<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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Oliver Hume, one of Australia's largest privately owned real estate groups, has listed a major Brisbane project site for sale.
Its listing comes as the company reports a $2.2 million loss in its last financial year.
The loss, which follow the prior years profit of $10 million, came as a result of falling sales and land write-downs, according to Fairfax Media who went onto quote "insiders" as to the cause.
However a spokesperson for Oliver Hume wouldn't be drawn on the allegations of a "dramatic fall in the company's fortunes."
The accounts showed write-downs for its land, redundancies, and $3.2 million in sales commission cancellations.
Offers on 32 Cribb Street, Milton close today through Cushman and Wakefield.
Set on 3,479 sqm the parcel was valued in June last year at $11.5 million.
The holding has three street frontages.
It is currently approved for 260 units and 1,225sqm of retail accommodation.
Situated within access of all forms of public transport, retail amenity, Brisbane River and the CBD the property is code assessable for 20 levels and a variety of outcomes including commercial, retail and residential uses.
"Its current improvements allow holding income during development planning time frames," the agents advise.
The property last sold in 2014 by the Qld government for $13,706,520.
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j.ballantyne1990-6AQqhLzZaK

Oliver Hume place Brisbane site on market

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Four mobile ticket booths have been listed on Circular Quay's Wharf 1 by Place Management New South Wales (PMNSW).
PMNSW owns and manages some of the State’s most significant assets, including Sydney’s heritage and cultural precincts at The Rocks and Darling Harbour. 
Their vision is “to create extraordinary places."
They are seeking tenants for <a href="https://www.realcommercial.com.au/property-retail-nsw-sydney-503018034" target="_blank">four mobile ticket booths along the wharf</a> fronting the retail and restaurant spaces below the Bennelong 'Toaster' apartment building.
They've provided the dimensions of the ticket booth (below), however the licensee will be responsible for the ownership, design, construction and maintenance of the booth.
<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/2018/11/14/wharf2.jpg" alt="">
The designs will need to be submitted to the PMNSW for approval.
The ticket booths are only available to operators who have the appropriate permissions from NSW Roads and Maritime Service to operate from the adjacent Wharf 1.
The licensee terms can be between one and five years and the maximum trading hours and seven days a week during daylight hours only, however exclusions are included for specific events such as New Years Eve.
Stonebridge Property Group agent Tim Andrews is marketing the spaces. 
  
 
 
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jrobinson-rf4aSBido9

Circular Quay ticket booths for lease

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EXPERT OBSERVATION
Consumer sentiment has continued to recover from the mild setback in the September quarter.
The headline index remains 1.6% below its July peak but is now more comfortably above the 100 line, indicating optimists outnumber pessimists.
Indeed, while confidence may still not be particularly strong, there has been a clear improvement over 2018.
November marks the twelfth successive month that optimists have outnumbered pessimists contrasting with the previous twelve months when pessimism held sway for 11 out of 12 reads.
This is a surprisingly strong result. In particular, respondents are much more positive about their own finances.
That is despite consistent reports around weakness in the housing markets in the major capitals and the sharp falls in the equity market through October.
Low interest rates and their prospect of being sustained for some time are clearly supporting confidence.
For example, the confidence of those respondents with a mortgage increased by 4.3%. However, on a more cautionary note, measures of spending intentions have been weaker.
Four of the five index components recorded gains in November.
Assessments of family finances showed a promising rise, the ‘finances vs a year ago’ sub-index was up 4.9% to its highest level since early 2016.
The ‘finances, next 12 months’ sub-index rose by 3.2%. Consumers in NSW showed particularly strong gains, a somewhat surprising result given the continued correction in Sydney house prices.
Consumer expectations for the economy showed an exceptional rise in longer term expectations. This was supplemented by a positive for shorter term views as well. The ‘economic outlook, next 12 months’ sub-index posted a 1.7% rise, and, at 104.3, remains well above its long run average of 90.7
. The ‘economic outlook, next 5 years’ sub-index jumped 9.7% in November to reverse most of the sharp drop seen over the previous three months.
The wider consumer mood is more buoyant but attitudes towards spending are more downbeat. The ‘time to buy a major household item’ sub-index fell 3.5% in November, to an 18 month low.
Responses to our annual question on Christmas spending plans also point to a subdued near term outlook for demand.
A third of Australians expect to spend less on gifts than they did last year, with 56% expecting to spend about the same and just 10% expecting to spend more.
The net balance of ‘more minus less’ is marginally more negative than last year, and the weakest read since 2014. Despite the higher reads in overall confidence this question suggests that we are unlikely to see any improvement over last year’s lacklustre Xmas spend.
Labour market expectations improved a touch in November.
The Westpac Melbourne Institute Unemployment Expectations Index declined 1.9% (recall that lower reads mean more consumers expect unemployment to fall in the year ahead).
The index continues to show a clear 7.9% improvement on a year ago, led by Victoria where the state index has fallen 16.5%.
Consumer views around housing are very interesting. Buyer sentiment improved sharply but price expectations fell to new lows.
The ‘time to buy a dwelling’ index posted a strong 11.8% surge to be up 16.7% on a year ago to the highest level since March 2015.
Consumers in NSW showed a particularly strong gain with a 26% jump taking the state index to a five year high and suggesting the decline in Sydney house prices is starting to generate some interest from buyers.
Because the NSW Index has been so low this stunning improvement only restores the Index to just below its long term average. The other state, Victoria, where prices have recently shown significant weakness improved only modestly with “Time to Buy” up only 3.3%.
Consumer expectations for house prices posted another fall in November.
The Westpac Melbourne Institute Index of House Price Expectations fell 2.3% to 99 – on a par with the weakest read we have ever seen on this index, when it was first compiled back in May 2009. T
he state detail continues to show particularly weak reads in NSW and Victoria, both hitting new lows in November with Victoria’s index down 25% over the last three months alone.
The house price corrections underway in Sydney and Melbourne now look to be firmly embedded in consumer expectations.
The Reserve Bank Board next meets on December 4. The Reserve Bank recently released its November Statement on Monetary Policy. In the Statement it noted that “the Board does not see a strong case to adjust the cash rate in the near term”. That confirms that no move can be expected at that December meeting.
On the other hand the Bank raised its growth forecast for 2018 and maintained its above trend growth forecast for 2019. Furthermore, it lowered its unemployment forecast and slightly lifted its inflation forecast.
These moves could be interpreted that be Bank is more confident to raise rates during 2019. It is Westpac’s view that growth in 2019 will slow to 2.7% particularly under the weight of a weakening housing market; a contraction in construction; and a slowdown in jobs growth.
Today’s Consumer Sentiment Report portrays a more confident consumer than we had expected although this confidence is not boosting spending intentions.
Westpac continues to expect that the Reserve Bank will keep the cash rate on hold in 2018, 2019 and 2020.
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bevans-rYk9SxEa4r

Solid lift in consumer sentiment: Bill Evans

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EXPERT OBSERVATION
The economy grew at a strong pace over the first half of 2018 – with output expanding by over 4% in annualised terms.
Looking forward, we expect growth to slow in annual terms, though still at a pace which should erode spare capacity.
Public sector demand – both infrastructure spending and NDIS-related consumption will remain strong. We also expect non-mining business investment to benefit from additional spill-overs.
Exports are expected to continue to grow relatively strongly - as the last of the large LNG projects reach full production capacity – and then level off.
<img src="https://www.urban.com.au/images/2018/11/14/NAB%20GDP.JPG" alt="">
Mining is a potential upside factor to the forecasts, with that sector now clearly reporting the strongest conditions and confidence, commodity prices having remained high and the drag from the unwinding of the boom now fading.
Despite the above special factors adding to growth, our main concern remains weak consumption growth - which is likely to weigh on broader economic growth (accounting as it does for over half of all economic activity).
With an already low savings rate, weak wage growth, high debt levels and some anxiety from slower growth in household wealth - we see a very cautious household sector over the next couple of years.
The construction cycle is also expected to move down but, only moderately and as such its impact on growth will be small.
<img src="https://www.urban.com.au/images/2018/11/14/NAB%20GDP%202.JPG" alt="">
On a more positive note, recent data suggest that the labour market remains healthy with trend employment growth tracking at around 25-30 k per month.
This should be enough to see the unemployment rate decline further after falling to a 6-year low of 5.0% in September.
Despite the strong growth and tightening labour market, the September quarter CPI suggests that inflationary pressure remains weak.
While a number of one off adjustments to administered prices drove the weakness in headline inflation, our overall read is that both imported and domestic inflation remain subdued.
We have left our outlook for interest rates unchanged this month but our view remains heavily data dependent.
While growth has been strong and progress has been made on reducing the unemployment rate, the RBA will likely want to see further evidence of a pickup in wages growth and inflation.
There has been some progress on this front but the process has been gradual and is likely to remain so, with still some spare capacity in the labour market and the economy more broadly.
Readings on the WPI for Q3 and labour market data for October will provide important updates on the current pace of wage growth and momentum in the labour market.
ALAN OSTER is NAB's Chief Economist
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NAB forecast economic growth to slow: Alan Oster

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A Chinese investor has purchased retail premises in Balwyn for $7.3 million.
Savills Australia’s Benson Zhou, Jesse Radisich, Julian Heatherich and Glenn Ye brokered the deal for 313-315 Whitehorse Road at a record C1Z land rate of $10,181 per sqm.
Mr Zhou said that despite the noise on recent cooling down on residential market, the property has made more than $1 million dollars in capital gains within two years’ time.
The premise last sold in 2016 for $6.18 million a near doubling from it's 2013 sale price of $3.1 million.
”This transaction highlights the sturdy market competition between investors seeking income-producing assets that present significant future development upside potential,” Mr Zhou said.
The property is anchored by a bedding store, Back to Sleep, and a technology firm is called Websilk on level one, and generates a rental income of approximately $416,878 per annum.
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Savills sell Balwyn retail premises to Chinese investor for $7.3 million

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There was much competition at auction for two Noosaville lots in one line and a starting bid of $2 million was brought up to a final bid of $3.3 million from a buyer just north of the NSW border.
Located at 5 Gibson Road, Noosaville both Lot 4 and Lot 5 both come with new 5 year anchor tenant leases expiring in April 2024, with an additional five-year option possible.
Lot 4 at approximately 340 sqm, produces a net income of $125,175 p.a. + GST.
Lot 4 houses seven professional offices. 
<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/2018/11/14/a%20RWC%205Gibson%20Sep18%201%209.jpg" alt="">
While Lot 5, at approximately 379 sqm, produces a net income of $90,893 p.a. + GST.
The assets were marketed by Ray White Commercial Noosa and Sunshine Coast North Commercial Property Consultant John Petralia. Mr Petralia said enquiries coming from locals, Brisbane, Sydney and Melbourne.
"Interstate buyers really appreciated the opportunity that was on offer."
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Dual retail lots break $3 million at Sunshine Coast auction

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More than half of corporate occupiers across Australia and New Zealand plan to reduce their footprint of traditional leased office space in the next two years, as their portfolios shift towards flexible workspace solutions. 
This was a key outtake from CBRE’s Pacific Corporate Coworking Survey: The Future is Flexible report, which surveyed 60 large occupiers across Australia and New Zealand on their current and future planned use of third-party flexible space, with a focus on coworking and meeting and event spaces. 
In Australia, the flexible workspace industry occupies circa 193,200 square metres of space across the six major capital cities, with 40% of occupiers currently utilising some form of flexible workspace solution.
Australia currently has the seventh largest presence of coworking operators globally at 253 operators, while New Zealand comes in 35th with 62 listed operators. The APAC region is mooted for rapid growth in the coworking space over the next five years, with China to becoming the largest market by 2022. 
In the next two years, a noteworthy 58% of Australian corporate occupiers plan to reduce their traditional leased office footprint space and 55% are looking to increase coworking space use, compared to only 28% of companies that have no plans to adopt flexible workspace solutions across their portfolio. 
CBRE Head of Office and Occupier Research, Felice Spark, said the uptake of flexible space would only accelerate as more corporates capitalised on the opportunity to have greater workplace flexibility. 
“Flexible space is no longer viewed as being the exclusive domain of entrepreneurial, start-up companies. It’s apparent through the survey that many corporations are seeking to decrease their exposure to long term leases,” Spark said. 
“This doesn’t imply that occupiers are looking to reduce their total office footprint, as 55% have said they intend to increase their use of coworking space in the future and 40% intend to increase their use of meeting/event space.”
Despite the growing demand for flexible solutions, only 32% of occupiers in Australia would choose to locate in a building with a coworking operator, highlighting existing concerns occupiers have around building tenant profile, lease covenants and a lack of experience co-locating with coworking operators. 
Meanwhile, demand for meeting and event function space is high. 89% of Australian occupiers expressed they would choose to occupy a building that offered these facilities versus one that didn’t. 
“This was particularly prevalent for the medium and smaller portfolio corporate respondents who expected to increase their use of meeting/event space more than larger occupiers in the next two years,” Spark said. 
“Greater scrutiny is being placed on portfolio and cost optimisation along with space utilisation. The need for multiple, superfluous meeting rooms and big boardrooms that may not be used on a regular basis is being questioned. Additionally, these occupiers value the benefits of a premium concierge service to assist in coordinating and/or hosting events and functions.” 
<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/2018/11/6/workspace%201.jpg" alt=""> 
Source: CBRE Research
The survey also revealed that the motivation to use coworking space varied between industries. 
For example, Finance &amp; Insurance companies valued portfolio flexibility as a key reason for using coworking but gave access to a collaborative environment a lower score. Comparatively, Public Sector occupiers placed higher emphasis on the ability to access a collaborative environment and less so on meeting and event space. Technology companies, which were unsurprisingly found to be the highest users of flexible space, were motivated by the ability to adapt to changes in business processes. 
Nicole Fitzgerald, CBRE National Director of Workplace Strategy, said the survey findings highlighted that there was key opportunity in the market for operators and landlords to provide greater diversification in the coworking space offering to meet the different needs and preferences of industry groups.
“Today, coworking in Australia has a brand problem for large corporates. It is too strongly associated with a traditional start-up setup with bean bags and ping pong tables. Larger corporates want the flexibility but need a more sophisticated and brand aligned experience in an environment that enables and supports fast paced innovation and positive disruption,” Fitzgerald 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/2018/11/6/workspace%202.jpg" alt="">
Source: CBRE Research
Notably, the survey found 44% of occupiers think landlords are not adapting to meet occupiers’ changing space requirements and 17% believe landlords are responding verypoorly.  
“Technology has revolutionised working methods and has aided the progress of an increasingly itinerant working style,” Fitzgerald said.
“For landlords, the opportunity exists to adapt their existing office product to meeting the evolving needs of their tenants. Flexible workspaces are becoming the point of reference for companies reassessing their commercial real estate requirements, and landlords need to understand this and adapt accordingly or risk being left behind.”  
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The future is flexible for Australian corporate occupiers

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Newcastle is attracting Sydneysiders with the lure of more affordable housing and lifestyle benefits, says Colliers International.
The city has around $1.2 billion of government investment projects in the pipeline, including the completed State Law Courts, NewSpace City Campus, transport interchange, light rail construction and the approved International Cruise Ship Terminal.
George Wragge, Director of Retail at Colliers International, said that the uptick in demand can be seen in the approximately $220 million worth of apartment developments that have been completed, with another $326 million under construction.
“People have moved north chasing affordability whilst seeking a different level of lifestyle and amenity,” Wragge said.
“This recent interest has come from a realization that Newcastle is incredibly accessible to Sydney however also offers attractions such as the Hunter Valley, Port Stephens and some of the nation’s best beaches.
“A major, boutique retail precinct is truly all that is missing in this unique seaside City.”
He is hoping this missing piece will be the East End residential and retail development, which is now under construction.
“The new East End Woolworths Metro store is now committed which will cater to the needs of office workers, shoppers, tourists and residents in the Newcastle CBD and will be the catalyst to curating a gentrified urban mix of food and beverage operators, service and convenience-based retailers.”
“Newcastle is no longer a hidden gem but is now exposed to major Sydney based retailers, with more premium restauranteurs and bespoke fashion stores expected to make the move North.”
Michael Chapman, Senior Executive at Colliers International, says that the demographic shifts in the area, plus the recent announcement of international flights out of Newcastle Airport, will bring more people to the city.
“With an increase in jobs of 8.1% predicted by 2020 and a rise in population of 33.4% predicted by 2036, Newcastle may have only just embarked on a journey of growth it hasn’t and may not ever experience again” said Chapman. 
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Boom in Newcastle residential construction to be complemented by new retail centre

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A mixed-use Coogee Bay Road building that is currently occupied by Moodi's cafe has sold, with a new technological trend.
The property, which sold for $3.25 million for the first time in over four decades, had 39 bids, a number coming from an international online bidder who was actively placing bids on the app AuctionNow.
The interested buyer entered the bidding at $2.1 million and stopped just shy of the final price at $3.24 million.
"As a direct result of having the property listed on AuctionNow, the potential buyer was able to watch the auction livestream in absolute real time and easily place bids from the other side of the world," a spokesperson for Damien Cooley auctions said.
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The building at 232 Coogee Bay Road had been Bakers Delight until last year when it gained approval to be converted into a health food cafe with outdoor seating.
Damien Cooley of Cooley Auctions held the hammer as the price soared past its $2.7 million reserve. 
It sold with a 3.5% yield, which is a suburb record for the asset class.
Above the ground floor commercial space is a one bedroom apartment with separate access.
Colliers International agents Peter Seeto and Miron Solomons handled the marketing.
Down the road the live auction for <a href="https://www.commercialrealestate.com.au/property/99-105-coogee-bay-road-coogee-nsw-2034-2014712202" target="_blank">99-105 Coogee Bay Road</a> saw the property was passed in with no bid.
<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/2018/11/14/Coogee-Bay-Road.jpg" alt="">
The building, which is home to LJ Hooker Coogee, was offered for the first time in over 100 years.
It comprises four retail ground floor shops and the 170 sqm office space above which is tenanted by LJ Hooker.
There's potential income for around $250,000 per annum on a fully let five tenancy basis.
 
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International investor using AuctionNow app underbids on Moodi's Coogee cafe

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Raine &amp; Horne have moved into a creatively designed, tech-savvy and collaboritve workspace in the heart of Sydney as they celebrated 135 years of operation. 
The new HQ offers dedicated space for its network and international offices to use.
Raine &amp; Horne chief executive Angus Raine said the new Sydney corporate office is a response to the company's massive office growth in Australia.
“The new office location is the realisation of our vision for increased innovation, collaboration and a more visible approach to leadership," Raine 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/2018/11/13/Raine3.jpg" alt="">
“This innovative approach to leadership includes our flat management structure, and the new office space has been welcomed enthusiastically across the company."
There is space in the offices for meetings, training and presentations, as well as their financial services business Our Broker and their groundbreaking Datalab call centre.
“Whether it is a small gathering for a brainstorming session or major client pitch, our network and staff can choose from a range of seating and collaborative spaces from boardrooms and meeting rooms to small cubicles and pods," Raine 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/2018/11/13/raine4.jpg" alt="">
“We can easily host functions for up to 150 people thanks to our expanded client entertainment areas.”
The new office provides extensive training facilities, with interactive screens, whiteboards and the latest in videoing conferencing facilities, as well as a state-of-the-art recording studio.
Raine &amp; Horne commercial retail services co-principal Robin Brenchley, who is a regular visitor to the new Raine &amp; Horne HQ, said he likes how modern the offices are.
"It offers an open plan structure that allows me to work collaboratively with Raine &amp; Horne’s marketing team," 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/2018/11/13/Raine2.jpg" alt="">
The space that Raine &amp; Horne now inhabits is considerably bigger than the previous headquarters on Sydney's Harrington Street.
A core theme driving the design concept for the Kent Street office was collaboration and the sharing of information and insights.
“The physical layout has been carefully structured to encourage collaboration, whether it’s for a team appointment or for impromptu meetings,” Raine explained. 
“For example, we are a project led business launching new products and services to the network. So, in response to this we have a dedicated project room.
“Even the design of the kitchen was considered carefully for collaboration with a café feel that encourages staff to gather for lunch and build culture.”
 
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