<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

<html><body>
GUEST OBSERVATION
Most retirees are financially secure. Many earn more than they did while working, the Grattan Institute finds. <a href="https://theconversation.com/profiles/brendan-coates-154644"> </a>
It’s conventional wisdom that Australians don’t save enough for retirement. Most workers themselves <a href="http://csrm.cass.anu.edu.au/sites/default/files/docs/ANUPoll-ageing-money-feb-2016%257B%255C_%257D0.pdf" target="_blank">think</a> they won’t have enough to retire on, and their concerns are <a href="http://nabnews.efront-flare.com.au/wp-content/uploads/2017/08/MLCWealth-%2520Sentiment-Survey-Q1-2017.pdf" target="_blank">rising</a>.
But the conventional wisdom is wrong.
Our new report, <a href="https://grattan.edu.au/report/money-in-retirement/" target="_blank">Money In Retirement: More Than Enough</a> shows that most people who are actually retired <a href="https://www.mebank.com.au/getmedia/2046702b-39c0-457b-8950-80d75e716bcd/ME-s-14th-Household-Financial-Comfort-Report_August-2018.pdf" target="_blank">feel more comfortable financially</a> than the Australians younger than them who are still working.
Retirees of today tend to slow their spending as they age, tend to keep saving in retirement, and often leave an legacy almost as big as the nest egg they had on the day they retired.
When surveyed today the retirees of the future might be worried about their retirement, but economic growth means they will almost certainly be on even higher incomes than retirees today.
These findings might seem surprising: they contradict the repeated messaging from the financial services industry that Australians won’t have enough for retirement.
But that industry’s claims are based on research that overlooks two important points.
Retirees spend less over time
Much of the research assumes that retirees need to save enough to enable their incomes to <a href="https://melbourneinstitute.unimelb.edu.au/downloads/working-paper-series/wp2014n05.pdf">keep</a> <a href="https://www.actuaries.asn.au/Library/Opinion/2015/ForRicherForPoorerRetirementIncomes2WEB.pdf" target="_blank">climbing</a> throughout their retirement in line with general wage growth.
Implicitly, it assumes that a retiree needs to spend 25% more at age 90 than at age 70, after accounting for inflation.
But our analysis shows that retired Australians tend to spend less over time, even those who have money to spare.
<a href="https://images.theconversation.com/files/244006/original/file-20181105-74754-1c9ftyn.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/244006/original/file-20181105-74754-1c9ftyn.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Young retirees might chalk up frequent flyer points, but they do it less as they get older.
Spending tends to slow at around the age of 70, and falls rapidly after age 80, to just 84% of what was spent at retirement age.
Even the wealthiest retirees spend less as they age. At the other end of the scale, pensioners receive discounts on everything from car registration to rates.
Our research finds that retirees spend less over time on food, alcohol, tobacco, clothes, furnishings, transport and recreation.
<a href="https://images.theconversation.com/files/244008/original/file-20181105-74775-1cthlie.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/244008/original/file-20181105-74775-1cthlie.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
They spend more on health care as they age, but Medicare <a href="https://theconversation.com/young-australians-set-to-pay-for-government-policy-mistakes-35250" target="_blank">largely shields them</a> from the full costs. The modestly higher out-of-pocket costs they do pay are mainly due to <a href="https://theconversation.com/private-health-insurance-premium-increases-explained-in-14-charts-92825" target="_blank">rising premiums</a> for private health insurance.
Not only do most retirees not draw down their savings throughout retirement, many add to them.
Even among pensioners, one recent study found that the median (typical) pensioner <a href="https://www.propertyobserver.com.au/http://journals.sagepub.com/doi/abs/10.1177/0312896216682577" target="_blank">still had 90%</a> of what he or she retired on after eight years.
This means that calculations about the adequacy of retirement savings ought to be based on whether they are enough to maintain buying power (at best) rather increase it in line with wage growth.
Many <a href="http://www.industrysuperaustralia.com/publications/reports/nearly-half-of-australians-will-not-have-a-comfortable-retirement/" target="_blank">prominent studies</a> also ignore non-super savings, which are <a href="https://theconversation.com/the-superannuation-myth-why-its-a-mistake-to-increase-contributions-to-12-of-earnings-66209" target="_blank">material</a>, especially for wealthier households.
They lead to misguided calls for ever-higher super contributions in order to ensure reach the point where super alone is enough to provide an adequate retirement income, even though many households will have income from other sources.
Most will have enough super
Our modelling shows that people starting work today will have adequate retirement incomes: workers of all income levels will retire on incomes at least 70% of their pre-retirement earnings – the so-called replacement benchmark used by the Organisation for Economic Cooperation and Development and the <a href="https://www.mercer.com.au/our-thinking/mmgpi#contactForm" target="_blank">Mercer Global Pension Index</a>.
<a href="https://images.theconversation.com/files/244011/original/file-20181105-74763-1bh59aw.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/244011/original/file-20181105-74763-1bh59aw.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
In fact the median (typical) worker can expect a retirement income of 91% of his or her pre-retirement income.
This means that many low-income Australians will actually get a pay rise on retirement.
Even workers in their 40s and 50s today – many of whom didn’t benefit from the present high rate of compulsory super contributions for their entire working lives – can expect a retirement income of about 70% of their pre-retirement incomes.
So compulsory super can stay at 9.5%
It means that that there is no obvious case to lift compulsory super contributions from 9.5% to 12% of salary as presently legislated.
Doing so might further boost retirement incomes (especially among those low and middle earners unable to compensate for the higher contributions by winding back other savings), but at the expense of providing lower incomes while working.
As the <a href="http://taxreview.treasury.gov.au/content/FinalReport.aspx?doc=html/publications/Papers/Final_Report_Part_2/chapter_a2-2.htm" target="_blank">Henry Tax Review</a> noted, higher compulsory super contributions are ultimately funded by lower wages than would have been the case, meaning lower living standards while in work.
As it happens, higher contributions would do little to change the retirement incomes of low and middle income Australians. Their extra superannuation income they provided would cut their age pension payments.
 
Higher compulsory contributions would also damage pensions in another way.
The age pension is <a href="https://www.dss.gov.au/our-responsibilities/seniors/benefits-payments/pension-rates" target="_blank">indexed to wage growth</a> which would be lower if employers diverted a steadily increasing proportion of their employee budget to super.
It means the most fervent opponents of a lift in compulsory super contributions from 9.5% to 12% ought be those people presently on the age pension.
The government ought to oppose it as well. Diverting more of what would have been wages to more lightly taxed super will strain its budget. Scrapping the proposed increase would <a href="https://insidestory.org.au/not-so-super/" target="_blank">save</a> it an impressive A$2 billion a year.
We can find better ways to help retirees
Even if governments did feel it necessary to boost retirement incomes, lifting compulsory super contributions would be one of the worst ways to do it.
Loosening the age pension assets test taper could boost retirement incomes of around 20% of retirees, climbing to more than 70% over time. It would cost the Budget just A$750 million a year – less than half the cost to it of the proposed increase in compulsory super.
The real priority - by far the biggest bang for the buck in alleviating poverty in retirement - should be boosting Commonwealth rent assistance by 40%, providing an extra $1,410 a year for retired singles and $1,330 for retired couples.
Senior Australians who rent privately are much more likely to <a href="https://theconversation.com/three-charts-on-poorer-australians-bearing-the-brunt-of-rising-housing-costs-87003" target="_blank">suffer financial stress</a> than homeowners. And renting will become more widespread as younger generations on low incomes find themselves less able to afford homes.
Australians have been told for decades that they’re not saving enough for retirement. Such claims are inconsistent with the facts. Most of today’s workers can already expect a comfortable retirement. Forcing them and future workers to save more money for retirement that they’ll never spend is simply a recipe for larger bequests.<img src="https://counter.theconversation.com/content/106237/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
Brendan Coates, Fellow, Grattan Institute; John Daley, Chief Executive Officer, Grattan Institute, and Jonathan Nolan, Associate, Grattan Institute
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/why-we-should-worry-less-about-retirement-and-leave-super-at-9-5-106237" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

Why we should worry less about retirement - and leave super at 9.5%: Grattan Institute

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There are $90 million hopes for a Double Bay development site.
It is the Cross Street holding next to the Inter­Continental Hotel.
Offers close Decem­ber 7 for the 1,334 sqm block at 19-27 Cross Street.
It is on the corner of Transvaal Avenue.
There are plans from architect Luigi Rosselli for a high-luxury seven-storey project, but not yet approved.
It includes retail and a piazza on the ground level with 22 apartments.
The property has been listed by Tri-Anta Pty Ltd who purchased it in 1996.
The six children of the late Stephen and Stella Rose are the vendors through 1st City.
<img src="https://www.urban.com.au/images/2018/11/7/Cross%20Street%20aerial.JPG" alt="">
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$90 million hopes for Double Bay development site

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A strata office located within Spring Hills’ ‘Portman Place’ complex has been purchased by an interstate investor after only 11 days on market.
Will Carman of Savills negotiated the sale on the commercial office suite at 220 Boundary Road achieving a rate of $5,518 per square metre.
The 135 sqm suite is in proximity to the Brisbane CBD.
WBP Architecture and Design a local architectural firm, has occupied the premises for the last 30 years.
Established in 1987, WBP Architecture specialise in commercial, hospitality and fast food projects and designs and have undertaken projects from Darwin through to Hobart.
They recently signed a new lease expiring in 2023.
Mr Carman said, “being a longstanding tenant, WBP offered security and an income stream of almost $60,000 net per annum."
He credits a "targeted database strategy,” for the quick result.
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Savills sell Spring Hills strata office to interstate investor

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Global real estate investor and manager Cromwell Property Group (Cromwell) has secured two new leases at its Victoria Avenue, Chatswood CBD complex.
The two-tower complex, comprised of 13 storeys of A-grade office space, is positioned in the heart of the Chatswood precinct.
Cromwell has signed over 1,100 square metres across both new tenants, Sydney North Primary Health Network and Shiji Group.
Sydney North Primary Health Network has leased level five of tower two for six years to 2024, and Shiji Group has leased a spec fitout on level 10 of tower one for five years to 2023.
Bobby Binning, Cromwell head of property, said the recent deals indicated quality, well-managed office space in Chatswood was "hot".
“Chatswood is humming with activity as businesses explore office space beyond Sydney CBD. As market dynamics shift, a major drawcard to the precinct has been the amenity offering and transport options, with theChatswood to Sydenham Metro Rail planned for 2024,” Binning said.
“The position and quality of our Victoria Avenue asset has resulted in continuously high occupancy rates. We are pleased to welcome our two new tenants onsite.”
Cromwell purchased the Victoria Avenue asset in 2006. Under Cromwell’s management, the common areas and all office floors have undergone refurbishment and modernisation.
Earlier this year, Cromwell submitted a Development Application (DA) for an additional low-rise 3,500 square metre premium-grade office building and a 156-room, full-service hotel on the site.
The DA also envisages significant plaza and amenity improvements benefitting all tenants, including new end-of-trip facilities, outdoor, conferencing and dining facilities.
The DA is subject to council approval, with an outcome pending in the coming months.
Commenting on the DA, Binning said following the successful rejuvenation of Northpoint Tower, it is looking to replicate a similar offering for its Chatswood tenants. 
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Shoji Group take Chatswood CBD office lease

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It was hard not to miss the unflappable buyers' agents lining the front (and or back) row when The Block Gatwick apartments went to auction last month.
All five of the renovated St Kilda apartments sold in the televised finale were purchased through buyers’ agents this year, just like last time at Elsternwick. 
Buyers’ agents are licensed professionals who specialise in searching, locating, evaluating and negotiating the purchase of property on behalf of buyers.
They do not sell real estate, although many buyers’ agents were previously real estate agents.
They are engaged independently and paid for by the buyer to act on their behalf perhaps because they don't have the time for the required research, calculation, and consideration.
There were times during the auctions when there was an obvious tense showdown between the auctioneer and the buyers' agents.
Both were doing their job, adding to the televised excitement. There was even a brief suggestion of collusive bidding.
Egos were there on display, as auctioneer and buyers’ agents battled to triumph. 
There was the strategic decision by one auctioneer not to accept opening bids which were above reserve because he thought the apartment was worth much more.
The auctioneer then aggressively declined, at certain stages, to take small incremental bids despite having confirmed the apartment was on the market.
All those threatening "final" bid calls didn't have the normal impact because the auctioneer was dealing with hardened professionals, not susceptible emotional buyers.
The virtual absence of genuine buyers from the crowd from Block auctions meant the typical auction anxiety was limited to the contestants on the couch.
The buyers' agents were mostly playing it deadpan.
Buyers’ agents typically represent buyers, although The Block has roped them into helping the contestant understand buyer desire.
When the buyer's advocates joined the series, many speculated that the move was intended to help prevent a repeat of the Richmond season's dismal auction results.
These buyers' agents enjoy huge publicity during the series and then again on auction day.
One of the key aspects of using an independent buyers’ agent ought to be their ability to evaluate a property’s pros and cons objectively.
They’re not supposed to get emotional about the purchase like buyers do.
They can assist buyers retain their privacy.
Buyers’ agents can be a good idea for the simple fact that most people don’t buy a home or investment property on a regular basis.
A buyers’ agent is in the market every day, so their skills are well-honed and well placed to advise clients on how to buy the right property at the right price.
They also can source off-market properties before the public marketing campaigns.
When it comes to fees, there is no industry standard however the general rule of thumb is a around 2% commission plus GST on the purchase price. 
Some buyers’ agents choose to charge a fixed fee. 
It can depend how much of the service buyers seek. 
Word of mouth recommendation is a good way to start the selection. And in the same way vendors would interview a few estate agents before engaging one to sell their home, buyers should interview a few buyers’ agents.
This enables buyers to compare their services, knowledge and fees and find the right one.
This article first appeared in The Daily Telegraph. 
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jchancellor-FAypfDUnLy

What do buyer's agents do for real estate buyers?

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EXPERT OBSERVATION 
As expected, the Reserve Bank Board decided to leave the cash rate unchanged at 1.5%.
The themes that have become familiar in previous statements were repeated in this one: continuing global expansion; China slowing a little; international trade uncertainty; positive business conditions; household consumption a source of uncertainty; labour market outlook positive; wages growth low; but a gradual lift in wages growth expected; further gradual decline in the unemployment rate expected; inflation higher in 2019 and 2020; housing conditions in Sydney and Melbourne continue to ease; progress toward full employment and target inflation will be gradual.
However, the growth and unemployment forecasts have been revised. These forecasts will be confirmed in the Statement on Monetary Policy that will be released on November 9. The forecast growth rates for 2018 and 2019 have been revised up from 3.25% to 3.5%, while the 2020 forecast is for a slowdown, although the current forecast of 3% may now be revised up to 3.25%. With no real change in the wording, there is no clear justification for this upward revision, particularly for the faster expected growth in 2019.
Westpac expects growth to slow in 2019 to 2.7% reflecting a weaker consumer; a contraction in residential construction; a softening housing market; weakening global economy and some impact on business and household sentiment from the uncertainty around the federal election.
Less surprisingly, the forecast unemployment rate by 2020 has been revised down to 4 ¾% from 5%. That may be significant because 4.75% is below the generally accepted full employment rate in Australia of 5%. As such, that might imply that the Bank is more confident that significant wage pressures will be building. However, overseas evidence and measures of current slack in the labour market point to a benign wage outlook, even if the unemployment rate falls to 4.75%. Westpac expects that due to the headwinds described above for 2019, the unemployment rate is likely to rise somewhat through 2019 before drifting back by the end of 2019.
The September quarter Inflation Report printed around the Bank’s expectations and it does not appear to have changed its inflation forecasts.
Since the last board meeting, evidence around house prices and auction clearance rates point to a further slowdown in the Sydney and Melbourne housing markets. Despite that, the Governor’s language around housing is all but unchanged. The slight difference is that he qualifies “credit extended to owner-occupiers” as having “eased” but remaining “robust”, compared to the  October Statement’s description as just “remains robust”.
The second paragraph in the Governor’s Statement which refers to the global economy is identical to the Statement in October, despite developments in equity markets and a surprise reduction in China’s growth rate.
In the following paragraph, which usually relates to financial conditions, the tightening we have seen is noted and equity prices are recognised to have declined. However, there appears to be no real concern about the flow through to the real economy.
We have been a little surprised that the Bank has not recognised the fall in the Australian dollar in recent months referring to it remaining “within the range it has been in the past two years on a trade-weighted basis”. Since the last Board meeting, the TWI actually lifted from 62.2 to 62.3 and yet the Governor has decided to expand on the usual commentary with “although it is currently in the lower part of that range”.
Conclusion
As discussed, we are a little surprised that the Bank has decided to lift its growth forecast in 2019 to 3.5% (0.75% above estimates of potential growth). Westpac expects growth to slow to 2.7% in 2019 (around potential). We will have to wait until the Statement on Monetary Policy on November 9 for an explanation behind this lift.
Clearly, the Bank is less concerned about the headwinds that we have outlined above. As always, while policy is forward looking, it responds to reality rather than long-term forecasts. We expect that through 2019, the Bank will be surprised about the slowdown in the Australian economy and adjust its outlook accordingly. As such, we remain comfortable with our forecast that the cash rate will remain on hold in 2019 and, indeed, in  2020.
BILL EVANS is chief economist of <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.
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bevans-rYk9SxEa4r

RBA will be surprised with slowdown in economy: Westpac's Bill Evans

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EXPERT OBSERVER
Tim Lawless of CoreLogic wrote on Property Observer recently that roughly half the sub-regions of Australia have rising property prices, including about 40% of capital city sub-regions and 60% of those in regional Australia.
Those numbers paint a starkly different picture to the relentless daily line-up of click-bait headlines telling us that prices are falling across Australia.
Last week I highlighted areas around Melbourne and in regional Victoria near the capital city where prices have risen a lot in the past year and continue to rise strongly. Some of the growth rates are eye-boggling.
In contrast to headlines declaring that Melbourne values are falling by $1000 a week, I’ve found myriad suburbs right across the Melbourne metropolitan area where prices have grown more than 10 percent in the past 12 months and have also had growth in the latest quarter.
The standout sub-market with declining median prices is the top end – the suburbs with million-dollar median prices. Elsewhere, growth markets greatly outnumber those that are in decline, especially in the outer-ring areas.
Here’s another example of current strong growth: the Sunshine Coast.
I’ve just completed a research exercise which included making a list of regional Queensland locations where there’s been double-digit growth in median prices in the past year, plus meaningful growth in the most recent quarter.
Suburbs in the Sunshine Coast region dominate that list.
And I’m happy to say I predicted it. Based on the massive pipeline of infrastructure projects and other big developments, I’ve been shouting about looming growth in this market for the past two years.
When there’s $20 billion being invested in a relatively small regional city, price growth in the residential market is inevitable – provided developers don’t saturate the market with new product. To date, the Sunshine Coast has avoided the Gold Coast’s tendency towards over-supply.
So prices are growing. At a Sydney seminar last week I met a developer who had sold a Maroochydore penthouse for $6 million and an apartment on the floor below for $5.7 million. Those are startling numbers for this location.
Noosa, after a long period of under-achievement, has returned to growth recently. In annual terms, its median house price is up 14 percent, while units are up 12 percent, according to CoreLogic data. Noosaville and Tewantin have both grown 11 percent.
Nearby, Sunshine Beach is up 17 percent and the median house sells for around $1.4 million.
Heading south, Coolum Beach has risen 12 percent and nearby Mount Coolum is up 22 percent.
There is a long list of other Sunshine Coast locales with annual growth above 10 percent.
But the star performer is the upmarket water-based suburb of Minyama, where the median house price has risen 46 percent to $1.31 million, according to CoreLogic figures. Whenever I see a price growth statistic like that, I instantly think “statistical aberration” – usually caused by a small sales sample. But Minyama has recorded 60 sales in the past 12 months so the sample is not a problem. 
I checked other price data sources, which provide estimates of the median house price ranging from $1.25 million to $1.4 million. One records an annual growth rate of 46 percent and another says 49 percent, while a third source says the median price has risen around 8 percent in the past quarter alone. But other sources have more moderate price rates, so go figure.
Overall, it’s a strong picture of growth across this vibrant market.
Why is it so? Because billions are being pumped into this economy. 
The new medical precinct alone has been an enormous catalyst, including the $2 billion University Hospital and the adjoining private hospital, as well as smaller specialist facilities. 
These facilities have brought thousands of new residents to the Sunshine Coast, many of them well-paid and looking for quality homes.
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

Sunshine Coast a property price growth leader: Hotspotting's Terry Ryder

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The final design has been unveiled for an iconic new Sydney Fish Market which will revitalise Blackwattle Bay and expand the public’s access to Sydney Harbour and its foreshore.
Premier Gladys Berejiklian said the purpose-built retail and wholesale facility will be positioned over the water as the centrepiece of a new harbour-side precinct, taking advantage of panoramic views to the Anzac Bridge.
“The Sydney Fish Market currently attracts more visitors annually than the GreatBarrier Reef and accounts for around 20 per cent of international visitors to the Sydney region,” Ms Berejiklian said.
“It is already the largest fish market in the southern hemisphere, trading approximately 14,500 tonnes of seafood per year.
“This brand new fish market will draw locals and visitors to Blackwattle Bay to experience the excitement of an authentic market and auction floor, and taste some of our finest seafood in state-of-the-art surrounds.”
<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/fish%20market%202.jpg" alt="">
The building will feature a unique timber and aluminium roof inspired by fish scales floating over the building like a canopy and be home to an expanded seafood cooking school, food kiosks, restaurants, bars and outdoor spaces for social events.
Plans also include new public wharves, a waterfront promenade, a new ferry stop and new civic and community spaces.
“This will become a vibrant economic and community hub that supports NSW’s fresh seafood industry, our professional fishers and coastal fishing towns from Eden toTweed Heads,” Ms Berejiklian said.
“Relocating the fish market to the new site will return Blackwattle Bay’s foreshore to the public, improve pedestrian and cycling links and connect more of Pyrmont to the water as part of the long-awaited revitalisation of the area.”
<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/fish%20market%203.jpg" alt="">
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The design was commissioned last year and is being led by Danish architects 3XN, in partnership with Sydney firms BVN and Aspect Studios.
Sydney Fish Market will continue to operate uninterrupted during construction of the new facility, which is expected to begin mid 2019, subject to all necessary approvals.
The new fish market is expected to open in 2023.
GBCA CEO Romilly Madew said the new Sydney Fish Market would be a world-class tourist attraction, with the stunning complex not only reinvigorating the CBD location, but embracing energy efficiency and water and waste-saving measures.
“We applaud the NSW Government, UrbanGrowth NSW and the Sydney Fish market for ensuring the regeneration of the fish market is undertaken with sustainability front-of-mind,” “For such an iconic Sydney attraction to embed environmental and social sustainability as a core function sets a great example for others to follow and represents best-practice.
“It also shows the importance of Green Star and how, increasingly, Sydney’s iconic buildings and precincts are aiming for and achieving certification, such as the Sydney Opera House, Barangaroo and Sydney Airport.
“We are excited to work with the key stakeholders on this monumental project, which will reshape, redefine and reinvigorate Blackwattle Bay.”
 
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Sydney Fish Market final design unveiled

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A boutique retail investment in Richmond is set to go under the hammer.
The single level, 110 square metre building on a 140 square metre site at 487 Church Street is currently utilised as a café and has been home to different food outlets for more than 30 years.
Teska Carson’s listing agents George Takis and Michael Ludski said that the property was a owner-occupier opportunity with potential development upside.
They said the property has Commercial 2 zoning which aims to promote offices, appropriate manufacturing and industries, bulky goods retailing, and other retail uses, as well as associated businesses and commercial services.
“Dubbed the innovation capital of Melbourne this area is experiencing increasing demand from tenants and developers looking for city fringe opportunities,” Takis said.
“Recent strong local and offshore investment and the number of projects underway or in the application process in the area are testament to its high desirability.”
Ludski said owner-occupiers and tenants would benefit from exposure to a high level of pedestrian and vehicular traffic.
“This is an exceptional location in terms of close proximity to all essential amenities which will continue to attract tenants and drive strong capital growth. At the same time the property offers the potential for further development (STCA),” Ludski said.
An onsite auction will be held on Thursday, November 22 at 12pm.
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Church Street, Richmond café site set for auction 

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A Melbourne developer will make home at a boutique development site at West Melbourne after outbidding six rivals to pay $3,815,000 for the property at a lively Teska Carson auction.
Located on the edge of the CBD, the 366-370 Spencer Street property attracted a field of prospective purchasers, including owner-occupiers, developers and investors.
It was knocked down at $600,000 above reserve and at $11,000 a square metre.  
The property comprises a single level commercial building on a 345 square metre site, zoned mixed use with 14 metres frontage to Spencer Street as well as rear access to on-site parking.
It was sold subject to a short term lease at an annual rental of $64,273.
According to selling agents, Teska Carson’s Matthew Feld and Michael Ludski, the property’s location within walking distance of every desirable amenity. 
“ With mixed use zoning and a short term lease, the property offered developers a fantastic opportunity for residential or other types of commercial development, but it also appealed to owner-occupiers and investors who were also attracted to the location and on-site parking,  in a precinct which has fast become a very highly sought after inner-city location,’’ Feld said.
He said well-located sites with development potential were very much on the radar of a wide variety of purchasers especially those that offered an existing income stream
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