<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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EXPERT OBSERVER
Two years ago I researched media predictions about residential property and compared the forecasts with subsequent outcomes.
It showed the remarkably bad track record of spruikers, economists and attention-seekers in forecasting what will occur in our markets nationwide. 
Over the past 15 years or so, it’s become trendy to make doomsday forecasts about real estate. A popular number is 40 percent - i.e. the standard scary prediction is a 40 percent drop in our property values, usually tipped to take place in the next 12 months.
Every single one of these forecasts has been proven spectacularly wrong – not surprisingly, because most of them have been fanciful in the extreme and I’m quite certain that the forecasters themselves did not believe what they were saying. The goal has been to achieve some quick and easy publicity. 
Out of this research exercise I compiled a list entitled “Top 20 worst predictions about Australian property markets”.
No.1 on this list was a US spruiker called Jordan Wirsz (don’t feel bad if you’ve never heard of him) who visited Australia in 2012 and forecast a 60 percent fall in home values in a “bloodbath” to take place in the next year. He also tipped that land values would decline 90 percent.
Can you imagine that? He was claiming that our residential land would be virtually worthless. 
Nothing remotely like that has ever occurred in the history of planet Earth and it’s difficult to comprehend why anyone would think it could happen in Australia.
The most amazing thing was that Australian media gave these predictions credibility and gave the touring spruiker exactly what he wanted – lots of free publicity.
What followed this prediction was five years of major price increases in our two biggest cities and mostly steady markets in the rest of Australia.
Another US pontificator, Harry S Dent, has visited Australia several times in the past seven years and each time – including in 2011 and 2014 – has warned that our property prices would crash in the next 12 months.
Each time Australian media has treated him as a credible commentator, with oodles of free profile, notwithstanding his growing track record of getting his forecasts about our real estate markets utterly wrong. I’m sure that next time he visits the same will happen again.
My Top 20 list also includes local economists who have made similar predictions within specific time frames, with the same success rate.
Some have claimed that our homes are over-valued according to their favoured economic model and therefore prices must fall. Others have stated that, back in the days of rising interest rates, that the higher cost of money would cause a collapse of property values.
The head of one of our major banks said in 2011 that the sovereign debt crisis in Europe would force down our property values, only to be followed by several years of strong price rises.
One high-profile and much-quoted Australian economist declared in 2005 that there would be no growth in our home values for the next 10 years. Ouch.
Also on the Top 20 list are commentators who rushed – in 2013 and 2014 - to be the first to declare the end of the price boom in Sydney and Melbourne. 
One of them was a senior official at the Reserve Bank, while another was a Morgan Stanley analyst who famously said, about three years too early: “If you’re an investor, you’ve missed the boat.”
So now we have the notorious 60 Minutes debacle, with yet another forecast of property values falling 40 percent, based on nothing but a pre-conceived notion to boost ratings.
I note that virtually every independent commentator who has reacted on the 60 Minutes program has said that the forecast scenario was highly unlikely or plain silly. Even the key analysts featured on the Channel 9 program have claimed that their views were misrepresented through selective editing. I spoke to one of those who was featured on the program and he was horrified at the outcome.
I was approached by 60 Minutes in mid-August to take part in the program. But they dropped the planned interview when I told them I disagreed with their basic premise of collapsing property markets.
This is not how journalism is meant to work. In true journalism, you do your research and conduct your interviews - and then you come to some conclusions and decide your headline. 60 Minutes did it backwards by deciding the headline and then seeking comment that supported it.
I complained to the ABC television program Media Watch and last week they did a segment pointing out the many flaws in the 60 Minutes segment.
I’m sure the 60 Minutes program will feature prominently next time I update my Top 20 Worst Predictions list, with the same level of success as the many doomsday forecasters who have preceded them.
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

The 20 worst crash predictions about the Australian property market: Hotspotting's Terry Ryder

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Vicinity Centres has announced a progress update asset divestment program, with the sale of a portfolio of 10 sub regional and neighbourhood shopping centres to SCA Property Group.
They also sold one Neighbourhood shopping centre to a private investor, for an aggregate sale price of $631.0 million.
The aggregate sale price of $631.0 million reflects a 5.1% discount to the combined 30 June 2018 book values of the eleven assets and a weighted average capitalisation rate of 6.9%.
Vicinity has now divested 35 shopping centres for more than $2.5 billion at a 0.5% premium to book value.
Discussions are noted to be underway with prospective purchasers of three remaining assets included in Vicinity’s divestment program.
Mr Grant Kelley, Vicinity’s CEO and Managing Director, said “These transactions are a significant achievement and advance our strategy to unlock major potential in the business.”
“It is an important step in delivering strong and sustainable growth through focusing our directly-owned portfolio on approximately fifty market-leading destination assets, expanding our wholesale funds platform and realising mixed-use opportunities across the portfolio.”
SCP will acquire ten assets for a total consideration of $573.0 million. Settlement of these transactions is expected later this month.
<img src="https://www.urban.com.au/images/2018/10/3/Vicinity%20centres.JPG" alt="">
The sale of Belmont Village (pictured above) in Victoria to a private investor for $58.0 million was settled at the end of September .
As at 30 June 2018, the eleven assets sold had specialty sales per square metre averaging $7,611. 
Vicinity’s FFO guidance for FY19 remains unchanged at 18.0 to 18.2 cents per security.
Assuming the sale proceeds of the eleven non-core assets are used to repay debt in the short-term, gearing would be reduced by approximately 280 basis points.
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j.ballantyne1990-6AQqhLzZaK

Vicinity sells eleven shopping centres for $631 million

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The recently relaunched Frisco hotel has been brought to market by Manenti Quinlan.
The Frisco, located at 46 Dowling Street, Woolloomooloo is to be sold via Private Treaty.
It is situated in the hospitality precinct of Woolloomooloo, close to the Sydney’s CBD.
Nick Butler from Manenti Quinlan stated, “the current owners have overseen an extensive renovation, relaunching with modern improvements while paying due respect to its naval heritage."
The Hotel, which has 17 gaming machines, is set on 323 sqm and earns around $3.5 million a year in revenue a year across food, bar and gaming.
Set over two levels, the Frisco’s bar, food and function offerings range from rivate dining options for 10 people expand to function packages for up to 350.
The Frisco also holds six accommodation rooms located on the third floor.
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Woolloomooloo's Frisco hotel on the market two years after makeover

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Greenbox, an architectural firm has signed a five-year lease at Bligh Chambers.
Savills Australia’s Liz Braithwaite and Chris Rowe negotiated the lease for the 300 sqm space at $1,230 per sqm.
They did so on behalf of commercial real estate agency, Kingsmede, saying the new tenant “leapt” at the opportunity to occupy the 25 Bligh Street, Sydney space.
Bligh Chambers is a 31 level office tower with other suites ranging from 72 sqm to 612 sqm.
“Good quality existing fitted suites are leasing rapidly in comparison to open-plan refurbished spaces,” Ms Braithwaite noted.
This deal was made on the back of an upcoming lease expiry and Ms Braithwaite said that this space is in high demand.
“This is the third leasing transaction within this building that we have completed in the past six months, proving continuous demand for sub 300 sqm fitted opportunities in the ‘B’ grade market,” she concluded.
Architects Greenbox have 25th floor space.
Around a decade ago the architectural firm peckvonhartel, who have had 20th floor space, were appointed to redesign the forecourt of 25 Bligh Street, the modernist commercial building.
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Architectural firm secure Sydney CBD lease through Savills

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A retail property on Bay Street, Brighton has sold under the hammer.
The property was the former premises of Wild Holly Cakes, a local institution that opened back in 1937.
The property at 389-391 Bay Street has two adjoining buildings over two titles with a combined 444 square metres of lettable area, on a 371 square metres site.
Mark Talbot and James Lockwood of Fitzroys sold the property on behalf of the oweners, the O’Callaghan family.
Lockwood said four bidders competed for the property, with the end sale price $400,000 above reserve.
“Despite being offered with vacant possession, more than 60 enquiries were received from local investors, owner occupiers and developers looking to secure a presence in this rapidly developing part of Bay Street, east of North Brighton train station,” Lockwood said.
Talbot said investors and owner occupiers have targeted Brighton retail offerings recently.
He noted recent sales,including 167 Martin Street for $1.55 million at a 2.2% yield; the $1.45 million off-market sale of 165 Martin Street at a 1.6% yield; and a dwelling freehold at 83 Church Street for $3.08 million at a yield of 1.9%.
“The superb fundamentals of an affluent and growing immediate catchment have made a notable impact on one of Melbourne’s most highly regarded locations,” Talbot said.
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Brighton’s Wild Holly Cakes premises sold

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The wider Melbourne retail leasing market continues to see varied results, according to the latest Herron Todd White (HTW) commercial report.
The valuation firm took a look at the changing face of the retail sector across the nation. 
It suggests Melbourne CBD and inner suburban retail strips have continued to evolve throughout 2018, underpinned by population growth, changes in consumer behaviour and varied consumer confidence.
While some segments of the market continue to experience strong results, likely a reflection of the limited quality stock available, other areas have seen declining rents and tenant demand.
There are a number of factors driving the current trends and changes within the CBD’s retail leasing market.
HTW noted Melbourne City Council has forecast that the population of the CBD will grow by over 50% in the next 10 years, driven predominantly by overseas migration.
"The implementation of vertical suburbs, incorporating ground floor and podium retail uses and upper level residential apartments, is becoming more popular as developers seek to maximise site utilisation and amenity for residents," the report said.
National and international retails are taking advantage of population growth and the centralisation of retailers through the establishment of flagship stores in prime locations, it noted.
Luxury retailers such as Longines, Fendi and Brooks Brothers opened new flagship stores within the CBD in 2018 and Apple’s plans for a global flagship store within Federation Square continue to take shape.
"These retailers appear to be opting for a more centralised model of retailing appealing to consumers demanding a more convenient and interactive shopping experience," HTW advised.
"For larger national and international retailers, this new approach does appear to be working."
It noted demand for retail space within regional and super regional shopping centres has strengthened throughout 2018.
Conversely, smaller retailers unable to sustain the higher rental rates demanded by these centres have struggled with these effects, compounded by the vacating anchor tenants along older retail strips unable to provide the convenient experience modern consumers demand.
"Retail strips such as Chapel Street, South Yarra and Bridge Road, Richmond are continuing to experience a shift away from traditional retailing such as clothing towards service and food based uses," HTW noted. 
<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/2018/10/3/SMAK.jpg" alt="">
Indicative of this shift towards food based services is 6c Daly Street, South Yarra.
The SMÄK Food House (pictured above) only opened in 2016 and joined several other cafe's on Daly Street including Little Frankie's and Fancy Nance.
This is due to numerous factors including retailers now preferring to be located within the Melbourne CBD and major shopping centres such as Chadstone together with increased online shopping for fashion items which reduces the need for a physical store presence.
With the ongoing increase in population due to numerous apartment projects there will likely still be demand for retail space within these precincts for various types of uses, particularly food and service based, on a longer term basis.
"We have been advised by local leasing agents that tenant demand within these precincts has declined in recent years for various reasons. For example, in previous years Bridge Road incorporated a large number of discount clothing and footwear outlets, however many tenants have now relocated to enclosed discount outlet centres such as Direct Factory Outlets (DFO) in South Wharf and Essendon, " the HTW report said. 
Landlords have continued to seek increasing rentals and these have generally become unaffordable for tenants. Retail rents have declined substantially over the last few years and in some instances by over 40%.
Local leasing agents have advised that quantum of money and affordability are major considerations for tenants within these strips, particularly local retail operators.
<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/2018/10/2/south%20yarra.jpg" alt="">
A South Yarra corner property with dual street frontage is now on the rental market with the price of $60,000 per annum. 
Located at<a href="https://www.realcommercial.com.au/property-retail-vic-south+yarra-502961782" target="_blank"> 448 Chapel Street</a> (pictured above) it features 163 square metre floor area and rear access from Elllis Street.
<img src="https://www.urban.com.au/images/2018/10/3/Chapel%20hunt.JPG" alt="">
Another example on the Chapel Street strip is 352 Chapel Street, South Yarra.
Set on 320 sqm it is a fully fitted cafe/restaurant ready for a new tenant.
The two floor rental listing is held by James Spencer of Fitzroys and was previously tenanted by the restaurant Chinacy.
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Melbourne retail leasing market sees varied results: HTW

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Landlords in New South Wales will be limited to seeking rent renewal increases once a year under proposed state government legislation.
There will be no rental hike price restriction, just a 12 month period before any rent increase can be sought from existing occupants, as part of what Matt Kean, the Better Regulation Minister, heralded as "sweeping reform for tenants' rights".
Less frequent rent increases will certainly help tenants plan for their cost of living pressures.
But there will be some ramifications.
The restrictive new law, which is yet to be passed by parliament, could see some investors sell up and exit the market.
Others maybe be tempted to try the short-term accommodation market.
At a microeconomic level, some landlords will now insist on six month rental agreements, with the possibility of tenant turnover potentially allowing a higher rent.
Ofcourse, it is one thing for the investor landlord to seek rent increases, the other is the economic circumstances to be able to get it, and without losing weeks in an empty property.
On the macroeconomic front, prospective investors who will be calculating revised potential yields, are not going to spend as much to initially buy their investment property.
The cap on the timing of rental increases mimics the policy implemented by the Labor Government in Victoria, whose aim in a much broader reform package was to reposition investors as housing providers with responsibilities.
The historic primary aim of property investors has been wealth creation through finding and holding a property for the long term, without undue interference from government intervention.
With capital growth on investment property currently slowing across Sydney, the Berejiklian government proposal comes at a time when investors are sharply focused on their rental return.
And landlords don't need to be reminded they aren't that flash.
From rentvestors to experienced property investors, it was easy to overlook the significance of rental yields when Sydney property were rising with annualised 15% growth.
Rental markets remain relatively subdued across Sydney, partly due to an increase in rental supply accompanying the surge in apartment construction.
It is also because there has been a reduction in demand as first home buyer numbers have risen.
CoreLogic recently noted Sydney rents were down 0.9% over the past 12 months.
CoreLogic expect rental yields will continue to be sluggish.
The Sydney gross rental yield is tracking at 3.2%. 
It is 3.8% for apartments, and just 3% for houses. 
The national gross rental yield is tracking at 3.73%, lower than the decade average of 4.27%. Nationally it is 4.2% for apartments, and 3.6% for houses.
Slowing price growth, the conversion from interest only loans to principal and interest, and the prospect of interest rate rises could see tolerance from investors wear thin.
And the Sydney rental market vacancy rate is rising, according to the Real Estate Institute of New South Wales.
The vacancy rates across the Sydney metropolitan sits at 2.8%, up from 2% this time last year, with inner Sydney at 2.7%, middle Sydney at 2.9% and outer Sydney at 2.7%. 
Tim Lawless at CoreLogic says the recovery in rental yields is likely to be drawn out.
This article first appeared in The Daily Telegraph. 
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jchancellor-FAypfDUnLy

With capital growth evaporating across Australia, now is the time to focus on rental return

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EXPERT OBSERVATION 
Job vacancies surged to record highs in both New South Wales (82,400) and Victoria (72,000) last month as those states get set to enjoy an extraordinary hiring boom.
There were broad-based gains across a raft of industries, including professional and technical services, financial and insurance services, healthcare and social assistance, mining, construction, accommodation and food, transport, postal and warehousing, arts and recreational, administrative and support roles, education, and more. 
The ongoing resurgence in the mining sector helped to lift job vacancies in Western Australia (27,600) to the highest level in half a decade, while Queensland (35,100) and South Australia (11,900) have improved significantly over the past couple of years. 
<a href="https://1.bp.blogspot.com/-6geqbjFj3UA/W6yM3FQR4AI/AAAAAAAAsGE/54OOUZjxE14_ja7T2vU30Z1_XN4AB1z4wCLcBGAs/s1600/A2.jpg"><img src="https://1.bp.blogspot.com/-6geqbjFj3UA/W6yM3FQR4AI/AAAAAAAAsGE/54OOUZjxE14_ja7T2vU30Z1_XN4AB1z4wCLcBGAs/s640/A2.jpg" width="640" height="372" data-original-height="804" data-original-width="1376"></a>
The Tasmanian economy is also firing, with the Northern Territory potentially the one serious laggard. 
The trend in private sector vacancies scorched more than 20% higher over the year, while the trend annual increase in all sectors was 19.3%, taking the total number of vacancies to the highest ever level at 240,900. Goodness!
<a href="https://4.bp.blogspot.com/-gdCGqYzu_-I/W6yM3BmmiBI/AAAAAAAAsGI/dMb4fYx8X9srOOEhSXW_JYIocugEDvWIACEwYBhgL/s1600/A1.jpg"><img src="https://4.bp.blogspot.com/-gdCGqYzu_-I/W6yM3BmmiBI/AAAAAAAAsGI/dMb4fYx8X9srOOEhSXW_JYIocugEDvWIACEwYBhgL/s640/A1.jpg" width="640" height="376" data-original-height="801" data-original-width="1357"></a>
More hiring ahead
There will be some half-hearted attempts to talk down the result by the Opposition, but the facts don't lie: at under 3% the number of unemployed persons per job vacancy now has a two-handle for the first time since the mining boom...which is surely great to see.
<a href="https://1.bp.blogspot.com/-56f7SXAgf4Q/W6yP0fiWpbI/AAAAAAAAsGY/8jK0R-zOCSkuox3KTC6QpuiIIm_IkvujACLcBGAs/s1600/A4.jpg"><img src="https://1.bp.blogspot.com/-56f7SXAgf4Q/W6yP0fiWpbI/AAAAAAAAsGY/8jK0R-zOCSkuox3KTC6QpuiIIm_IkvujACLcBGAs/s640/A4.jpg" width="640" height="384" data-original-height="805" data-original-width="1341"></a>
Of course, the labour force has expanded significantly too as discouraged workers come back into the fold alongside record high female participation (the rise in dual income households being an under-appreciated boon for housing markets).
But even accounting for this the figures point to an ongoing decline in the unemployment rate towards 5%, and lower still for New South Wales and Victoria.
<a href="https://1.bp.blogspot.com/-RrYk-jXZNc0/W6yM3I7DnPI/AAAAAAAAsGA/aKvYfIpUEkIpVVyiFjZtw7Wub3DVim-DgCLcBGAs/s1600/A3.jpg"><img src="https://1.bp.blogspot.com/-RrYk-jXZNc0/W6yM3I7DnPI/AAAAAAAAsGA/aKvYfIpUEkIpVVyiFjZtw7Wub3DVim-DgCLcBGAs/s640/A3.jpg" width="640" height="370" data-original-height="801" data-original-width="1384"></a>
Hirin' now!
Overall, this release was very positive news, with the economy continuing to improve in the two most populated states, and the resources states generally now on the up too.
All this means that Australia has never had as many jobs to be filled as it does right now.
Good stuff.
<hr>
The Hometrack UK 20 Cities House Price Index increased by a further 3.9% over the year to August 2018. 
It's been a wild week of bickering for Australian housing market commentary thanks to yet another (now-traditional) 60 Minutes beat-up. But in the background the fundamentals of the economy quietly continue to improve: exports, tourism, government revenues and the Budget balance, hiring, engineering construction, and so on (resulting in a risk rating upgrade to AAA neutral). 
One of the neat things about our mortgage broker liaison is that since brokers take 'snapshots' in time, we can take a mortgage application from today and re-run it against the lending standards of yesteryear.
While the results do vary quite a bit, typically a home buyer applicant might see their borrowing capacity cut by about 10% from where things were a year ago due to tightened lending standards, while for some portfolio investors the equivalent figure can be much greater. In fact, many portfolio investors simply won't be able to borrow at all in the present environment. 
On its own this probably won't have as big an impact on the housing market as some people think (cf. the United Kingdom, where tighter mortgage lending criteria have failed to stop house prices from rising to fresh highs in nominal terms).
Firstly, that's because home buyers don't always borrow the maximum amount permissible.
And secondly, it's because most investors don't own more than one or two properties - thus portfolio investors are only one small part of the pie, albeit an important one at the margin. In fact, the average loan size is still being written at or around record highs, but in lower volumes now.
ANZ updated its somewhat more sober house price forecasts today, expecting prices to decline by just 2% in 2019 - a mere 20-fold improvement on the lame 60 Minutes offering - with a market peak-to-trough fall for Sydney and Melbourne expected of no more than 10%. 
ANZ also noted that it was more upbeat for the housing market prospects of Brisbane, Adelaide, and Canberra, as well as many of Australia's regional housing markets. 
Looking forward, the sheer strength of the hiring figures makes it hard to disagree with that assessment. 
PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.
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pwargent-M4siyDbqQY

Expect an ongoing decline in the unemployment rate: Pete Wargent

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<div>EXPERT OBSERVER</div>
<div> </div>
<div>Investor credit plumbs lows</div>
<div> </div>
<div>The crackdown on investor credit growth has been ruthlessly effective since 2015, the 12-month growth rate falling from 10.8 per cent to the lowest level on record in August 2018, according to the latest Reserve Bank financial aggregates.</div>
 
<div class="separator"><a href="https://1.bp.blogspot.com/-w8yO-BOCDk4/W7EvndY7C0I/AAAAAAAAsI4/RZSfkmG55FAyiPY7VMSuMDHult0HfjSSQCLcBGAs/s1600/RBA1.jpg"><img src="https://1.bp.blogspot.com/-w8yO-BOCDk4/W7EvndY7C0I/AAAAAAAAsI4/RZSfkmG55FAyiPY7VMSuMDHult0HfjSSQCLcBGAs/s640/RBA1.jpg" width="640" height="364" data-original-height="800" data-original-width="1405"></a></div>
 
<div>With the Royal Commission Interim Report finally and conveniently landing just before the long weekend, the major banks will be relieved to see that there'll be no heavy-handed regulation coming their way, and Treasury quite clearly keen to avoid any further tightening of household credit. </div>
<div> </div>
<div>Since the 10 per cent cap on investor credit growth is now removed there's plenty of headroom for investment lending to pick up from here. </div>
<div> </div>
<div class="separator"><a href="https://1.bp.blogspot.com/-vKuBWpIIMPg/W7EyAdYRs8I/AAAAAAAAsJM/UQhUB6tlvXM2NRBL_3iQaAqta7w9xSZMACLcBGAs/s1600/A1.jpg"><img src="https://1.bp.blogspot.com/-vKuBWpIIMPg/W7EyAdYRs8I/AAAAAAAAsJM/UQhUB6tlvXM2NRBL_3iQaAqta7w9xSZMACLcBGAs/s640/A1.jpg" width="640" height="366" data-original-height="800" data-original-width="1392"></a></div>
<div> </div>
<div>There were some bogus claims last week that Westpac is 'calling in' risky investor loans via a mythical letter. Perhaps the letter in question was dated April 1, but a thousand posts on the gossip forums and multiple global headlines later, it transpired that one tiny fragment of evidence was missing - a copy of the fabled letter itself - before unsurprisingly Westpac finally got around to stating that no such action had been taken. </div>
<div> </div>
<div>Chasing business again</div>
<div> </div>
<div>If anything, the major banks will now be looking to attract new business from housing market investors.</div>
<div> </div>
<div>Don't take my word for it, by the way. Instead, take Westpac itself as an example since we're on the subject, who won't waste any time in hitting up the investor market now the Interim RC Report has been issued by immediately bringing back its refinance rebate, effective today.</div>
<div> </div>
<div>In fact, as soon as everyone's had a chance to recover from the Grand Final double-header weekend, brokers will kick off this week by swamping customer inboxes with a refinance rebate blitz.</div>
<div> </div>
<div>Westpac will re-introduce a rebate offer of $1,250 for every standalone property loan refinanced. So, for example, a client that refinances 10 properties to Westpac can qualify for $12,500 in rebates, and so on.</div>
<div> </div>
<div>The loans must be de minimis $250,000 to qualify for the deal with the rebates to be deposited into the loan account within a couple of months from settlement, while brokers can seek additional pricing off the packaged rates. </div>
<div> </div>
<div>Furthermore, eligible new investment property or owner-occupier buyers may receive 200,000 to 500,000 Velocity reward points per loan, for loans above $250,000 and $1,000,000 respectively. For some context a $60 tank of fuel at BP costs about 10,000 points, so this is also a non-trivial incentive.</div>
<div> </div>
<div>Doesn't sound much like they're chasing investors away to me, but alas I'll never jag a global headline with such a middling observation. </div>
<div> </div>
<div>PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.</div>
 
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Banks set to give chase for investors: Pete Wargent

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A Port Macquarie shopping centre, anchored by a Bunnings Warehouse, has bought by MPG Funds Management Limited for $44.65 million in an off-market transaction.
The centre is currently under construction with an expected completion date of Q1 2019.
The new Bunnings store will be over 18,000 square metre and be supported by an additional 2,400 square metres of large format retail.
James Wilson, national director of Colliers International’s NSW retail investment services business, said the sale represented a blended yield of 5.64%.
“Bunnings Warehouses are always highly sought after from a wide variety of investors,” said Wilson. 
“During the off market process Colliers International received strong interest from funds, syndicators and private investors.”
“Metropolitan and regionally located retail investments have continued to set benchmark levels due to NSW having a distinct lack of supply, with less than $100 million worth of freestanding investments publicly marketed YTD 2018.
“This scarcity of stock is in stark contrast to Queensland and Victoria. 
“Recent campaigns have resulted in unprecedented levels of domestic and offshore interest, with enquiry levels almost doubling since 2014.
“This reflects the growing depth of retail appetite for rare freestanding investment opportunities, including the highly prized Bunnings covenant.”
Brett Gorman, director of MPG, said the opportunity provided a great opportunity for its investors.
“MPG Funds Management is pleased to grow our long-standing relationship with Bunnings in a rapidly growing region of NSW,” he said.
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