<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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<div>Moves by banks and their regulators to curb investor lending, combined with a drop in overseas buyers, has seen national capital city house prices decrease 2.9 per cent over the year to $781,787, according to the latest Domain Home Price Report.</div>
<div> </div>
<div>The report found unit prices have fallen by 1.4 per cent over the year to $549,163.</div>
<div> </div>
<div>Over the quarter, houses in Hobart and units in Adelaide have been the only market segments to buck the national downward trend. Domain senior research analyst, Dr Nicola Powell said "it’s a development that will no doubt be welcomed by Australia’s first-home buyers - property prices across almost all capitals continue to fall.</div>
<div> </div>
<div>"In many markets throughout Australia, gaining entry has become a greater possibility."</div>
<div>
<div>
 <img src="https://gallery.mailchimp.com/b16c0b957ea98f662ab985606/images/e41111b1-d7bd-43d8-b7af-b69c1cabf583.png" width="580" height="386" data-imagetype="External">
</div>
</div>
<div> </div>
<div>Key findings concerning houses were that Sydney house prices are now at late-2016 levels, while Melbourne house prices haven't fallen as far and are now at 2017 levels.</div>
<div> </div>
<div>Canberra house prices increased over the year but were flat over the quarter, similarly Brisbane and Adelaide were also up over the year, but down slightly over the quarter.</div>
<div> </div>
<div>Hobart was the standout and continued to grow strongly, recording double-digit annual growth.</div>
<div> </div>
<div>Key findings concerning units were that units in Sydney and Melbourne continued to outperform houses, while in all other capital cities houses outperformed units.</div>
<div> </div>
<div>Unit prices fell over the September quarter and year across all capital cities, apart from a minor quarterly improvement in Adelaide, and annual growth in Melbourne and Hobart. As a result all capital cities are now under performing relative to last year, except for Perth and Darwin.</div>
<div> </div>
<div>National unit prices have continued to weaken, with annual growth declining for two consecutive quarters.</div>
<div> </div>
<div>“There are opportunities for buyers in all property cycles — the key is to be ready when opportunities arise,” Dr Nicola Powell concluded.</div>
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j.ballantyne1990-6AQqhLzZaK

Sydney house prices down 6.5 percent, double Melbourne's drop: Domain

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Investment in residential alternatives of all types is rising, global residential investment volumes exceeding all retail or industrial investment in the past year, according to new research from Savills. 
The latest Global Living report reveals that student housing investment volumes have risen 87 per cent in the past five years, with the provision of Purpose-Built Student Accommodation (PBSA) highest in the UK and lowest in southern Europe.
Savills Australia’s director for Student Accommodation, Conal Newland, said that the supply of new PBSA in Australia was growing in many of the major cities, underpinned by a lack of existing accommodation and strong student population growth.
“As the 20- to 39-year-old age bracket becomes more prevalent in the rental market, the increasing influence of Gen Y’s demand for higher-quality rental accommodation is creating opportunities for developers to provide hybrid co-living developments,” 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/2018/10/25/student%20accomodation%20.jpg" alt="">
“The recently completed UKO Stanmore is an example of a communal accommodation option available in Sydney, which has been delivered under the new generation boarding house planning designation.”
UKO is Australia’s first co-living residential series emulating similar concepts in Europe, the UK and the US, with its Stanmore offering comprising 33 units. Developments in Newton and Paddington are set to follow.
In Melbourne, there is Urban Coup, which comprises 30 households ranging from first-home buyers to young families.
Mr Newland went on to say he expected “a steady increase” in PBSA transactions in the short term, which he believed would be the catalyst for a surge of investment into other residential-based asset classes.
“Increasing transaction volumes will, in our opinion, drive down PBSA yields in Australia, which currently sit much higher than other more mature markets, such as the UK and many European countries,” he said.
The report outlines the growing popularity of co-living across the globe, which is a more luxurious form of share-housing and extends the convenience and amenity of PBSA to non-student markets. Targeted at graduates and young professionals, as well as students, co-living accommodation offers fully furnished units, extensive amenities, community events, all-inclusive bills and pro-active management.
“Given the increasing global capital flows attracted to a growing range of residential investment opportunities, Australian lawmakers should be mindful of passing legislation that may reduce the attractiveness of investments, or this country may run the risk of becoming less attractive to millennials and Gen Zs looking to study, live and work here,” Mr Newland concluded.
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Student accommodation and co-living drive residential investment in Australia

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EXPERT OBSERVER
<div>Property transaction volumes have been crippled in recent months.</div>
<div> </div>
<div>But one key dynamic has not changed.</div>
<div> </div>
<div>The capital cities continue to create hundreds of thousands of the most favourable employment opportunities...and there still ain't any more well-located land.</div>
<div> </div>
<div>Capital city vacant land prices increased by a massive 16 per cent to a record high of $336,124 over the year to June 2018, as supply fails dismally to keep pace with demand. </div>
<div> </div>
<div>This was much faster than the 5 per cent increase for regional lot values. </div>
<div> </div>
<div>Sydney may still have the highest land price at $477,250 at the end of the June quarter.</div>
<div> </div>
<div>But Melbourne recorded faster growth, with the median land price per square metre exploding another 27 per cent higher higher over FY2018. </div>
<div> </div>
<div>Sydney's median vacant land price per square metre is now $1,100, ahead of Melbourne at $885.</div>
<div> </div>
<div>Price pressures are still strong in the residential land market, according to HIA.</div>
<div> </div>
<div>They found that the price and number of vacant residential lots sold increased across the state capital cities in the June 2018 quarter.</div>
<div> </div>
<div>The weighted median residential lot price for Australia's state capitals increased by 3.8% to $336,125 in the June 2018 quarter to be 15.5% higher over the year.</div>
<div> </div>
<div>Melbourne saw the strongest price surge with vacant residential land in Melbourne jumping 26.5% over the year to the June 2018 quarter.</div>
Tim Lawless CoreLogic' Research Director agreed with this sentiment stating upwards pressure on capital city land values will continue. 
<div>He found construction costs are also rising faster than inflation.</div>
<div> </div>
<div>And accordingly, the future price of new detached housing will be "inevitably higher" according to CoreLogic analysis.</div>
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pwargent-M4siyDbqQY

Capital city land price boom continues: Pete Wargent

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GUEST OBSERVATION
The internet is transforming every aspect of our lives. It has become indispensable. But, so far, according to <a href="https://onlinelibrary.wiley.com/doi/abs/10.1111/joes.12211" target="_blank">a new meta-analysis we have published in the Journal of Economic Surveys</a>, the internet has done next to nothing for economic growth.
Vast resources have been thrown at information and communication technologies. Yet despite exponential growth in ICT and its integration into almost all aspects of our lives, economic growth is not demonstrably faster (and at the moment is demonstrably slower) than it was beforehand.
As Nobel Prize-winning economist Robert Solow famously put it, “you can see the computer age everywhere but in the productivity statistics.”
This productivity paradox has caused angst and raised questions about whether the trillions invested in ICT could have been better invested elsewhere.
Our study of studies
We reassessed ICT through a meta-analysis of 59 econometric studies incorporating 466 different observations in both developed and developing countries. We divided ICT into three categories: computing, mobile and landline telephone connections, and the internet. For developed countries, we found that computing had had a moderate impact on growth. Mobile and landline telephone technologies also had a small effect.
But the internet has had no effect, at least not as far as can be ascertained from the research to date.
The promise not yet delivered
Ever since the Industrial Revolution, innovation and technological change have driven rising productivity and economic growth.
Information and communications technologies ought to follow in those footsteps.
Instead, productivity growth in US manufacturing has <a href="https://www.bls.gov/opub/mlr/2018/article/multifactor-productivity-slowdown-in-us-manufacturing.htm" target="_blank">slid</a> from 2% per year between 1992 to 2004 to minus 0.3% per year between 2005 and 2016.
Where ICT innovations <a href="https://www.propertyobserver.com.au/https://www.jstor.org/stable/20777587?seq=1#page_scan_tab_contents" target="_blank">do lead to an increase in productivity</a>, it’s often a one-off boost rather than an <a href="https://www.propertyobserver.com.au/https://press.princeton.edu/titles/10544" target="_blank">ongoing increase year after year</a>.
Where the internet sends us backwards
More disquieting, there is some evidence suggesting that rather than contributing to economic performance, some parts of ICT can harm it.
The internet can be an enabler of <a href="https://www.propertyobserver.com.au/https://www.penguinrandomhouse.ca/books/202162/the-procrastination-equation-by-piers-steel/9780307357175" target="_blank">procrastination</a>. Cyberslacking can take up to <a href="https://www.sciencedirect.com/science/article/pii/S0747563211000604" target="_blank">three hours of work a day</a>.
It isn’t all bad. Many of us get a lot of joy from catching up on social media and watching dog and cat videos. But if everyone is distracted by it, little gets done.
The internet has also enabled greater flexibility in work, another plus. But if it contributes little to economic growth, it is worth asking whether our economic managers should continue to fund its expansion.
No saviour for developing nations
For developing countries, generating economic growth is pressing because resources are scarce. ICT has been <a href="https://www.propertyobserver.com.au/https://openknowledge.worldbank.org/handle/10986/2422" target="_blank">held out as a saviour</a>.
Yet, it has almost always been found that more obvious innovations, such as running water, <a href="https://www.propertyobserver.com.au/https://press.princeton.edu/titles/10544" target="_blank">electricity</a>, and primary education for girls, have bigger payoffs.
Our own findings show that developing countries benefit from landline and mobile phone technologies but not at all from computing, at least not yet. ICT might need to reach a <a href="http://www.oxfordhandbooks.com/view/10.1093/oxfordhb/9780199548798.001.0001/oxfordhb-9780199548798-e-005" target="_blank">critical size</a> before its effects matter.
But maybe later, down the track
The time it takes for ICT investment to generate economic growth might be longer than expected, and it might need to reach an even bigger critical mass before that happens.
But it’s hard to avoid the conclusion that, for the immediate future, growth will continue to depend upon more traditional sources: trade between nations, education, new ideas, the rule of law, sound political institutions, and <a href="https://theconversation.com/dont-listen-to-the-rich-inequality-is-bad-for-everyone-81952" target="_blank">curtailing inequality</a>.
Unfortunately, these are under threat from growing nationalism and protectionism in the United States and elsewhere. The evidence to date suggests that we would be better off fighting those threats than investing still more in an information technology revolution that has yet to deliver.<img src="https://counter.theconversation.com/content/105294/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
Chris Doucouliagos, Professor of Economics, Department of Economics, Deakin Business School, Alfred Deakin Institute for Citizenship and Globalisation, Deakin University
Tom Stanley, Professor of Meta-Analysis, Deakin University
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/the-internet-has-done-a-lot-but-so-far-little-for-economic-growth-105294" target="_blank">original article</a>.
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The internet has done a lot, but so far little for economic growth

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GUEST OBSERVATION
Australia’s federal agriculture minister, David Littleproud, has called for a boycott of supermarket-branded milk. He is angry about lack of support for a “milk levy” of 10 cents a litre wanted by the dairy industry to support drought-stricken farmers.
Fellow National Party colleagues have called for nothing less than a royal commission into the supermarkets’ support for farmers. Nationals leader, and deputy prime minister, Michael McCormack, has said he is open to the idea.
Amid intense price competition across many supermarket categories, the price of milk stirs passions like nothing else.
But calls to boycott supermarket-branded milk are misguided; and a royal commission would not be money well-spent.
The widely held belief that supermarkets are hurting dairy farmers by driving down the price of milk is incorrect.
It overlooks basic supply chain dynamics and the findings of the 18-month-long inquiry by the Australian Competition and Consumer Commission, which was ordered by then federal treasurer Scott Morrison to investigate the low milk prices paid to dairy farmers.
Indirect relations
Looking at the supply chain for fresh milk helps show why the retail price of supermarket-branded milk does not determine the price paid to farmers as some claim.
There are many players within a food supply chain: producers, processors, wholesalers, retailers and consumers.
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<a href="https://images.theconversation.com/files/241784/original/file-20181023-169816-xw6s3p.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/241784/original/file-20181023-169816-xw6s3p.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Fresh dairy supply chain volume map: <a class="source" href="http://www.agriculture.gov.au/SiteCollectionDocuments/ag-food/food/national-food-plan/submissions-received/foodmap-an-analysis-of-the-australian-food-supply-chain-30-july.pdf" target="_blank">Department of Agriculture, Fisheries and Forestry</a>
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Dairy farmers typically sell their milk to processors, who then sell to supermarkets. There is a relationship between the supermarket and processor, not supermarket and farmer. Whether the supermarket sells a litre of milk at $2, $3 or $4 has no direct relationship on the price the processor pays to the farmer.
In the words of <a href="https://www.accc.gov.au/publications/dairy-inquiry-final-report" target="_blank">the final report</a> of the competition watchdog’s Dairy Inquiry, “the farm-gate price paid to farmers for milk used to fulfil private label milk contracts is not directly correlated with private-label milk retail prices”.
Blame dairy processors
The ACCC’s report does identify a range of market failures due to bargaining power imbalances and information asymmetry, but these are crucially between dairy farmers and processors.
Dairy farmers’ weak bargaining power means any higher price paid by supermarkets to processors would not necessarily result in higher farm-gate prices. The ACCC report notes that farmers get no more money for the milk that is sold at higher retail prices (such as branded milk).
Processors, not supermarkets, set farm-gate prices in response to market conditions (global and domestic demand), at the minimum level required to secure necessary volumes. Farmers are not paid according to the type or value of the end product their milk is used in. They are paid the same price for their raw milk regardless of what brand goes on the container.
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<a href="https://images.theconversation.com/files/241787/original/file-20181023-169831-1kibwcv.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/241787/original/file-20181023-169831-1kibwcv.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Distribution of revenue from sale of private label vs branded fresh drinking milk: <a class="source" href="https://www.accc.gov.au/system/files/1395_Dairy%20inquiry%20final%20report.pdf" target="_blank">ACCC Dairy Inquiry</a>
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Also blame consumers
Supermarkets are under pressure to keep food prices low, particularly on staples such as bread, milk and eggs. This is evident from the fact that campaigns to get shoppers to exercise their power as ethical consumers quickly run out of steam.
In April 2016, for example, national attention on the plight of dairy farmers led to a campaign encouraging shoppers to leave “supermarket branded milk” on the shelves. In a single month the supermarket brands’ share of milk sales dropped from 66% to 51%. Then it began to rise again. Within a year it was back to nearly 60%.
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<iframe style="border: none;" src="https://datawrapper.dwcdn.net/NyTIZ/1/" frameborder="0" width="100%" height="400"></iframe>
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Adding to confusion
While a milk levy to directly help farmers during the drought has many supporters, the disconnect within the supply chain means it is near impossible for retailers to pass the money directly to the intended beneficiaries. That, again, depends on those who buys the milk from the farmers – the processors.
Despite this, and because the ACCC inquiry’s findings have so far done little to dispel myths about the price of milk, retailers such as Woolworths have seen it as prudent to embrace the levy idea and publicly demonstrate support for dairy farmers.
All the additional proceeds from its “Drought Relief” milk go back to processor Parmalat, who is responsible for distributing the money to suppliers in drought-affected areas. Coles, meanwhile, has slapped a 30 cent levy on its three-litre milk containers, with the funds going to the Coles Drought Relief Fund.
These measures arguably add to continuing confusion about how the milk market works and the relationship between farm-gate and retail prices.
In the court of public opinion the supermarkets probably had no option but to go along with the charade.
A minister for agriculture, however, should know better.<img src="https://counter.theconversation.com/content/105300/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
Gary Mortimer, Associate Professor in Marketing and International Business, Queensland University of Technology
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/supermarkets-are-not-milking-dairy-farmers-dry-the-myth-that-obscures-the-real-problem-105300" target="_blank">original article</a>.
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Supermarkets are not milking dairy farmers dry: the myth that obscures the real problem

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An 88 sqm office suite located within the Sydney CBD has been sold.
It was offered by Yosh Mendis for Cushman &amp; Wakefield Sydney. 
The office situated at <a href="https://www.commercialrealestate.com.au/property/302-67-castlereagh-sydney-nsw-2000-2014581145" target="_blank">302/67 Castlereagh Street</a> features high ceilings, the abundance of natural light, and back-to-base security system.
It is surrounded by occupiers including Dior, Chanel, Bvlgari and Prada.
It is within walking distance to MLC Centre, Law Courts, Martin Palace, Hyde Park, Wynyard, Sydney Towner, Westfield and Pitt Street Mall.
This boutique strata office was offered for the first time in 40 years. 
 
 
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Sydney CBD strata office sold after four decades

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An industrial office/warehouse in Rowville has sold for $13 million for the first time in 20 years to a local owner-occupier, highlighting the tightly held nature of Melbourne’s south-eastern industrial precinct. 
Savills Australia’s Kosta Filinis and Lynton Williams brokered the off-market deal for 800 Wellington Road at a land and building rate of $1,600 per sqm. 
“The sale demonstrates the current strength and depth for established, large-scale facilities in this tightly held, fully developed industrial precinct of Melbourne,” Mr Filinis said. 
Mr Filinis went on to say that due to the proximity to Eastlink, assets in the Rowville precinct were in strong demand from both owner-occupiers and investors.  
“The precinct is highly regarded and with very limited supply, industrial values are on a strong upward trajectory.” 
The 20,940sqm site enjoys a main-road position and encompasses an 8,140sqm building, including 774sqm of office space and multiple loading docks. 
The building also has a canopy and a 9.5-metre internal height clearance with early suppression, fast response (ESFR) sprinklers. 
The vendor was represented by Charter Keck Cramer.
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Rowville office warehouse fetches $13 million through Savills

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JLL's Retail Investments team, led by National Director Jacob Swan, have brokered a deal with a combined sale price exceeding $10 million for The Milton's retail and commercial portfolio in Brisbane's inner west.
The Milton was developed as a transport-oriented development (TOD) and incorporated within the Milton train station, approximately 2 km west of the Brisbane CBD.
The portfolio included an office component of two vacant podium suites totalling 1,237 sqm, along with a retail component of four separate retail tenancies leased to local and international food and beverage operators including Max Brenner, La Stazione and Ribs &amp; Rumps.
The retail tenancies were on long-term leases, all between seven and 10 years.
Five separate transactions were completed by the team.
The office lots were sold to separate owner-occupiers.
Sam Byrne who helped broker the deal said, "One owner-occupier relocated from Ashgrove, the other relocated from St Lucia; one is in education, the other in software development."
"The retail lots sold to a mix of private investors; one based in Cairns, the other in Brisbane," he added.
Campbell Bowers another colleague of Jacob Swan, said "the price point (sub $5million), long term leases and highly recognisable tenant profile of the retail investments was a highly sought-after proposition in the current market and therefore generated interest from an abundance of self-managed super funds and high-net-worth individuals."
"New residential apartment development is now driving population growth in Milton, typically a commercial area," Mr Bowers concluded.
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$10 million plus for The Milton's retail and commercial portfolio

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A Mount Isa Motel and Serviced Apartment complex has hit the market for the first time.
Located at 79-83 Marian Street, the Spinifex is being offered for sale via marketing agents Leon Alaban, Christian Tsalikis, and Peter Capps of Savills.
Sales Executive of Savills Sunshine Coast, Peter Capps, said the Spinifex Motel and Serviced Apartments offers the future owner a strong income stream.
“The diversified holding ensures security of investment, and is being offered in-one-line or for individual purchase,” Mr Capps said.
The property consists of two lots, occupying a total site area of 4,454 sqm, with Lot 803 being home to the Motel, while Lot 806 accommodates the Serviced Apartments.
The Motel features 34 rooms, an office and reception area, a manager’s residence, plus a restaurant and bar that seats up to 30.
The Serviced Apartment portion of the property consists of five three bedroom apartments, each with two bathrooms plus a lock up garage.
Agent, Senior Sales Executive, Christian Tsalikis, said the current owners are motivated to divest the asset.
The property is located on the and holds 65 meters of frontage to the Barkly Highway.
The Motel was constructed in 2006, with the Townhouses a later addition to the site in 2014.
Offers to purchase the Spinifex Motel and Serviced Apartments close on 21 November.
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Savills markets Mount Isa motel and apartment complex

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GUEST OBSERVATION
Contrary to Labor’s claims, its policies on negative gearing and capital gains tax will not increase the supply of new housing or create new jobs in the building industry according to new independent economic modelling commissioned by Master Builders Australia.
According to modelling prepared by Cadence Economics if Labor’s policies are implemented it will mean:
1. Up to 42,000 less new dwellings being built across the country.
2. Up to 32,000 less full time jobs.
3. Up to $11.8 billion less building activity.
4. Up to $210 million less renovation building activity.
Labor’s policies on negative gearing and CGT fails its own test. “Master Builders calls on the ALP to rethink their policies in the light of this new research and a changed housing market. Australia cannot afford for housing supply, building activity and employment to go backwards.
Cadence Economics was commissioned by Master Builders Australia to test Labor’s claims that its policy to restrict negative gearing to investments in new housing and halve the capital gains tax (CGT) discount to 25 per cent all properties will increase the supply of new housing and employment in the building industry.
The results of the modelling show that within five years of Labor’s property tax policy being implemented the construction of new housing would fall in all states and territories and employment would fall over the same period.
Labor has previously stated their policies would boost new dwelling construction “by thousands of new homes each year."
On the other hand independent modelling by Cadence Economics shows that Labor’s policy would mean up to 42,000 fewer new homes would be built over the five years following the implementation of Labor’s policies, resulting in a reduction in the value of residential building activity of between $2.8 billion and $11.8 billion.
Home renovations would also be hit by an expected reduction of between $50 million to $210 million in activity over a five year period.
Inevitably this would mean a fall in employment which is expected to be between 7,200 and 32,000 less jobs across the country.
Finally, the context of Labor’s policies, namely an ‘overheated’ housing market no longer exists bringing into question the need for reforms to curb investor activity.
Denita Wawn is the CEO of Master Builders Australia
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