<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 design-led apartments 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

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Office values will continue to grow in 2019 following another record year which saw investment in Australian office assets surpass the $20 billion mark for the first time, according to Colliers International’s latest report
In their new Capital Markets Office Investment Review they found, more than $21.9 billion worth of office assets changed hands nation-wide in 2018. 
It's first time that sales volumes have breached the $20 billion mark and the fifth year in a row that sale volumes have been higher than $15 billion.
It is an 15% increase on 2017 investment levels and an 84% increase on the 10-year average. 
Domestic purchasers were the most active in the market, purchasing 51% of all assets by total dollar volume, despite the largest single transaction – Oxford Properties’ buyout of the Investa Office Fund for $3.4 billion in December 2018 – being to a Canadian buyer. 
The report found "institutional investors dominated both selling and buying activity, buying 77% and selling 69% of the total transaction value. Private investors were net sellers of $1.77 billion."
John Marasco, Colliers International Managing Director of Capital Markets, said, "continued strong demand in Sydney and Melbourne, coupled with improving demand fundamentals in Perth, Adelaide and Brisbane, means that we expect ongoing yield compression and rental growth will be the driver for office capital value growth across most markets in 2019."
“We now have $260 billion worth of major transport infrastructure projects under construction or planned across 315 projects in Australia, up from $211 billion across 260 projects only three years ago. This spend is in response to the strong population growth, and will further boost property markets for years to come."
Anneke Thompson, Colliers International National Director of Research, said all markets recorded capital rate compression in 2018, with an average of 20 basis points of prime grade compression recorded across CBD office markets. 
“As at December 2018, we have recorded a remarkable 27 consecutive quarters of cap rate compression, with this compression cycle starting in June 2012."
“What is also notable is in 2018 we recorded the lowest level of compression since mid-2014, indicating that this cycle is nearing its end.” 
 
According to the report, employment gains are getting stronger. 
“The drop in vacancy in Australian office markets, from 9.6% in January 2018 to 8.5% in January 2019, has been a function of both reducing supply and solid demand. There is now 100,000sqm less office space in Australian markets than there was two years ago,” Ms Thompson said. 
“Compare this against a solid jobs market over the same time period – the seasonally adjusted Australian unemployment rate has dropped from 5.8% in December 2016, to 5% in December 2018, which represents an additional 682,000 persons employed – and the supply demand imbalance starts to become clear.” 
“While certain markets, such as Sydney and Melbourne CBD and Metro office markets, still offer investors the opportunity for good income growth over the next two years, the yield compression cycle is seen to be nearing its trough,” Mr Marasco said.
“Vacancy continues to decline in Brisbane and Perth, and the Adelaide CBD in particular saw a record ten CBD sales over $20million in 2018, totalling $902million. Yields in Adelaide remain higher than the east coast markets which has seen significant compression over the past few years. The Adelaide market is expected to remain strong, driven by rental growth, falling vacancies, decreasing incentives and all-time high business sentiment."
“Mergers and Acquisitions was a theme in 2018 and we believe will continue into 2019."
The report found 2019 would also be characterised by the rise of alternative lenders and “borrowing outside the framework”. 
“For office assets or funding requirements that don’t sit neatly within major bank criteria, alternative lenders, such as offshore banks, sovereign wealth funds, family offices, fixed income specialists, life insurance companies and debt funds, are most certainly open for business,” Mr Marasco said. 
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j.ballantyne1990-6AQqhLzZaK

Australian office investment passes $20 billion for first time ever

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There is growing confidence in the Brisbane CBD office market, according to Ray White's latest Between the Lines report.
The report showed that the improved sentiment is being aided by the growth in employment and the rising population helped along by interstate migration.
In their research Ray White showed the vacancy situation had improved, due to both stock withdrawals and strong levels of take-up.
Plus The future saw limited short-term new supply on the horizon and ongoing absorption would ensure the outlook is much brighter than prior years. Ray White Head of Research Vanessa Rader said, “strata sales volumes for 2018 were down 24.25 per cent on previous years for office stock, representing $21.104M, but a large retail transaction saw the total volume up 77.10 per cent to $54.979M."
“This sale was the ground and mezzanine floor at 108 Albert Street, selling for $32M and represented a yield of 5.50 per cent, this included 1,047sq m and five parking spaces.” Ms Rader said the total Brisbane CBD office market had enjoyed a reduction in vacancy in the January 2019 office market report. “Currently recording 13 per cent vacancy (288,999sq m), this is down from 14.7 per cent in July 2018, and 16.2 per cent 12 months ago,” she said. “While withdrawal of stock has been strong over this past year, absorption of stock has rebounded, keeping vacancies further compressed. “Considering vacancy by quality grade, highlights the clear flight to quality which has emerged, but also with affordability in mind. “Increased demand is most notable for A grade stock, currently representing 9.9 per cent, down from 12.8 per cent in January 2018.” Ray White Commercial Queensland Director - Office Leasing Jason Hines said economic indicators for the Queensland market had shown improvement over the second half of 2018, with further progress forecast during 2019. “Interstate migration has swung back to Queensland off the back of improved employment options with a greater volume of the population also seeking the affordable lifestyle that's on offer,” Mr Hines said. “This improved employment has seen office occupation increase slowly, with vacancies now reduced albeit still ahead of their 10-year average rate of 9.6 per cent, which has kept rents steady.” Mr Hines said strata capital values currently averaged $4,550/sq m, this was slightly down (0.68 per cent) on the 2017 result and despite representing the sixth period of decline, the wide range of values gave confidence that an improvement was imminent. “Capital value results has seen an increase in the lower range to $3,200/sq m, while the upper range has grown to $7,200/sq m,” he said. “This highlights the vast quality of stock for Brisbane CBD strata assets and the discount attributed to D grade properties, as well as larger suites. “Small (sub-100sq m) higher grade stock continues to be sought-after by savvy occupiers looking to secure attractive premises for their own businesses. “We expect this level of owner occupier interest to increase throughout 2019, particularly if market fundamentals for the Brisbane CBD continue to improve.”
Some examples of Brisbane CBD office deals include:
<img src="https://lh4.googleusercontent.com/ozeesvh1A8Mh2p0YdbueNi5n0oQUvySqzeJQCIO54lprTKl8xxStZXM4titrV3em9ErZzBxxpjI_eUjpTkuFMW0XY1Ex7C7hZoK9Wbmyu3zk6Cv3Bp8MULnM_8zmMI6skjcSFsia">
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Confidence growing in Brisbane CBD office market: Ray White

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EXPERT OBSERVER
Cutting-edge food and design concepts are rapidly infiltrating shopping centres across Australia, with several landlords investing in premium dining and entertainment experiences to try to tap into the millennials’ mindset, according to one industry expert. Savills Australia’s director for Retail Investments, Rick Silberman, tells us how our love for eating out is changing the face of retail.
The new drug of choice for shopping centre owners
Who doesn’t love eating? It’s undoubtedly one of our favourite things to do – if not the favourite. It changes moods instantly, uplifts us when we are down, and is a great way to socialise and experience the joys of life. Astute shopping centre landlords across the country are rapidly acknowledging the changing climate of retail today and are turning to food and entertainment concepts to keep ahead in the retail game. Ultimately in doing so, they can curb the increasing levels of vacancy (and reduce forthcoming vacancies) that they could encounter in their tenant mixes. 
The challenge
It is no secret that some retailers are doing it tough. Australian household debt is at the highest level on record and one of the highest levels globally, which is in addition to ongoing levels of low wages growth. The balance between consumer spending and disposable income remains difficult. Top retailers and proactive landlords are working together to ensure the retail experience in shopping centres today is vibrant, valuable, and attractive. Customer attraction today is at the centre of every successful shopping centre. No matter what the statistics show about low levels of consumer confidence, many of us place a priority on ensuring enough disposable income for a quality eating experience – heading out with family and friends, and indulging in some of the finest culinary options our cities have to offer, has become Australia’s favourite pastime. We are fortunate enough to have some of the best chefs, cafés and restaurants in the world. After all, what’s another $30 or $50 going to do when you can create a memorable experience with family or friends? And it’s that exact consumer experience and millennial mindset that shopping centre landlords are tapping into, in a creative bid to increase foot traffic levels and ultimately ensure the continued growth of their centres. 
The experience
So, what does this retail experience look like? A food court is not a new phenomenon. However, the traditional food court as we know it will eventually transform into a premium dining precinct with a “no holds barred” approach that includes world-renowned restaurant brands based on a “build it and they will come” mentality. The larger regional shopping centres are already doing this. I was recently travelling in Los Angeles and visited three major shopping centres. It was a real eye-opener to see what is possible and how retail is changing. Simply put, anything is possible. I also believe that we are only seeing the tip of the iceberg in shopping centre design. The retail shopping experience today is moving to new levels, with the customer at the centre of all tenant mix choices and designs. The Grove shopping centre in LA has a tram route running through the middle of it with a dedicated food market, while Westfield Century City has one of the most captivating food precincts I have seen, with state-of-the-art design and quality food offerings. It’s no wonder that these shopping centres are absolutely bustling with an unmatched vibe to anything I have experienced in Australia. These landlords are enhancing the customer experience through a focused effort on the dining experience, coupled with innovative property design, in the knowledge that it will increase dwell time and ultimately boost retailer sales.
The future
I was recently attending a meeting with a representative of one of Australia’s major listed shopping centre owners. I asked him about his thoughts on the integration of major dedicated food precincts within his centres and his response was, “You can’t fill a whole centre with just food”, to which I questioned, “Why not?” He may have been right, however; in the current climate, everything should be tabled and explored. Ten or so years ago, it would have been impossible to think that any landlord could open a major shopping centre without a Myer or David Jones as its anchor. Fast forward to now and those same landlords are forecasting how they may need to reposition or resize these big boxes that once upon a time played an integral role in their tenancy mix. The truth of the matter is that no one knows exactly what a shopping centre is going to look like in another 10 or 20 years but one thing we can all agree on is that it will be different. The shopping centre landscape is changing at an incredibly rapid rate and landlords must continually evolve new ideas, be creative and, most importantly, be prepared to take a risk.
Rick Silberman is a director at Savills Australia and New Zealand.
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How our love for eating out is changing the face of retail: Savills Rick Silberman

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EXPERT OBSERVER
February Labour Force Survey: Total employment: 4.6k from 38.3k (revised from 39.1k), unemployment rate: 4.9% from 5.0% (unrevised 5.0%), participation rate: 65.6% from 65.7% (unrevised 65.7%).
Employment growth slowed in February lifting 4.6k less than what the market was looking for (median +15k) but a touch better than Westpac’s forecast of –5k. So far 2019 has had a sound start for the labour market with a three month average gain of 21.1k/per month. 
Through 2018 total employment grew 274.5k, or 2.2%yr, with a solid momentum into year end with a six month annualised pace of 2.3%yr. 
While it is just second month into the year, employment grew 284k in the year to February (2.3%yr) but the six month annualised pace has moderated from 2.9%yr in January to 2.3%yr in February.
<a href="https://www.propertyobserver.com.au/images/2019/3/21/employment%201.jpg" target="_blank">Click here</a> to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/3/21/employment%201.jpg" alt="">
 
Source: Westpac
As highlighted in our preview we are very cautious about making too much of the January/February releases given the large underlying seasonality in these months. However, what we can say is that it does appear that the momentum in employment has slowed. 
As such, there is nothing in this release to make us change our view that employment growth will take a breather through the first half of 2019 leading to a lift in unemployment. But, to be fair, the fall in the unemployment rate to 4.9% also means that at this point in time, the RBA will also feel little pressure to change their forecast for the unemployment rate to fall to 4¾%.
 It will all come down to who is the better forecaster.
<a href="https://www.propertyobserver.com.au/images/2019/3/21/employment%202.jpg" target="_blank">Click here</a> to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/3/21/employment%202.jpg" alt="">
 
Source: Westpac
In February, in reverse to the January result, the mix of employment gains painted a soft picture with a 7.3k loss in full-time employment offset by an 11.9k gain in part-time employment. However, hours worked was a bit more upbeat in the month with total hours worked up 0.2% (total employment was flat in the month) as hours worked per person gained 0.1% due to average hours worked rising for both full-time and part-time employees. 
In the year to February total hours worked has lifted 2.2%yr which is on par with the 2.3%yr pace for employment.
<a href="https://www.propertyobserver.com.au/images/2019/3/21/employment%203.jpg" target="_blank">Click here</a> to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/3/21/employment%203.jpg" alt="">
 
Source: Westpac
Despite the soft print on employment, the unemployment rate fell to 4.9% (market median was 5.0%) as a 0.1ppt decline in the participation rate to 65.6% (65.57% at two decimal places) resulted in a –7.1k decline in the labour force. At this stage it appears that both male and female participation is levelling out in a trend sense and we are closely watching where they go next. We do expect both to edge lower though 2019 H1 as employment growth stalls.
<a href="https://www.propertyobserver.com.au/images/2019/3/21/employment%204.jpg" target="_blank">Click here </a>to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/3/21/employment%204.jpg" alt="">
 
Source: Westpac
February was a soft month for employment growth across the states. Employment fell 5.8k in NSW (+128.9k in the year) and the unemployment rate lifted to 4.3% from 3.9% which was a 30 year low in unemployment for that state. In Victoria, employment lifted 5.7k (+136.7k in the year) but with a lift in participation, the unemployment rate lifted to 4.8% from 4.6%. 
Queensland employment lifted in February 6.4k (+20.4k in the year) but a decline in participation saw the unemployment rate dip to 5.4% from 6.1%. In WA employment rose 2.8k (+7.7k in the year) with the 1ppt fall in unemployment to 5.9% being supported by a 0.6ppt fall in participation. Meanwhile in SA a lift in employment 3.8k (–0.1k in the year) in February saw the unemployment rate ease back 0.6ppt to 5.7%.
<a href="https://www.propertyobserver.com.au/images/2019/3/21/employment%205.jpg" target="_blank">Click here </a>to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/3/21/employment%205.jpg" alt="">
Source: Westpac
Overall, while the annual pace of employment growth has picked up in Victoria, and eased back in NSW, NSW can still claim the mantle of having the lowest unemployment rate.
 Victoria was the state showing the greatest improvement through 2018 with the unemployment rate down 2ppts to 4.2% in December while in NSW unemployment fell just 0.5ppts to 4.3%.
<a href="https://www.propertyobserver.com.au/images/2019/3/21/employment%206.jpg" target="_blank">Click here</a> to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/3/21/employment%206.jpg" alt="">
Source: Westpac
We are closely watching how these trends continue through 2019 – NSW did surprise in January by dipping below 4%, but it has since bounced back to 4.3%, while Victoria’s improvement does look to be cooling with the unemployment rate holding above 4.5%.
It is these two states, and how their labour markets will respond to falling house prices, a contraction in construction activity and weak retail sales, that is behind our expectation for the unemployment rate to rise through the first half of this year. While we are cautious about interpreting too much from the January/February releases, we see nothing in them that makes us nervous about our forecasts.
It is also worth noting that in 2018, for all the strength in the labour market, the underemployment rate only declined 0.2ppt. So far there has been a further improvement with the rate falling from 8.3% in December to 8.1% in February. Again, we would caution that so far we have only see the January and February prints, so would not project that this improvement can be sustained, but nevertheless, it is another indicator of just how robust the labour market was at the end of 2018.
<a href="https://www.propertyobserver.com.au/images/2019/3/21/employment%207.jpg" target="_blank">Click here</a> to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/3/21/employment%207.jpg" alt="">
Source: Westpac
For 2019, we are looking for a pause in the pace in employment growth due to the economic uncertainties surrounding the Federal Election at the same time as we expect to see a moderation in momentum in NSW and Victoria on the back of a moderation in housing activity. With reasonable estimates for the participation rate, our weaker jobs growth profile has the unemployment rate lifting to 5.5% in the second half of 2019 and further by end 2020.
JUSTIN SMIRK is ‎a senior economist for Westpac 
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Australian employment saw a February pause: Justin Smirk

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<div>EXPERT OBSERVER</div>
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<div>It looks as though tighter deposit requirements have run their course. </div>
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<div>Although December 2018 was a horrible quarter for mortgage lending in the lead-up to the end of the Royal Commission, the squeeze on loan-to-value ratios looks to be just about done. </div>
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<div>There are relatively few interest-only (IO) mortgages being written now, and this squeeze also looks to be about done. </div>
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<div>It's a smaller share of a smaller pie, and this is reducing household debt ratios as we speak (contrary to the incorrect claims you might read elsewhere). </div>
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<div>The ADI stock of outstanding IO loans is now less than ¼ of mortgages by value, the lowest on record across the data series. </div>
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<div>This may sound a lot, but most IO loans revert to principal repayment relatively quickly, and anyway IO mortgages can make a lot of sense for borrowers with offset accounts. </div>
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<div>Many borrowers have opted to revert to principal repayment early for the cheaper mortgage rates on offer. </div>
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<div>There was previously some debate surrounding what constituted a 'new' IO loan, but the interest-only 'cliff' is no longer a thing, since any mechanically forced reset no longer applies. </div>
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<div>It's in nobody's interests to see stressed borrowers go into arrears, so the reset should now be managed comfortably enough.</div>
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<div>
<div>Left the building</div>
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<div>It's interesting to note that partly thanks to switching across to cheaper rates, interest repayments have now declined to sit well below 10 per cent of household disposable income, down from 16 per cent a decade earlier.</div>
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<div>This is a very significant decline, and this hugely improved level of mortgage serviceability partly accounts for why mortgage arrears remain so low. </div>
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<div>Betwixt the Council of Financial Regulators and the Reserve Bank today the respective authorities confirmed today that there would be no further tightening of lending standards required, instead perhaps implying that banks rather need to write some business.</div>
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 From the RBA:
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<div>"From a financial stability perspective, prudent lending standards are a good thing. They ensure that households and banks are resilient to changes in circumstances. </div>
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But there needs to be a balance. The regulators are not proposing any further tightening in lending standards. 
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<div>And the appropriate amount of credit risk is not zero – banks need to continue to lend and that will inevitably involve some credit losses."</div>
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<div>Welcome news, while fixed mortgage rates are being cut widely as funding costs have declined. </div>
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<div>The regulators have left the building (for the time being!). </div>
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PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>. </div>
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Interest-only cliff: no longer a thing - Pete Wargent

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GUEST OBSERVATION
For the past half-decade Australian wages have barely moved after adjusting for inflation.
In the United States the picture is far bleaker — the real wages of average workers have changed little <a href="http://www.pewresearch.org/fact-tank/2018/08/07/for-most-us-workers-real-wages-have-barely-budged-for-decades/" target="_blank">in 40 years</a>.
Not so for US chief executives.
In 1965 the heads of America’s 350 biggest companies earned 20 times what the average worker did. By 2017 they earned <a href="https://www.epi.org/files/pdf/152123.pdf" target="_blank">312 times as much</a>.
As is often the case, things aren’t quite as extreme in Australia, but the pattern is similar. In 2017 the heads of the 100 biggest ASX-listed companies earned an average of <a href="https://www.acsi.org.au/images/stories/ACSIDocuments/generalresearchpublic/CEO-Pay-in-ASX200-Companies-2017.Jul18.pdf" target="_blank">A$4.75 million</a> – roughly 78 times as much as the average worker.
They get the bulk of their income not from their salaries, but from stock options or payments tied to the share price of the companies they run.
It at least raises the possibility than one way to get pay to rise for average workers is to structure their pay a little more like that of chief executives.
There are upsides to paying workers in shares…
Paying workers in the stock of the company would not affect the day-to-day profitability of the company. It would just mean the shareholders owned a bit less of the company.
That might not sound like an important distinction, but the everyday costs —- of which wages and salaries can be a big part -— help determine how competitive a firm is compared to its rivals. Paying workers in stock could give firms a strategic advantage.
It could also better align their interests with those of senior management and shareholders. It could reduce intra-firm conflict about wages, benefits and employment terms.
One manifestation occurs when executives receive large payouts from stock options while “ordinary workers” are facing redundancies or pay cuts.
Giving workers a slice of the same type —- if not the same level -— of compensation could help reduce this conflict.
…and downsides
If the idea was perfect, we would go to the extreme and pay workers exclusively in stock.
We wouldn’t, in part because equity-based compensation imposes risk on workers, as workers employed by firms whose share price is falling know well.
A basic principle of contract theory – the field that gave rise to the 2016 Nobel Prize in Economic Sciences for its creators Oliver Hart and Bengt Holmstrom – is that if a compensation contract imposes more risk on an employee than wages, it’ll need to be larger than wages on average to make up for the additional risk. It would cost the firm more.
And it would encourage workers to put most of their investment eggs in one basket (the same basket that employs them), which is always a bad idea.
Despite appearances, for many or even most, it woudln’t link their efforts to their compensation. Stock price movements often have little to do with the efforts of paper-shufflers or cleaners. Another key principle of contract theory is that it is suboptimal to reward workers for luck.
Shadow equity might be better
New developments in blockchain technology offer a way to link the efforts of employees to an equity-like security —- or what one might call “shadow equity”.
<a href="https://bitcoin.com.au/understanding-token-sales-initial-coin-offerings-part-1/" target="_blank">Initial Coin Offerings</a> are used in the US as an alternative to venture capital. They involve creating a digital currency that is linked to performance but not to share price.
They can be used to invest in or bet on specific components of a company. Take the pharmaceutical giant Pfizer. It has a whole portfolio of drugs. Buying stock in Pfizer is a bet on its entire portfolio. But suppose Pfizer issues, say, 1 million Xtandi tokens to help it develop the colon cancer drug Xtandi. Suppose it also agrees that all future purchases of Xtandi will have to be done with those tokens. That would link the aggregate value of those tokens to the value of revenue from the drug.
An investor who bought those tokens would be betting on a specific part of Pfizer’s portfolio.
The idea could be extended to traded securities tied to a granular level of performance within an organisation. It wouldn’t mean it was possible to have securities in the impact of single worker (expect perhaps for superstars such as actors or recording artists) – but it would be conceivable to have such securities for divisions of companies, or even teams within divisions.
How could it work?
It will take time for these technological developments to play out, but there are steps we could take to hasten it. One would be increased tax deductibility for equity-based compensation.
We are not suggesting workers’ pay be cut to allow equity-based compensation, or that it not rise to keep up with the cost of living. But as extra pay rises happen from time to time, they could be offered in the form of shadow equity.
It would mean workers would be paid (at least in part) the same way as executives. And it might start to reverse the trend of rising executive to worker pay ratios.
<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/113362/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;">
Rosalind Dixon, Professor of Law, UNSW
Richard Holden, Professor of Economics, UNSW
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/introducing-shadow-equity-a-fresh-idea-to-escape-the-low-wage-trap-113362" target="_blank">original article</a>.
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Introducing shadow equity: a fresh idea to escape the low wage trap

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EXPERT OBSERVER
Suburbs comprising of larger average land sizes are generally bucking the broader capital city housing market trend and achieving stronger value changes and milder declines over the past year compared to broader capital city markets according to CoreLogic research out today.
The analysis shows the five suburbs in each capital city with the largest average land area based on sales over the 12 months to February 2019. It also shows the median value of these suburbs and the change in median values over the year.
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One of the most noticeable from this data is the fact that for houses, the annual change across these suburbs is typically superior to that across the broader capital cities.
In Sydney, house values have fallen by -11.5% over the 12 months to February 2019. Looking at the five suburbs listed, only Kenthurst has recorded a weaker annual change.
Melbourne house values are also -11.5% lower over the past year and all of the suburbs listed have seen more moderate value falls than that across Greater Melbourne.
Brisbane house values were -0.4% lower over the past year and two of the five suburbs have seen a stronger annual change.
The 0.9% annual increase in Adelaide house values means that four of the five suburbs listed have seen stronger value growth over the past year.
Perth house values are -6.7% lower over the past year with four of the five suburbs listed recording either value increases or more moderate declines than -6.7%.
Greater Hobart house values were 6.8% higher over the past year and three of the five suburbs listed have recorded growth in excess of that.
House values in Darwin increased by 0.2% over the past year and three of the five suburbs with the largest average land sizes recorded greater value increases than that.
While Canberra house values increased by 4.1% over the past year, only two of the suburbs listed recorded growth in excess of this.
Although this data broadly shows that suburbs with larger average land sizes are holding up better in the housing downturn, many buyers value larger land sizes.
As new development increasingly moves towards higher densities and smaller lot sizes for houses, large housing lots are likely to continue to be highly desirable.
The desirability won’t be only for more space, but also where the potential for future sub-division may exist. 
CAMERON KUSHER is a property research analyst for CoreLogic.
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Give me land lots of land: CoreLogic's Cameron Kusher

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EXPERT OBSERVER
The six month annualised growth rate in the Westpac– Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, fell from –0.37% in January to –0.56% in February.
The Index has now registered three consecutive months in which the growth rate has been negative. This is a strengthening signal that growth through the first two to three quarters of 2019 is likely to be below trend.
The signal from the Index is certainly consistent with the weak momentum in the second half of 2018 revealed in the print of the December quarter national accounts. In the second half of 2018 growth momentum slowed to an annualised pace of 1% from a 4% pace in the first half of the year.
Westpac expects growth in the Australian economy in 2019 to be around 2.2% – significantly below trend which is generally assessed as 2.75%.
Key to the ongoing slow growth will be a challenged consumer as households adjust to much slower wages growth than anticipated and falling house prices. That will be supplemented by a continuation of the contraction in residential house building activity that appears to have begun in the September quarter of 2018.
We have consistently highlighted these risks which are likely to coincide with a slowdown in jobs growth and investment spending as both political uncertainty and global volatility weigh on firms’ employment and investment decisions.
The Index growth rate has shown a significant deterioration over the last six months, declining from +0.47% in September to –0.56% in February. Five components have driven the deterioration: US industrial production (–0.31ppts); the S&amp;P/ASX200 (–0.30ppts); the Westpac-MI Unemployment Expectations index (–0.22ppts); the yield spread (–0.19ppts); and dwelling approvals (–0.10ppts).
The only component providing a partially offset is the commodity prices in Australian dollar terms (+0.12ppts). The contribution from the remaining components – monthly hours worked and the Westpac MI CSI expectations index – has been largely unchanged.
<a href="https://www.propertyobserver.com.au/images/2019/3/21/westpac%20.jpg" target="_blank">Click here </a>to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/3/21/westpac%20.jpg" alt="">
The Reserve Bank Board next meets on April 2. The minutes of the March Board meeting highlight the importance of data releases going forward with the key issue being the “tension” between soft activity indicators and strong labour market data. It will take time for the Bank to resolve those tensions but we expect that by the August meeting the case for lower rates will be clear.
At present the Bank is forecasting growth of 3% in 2019 and 2.75% in 2020. The signals, some of which are discussed in this release, are pointing to much slower growth. We expect the Bank’s growth forecasts to be lowered in both May and August with the forecasts in August being consistent with the need for easier policy.
Westpac expects rate cuts of 25 basis points in both August and November.
BILL EVANS is chief economist of <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.
 
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Leading Index growth rate firmly in negative territory: Bill Evans

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The film director behind Mad Max and Babe, George Miller, has secured $19.8 million for the historic art deco The Metro theatre in Sydney's Potts Point which was listed with $20 million plus hopes.
ASX-listed Abacus Property Group has emerged as the buyer of one of Sydney's oldest cinemas, the historic Metro Theatre in Potts Point, but have not revealed their intentions.
Local residents had hoped it would be bought by the Sydney City Council, but Clover Moore ruled out the acquisition amid her battle with rival councillors who'd advocated the move.
It has been Miller's headquarters for more than three decades, but now redundant given his relocation to Fox Studios.
It was built in 1939 as <a href="https://www.propertyobserver.com.au/https://dictionaryofsydney.org/media/5557" target="_blank">The Minerva Theatre</a> opening with a production of Idiot's Delight. Sam Hood took photos.
Metro-Goldwyn-Mayer purchased the building in 1950 and converted to a movie theatre, renaming it the Metro Cinema with stars such as Elizabeth Taylor and Richard Burton attending premieres.
Then as a theatre it hosted performances including the 1970s musical Hair by Harry M. Miller.
<img src="https://www.afr.com/content/dam/images/g/y/x/8/m/p/image.imgtype.afrArticleInline.620x0.png/1507526409727.jpg" alt="The Metro, Potts Point, Sydney." width="620" data-src="https://www.afr.com/content/dam/images/g/y/x/8/m/p/image.imgtype.afrArticleInline.620x0.png/1507526409727.jpg">
The 2300-square-metre property at 30 Orwell Street was on the market for the first time in 35 years, but had been available for lease.
Miller had struggled with maximising its usage and potential in recent years, with various concepts floated but not implemented.
He was seeking $25 million plus at one stage for its sale.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/10/10/Minerva2.jpg" alt="">
In 2018, Liberal councillor Christine Forster put a motion to the council to buy the property as a town hall, similar to those in Glebe and Balmain, and could be used for film festivals, as a theatre, arts venue, function centre, bike hub, local museum and for exhibitions and meetings.
“The Metro represents a huge opportunity for the local community as it has so much heritage value and is so important to the area,” she said.
“There’s a precedent too for something like this, when we spent $15 million on buying the Tabernacle in Darlinghurst and converted it into the Eternity Playhouse.
“It would be terrific to put it into public hands for community use.”
Team Clover, comprising of councillors Jess, Scully, Philip Thalis, Robert Kok and Jess Miller voted against an outright purchase of the Metro.
Previously a spokesperson for the Lord Mayor had advised “after corresponding with the local community late last year, Lord Mayor Clover Moore forwarded the suggestion that the City of Sydney should purchase the Metro Theatre in Potts Point to City staff for consideration”.
Councillor Jess Scully, from Team Clover, sent an email to a local resident passing the buck for any purchase to the State Government.
City Hub reported she said “the Metro Theatre should also be considered within the broader context of the NSW Government cultural infrastructure strategy”.
The local resident Warren Fahey noted at the time that "we do feel the City has turned its back on us" with Potts Point a "disenfranchised part of the City of Sydney".
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George Miller sells art deco Metro theatre in Potts Point to Abacus

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Rent-to-buy schemes aimed at low-income Victorians will be banned under new laws introduced to the State Parliament which have potential jail time for vendors and third-party intermediaries.
The schemes - typically offered on properties on Melbourne's outskirts - are marketed as offering a pathway to home ownership for people unable to get a mortgage, by paying rent for a few years and then refinancing on their own. 
But there are typically exorbitant rents and legal fees.
The victims lose their first-home buyers grant.
It is often followed by moving out of their home after being unable to afford the payments.
Developers and financial services groups face fines ranging from $19,000 to $190,000 and or jail time for vendors and third-party intermediaries. 
Under the proposed laws, those who buy residential land under a dodgy rent-to-buy arrangement would be able to get a refund, excluding money paid that represents fair market rent.
Consumer Affairs minister Marlene Kairouz said the new laws would stamp out unscrupulous businesses taking advantage of people who can least afford it.
“Whether it’s putting a stop to so-called rent-to-buy schemes or restricting the terms of contracts for residential property, we’re stamping out the ripping off and exploitation of families by greedy parts of the financial services sector and dodgy developers,” Kairouz said.
The government does recognise that rent-to-buy schemes may emerge in the future, but the arrangement would need to involve the Director of Housing, a registered housing association or a similar organisation as determined by the government.
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