLy

Hemmes listing on Macleay Street, Potts Point offers option to buyer 

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A substantial boarding house on the fringe of Surry Hills and Redfern has been listed for sale for the first time in over a decade.
The property at <a href="https://www.commercialrealestate.com.au/property/745-747-south-dowling-street-redfern-nsw-2016-2015106578" target="_blank">745-747 South Dowling Street</a> last traded for $2.5 million in 2007.
It's been listed by Alex Thorpe and Rhys Williams, the business partners behind designer hotel giant Veriu who made their money in student accomodation and furnished rooms.
Veriu was launched in 2016 but dates back to 2002 when Thorpe and Williams identified a niche in furnished accommodation leasing. They started with two rooms in Bondi. 
The South Dowling Street property spans three storeys and has 23 rooms.
It will be offered with a flexible operating structure which will be an initial lease of five years with 3 x 5-year options with an approximate return of $435,000 net.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/4/3/Dowling2.jpg" alt=""> 
The structure will also incorporate a demolition clause allowing owner operators the opportunity to take the keys and maximise cash flow. 
Colliers International are marketing the property in conjunction with McGees Property.
Colliers agent Miron Solomons says the property benefits from literally billions of dollars of infrastructure projects both public and private being invested in the immediate precinct, including the new Sydney Light Rail, Surry Hills Shopping Village project, the Entertainment Quarter and the Stadium revitalisation project.
He said they anticipate interest across multiple buyer profiles ranging from investors to owner occupiers including student accommodation and boarding house operators.
“These candidates understand the intrinsic growth of owning and even operating assets surrounded by infrastructure investment and in close proximity to the education hub and nearby colleges," Solomons said.
The prominent corner freehold is set over two titles with a site area of around 380 sqm and is zoned R1 – General Residential. It has a May 9 auction date.
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jrobinson-rf4aSBido9

Veriu founders list Surry Hills boarding house Park Side

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Introduction
The 2019-20 Budget had three aims: to cement the Government’s fiscal credentials by delivering the long-awaited return to budget surplus; to provide fiscal stimulus to an ailing economy; and to help get the Government re-elected. It looks on track for the first thanks to a revenue windfall, this has provided room for fiscal stimulus and of course time will tell whether it makes a difference in the May election. Of course, while whoever wins the election will provide stimulus next financial year its timing and precise makeup won’t really be known for some time which makes the Budget a bit academic.
Key budget measures
The goodies include:
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Income tax cuts from July focussed on low to middle income earners of an additional $10 a week (following last year’s announced tax cut of around $10/week) which is mainly achieved by doubling the Low &amp; Middle Income Tax Offset.
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More generous tax stimulus in later years especially for higher income earners (which builds on the tax changes announced in last year’s budget), starting in 2022 with an expansion in the 19% rate tax bracket and a reduction in the 32.5% rate to 30% in 2024.
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Expansion of the small business instant asset write off by $5,000 to $30,000 until 2020 (which is also now extended to medium-sized businesses) and a drop in small business company tax to 25% earlier than expected.
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A $75 to $125 cash payment to 3.9 million pensioners and other welfare recipients.
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Greater flexibility for 65 &amp; 66 year olds to top up their super.
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<li>Spending on energy efficiency measures including an equity injection of $1.4bn on the Snowy Hydro project.</li>
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<li>An extra $25bn in infrastructure spending over the next decade including $2bn for a rail from Geelong to Melbourne, and a large allocation to NSW transport projects.</li>
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Stronger revenue, but tax cuts
Thanks to stronger corporate revenue, better personal tax revenue thanks to higher employment and reduced spending the 2018-19 budget deficit is projected to come in at $4.2bn compared to $5.2bn in the Mid-Year review. The Government has assumed that this revenue boost is only temporary (see the “parameter changes” line in the table below) and has only used some of it to fund tax cuts and other measures. The net result is that the budget is projected to continue to reach a surplus in the next financial year, albeit its still only small at $7.1bn or 0.4% of GDP. The move to higher surpluses is slowed slightly by the fiscal easing from policy changes (predominately tax cuts).
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However, note that the fiscal stimulus proposed for 2019-20 is actually bigger than that shown in the table below under “policy changes” as $3bn in tax cuts were already allowed for in the Mid-Year Review and if the already legislated tax cuts are allowed for in total its around $9bn or 0.5% of GDP. That said this is still relatively small and not enough to offset low wages growth and the negative wealth effect from falling house prices.
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The already legislated tax cuts for higher income earners next decade are designed to satisfy the Government’s commitment from the 2014 Budget to cap tax revenue at 23.9% of GDP (or total revenue with dividends at 25.4% of GDP) on the grounds that this is around the historic highs. This cap is now projected to be reached in 2021-22.
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Economic assumptions
The Government’s growth forecasts look a little bit on the optimistic side, particularly the assumptions for wages growth. It remains hard to see wages growth rising significantly over the next few years given unemployment is not expected to fall and on our forecasts is expected to rise to 5.5%.
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Assessment and risks
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Like last year’s this is an upbeat Budget. First the near-term tax cuts for low to middle income earners will help households at a time of soft wages growth, falling home prices and tightening lending standards. But while roughly two times bigger than planned a year ago, this will still be relatively small though at around $20 a week (enough for 3 rounds of coffee and a muffin!). Second, the Budget continues to recognise that we cannot rely on bracket creep to cut public debt. The Australian tax system is already highly progressive and is becoming more so with the top 10% of earners accounting for roughly 45% of income tax revenue, up from 36% two decades ago. Compared to other comparable countries the top marginal tax rate is both relatively high and kicks in at a relatively low multiple of average earnings. In fact only the top 20% of income earners pay more tax than they receive in government benefits. If this is not limited it risks dampening incentive and productivity. Third, the continuing focus on infrastructure is good for short term growth, productivity and “crowding in” private investment. It will help to keep the economy growing.
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Finally, thanks to constrained spending growth and the surge in revenue in recent years the outlook for surpluses is positive.
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However, we have still seen a record run of 11 years of budget deficits. While our net public debt to GDP ratio is low at 19% compared to 78% in the US, 70% in the Eurozone and 156% in Japan, comparing ourselves to a bad bunch is dangerous. The run of deficits swamps those of the 1980s and 1990s and this was without a deep recession! Rather we have achieved this thanks to a combination of ramping up spending at the time of the GFC and then not reining it in again. Unlike prior to the GFC we have nothing put aside for a rainy day and there is a risk that the revenue surprise will prove temporary if global growth slows or more likely Australian growth and employment disappoints.
While the Government’s revenue growth assumptions for the years ahead are modest partly due to tax cuts and they are relatively conservative in assuming that the iron ore price falls back to $US55 a tonne, a big risk remains that wages don’t accelerate as assumed leading to a resumption of poor personal tax collections.
Finally, the budget strategy and fiscal stimulus comes with greater than normal uncertainty given the coming election in May and whether the tax measures pass parliament. A Labor Government would likely also undertake a similar sized stimulus but there may be a greater focus on government spending and the timing may be delayed as a new government would likely have a mini-budget in the second half of the year.
Implications for the RBA
While this Budget should provide some boost to household finances and confidence – the fiscal boost to the economy and household income is still relatively modest and uncertainty around its timing and details may dampen any positive announcement effect. So while it will help the economy it’s not enough to change our view that the RBA will cut interest rates twice by year end taking the cash rate to 1%.
Implications for Australian assets
Cash and term deposits – with interest rates set to fall, returns from cash and bank term deposits will remain low.
Bonds – a major impact on the bond market from the Budget is unlikely. With Australian five-year bond yields at 1.4%, it’s hard to see great returns from bonds over the next few years albeit Australian bonds will likely outperform US/global bonds.
Shares – the boost to household spending power could be a small positive for the Australian share market (via consumer stocks) and there is an ongoing boost for construction companies. But it’s hard to see much impact on shares.
Property – the Budget is unlikely to have much impact on the property market. We expect Sydney and Melbourne home prices to fall further.
Infrastructure – continuing strong infrastructure spending should in time provide more opportunities for private investors as many of the resultant assets are ultimately privatised.
The $A – the Budget alone won’t have much impact on the $A. With the interest rate differential in favour of Australia continuing to narrow the downtrend in the $A has further to go.
Concluding comments
The 2019-20 Budget has a sensible focus on providing support to households at the same time as returning the budget to surplus. However, the actual fiscal stimulus is pretty modest - particularly for a pre-election budget - and comes with greater than normal uncertainty given the upcoming election.
Dr Shane Oliver Head of Investment Strategy and Chief Economist AMP Capital
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The 2019-20 Australian Budget – the long-awaited surplus and the promise of more tax cuts ahead of the election: Shane Oliver 

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SPONSORED POST
With new technology solutions changing the landscape in which real estate operates, Savills Australia has revolutionised their property offerings by entering into a proptech alliance with Queensland-based SA1 Property. 
In a move to command greater market share in the industrial and occupier services sectors, SA1 Property has enabled Savills Industrial business to tap into geospatial tools and analytics in order to assist clients in making informed property decisions.
Savills Australia is the only property agency with access to the recently developed NodeMaster site selection, and the newly developed SA1 Pro information platform, entering into a national agreement which will extend over the next four years.
Savills Australia’s National Head of <a href="http://www.savills.com.au/services-and-sectors/industrial.aspx" target="_blank">Industrial and Business Services</a>, Michael Fenton, said the union with SA1 Property has enabled Savills to provide clients with unique insight when making location decisions. 
“By coupling location intelligence with a comprehensive understanding of the property market, this alliance has enabled us to provide our clients with the power to optimise their business position using data which could result in millions of dollars of savings for industrial occupier’s overtime and de-risk the investment thesis for investors and developers in transactions,” Mr Fenton said.
Senior property industry executives, Aaron Bates, a former director of the CBRE and JLL industrial businesses in Queensland, and locational intelligence director Stephen Clark, who has 15 years’ experience applying geospatial technologies to military, mining, infrastructure and property situations, founded the firm last year after they observed a need for better metrics in the proptech market.
“We wanted to develop a platform to help investors and developers identify greater investment value as well as assist occupiers in optimising their supply chain networks using locational intelligence.
“From working alongside Savills, we now have full coverage of the Eastern Seaboard core markets, with Adelaide and Perth to follow shortly,” Mr Bates said.
The NodeMaster technology has allowed Savills to work with occupiers to determine the most efficient property for their specific use across every major industrial market. The technology works to harness real time traffic modelling to simulate movements across every road network at any time of the day. 
Moreover, Savills can simulate their clients’ freight tasks across thousands of points in each city, to determine the most efficient location. They can model their inbound and outbound freight movements using B-double routes to determine the optimum centroid for clients while also measuring the impact each potential location may have on existing staff. 
Real time data can be shared with key decision makes in a digital story map format at any one time, reducing the time required to analyse operations, relate it to the total marketplace and filter large datasets to identify every possible suitable property.
Additionally, Savills is utilising the SA1 Pro platform for property data and analytics, which captures the height, roof area and site coverage of every industrial property across Australia along with live data on land and building availability. 
“We’ve centralised and added value to a massive amount of property and market data, and provided Savills operators with an ability to analyse localised markets with a level of speed and efficiency not previously possible,” Mr Clark said.
The National Industrial &amp; Business Services Team have integrated the platform into their everyday business communications. A recent example of the software at work, has been on a recent land-rich investment transaction at Zillmere which was driven by land availability projections.
The off market transaction for 38 Pineapple Street was brokered by Savills Industrial &amp; Business Services Director, Callum Stenson for $8.751 million on behalf of private investor.
According to Mr Stenson, the Sydney based purchaser was a first time investor into the Brisbane Industrial market. 
“The technology enabled us to demonstrate a tightening of available land in the immediate Northern Brisbane industrial region over the coming years, which highlighted value in the opportunity.
“The real time insights provided our client with the ability to look outside the normal search parameters and the confidence to make a better investment decision,” Mr Stenson said.
SA1 Property is currently investigating how their proptech solutions can be expanded  to provide further insights for additional markets and industry types to further assist Savills clientele in the near future. 
Savills is a leading global real estate service provider offering the full spectrum of services from strategic advice to managing assets and projects and transacting deals. Michael Fenton is National Head of Industrial and Business Services. To learn more about Savills, visit <a href="http://www.savills.com.au/" target="_blank">savills.com.au</a>.
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Proptech alliance launches Savills to the forefront of cutting edge insights

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Upgrades and Investment at 140 William Street has lead to a number new leases according to owner Rest.
Colliers International’s Shane Burns and Tony Landrigan, in conjunction with James Pappas and Hamish Sutherland of Knight Frank, have negotiated 11 new leases totalling more than 7,500sqm at 140 William Street. 
New tenants include Bank of Montreal, Law Institute of Victoria and Marble Group, among others. 
“An iconic Melbourne business destination, 140 William Street is constantly updating and evolving to ensure the building can best service tenant demand in the ever-changing Melbourne market,” Mr Burns said. 
“Progressive building owners and management consistently pre-empt workplace demands and trends to remain a commercial destination of choice, which has helped drive a highly successful leasing campaign, particularly in the past 12 months."
Over the last 24 months, superannuation owner Rest has invested in a lift and mechanical upgrade, the provision of end-of-trip facilities and new services.
Mr Pappas added, “The building has experienced great leasing success, including six refurbished whole floors – as well as securing a range of part floor tenants including Finite Group, Wonder Property, King and Whittle and NOPSEMA." 
“Further improving the buildings offering, 2018 also saw the execution of fitted part floors or small suites, responding to increasing market demand.” 
<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/2019/3/14/140William.jpg" alt=""> 
Recent leasing deals have included: 
* Newcity Development (One) Pty Ltd: 251.5sqm on Level 25 on a five-year lease (+ 11 months) 
* Lysander Consulting Group: 259.2sqm on Level 14 on a six-year lease 
* Law Institute of Victoria 
* King &amp; Whittle Pty Ltd 
* Kidman Resources Ltd:315sqm on Level 30, on a 5-year lease 
* National Offshore Petroleum Safety &amp; Environmental Management Authority: 728sqm on Level 25, on a 6-year lease 
* Wonder Property: 300sqm on Level 37, on a 7-year lease 
* Marble Group: 430sqm on Level 37, on a 6-year lease 
* Bank of Montreal: 300sqm on Level 33, on a 5-year lease 
* Finite Group: 430sqm on Level 33, on a 5-year lease 
* Undisclosed tenant has taken 1,232,90qsm on Level 8 
Rents in the building range from $580/sqm in the low rise to around $700/sqm net in the high rise for a fully fitted, turn-key suite. 
“The accelerated demand we have experienced this year highlights the strength in sentiment among small business owners and reflects the lack of supply in this market,” Mr Burns said.
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140 William Street, Melbourne upgrade yields new tenants 

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The unemployment rate is 4.9%, but the underemployment rate is 8.1%.
 
This is the third in a three-part mini-symposium on Wages, Unemployment and Underemployment presented by The Conversation and the Academy of the Social Sciences in Australia. Read the other pieces in the series <a href="https://theconversation.com/au/topics/assa-symposium-67964" target="_blank">here</a>.
For the moment, Australia’s unemployment rate has a “4” in front of it. The rate for February, released on Thursday, <a href="https://www.propertyobserver.com.au/http://www.abs.gov.au/ausstats/abs@.nsf/mf/6202.0" target="_blank">came in at 4.9%</a>. It’s the first time the rate has begun with a four since the Rudd/Gillard government when it dipped below 5% several times, and since the Howard and Rudd governments in the leadup the global financial crisis when it usually began with a four and at one point dipped to 3.9%.
It’d be good news were it not for another, almost as important, indicator - the underemployment rate.
Workers are underemployed when they are working fewer hours than they want to. They might be working part-time instead of full-time, or part-time for 10 hours a week instead of 20, or full-time at 35 hours instead of 40.
<hr>
<img src="https://images.theconversation.com/files/265049/original/file-20190321-93051-e32m42.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""><a class="source" href="https://www.propertyobserver.com.au/http://www.abs.gov.au/ausstats/abs@.nsf/mf/6202.0" target="_blank">ABS Labour Force</a>
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Over the past five years the proportion of the workforce underemployed has climbed from 7.2% to 8.1% while the unemployment rate has climbed from 5.2%, then fallen, hitting 4.9%.
The underemployed are disproportionately women (60%), and are concentrated in the retail, health care and hospitality industries. Their jobs are more likely to be insecure, with inadequate hours often accompanied by unpredictable or uncertain hours.
They are in industries that have seen growth in temporary migrant workers and the systematic underpayment of workers, reflecting changes in the temporary visa system as well as <a href="https://doi.org/10.20851/wages-crisis-04" target="_blank">weaknesses in the enforcement of wage laws</a>.
Wages are the other side of the bad news. No one who has made a regular appearance at the plethora of parliamentary inquiries that have accompanied the rewriting of Australia’s industrial relations system over the past 23 years would be surprised that wage growth is bumping along at historic lows.
The reworked industrial relations system - and the social, cultural, economic and labour market context in which it sits - has reshaped power at work. Wave after wave of change has had the end result of shifting power to employers. And it is that change in power that, more than anything, explains the stalling of wages growth.
<a href="https://images.theconversation.com/files/265055/original/file-20190321-93060-qtde5w.JPG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/265055/original/file-20190321-93060-qtde5w.JPG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a> Open letter in Tuesday’s Financial Review. <a class="source" href="http://ppesydney.net/open-letter-on-the-benefits-of-promoting-faster-wage-growth/" target="_blank">AFR</a>
As 124 labour market experts said in their <a href="http://ppesydney.net/open-letter-on-the-benefits-of-promoting-faster-wage-growth/" target="_blank">open letter in support of wages growth</a> published in the Australian Financial Review this week, we are witnessing the longest sustained rate of slow wage growth since the end of the Second World War.
It certainly isn’t the result of falling productivity, which has actually climbed 39% in the past two decades while real wages have climbed only 14%.
The feminisation of employment has also helped shift the power balance at work. Women’s share of the total workforce climbed from 43% to 47% between 1999 and 2019.
Research in many countries tells us that women are no less inclined to join a union and have no less an appetite to improve their working conditions than men. However, women’s caring responsibilities and the practical demands they face, along with the nature of the industries in which they work, often make it harder for them to bargain or to take industrial action.
<hr>
<a href="https://images.theconversation.com/files/265052/original/file-20190321-93044-12f77y7.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/265052/original/file-20190321-93044-12f77y7.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://www.propertyobserver.com.au/http://www.abs.gov.au/ausstats/abs@.nsf/mf/6345.0" target="_blank">ABS wage price index</a>
<hr>
Analysts focus on the causes of this historic wages stall. Reserve Bank Governors caution about its consequences for the economy. But in thousands of households across Australia, a five-year stall in wages growth exacts a high human cost. It particularly affects those already on low pay, for whom a few dollars a week mean the difference between making rent, paying for school excursions or filling the fridge. ‘Frugal comfort’ of the kind promised by Justice Higgins in 1906 (to full-time men at least), is a long way from the anxiety that flatlining wages mean for many Australians.
The wage system shapes the fortunes of Australian households. Its reverberations have become more powerful with the growing number of two-earner households and a retirement incomes system that increasingly mirrors wage earnings.
The growing awareness of wage inequality and unevenly rewarded productivity, in combination with increasing job insecurity and weakening protections at work, is likely to feed into the election campaign.
Redressing the basic and widening power imbalance that underlies the employment and wage statistics has become a public necessity that has supporters in some surprising places. It is overdue.
<hr>
The <a href="https://www.assa.edu.au" target="_blank">Academy of the Social Sciences in Australia</a> is one of Australia’s four learned academies. The ASSA coordinates the promotion of research, teaching and advice in the social sciences, promotes scholarly cooperation across disciplines, comments on national needs and priorities in the social sciences, and provides advice to government on issues of national importance.<img src="https://counter.theconversation.com/content/113360/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/barbara-pocock-7079" target="_blank">Barbara Pocock</a>, Emeritus Professor University of South Australia, <a href="http://theconversation.com/institutions/university-of-south-australia-1180" target="_blank">University of South Australia</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/jobs-but-not-enough-work-how-power-keeps-workers-anxious-and-wages-low-113360" target="_blank">original article</a>.
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Jobs but not enough work. How power keeps workers anxious and wages low

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EXPERT OBSERVER 
The many positive market indicators 
Here are some questions that go to the heart of how mainstream media reports residential property:- 
<ol class="ol1">
<li class="li3">Why does most of the media ignore the data from the ABS, realestate.com.au, Domain, SQM Research and the REIA? </li>
<li class="li3">Why are growth figures for Regional Australia markets seldom published? </li>
<li class="li3">Why are alternative measures of property markets - like vacancies, rents and land prices - seldom published? </li>
</ol>
The answer to all those questions is this: mainstream media is interested in negatives. They publish CoreLogic data because it’s the most pessimistic. Most other sources contradict CoreLogic figures, providing a different perspective on what’s truly happening in our markets. 
Mainstream media ignores Regional Australia because that’s where most of the big growth markets are – or because events outside of our major cities are deemed to be unimportant. 
Media seldom focuses on vacancies/rents because they tell a positive story. Vacancies are falling in most capital cities and rents are up in most city markets. 
According to recent price data published by Louis Christopher’s SQM Research, half of our capital city markets are up, compared with a year ago. In some cases, they are up only marginally, but they are up nevertheless. 
City markets with prices higher than a year ago are: 
<ul class="ul1">
<li class="li3">Adelaide houses </li>
<li class="li3">Brisbane houses </li>
<li class="li3">Canberra houses </li>
<li class="li3">Canberra apartments </li>
<li class="li3">Darwin apartments </li>
<li class="li3">Hobart houses </li>
<li class="li3">Hobart apartments </li>
<li class="li3">Melbourne apartments </li>
</ul>
Most reports on prices exclude regional Australia, which means our most upbeat markets receive little or no airplay.
Regional Victoria is, I believe, the strongest market in the nation. Big price growth in being recorded in many of its markets, including Geelong, Ballarat and Bendigo.
Pretty much everywhere in Regional Tasmania has rising prices. In Regional New South Wales, 85% of locations have rising prices, according to our recent location-by-location survey. 
Parts of Regional Queensland have strong growth markets – with the top end of the Sunshine Coast market, including the Noosa precinct, up more than 20% in annual terms (the median price for Sunshine Beach has risen 36% in the past year).
This contradicts constant media claims that prices are falling across Australia. 
The situation is even more positive with the rental markets of the capital cities. 
Of the 16 capital city markets (each city has a house market and a unit market), 12 have rents higher than a year ago. Only four markets, those in Sydney and Darwin, have rents in decline, according to the SQM Research figures. The latest numbers from rent.com.au have similar conclusions. 
This reflects vacancy rate figures, which show that most of our major cities have vacancy rates lower than a year ago, with four of them - Melbourne, Canberra, Hobart and Adelaide - having vacancies below 1.8%. The capital city average is a little above 2%. 
Equally, the ongoing rise in residential land prices in our major cities receives little coverage in mainstream media. If it’s not negative, they’re not interested. 
Research shows that most households with mortgages are comfortably handling their repayments. There’s positive news on affordability from our biggest cities. There are growing signs that banks are moving to make borrowing easier. 
If journalists had a different mindset, they could be writing upbeat articles – rather than afflicting consumers with relentless negativity designed to generate clickbait headlines.
Terry Ryder is the founder of hotspotting.com.au
<a href="https://mailto:ryder@hotspotting.com.au">ryder@hotspotting.com.au</a>
twitter.com/hotspotting
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