<a href="https://www.apartments.com.au/new-apartments/smith-by-valli-collingwood-224-228-smith-street-collingwood-vic-3066">Smith Collingwood</a> is a new boutique apartment development bringing a refined, design-led approach to one of Melbourne’s most established inner-city neighbourhoods.

Designed by <a href="https://www.apartments.com.au/architects/pandolfini-architects">Pandolfini Architects</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/lisa-buxton-interiors">Lisa Buxton</a>, Smith by Valli sits on iconic Smith Street and comprises just 22 residences tailored toward owner-occupiers seeking a more considered style of apartment living.

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The design of Smith focuses on a north-facing orientation across all residences, a relatively uncommon feature in dense inner-Melbourne settings. Each apartment has been planned to maximise natural light and outlook, alongside a material palette defined by warm tones, custom joinery, and a full suite of Gaggenau appliances.

The development comprises a mix of one, two, and three-bedroom apartments, with pricing currently ranging from just under $1 million to around $4.85 million for the premium penthouse-level residences, reflecting growing demand for luxury owner-occupier product in Melbourne’s inner urban market.

Residents will also have access to a private rooftop garden designed as an elevated retreat above the city, &nbsp;featuring curated landscaping, veggie boxes, intimate seating areas and spaces for relaxed gatherings. Sustainability has also been integrated into the project through a 7-star energy rating and two secure bicycle facilities for every residence.

[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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SPONSORED POST
Australia’s CBD office markets have recorded a drop in vacancy rates throughout the second half of 2018, with Canberra leading the charge by falling 200 basis points, according to Savills Australia.
The findings come as a preview to the Property Council of Australia’s (PCA) release of its 2019 Office Market Report on Thursday, with all CBD markets recording falls in their vacancy rates throughout the six months to December 2018.
Savills Australia’s director for Research &amp; Consultancy, Shrabastee Mallik, said that the drivers for each CBD market were “vastly different”, though a normalisation in economic conditions across sectors and states, paired with strong office market fundamentals, were buoying CBD office markets across the country.
“We are at a point where we are seeing significant growth across a diverse range of industries, which is evident from gains in corporate profits in 2018,” she said.
“This has organically translated to growing requirements for workers in these industries. 
“In the September quarter, we saw the healthcare, mining, construction, and professional and technical services sectors driving total economic growth.”
NEW SOUTH WALES
In the Sydney CBD, the vacancy rate fell 50 basis points in the latter half of 2018 to 4.1 per cent, the lowest it has been since 2011, and one of the three lowest figures since the PCA started its Office Market Report series in 1990. There was a skew towards lessees from the property and business services, and finance and insurance industries seeking new office space.
NSW state director for Office Leasing, Tom Mott, said occupiers looking for office space greater than 3,000sqm with a start date in 2018 had been hard-pressed to find anything suitable.
“There was also merger and acquisition activity among law firms, and centralisation from the suburbs to the CBD, and the co-working trend continued,” he said.
“Apart from the co-working deals, staff attraction and retention were at the top of the agenda for why major office moves took place.” 
Mr Mott went on to say that despite the upcoming state and federal elections, which would typically suppress demand, building owners would continue to benefit from the lack of supply.
“As a result, we will continue to see net effective rental growth and ongoing competition for space,” he said.
<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/2019/2/5/Savills-Office1.jpg" alt="">
“With the tight supply in 2019, many occupiers will look to refurbish their existing premises, which will see them upgrade their break-out areas and collaboration zones.
“We’re seeing an ongoing focus on mental health and overall wellness, which is an evolving trend to encourage staff to engage with each other on a more personal level, and in turn retain them.”
Mr Mott said building owners with vacant space would be well advised to “create a customer-focused, innovative and warm end-to-end experience in their buildings to capture the tenants looking to move”.
Key lease deals in 2018 included Allianz for 10,820sqm at 10 Carrington Street; WeWork for 3,800sqm at 64 York Street; Mills Oakley for 5,673sqm and Pfizer for 4,640sqm, both at 151 Clarence Street; and Norton Rose Fulbright for 9,527sqm at 60 Martin Place.
VICTORIA
In Melbourne, the CBD office vacancy rate fell 40 basis points to 3.2 per cent in the six-month period to December 2018, the lowest of all CBD markets nationally, which was largely in line with market expectations, given the limited amount of space available to lease. 
Savills research shows this phenomenon reflected in the leasing volumes, with just more than 250,000sqm (for space greater than 1,000sqm) leased in 2018, which was well below the numbers recorded in the past two years. 
“The simple fact is that office space in the Melbourne CBD is limited,” Ms Mallik said.
“The vacancy rate in June 2018 was already at a record low, so the scope for further downward movement is restricted.
“Tellingly, of the total leasing volume that was recorded last year, nearly half was for pre-commitments, further highlighting the lack of space currently available in the CBD.”
Melbourne’s CBD is experiencing a greater diversification in the tenant base, with government and education providers more prevalent than in Sydney, due to the lower rents.
Key lease deals in 2018 included NAB for 65,000sqm at 405 Bourke Street; Energy Australia for 22,000sqm at 697 Collins Street; Cbus Super for 9,600sqm at 130 Lonsdale Street; and the Australian Financial Complaints Authority for 7,600sqm, also at 130 Lonsdale Street.
VIC state director for Office Leasing, Mark Rasmussen, said Melbourne’s office market and economy had been “the powerhouse of the nation” in 2018, recently outpacing the rest of the eastern seaboard. 
“The dramatic falls in office vacancy rates throughout the past two years are becoming more gradual, as Melbourne moves towards a vacancy trough at the end of 2019,” he said. 
“We simply do not have the space to lease.”
Mr Rasmussen went on to say that the current vacancy rate was at an all-time low of circa 3.0 per cent, with the early 2020s trough expected to sink to mid-2.0 per cent, and A-grade office vacancy significantly lower again.
“At the coalface of the leasing market, we feel the frenetic pace of the Melbourne economy will slow with the looming federal election, the expected change of government, the reduced availability of credit, and the geo-political challenges across the globe,” he said.
“Despite these challenges, tenants with leases expiring in 2019 are faced with a lack of options and continued high rental growth, which has been close to 10 per cent per annum these past two years.
“Tenants with 2019 lease expiry dates and their landlords should ensure they seek advice to understand and keep up with this dynamic marketplace.”
Mr Rasmussen predicted that despite the recent sharp increases to rental rates, the higher base would become the new normal, “as Melbourne finally starts to catch up with other Australian capital city rents”.
QUEENSLAND
PCA data showed the Brisbane CBD’s office vacancy rate lead the national drop in office vacancy, falling 170 basis points in the latter half of 2018, to 13.0 per cent, which exceeded market expectations.
Recent leasing activity suggests there will be greater movement in the vacancy rate in the first half of 2019, with several large leasing deals currently underway. 
“Leasing activity in the CBD is often restricted by the proximity of the city’s fringe office market, allowing occupiers to move easily between the two precincts, though similar rents and incentives are providing the impetus for occupiers to look for space in the more viable CBD,” Ms Mallik said. 
“Complementary development activity in the form of Queens Wharf, has really brought the CBD to life, and the wellness movement that has taken off recently is also aiding occupier moves into the city.”
Savills Office Leasing manager, Daniel Boyes, confirmed that Brisbane’s leasing enquiry had continued to strengthen on the back of the downward trend in vacancy.
“The CBD has seen several new additions with WeWork, Hub and various other groups absorbing large portions of space,” he said.
“Demand for smaller fitted suites has also seen consistent growth despite a significant increase in supply.” 
Mr Boyes went on to say that the Brisbane CBD hosted “a healthy mix” of tenants and was not as skewed towards the mining industry as the media was suggesting.
“Throughout the past 12 months, we have actually seen several lessees from the finance and insurance industries capitalise on low rents and relatively high incentives to recentralise into the CBD,” he said.
“That said, we will see continued growth and demand from coal miners, along with the state government, two sectors we have identified as major growth occupiers in 2019.” 
Key lease deals in 2018 included Suncorp for 39,600sqm at 80 Ann Street; Deloitte for 8,000sqm at 123 Eagle Street; the state government for 5,319sqm Capital Hill; and Sonic Healthcare for 2,138sqm at 545 Queen Street.
WESTERN AUSTRALIA
In Perth, PCA data showed the CBD office vacancy rate falling 90 basis points to 18.5 per cent in the six-month period to December 2018, with leasing activity showing an uplift, and recentralisation a recurring theme among occupiers. 
“In 2018, we saw just under 70,000sqm (for space greater than 1,000sqm) of leasing volume recorded, which was up from the year prior,” Ms Mallik said.
“We are likely to see leasing volumes continue to be supported by the recentralisation trend, as lessees look to capitalise on record low rents and relatively high incentives. 
“Perth is similar to Brisbane, in that we are seeing the city come alive with complementary development activity, most notably in the form of Elizabeth Quay. 
“Infrastructure activity is also pushing this story, with Perth City Link aiding connectivity to the CBD.”
Savills national head of Office Leasing, Graham Postma, said the significant decline in vacancy was “a direct result of the key trends of 2018 – recentralisation to the CBD and the flight to quality”.  
“This is clearly evidenced by the divergence in direction of the premium and A-grade vacancy, both of which are declining, compared to Sydney levels in the case of premium stock, while lower-grade stock continues to increase,” he said.
Perth has long been known as the mining capital of Australia, with Ms Mallik saying the mining resurgence was underpinning the CBD leasing market.
“In 2018, almost half of the total leasing volume was to tenants from the mining and utilities industry,” she said.
Key lease deals included Wood Group for 9,198sqm at 240 St Georges Terrace; the Department of Human Services for a combined 13,037sqm across two deals at 556 Wellington Street and 226 Adelaide Terrace; Minter Ellison for 3,440sqm at 77 St Georges Terrace; and Macquarie Bank for 3,311sqm at 240 St Georges Terrace.
SOUTH AUSTRALIA
Adelaide’s CBD office market experienced a vacancy rate fall of 50 basis points to 14.2 per cent in the latter half of 2018, with leasing volumes recording a significant increase on 2017, and more than 30,000sqm (for space greater than 1,000sqm) of leasing transactions recorded in Savills research.
The city is at a turning point, with prospects for growth notably greater this year, according to SA director for Office Leasing, Adam Hartley.
“This contraction is likely to continue in response to office relocations in the first quarter of 2019,” he said.
“Interestingly, the vacancy rate for prime-grade office space will contract the most, with the majority of office vacancy available in secondary-grade accommodation.
“The contraction will swing the balance towards a lessor market, which in turn will reduce incentive rates in high B-grade and A-grade office buildings.”
Mr Hartley said recent record-breaking transactions showcased the desire of several major international companies to establish a footprint in Adelaide. 
“Suncorp taking up 4,660sqm of space and building signage rights at 1 King William Street represented Adelaide’s largest net-lettable-area deal to date,” he said.
Mr Hartley went on to say that the entrance of global post-production effects company, Technicolor, into Adelaide at 178 North Terrace was another internationally successful outcome that reinforced South Australia’s position on the world map.   
“The Technicolor win for South Australia was the largest office accommodation tenant attracted to Adelaide, which will in turn employ up to 400 new staff,” he said.
AUSTRALIAN CAPITAL TERRITORY
Canberra had the second-largest drop in its vacancy rate in 2018, falling 140 basis points to 11.0 per cent between June and December, which was largely driven by a withdrawal of stock. 
That said, prime-grade vacancy in city-fringe precincts like Barton were already at record low levels, with limited options for tenants to move around, according to ACT director for Office Leasing, Pip Doogan
 “We have seen demand shift from larger office spaces to smaller occupiers in the 250sqm to 500sqm market, making up the majority of the lease transactions across Canberra throughout the past six months,” she said.
“Spec fit-outs are proving to be the favorable option for tenants who are considering a move.”   
Ms Doogan said that Canberra “hasn’t really moved throughout the past 12 months” in regards to rents or incentives across all markets.
“Looking forward, we cannot see that it will shift in the next six months, especially with an election this year and the likelihood of a change in government,” she said.
“Private sectors are still floating around but the majority of the deals are being done in the sub-1,000sqm market.”
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. For further information, please feel free to reach out to any of our <a href="http://www.savills.com.au/services-and-sectors/leasing/office-leasing.aspx" target="_blank">Office Leasing</a> agents or Savills Director of Research &amp; Consultancy Shrabastee Mallik. To learn more about Savills, visit <a href="http://www.savills.com.au/" target="_blank">savills.com.au</a>.
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jrobinson-rf4aSBido9

Strong economic conditions and office leasing fundamentals buoy CBD markets across Australia: Savills

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EXPERT OBSERVER
Despite the material correction in housing markets, residential property investors remain markedly more optimistic than non-investors.
<div>
Investors sit front and centre in the housing market correction currently unfolding in Australia. For the first time, the Westpac Melbourne Institute Consumer Sentiment survey provides some insight into who this segment is and how they are assessing things.
An additional classification question added to the survey in Dec now allows us to separately identify consumers that own residential investment properties. The first results show an interesting breakdown on both the characteristics of this sub-group and their sentiment – the latter of particular interest given both the investor-driven housing market downturn and associated concerns about potential ‘wealth effect’ spillovers to demand.
At the aggregate level, 18.7% of respondents reported owning a residential investment property, broadly in line with official statistics.
Consumers in NSW, WA and Vic were slightly more likely to be housing investors while those in Qld showed the lowest incidence (15%). Not surprisingly the share of investors rises steadily across age groups, peaking at 27% for those aged 55-64, dropping back sharply to 14% for those over 65 (noting that this group is less likely to be accessing the tax benefits of negative gearing).
Again in line with the official statistics, the incidence of investor housing ownership is higher for those on high incomes (31%) and amongst consumers that are owner occupiers (24%). So-called ‘rentvesters’ account for just 7% of tenants.
Turning to the sentiment readings, housing investors are markedly more optimistic than non investors with an average sentiment read over Dec-Jan of 114.7 vs 101 for non investors and 103.7 for all consumers.
Note that this does not appear to be a by-product of income differences – across every income band, housing investors have more positive sentiment reads than non investors.
The positive spread is across all index components but is most pronounced for ‘finances vs a year ago’ (+16pts) and least pronounced for ‘finances, next 12mths’ (+6pts) – an intriguing mix that suggests investors have been unperturbed by price falls over the last year but that expectations of further declines may be curbing optimism for the year ahead.
On housing, investors are more positive on ‘time to buy’ but more negative on the price outlook. They also view ‘real estate’ more favourably as the ‘wisest place for savings’, particularly compared to ‘deposits’, but are slightly more inclined towards repaying debt than non investors.
Read the full report: <a href="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/file/Australia/2019/January/WestpacRedBookJanuary2019.pdf" target="_blank">'Red Book January 2019' (PDF 453kb)</a>
<img src="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/image/The_Red_Book/Red_Book_bites/Redbook-bite-20190131-2.jpg" alt="">
MATTHEW HASSAN is a Senior Economist for Westpac
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Matthew_Hassan-HHWHptmrw4

Sentiment of housing investors more optimistic than non-investors: Matthew Hassan

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Australian retail turnover fell 0.4 percent in December 2018, according to the latest Retail Trade figures from the ABS.
The Christmas decline follows a 0.5 percent rise in November 2018.
Online retail turnover contributed 5.6 per cent to total retail turnover in original terms in December 2018, down from 6.6 per cent in November 2018, highlighting the increasing importance of the November month for online sales.
In December 2017 online retail turnover contributed 4.8 per cent to total retail.
Westpac's Matthew Hassan said the results underscore weakness already apparent in the Q3 national accounts and point to disappointing momentum heading into 2019.
"The 0.4% dip in monthly sales was against market expectations of a flat finish," Hassan noted.
"The rising popularity of ‘Black Friday’ sales is drawing more retail sales into Oct-Nov.
Hassan said at 2.8% a year, annual growth in nominal retail sales is sluggish at best with the six month annualised pace below 2%. 
"Overall this was a weak update, slightly weaker than we had been anticipating and highlighting downside risks to the December quarter GDP.
"For the RBA it comes on top of a Q3 national accounts update that already showed disappointing conditions across the consumer and confirms that the weakness is sustained rather than part of the choppy quarter to quarter profile that has featured over the previous two years."
Click here <a href="https://www.propertyobserver.com.au/images/2019/2/5/Retail1.jpg" target="_blank">to enlarge</a>.
<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/2019/2/5/Retail1.jpg" alt=""> Source: ABS
The declines in December were the highest for household goods (-2.8 per cent) and clothing and footwear (-2.4 per cent).
There were also falls in Department stores (-1.1 per cent) and other retailing (-0.1 per cent).
The falls were partially offset by rises in food retailing (0.5 per cent) and cafes, restaurants and takeaway food services (1.1 per cent).
In seasonally adjusted terms, there were falls in New South Wales (-0.6 per cent), Victoria (-0.5 per cent), the Australian Capital Territory (-1.8 per cent), Queensland (-0.1 per cent), South Australia (-0.3 per cent), the Northern Territory (-0.3 per cent), and Tasmania (-0.2 per cent.). 
The only state to have a rise in December 2018 was Western Australia (0.1 per cent).  The trend estimate for Australian retail turnover rose 0.2 per cent in December 2018, following a rise of 0.2 per cent in November 2018. Compared to December 2017, the trend estimate rose 3.2 per cent.
 
 
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Online December sales dip along with bricks and mortar retail sales

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EXPERT OBSERVER
Housing weakness in late 2019 was clearly not confined to just turnover and prices with new dwelling approvals sliding sharply into year end – down 26% between Sep and Dec, the last month marking the lowest level for monthly approvals since June 2013. For Q4 as a whole, approvals were down 10.9%qtr and 23.7%yr.
Approvals are now signalling an unambiguous further weakening that will clearly see declining new dwelling investment detract from Australia’s growth in 2019. Westpac expects new dwelling investment to decline 8% in the year with a further 5% contraction in 2020.
The composition of the approvals decline points to downside risks to this outlook. Units continue to drive the cycle with a further 18.8% drop in Dec to be down 38%yr. Within this segment, ‘high rise’ approvals look to be down a further 16% in the month and by over a third in Q4 as a whole. That is outpacing our assumed path of a cumulative 40% decline by the end of 2019, suggesting weakness may be more pronounced and/or 'front loaded'.
More importantly, there continues to be significant weakness in other segments as well – medium density approvals down over 10% in the month and private detached house approvals down –2.2%mth, –11.3%yr. The shorter ‘lags’ on non high rise work means these declines will likely impact activity through the first three quarters of 2019.
The state breakdown shows weakness spread across the major eastern states: NSW –8.1%mth, –21%yr; and Vic –8.1%mth, –23%yr; and Qld –5.8%mth, –29.7%yr. WA posted a slight gain but is also down 30%yr.
The total value of renovation approvals rose 3.1% to be about flat on a year ago but with a modest uptrend in place. While the rise is mild, it is coming across all the major states.
The total value of non res building approvals fell 9.8% to be down about 15%yr. Latest monthly reads have been choppy around a flat trend, albeit with better gains for NSW and Vic and, by sector, for education-related building in the public sector.
Overall the December approvals update clearly challenges the RBA's view from the November Statement on Monetary Policy that "... dwelling investment is expected to decline gradually" and suggests that, as well as incorporating the weaker starting point from the Q3 national accounts, its revised forecasts to be released in Friday's February Statement on Monetary Policy will also need to materially lower the near term outlook for dwelling investment.
Even if the Reserve Bank maintains its view that the negative 'wealth effect' spillovers from falling house prices will be limited, there is a clear ‘real economy’ negative coming through via new dwelling investment.
MATTHEW HASSAN is a senior economist at Westpac
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A clear ‘real economy’ negative coming through via new dwelling investment: Matthew Hassan

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GUEST OBSERVATION
The government is acting on all 76 of Justice Hayne’s recommendations.
Treasurer Josh Frydenberg was glossing over history when he said the <a href="https://financialservices.royalcommission.gov.au/Pages/reports.aspx" target="_blank">final report of the banking royal commission</a> “endorsed many of the themes and individual reforms the government is currently pursuing”.
In fact, on coming to office in late 2013, his government – through Finance Minister Mathias Cormann - <a href="https://www.smh.com.au/business/banking-and-finance/how-the-coalition-ran-interference-for-the-banks-20180425-p4zbjz" target="_blank">did the opposite</a>.
Instead of extending provisions in the law that financial service providers act in the “best interests” of their clients, it tried to remove them, pressing Senate independents to have them excised from the at-the-time unimplemented Future of Financial Advice Act.
It argued there would be greater certainty if advisers were merely required to fulfill a number of specific requirements rather than to act in the overall best interests of their clients.
It’s a checklist approach <a href="https://financialservices.royalcommission.gov.au/Pages/default.aspx" target="_blank">Justice Kenneth Hayne dismisses</a>, saying it has encouraged advisers to pursue a “good enough” outcome “instead of the best interests of the relevant clients or members”.
“The more complicated the law, the harder it is to see unifying and informing principles and purposes,” the report says. “Exceptions and limitations encourage literal application and focusing on boundary‑marking and categorisation.”
What’s important is that the intent of the law is met, “rather than merely its terms complied with”.
Hayne wants laws rewritten to draw explicit connections between their requirements and what they are trying to achieve.
Such rewriting will make it clear that “exceptions and carve outs like grandfathered commissions constitute a departure from applying the relevant fundamental norm”.
The Coalition fought hard to allow financial advisers to continue to receive some grandfathered commissions – commissions their customers were signed up to before laws outlawing commissions came into place.
Hayne wants all grandfathering to go “as soon as is reasonably practicable”.
Frydenberg <a href="https://treasury.gov.au/publication/p2019-fsrc-response/" target="_blank">has agreed</a>. From January 1, 2021 all grandfathering will go, and any previously grandfathered payments to advisers from clients accounts will be handed back to clients where they can reasonably be identified.
Ongoing fees taken from clients accounts will need to be specifically reauthorised each year, a proposal neither the Coalition nor Labor put forward in negotiations over the Future of Financial Advice Act, settling on reauthorisation every two years in order to avoid paperwork.
Frydenberg has accepted the recommendation, without a start date.
Hayne wants all commissions to mortgage brokers banned so that the borrower, not the lender, pays the broker a fee.
The Royal Commissioner wants the changes made over a period of two or three years, first by banning so-called annual trailing commissions that last the length of the loans, and then by banning upfront commissions.
Frydenberg will ban trailing commissions from July 1, 2020 and will ask the Council of Financial Regulators and the Australian Competition and Consumer Commission to review in three years’ time the implications of moving to full consumer-pays.
Hayne’s point is that buyers of financial products of all types often assume the person standing between them and the provider is acting in their interests. They need not be when they are being paid by the provider.
<blockquote>
1. The interests of client, intermediary and provider of a product or service are not only different, they are opposed.
2. An intermediary who seeks to stand in “more than one canoe” cannot. Duty (to client) and (self) interest pull in opposite directions.
</blockquote>
Hayne’s three key themes are now government policy:
<ul>
<li>
no conflicted remuneration
</li>
<li>
no exemptions, including grandfathered arrangements
</li>
<li>
explicit consent for payments.
</li>
</ul>
Financial industry laws and regulations will apply more broadly than they have. Funeral insurance will no longer be exempted. Car dealers will face a limit on the fee they can get for selling add-on insurance.
And retailers won’t be able to sell add-on insurance at the same time as the products themselves. Frydenberg said that people buying mobile phones were being sold screen insurance that cost more than the replacement of the screens.
“Hawking”, unsolicited phone calls and pitches for superannuation and insurance and other products, will be prohibited. Lenders to farmers won’t be able to charge high default interest rates during droughts or when there is no realistic prospect of recovering the money.
Banks won’t be able to offer overdrafts on basic accounts without the formal approval of the accounts’ owners, they won’t be able to charge dishonour fees on basic accounts, they will have to value agricultural land used as security for loans independently of the people who decide whether to grant the loans.
Superannuation fund trustees won’t be able to work for other parts of the conglomerate that owns the fund giving them a conflict of interest, and trustees and directors will be subject to civil penalties if they fail to act in the fund members’ best interests.
Each Australian will be defaulted into (“stapled” onto) only one superannuation account once at the beginning of their working life instead of into several as they change jobs as is required by awards and industrial agreements. The <a href="https://www.pc.gov.au/inquiries/completed/superannuation" target="_blank">Productivity Commission estimated</a> these multiple accounts cost super fund members A$10 billion per year in unnecessary fees.
Australia’s much-criticised “twin peaks” model of regulation shared between the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority, will stay, although they will be subject to a new independent oversight body that will report on their performance every two years. They will also need to prepare and maintain a joint co-operation memorandum.
In any investigation ASIC will have to have as a starting point the question of whether a case should be taken to court. Infringement notices should mainly be reserved for administrative rather than deliberate failings.
Hayne says too often, banks and other financial services entities that broke the law were not properly held to account.
<blockquote>
Misconduct will be deterred only if entities believe that misconduct will be detected, denounced and justly punished.
Misconduct, especially misconduct that yields profit, is not deterred by requiring those who are found to have done wrong to do no more than pay compensation. And wrongdoing is not denounced by issuing a media release.
</blockquote>
He says in almost every case, bad conduct was driven not only by the firm’s pursuit of profit but also by individuals’ pursuit of gain.
<blockquote>
Providing a service to customers was relegated to second place. Sales became all important. Those who dealt with customers became sellers. And the confusion of roles extended well beyond front line service staff. Advisers became sellers and sellers became advisers.
Rewarding misconduct is wrong. Yet incentive, bonus and commission schemes throughout the financial services industry have measured sales and profit, but not compliance with the law and proper standards. Rewards have been paid regardless of whether the person rewarded should have done what they did.
</blockquote>
Frydenberg says he is taking action on all 76 recommendations.
He’ll set up an industry-funded compensation scheme able to payout over misconduct over the past ten years.
And 24 specific acts of misconduct have been referred to authorities, covering every big financial firm other than Westpac.
<a href="https://theconversation.com/au/team#peter-martin" target="_blank">Peter Martin</a>, Section Editor, Business and Economy, <a href="http://www.theconversation.com/" target="_blank">The Conversation</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/banking-royal-commission-no-commissions-no-exemptions-no-fees-without-permission-hayne-gets-the-government-to-do-a-u-turn-110974" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

Banking Royal Commission: no commissions, no exemptions, no fees without permission, Hayne gets the government to do a U-turn

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EXPERT OBSERVER
Regional Victoria is the stand-out market in Australian real estate. Against a backdrop of Regional Australia providing the leading growth markets across the nation, Regional Victoria has large numbers of towns and suburbs with rising buyer demand and the strongest price growth anywhere in Australia. 
Our Summer survey of sales activity has identified 51 markets in Regional Victoria with rising demand, the highest since we started our quarterly sales surveys four years ago. Only Adelaide among the nation’s market jurisdictions has more growth markets than Regional Victoria – which also has another 90 locations with steady buyer demand.
The uplift in markets in Victoria outside Melbourne has created exceptional price growth: our latest survey has found 118 locations with median house price growth above 5% in the past 12 months, including 85 above 10% - of which 25 have grown more than 20%. A key factor is that most of these places have delivered price growth in the most recent quarter, as well as the past year, which means prices are still growing.
The leading locations are Clunes and Macedon (top) up 36%; Bunyip and North Wonthaggi 32%; Norlane 29%; Trentham 28%; Port Fairy 27%; Corio and Newcomb 26%; Warragul 24%; Officer, Cockatoo, Romsey, Whittington and Indented Head 22%; Inverloch, Loch Sport, Maryborough and Golden Point 21%; Avoca, Beveridge, Broadford, Maddingley, St Leonards and Woodend all 20%.
Bendigo, which overtook previous market leader Ballarat in our Spring 2018 survey, has increased its lead in the Summer survey. It now has 10 suburbs with rising demand, making it one of the leading LGAs in the nation. Growth suburbs include California Gully, Golden Square, Kangaroo Flat, Long Gully, Maiden Gully and North Bendigo.
The recent surge in sales activity is starting to create solid price growth, with California Gully, Eaglehawk, Flora Hill, Heathcote, Kennington and North Bendigo all up 6-8% in the past year. Like Ballarat, Bendigo is attracting both investors and home-buyers from Melbourne and elsewhere.
<a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><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/2019/2/Subscriber%20strip%20ad.jpg" alt=""></a>
Growth markets in Ballarat, which is ahead of Bendigo in the market cycle, have reduced to five and there are now 10 suburbs classified as “plateau” markets.  The previous uplift in demand has created a climate where most Ballarat suburbs are delivering big price growth: 14 suburbs are up by more than 5% in the past year, headed by Golden Point (21%), Buninyong (15%), Ballarat North (15%), Redan (16%) and Wendouree (17%).
A new contender has emerged in our past two quarterly surveys: the towns of the Latrobe Valley. Traralgon, Churchill, Moe, Morwell and Newborough all have growth markets. Quarterly sales in Churchill have been rising steadily, with the median house price up 9% in the past 12 months – but still below $200,000.
Quarterly sales have also risen in Moe in the past year and its median has grown 3%, but also remains below $200,000. This high level of affordability is a key drawcard for this market, which is being boosted by government investment to mitigate the impact of power station closures.
Geelong remains a strong market – one of the nation’s most prolific – but sales activity is no longer growing the way it has over the past two years. It now has more plateau markets than rising ones. But the strong demand of the past two years continues to deliver price growth – 24 suburbs of Greater Geelong have risen more than 10% in the past 12 months, with Corio, Norlane, Newcomb, St Leonards, Whittington and Indented Head all above 20%. 
Other regions where demand has passed its peak but price growth remains high include the LGAs of Cardinia (Pakenham, Officer, Bunyip and Emerald), Baw Baw (Warragul, Drouin and Trafalgar), Mitchell (Broadford, Beveridge and Kilmore), Surf Coast (Anglesea, Apollo Bay and Torquay), Bass Coast (Cowes, Inverloch and Wonthaggi) and Macedon Ranges (Gisborne, Kyneton, Romsey and Woodend).
But new growth markets are now occurring right across Victoria. At Portland in the far south-west of the state – quarterly sales have been on an upward trajectory for the past two years.
Also in the south-west, there’s rising activity in Warrnambool, with median prices up 14% in Koroit and 7% in Warrnambool, while in nearby Port Fairy the median house price has risen 27% to $620,000.
In the Central Goldfields, quarterly sales in Maryborough have increased in the past 12 months and its median house price has grown 21% to $225,000.
In the far east of the state, three locations in East Gippsland have rising demand – Bairnsdale, Eastwood and Lakes Entrance. Quarterly sales in Bairnsdale have grown from 50-55 12-18 months ago to 70-75 more recently. The median price in Lakes Entrance has grown 12% to $320,000 in the past year, while Metung is up 7% to $365,000.
Other markets with growing signs of uplift include Shepparton, Wangaratta and Wodonga. 
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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terryryder-YECXbqmri2

Regional Victorian leads the nation in house price growth: Hotspotting's Terry Ryder

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Children of celebrity chef Jacques Reymond, the proprietors of South Yarra's Bistro Gitan and Prahran’s L'Hotel Gitan, have signed a lease to establish a third restaurant.
Located in North Yarra, Cremorne, this new eatery will occupy the whole ground floor of Cobild Construction’s new eight level office development at 9-11 Cremorne Street.
Teska Carson‘s Luke Bisset and Matthew Feld brokered the lease.
Mr Bisset said Nathalie, Antoine, and Edouard Reymond (pictured alongside their father) would split the 345 sqm tenancy into two spaces a 35-seat European focused wine bar and a 75-seat bistro.
Antoine Reymond says the yet-to-be-named restaurant will be slightly different to either of the Gitans. "It will be a little more European as opposed to French-focused."
SJB Interiors, who did work on the Gitans, will design both spaces. "It'll be French new-wave," says Antoine. "There's a gorgeous, heritage-listed brick facade, a terrace out the front, and nice high ceilings inside."
The family hopes to open by early June.
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Jaques Reymond family to open new restaurant in Cremorne

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<div id="x_divRplyFwdMsg" dir="ltr">The mortgagee of 61 units in the residential complex Gondon Élysée in Sydney's Epping has listed them all for sale.</div>
<div dir="ltr"> </div>
<div dir="ltr">They will be sold in one line by receivers and managers Newpoint Advisory through Colliers.</div>
<div dir="ltr">  </div>
<div dir="ltr">The inventory sat on the Gondon company books with a $52 million valuation. </div>
<div dir="ltr"> </div>
<div>
<div dir="ltr">
<div> <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/2019/1/31/epping%201.jpg" alt="">
</div>
The developer has been unable to sell the combined 61 units at 1 to 5A Cliff Road, and at 6-10 Carlingford Road.
<a href="https://www.jlglobalau.com/elysee" target="_blank">The master sales agency</a> was J&amp;L Global with sales achieved between $500,000 and $1,538,000, with all but six sales to buyers of Chinese descent.
The project boasts a mix of one, two and three bedroom apartments. 
Gondon Élysée Epping consists of two buildings. 151 car secure parking.
There are 57 1 bedroom 1 bathroom units , some 61 of the 2 bedroom 2 bathroom units , and 12 of the 3 bedroom 2 bathroom units.
Completed in late 2017, 1 Cliff Road has 130 apartments.
The expressions of interest close February 25.
Developer Gondon paid $26 million to aggregate the homes at the corner of Carlingford and Cliff roads. The corner block at 6 Carlingford Rd cost the highest acquisition price of $4.41 million, according to CoreLogic.
The block is within the Epping Priority Precinct, which the state government declared for concentrated housing development.
Gondon’s earlier project was at North Ryde – the 179 apartments on the block bounded by Lane Cove and Eppings Rds and Allengrove Crescent, North Ryde, known as Gondon Macquarie which was built by Arise Construction to a SJB design.
Philip Campbell-Wilson and Said Jahani were appointed liquidators in November 2018.
<div class="page" title="Page 5">
<div class="layoutArea">
<div class="column">
The appointment was referred to by Australian Select Mortgage Pty Limited which is also a shareholder of Gondon in May last year.
Pacific Alliance Group holds a registered security interest. 
</div>
</div>
</div>
</div>
</div>
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Chinese Epping developer collapse sees 61 Gondon Elysee apartments for sale

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The WA Government has called for offers on the former Princess Margaret Hospital carpark.
The three-street front West Perth offering encompasses a total 5,666 square metres, one of the inner-city’s largest infill redevelopment sites for some time.
Approval is in place for three titles with offers being sought for purchase as one englobo lot or as one of three individual site lots.
Situated opposite the old hospital, the former medical specialists’ carpark will play a pivotal role in the future rejuvenation of West Perth and complement the adjoining Subi East redevelopment precinct.
LJ Hooker Commercial Perth’s Brian Neo and Vincent Siciliano have been appointed exclusively to the sales campaign.
Neo anticipated the site – located on the eastern side of Thomas Street with almost 50 and 90 metres of frontage to Cook and Murray streets, respectively – would attract interstate and international interest.
He said it would appeal to developers looking for premium infill sites ahead of the next property cycle.
“This is the leading infill development site currently on the market in Perth and one of the best we’ve seen offered in several years,” said Neo.
“The site is earmarked for office and residential development under the City of Perth town planning scheme and, as an elevated site, has the capacity to offer stunning, panoramic views of the city via a future tower development.
“In addition to its large-scale footprint, any redevelopment of the site can leverage the amenity which the State envisions for the future of the Princess Margaret Hospital site, which it is connected to via a pedestrian underpass.”
The double western allotments of the carpark site each offer 1845 square metres of developable land, while the eastern allotment is larger at 1976 square metres.
“The former carpark site will have a great influence in the overall rejuvenation of the inner-city and the State Government is interested in finding a buyer with a vision to complement their intent for the precinct.”
Offers to purchase close February 22 2pm, WA time.
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Former Princess Margaret carpark listed by WA Government as infill redevelopment site

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AMP Capital has commenced the Marrickville Metro Shopping Centre’s $142 million development in Sydney's inner west.
Construction began this month with expectations of completion in two years.
The development, which AMP Capital is managing on behalf of owner UniSuper, will extend the existing Metro centre to the south between Smidmore and Edinburgh Roads.
On completion the centre will be expanded from 22,000 square metres to 33,000 square metres.
It will host an additional 44 new retailers including Coles, as well as a fresh food precinct and indoor and al fresco dining options.
AMP Capital’s global head of real estate, Carmel Hourigan said the development will support the transformation occurring in the Inner West.
There are a number of other construction projects for the local area currently underway or proposed, supported by total trade area population growth of 2.3% per annum since 2011, and projected growth of 1.5% per annum, to reach a population of 440,000 by 2021.
AMP Capital anticipates the project will generate 200 construction jobs and over 600 job opportunities for the local community on completion.
The development will ‘up-cycle’ a disused industrial warehouse located next to The Metro.
Designed by Hames Sharley, ADCO Constructions has been appointed as construction partner for the development.
The majority of the works will be undertaken outside the existing centre with minimal disruption to current tenants or trading.
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