<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 OBSERVATION 
As the Melbourne market winds down, regional Victoria is rising strongly. In a trend similar to that in New South Wales, regional Victoria is the strongest we’ve seen since starting our quarterly surveys of sales activity three years ago. 
Our Winter 2018 survey for The Price Predictor Index has identified 47 growth markets among the cities and towns of regional Victoria, compared to 36 a year ago and 23 two years ago.
The days when it was Geelong first and daylight second are over. Both Ballarat and Bendigo have overtaken Geelong, which nevertheless remains a market of note.
These three regional cities combined have 24 growth suburbs, double the number in the Melbourne metropolitan area.
The Geelong LGA still has seven growth suburbs, but 13 plateau markets and five consistency suburbs. This suggests Geelong, like nearby Melbourne, has passed the peak of its boom, while continuing to show strength and resilience. 
Many Greater Geelong suburbs have had strong median price growth in the past 12 months, including Corio (up 22% to $315,000) and Norlane (up 23% to $290,000). 
Ballarat is now the leading market in regional Victoria, with nine growth suburbs, but it is being seriously challenged by Bendigo, with eight rising suburbs.
We’ve noted the rise of Ballarat in previous quarterly surveys, but the surge in Bendigo has only emerged in our latest survey.
Quarterly sales in Kangaroo Flat in Bendigo have been 52, 58, 64, 64, 68 and 71, while North Bendigo has had 14, 20, 25, 29 and 38 sales in recent quarters. The median house price for both suburbs is $310,000 and this city, like Ballarat, is attracting buyers out of Melbourne because of its affordability, as well as its growth potential. 
Another regional centre to emerge recently is Shepparton, which is the nerve centre of a thriving agricultural district and is attracting significant infrastructure spending. Sales in this LGA have been 169, 165, 194, 185, 214, 230 and 242 in the past seven consecutive quarters.
In the Latrobe LGA east of Melbourne, Traralgon, Morwell and Newborough all have busy markets, while in the Mount Alexanader LGA north of state capital, the towns of Castlemaine and Maldon are both rising.
Another regional area that surged early off the back of the Melbourne boom - Cardinia Shire in the south-east - remains busy. The main centres of Pakenham and Officer are still very active markets with strong price growth. Pakenham’s median house price has risen 20% to $485,000 in the past 12 months, while Officer is up 29% to $515,000.
Cardinia is a neighbour of the City of Casey, one of Melbourne’s strongest population growth areas in the far south-east of the metropolitan area. 
The Bass Coast area has some strong markets, including Wonthaggi and North Wonthaggi. Quarterly sales in North Wonthaggi have been 24, 35, 31, 39 and 44 in the past five consecutive quarters - and its median house price has risen 9% to $295,000 in the past 12 months.
The Baw Baw LGA features rising markets like Warragul and Trafalgar. This area, east of Melbourne, recently has been prominent in official data on areas with strong population growth.
Warragul’s median house price has risen 19% to $405,000 in the past year.
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terryryder-YECXbqmri2

The 47 property growth markets in regional Victoria: Hotspotting's Terry Ryder

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GUEST OBSERVATION
Recent Australian migrants are buying into the Great Australian Dream of home ownership. But rates of home ownership among recent migrants are falling, as they are among all Australians. Unless we build enough housing to match Australia’s growing population, all Australians, including migrants, will pay the price.
A recent data release by the Australian Bureau of Statistics (ABS) shows 54% of permanent migrants aged 15 and over own their home, compared to 67% of Australians overall. Since migrants tend to be younger than native-born Australians, and younger people are less likely to own their home, migrants have broadly similar rates of home ownership to native-born Australians of the same age.
And the facts do not support the idea that substantial numbers of migrants to Australia are relying upon on public housing. Just 2% of all permanent migrants arriving since 2000 are living in public housing, compared to around 4% of the overall Australian population.
<img src="https://images.theconversation.com/files/228732/original/file-20180723-142420-vp84e5.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Home ownership is highest among migrants granted permanent residency under the skilled (57%) and family (58%) visa streams, compared to just 31% among those on humanitarian visas. Comparatively high rates of home ownership among permanent migrants is unsurprising: skilled migrants in particular tend to earn higher incomes than native-born Australians.
Permanent migrants also appear to be relatively well housed. Just 13% of permanent migrants have too few bedrooms in their home, compared to 22% of all Australians. But one-third of humanitarian migrants granted permanent residency need more bedrooms.
But recent migrants are becoming less likely to own their homes. Only one-third of arrivals over the past five years own their home today. That’s down from 41% in the period before the 2011 Census.
The fall in home ownership has been highest among skilled migrants: just 31% of recent skilled migrants owned their homes, compared to 41% of recent skilled migrants at the time of the 2011 Census. In part this may be because migrants over the past ten years have been younger than migrants in the past. But it also shows that migrants are not immune to the housing affordability woes affecting all Australians.
<img src="https://images.theconversation.com/files/228733/original/file-20180723-142408-18jfbnu.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Newly arrived migrants have always been less likely to own their own homes. Only one-third of migrants arriving since 2012 own their home, compared to almost two-thirds of permanent migrants who arrived in Australia before 2012.
But it’s clear that worsening affordability is a major culprit. The prices of cheaper homes have grown much faster than for more expensive homes over the past decade. This has made it much harder for first home buyers to buy a home.
While record low interest rates make mortgage repayments affordable today, these are likely to rise. And it now takes around ten years to save a 20% deposit for an average dwelling, up from around six years in the early 1990s.
We haven’t built enough homes
While interest rates are the largest driver of rising house prices in recent years, a lack of new homes hasn’t helped. Over the last decade, home building did not keep pace with increases in demand from rising population, let alone rising incomes.
Migration increased substantially from about 2006. Australia’s population started to grow by around 350,000 per year, rather than the 220,000 per year that was typical in the preceding decade.
Dwelling construction fell behind population growth, only picking up from 2013. According to Census data, population growth outstripped growth in the number of homes across Australia between 2006 and 2016, and especially in New South Wales, Victoria and Queensland.
<img src="https://images.theconversation.com/files/228734/original/file-20180723-142432-1mdb6cn.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Recent analysis claiming that housing construction outstripped population growth over the period 2005-06 to 2014-15 uses building approvals without accounting for the demolition of existing homes. It also ignores how rising prices and worsening affordability have prevented many younger Australians from moving out of the family home to form households of their own.
The imbalance between demand and supply has consequences. Younger and poorer households are paying more for housing. Owning a home depends more on who your parents are, a big change from the early 1980s.
Only in the past couple of years has housing construction got close to matching population growth; the backlog of a decade of undersupply remains. Development at today’s record rates is the bare minimum needed to meet record population growth built into Sydney’s and Melbourne’s housing supply targets over the next 40 years.
What should we do?
In post-war Australia, record rates of home building matched rapid population growth. House prices barely moved.
Building more housing will improve affordability the most – but slowly. Even at current record construction rates, new housing increases the stock of dwellings by only 2% each year. But building an extra 50,000 homes a year nationwide for a decade would lead to national house prices being around 10-15% lower than otherwise, and by more if most homes were built in our major cities.
State governments need to fix planning rules to allow more housing to be built in inner and middle-ring suburbs. More small-scale urban infill projects should be allowed without council planning approval. And state governments should allow denser development “as of right” along key transport corridors – that is, without requiring approval in designated zones.
The Commonwealth can help by providing financial incentives for these reforms.
<img src="https://counter.theconversation.com/content/100246/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Migrants are often blamed for Australia’s housing woes, and there’s a clear link between strong migration, constrained housing supply and rising prices. But the new data show that recent migrants are also suffering from worsening housing affordability. And housing demand from immigration shouldn’t lead to higher prices if enough dwellings are built to match Australia’s growing population.
Brendan Coates, Fellow, Grattan Institute
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>.
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j.ballantyne1990-6AQqhLzZaK

Migrants are still buying into the home ownership dream, but it's more elusive

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GUEST OBSERVATION
Australia’s population is set to reach 25 million in the coming weeks. This is much earlier than expected. Eighteen years ago, projections estimated Australia’s population wouldn’t get to 25 million until 2041.
Western Australian Liberal Senator Dean Smith last week proposed a moratorium on immigration to give Australia some time to “breathe” and take stock. Claiming concerns over planning and infrastructure failing to meet population needs, Smith signalled Australia was unprepared, having relied on inaccurate population projections.
Immigration is often targeted when population levels seem out of control. But will a moratorium give Australia the supposed breathing space it needs?
Migration impacts
Concerns about immigration and a perceived population crisis have crossed over the spectrum of Australian politics. One Nation’s Pauline Hanson has called for a plebiscite on immigration, while Labor leader Bill Shorten has raised concerns about the number of temporary migrants in Australia.
Immigration Minister Peter Dutton has said a cut to immigration numbers would have economic benefits, contradicting Treasurer Scott Morrison. And Smith’s idea to halt immigration to allow the nation’s infrastructure time to catch up with population demand is shared by prominent public figures, including Bob Carr and Dick Smith.
Australia’s population is ageing, which has potential adverse consequences for the future as proportionally more people exit the workforce, increasing reliance on a shrinking income taxpayer base. Immigration has the potential to offset these consequences of population ageing by contributing to the workforce and to government funds for essential services. Migrants also contribute to Australia’s future population by having children.
The latest available research suggests immigration levels at “about 160,000 and 210,000 seem to have the ‘best’ impact by 2050 on ageing of the population and the rate of growth of GDP per capita”.
Current ABS projections provide an opportunity to examine what Australia’s demographic composition could look like if net overseas migration was zero, 200,000 (low), 240,000 (middle) or 280,000 (high) per year.
Based on 2011 census data, and medium-range assumptions for fertility and life expectancy, the 2013 (medium range) projections are tracking well with current estimates. These projections provide an indication of the impact of migration, measured as net overseas migration. Net overseas migration reflects the balance of incoming and outgoing movements and includes both permanent and temporary migration.
The four ABS scenarios show varying population numbers over the medium to long term. The higher the net overseas migration level, the bigger the population over the projected years. Interestingly, though, while zero net overseas migration would result in a reduction in population by the year 2070, the population would still continue to grow in the medium term due to natural increase (births minus deaths).
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Population composition is an important indicator to consider, rather than size alone. Age distribution is essential to understanding the fiscal opportunities and challenges a population faces.
Comparing the four net overseas migration scenarios illustrates the important contribution migration makes to Australia. The so-called dependency burden – the ratio of the number of children (0-14 years old) and older people (65 years or over) to the working-age population (15-64 years old) – is higher for zero and low net migration levels.
The current rate of net migration provides the middle ground in balancing population age structure and growth.
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Population projections
Planners need to know expected population size and growth to ensure adequate services and provisions. The ABS has produced projections for national and sub-national populations since 1950.
Population inquiries throughout Australia’s history have consistently called on such statistics to enable the country’s responsiveness and preparedness to accommodate numbers. Australia hasn’t set any population targets, mainly to avoid coercive population measures (such as mandating birth rates) and to allow flexibility in government policy, particularly around immigration intake.
Estimating population size and growth into the future is about what might be (projection) and not what will be (forecast). So population projections are not predictions; they’re calculations of potential future populations based on assumptions about possible births, deaths and migration.
The “best-before-date” for population projections is considered to be around 5-10 years from the initial base year of calculation. This is why projections should be regularly updated based on best available population data (the census and vital statistics) to ensure assumptions reflect births, deaths and migration trends.
Australia is one part of the global community. Cutting immigration to Australia will impact the demographic composition of the country, with consequences for the working-age population and income tax base.
Any changes to the migration program should be considered alongside evidence. Available evidence shows Australia’s current migration program intake (190,000) is about right for Australia.
<img src="https://counter.theconversation.com/content/100030/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Australia doesn’t need a moratorium. What we need is a respectful, open and evidence-based population discussion.
Liz Allen, Demographer, ANU Centre for Social Research and Methods, Australian National University
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/migration-helps-balance-our-ageing-population-we-dont-need-a-moratorium-100030" target="_blank">original article</a>.
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Migration helps balance our ageing population – we don't need a moratorium

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A Richmond based architect has paid $2.94 million for a leased investment property with development upside at Hawthorn East. 
According to selling agents, Teska Carson’s Michael Taylor and Richard Munday, the 9 Mayston Street property attracted strong enquiry from a broad range of buyers including investors and developers. 
The property attracted small investors and SMSFs with a secure lease to a national tenant, but also offered long term development upside and as such attracted a strong contingent of prospective purchasers.
"The location within one of Melbourne’s most popular and tightly held retail precincts also offered excellent capital growth prospects,’’ Taylor said.
Located near the intersection of Camberwell Road, the property comprises a 470 square metre single level, warehouse/office/showroom premises in good condition with rear roller door access to Gillman Street.
The 562 square metre site has 11 metres street frontage and is zoned Commercial 1 under the City of Boroondara planning scheme and is situated within a tightly held precinct within close proximity of Burke Road, Camberwell shops, Swinburne University and Burwood Road retail.
The property was sold subject to a lease to long standing tenant, Ultra Tune, at a current rental of $90,000 per annum plus outgoings and GST on a five year term with two, five year options and annual 4% increases.
Munday said the purchaser bought the property with the intention to develop in the long term.
The vendor was a local investor.
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Architect pays $2.94m for Ultra Tune Hawthorn investment

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EXPERT OBSERVER
In previous instances when value growth has slowed or started to fall in Sydney and Melbourne the experience has often been that value growth has ramped-up in other capital cities. This makes sense given that as affordability deteriorates in certain areas of the country people start to turn their attention elsewhere.  
This week’s blog takes a look at the comparative value of housing in other capital cities and nearby markets relative to in Sydney and Melbourne.
<img src="https://www.corelogic.com.au/sites/default/files/2018-07/2018-07-23-blogimg1.png" alt="Dwelling value premium in Sydney relative to other capital cities" width="584" height="191">
  Sydney is the nation’s most expensive capital city housing market currently with the median dwelling value in June 2018 recorded at $870,554. The premium for the median dwelling value in Sydney relative to the other national capital cities is: 21% for Melbourne, 76% for Brisbane, 98% for Adelaide, 89% for Perth, 99% for Hobart, 101% for Darwin and 48% for Canberra. With dwelling values in Sydney now falling, the premium is reducing however, the cost of housing in Sydney relative to other capital cities is generally significantly higher than the long-term averages. In fact only Melbourne (42%) and Hobart (103%) have a current differential which is lower than the long-term average.
<img src="https://www.corelogic.com.au/sites/default/files/2018-07/2018-07-23-blogimg2.png" alt="Dwelling value premium in Sydney relatice to Regional NSW areas" width="592" height="194">
  Of course, people that potentially migrate out of Sydney don’t necessarily only choose to go interstate, they may also migrate intrastate. The above chart highlights the value differential over time between Sydney and those regions adjoining the city as well as the Capital Region (adjoining Canberra) and Richmond-Tweed (adjoining South-East Queensland). The premium for Sydney dwellings compared to those in the other regions highlighted is currently: 105% for Capital Region, 176% for Central West, 113% for Hunter Valley exc Newcastle, 29% for Illawarra, 52% for Newcastle and Lake Macquarie, 64% for Richmond-Tweed and 47% for Shoalhaven. Although values have increased in regional NSW over the past year, the rate of growth has slowed substantially, particularly within Illawarra, Newcastle and Lake Macquarie and Southern Highlands and Shoalhaven. These three regions have been seeing strong value growth over the past five years and they are also the only three regions in which the value differential is lower (substantially so) than the long-term average.
<a href="https://www.corelogic.com.au/sites/default/files/2018-07/2018-07-23-blogimg3.png" target="_blank">Click</a> to enlarge
<img src="https://www.corelogic.com.au/sites/default/files/2018-07/2018-07-23-blogimg3.png" alt="Dwelling value premium in Melbourne relative to other capital cities" width="590" height="193">
  Looking at the value differential between Melbourne and other capital cities, except Sydney, Melbourne’s median dwelling value of $716,774 is higher than all other capital cities. The premium for Melbourne is currently recorded at: 45% for Brisbane, 63% for Adelaide, 55% for Perth, 64% for Hobart, 65% for Darwin and 22% for Canberra. The value differential for Melbourne to all these capital cities is greater than the long-term average. In fact, notwithstanding the recent slight reductions due to Melbourne value falls, the value gap between Melbourne and Brisbane, Melbourne and Adelaide and Melbourne and Darwin is the largest it has ever been.  
<img src="https://www.corelogic.com.au/sites/default/files/2018-07/2018-07-23-blogimg4.png" alt="Dwelling value premium in Melbourne relative to Regional Vic areas" width="590" height="193">
  The above chart looks at the dwelling value premium for Melbourne relative to the major regional areas adjoining the capital city. Melbourne retains a significant premium in terms of housing costs relative to these areas. What is very different to what was shown in the chart for Sydney and Regional NSW areas is that outside of Geelong, the housing cost premium in Melbourne remains well above the long-term average. This suggests that while value growth has been rippling out of Melbourne to Geelong for some time, it has only just started to spill-out into the other three regions recently.  The current premium for Melbourne dwellings relative to the other regions is: 99% for Ballarat (80% long-term average), 100% for Bendigo (74% long-term average), 29% for Geelong (40% long-term average), 123% for Latrobe-Gippsland (89% long-term average). 
There are some explainable reasons why dwelling values in Sydney and Melbourne have risen so substantially over recent years. These include but are not limited to: strong rates of migration to the cities, dramatically increased foreign investors, low mortgage rates, increased demand from investors and much stronger economic conditions than elsewhere in the country. The latest data shows a pull-back in net overseas migration, slowing interstate migration to NSW and Vic, foreign investment has reduced, fewer local investors and reduced availability of credit for housing despite still low mortgage rates. Sydney and Melbourne still have comparatively strong economies but we have started to see the economic performance elsewhere improve. Sydney and Melbourne have also seen a dramatic reduction in housing affordability over recent years as dwelling values have increased much faster than household incomes. The value gap between Sydney and Melbourne and other regions doesn’t necessarily mean that value growth will pick-up elsewhere where dwelling values are much lower. However, if other areas of the country can improve their economic performance, the lure of much more affordable housing may be enough of a lure to see an increasing number of Sydneysiders and Melbournians to migrate away from these two cities to other areas of the country.
Cameron Kusher is a property research analyst for CoreLogic
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Value differential of different capital cities in Australia over the years: Cameron Kusher

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<div>EXPERT OBSERVER</div>
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<div>Another substantial surge in jobs was reported for June, with total employment up by a seasonally adjusted 50,900 in the month.</div>
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<div>This led to the usual quibbles about whether the figures are 'right' or not. </div>
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<div>This seldom happens when the number are below expectations.</div>
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<div>But when there's a beat...every time!</div>
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<div>There are even occasional calls to ditch the seasonally adjusted figures entirely in favour of the smoother trend data, but I'm not sure I buy that.</div>
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<div>What are the trend figures, after all, but a representation of the same numbers from the survey? </div>
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<div>The further you disaggregate the figures the more prone they are to throwing out unusual results. </div>
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<div>For example, Macquarie highlighted an oddity in that the bulk of jobs growth over the past four months was accounted for by youth employment, especially from the female cohort.</div>
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<div>The detailed labour force figures at the regional level are similarly prone to volatility, which is why the ABS reports annual average figures in addition to the original survey results. </div>
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<div>For all of the grouching, the labour force has continued to tighten gradually over the past few years. </div>
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<div>For the monthly doubters, the seasonally adjusted unemployment rate has now fallen by more than one percent from 6.38 per cent in October 2014 to 5.37 per cent in June 2018.</div>
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<div>If you prefer to use the trend rate, then that's plotted below for you too. </div>
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<div>The unemployment rate is now at the lowest level since 2012. </div>
 
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<div>Another piece of pessimistic statistical trickery is to highlight the underutilisation rate while neglecting to report the more telling volume measures of underutilisation.</div>
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<div>In other words, yes lots of people want more hours of work, but the numbers of extra hours wanted has been declining over the past four calendar years too. </div>
 
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 This is good news, and it should be embraced as such! Welcome to the recovery.
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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The labour market is improving: Pete Wargent

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Hi Margaret,
I'm currently looking to get an investment property in Broken Hill for $69000 which is currently tenanted and is rented out for $180 a week.
 I want your opinion on whether or not it's a good investment as the rent from it is more then double the repayments. 
And it got tenanted within about three weeks of being advertised for rent.
Thanks,
Marcus
 
Hi Marcus,
It can be very tempting to invest in a property whereby the rent more than covers the cost of the mortgage on it. Cash flow is a very important aspect of property investing, as when a property can cover its own expenses and loan interest, then you only have to worry about getting a tenant in.
However, I urge you to think about an investment such as this one over the long term, and understand that capital growth is equally important in every investor’s strategy.
Over the past 5 years, the median value of Broken Hill has decreased by an annual compounding rate of -0.7%. Over the past 10 years it has had an average annual growth of -2.6%
Let’s imagine the next 10 years brings the same result. Your $69,000, after 10 years, would be worth $56,000, having lost for you $13,000 in that time. Sure, you haven't had to put in any money along the way, but if you have borrowed to buy this property, you are in the red by $13,000.  Even if, during that time, you paid of a chunk off the mortgage, the overall outcome has been a negative one, and not the kind of result we would like to see in a sound strategy.
In addition to being able to find a property which has a good enough rental yield to be able to cover its own expenses, the area must have growth drivers. Towns like Broken Hill have a notoriously bad track record for growth, due to itinerant population, lack of infrastructure and lack of population growth.  
When you become a property investor, price should not be the driving factor. You must also understand that growth has no relationship to the price you pay for a property. You would be far better to pay, say, $350,000 in an area that has all of the growth drivers, and get only a 5% return, than you would spend less in an area with a 10% rental return but a negative growth figure. Over time growth compounds so that, by the time you get to retirement, the property is worth far more than the bank loan on it, and the difference belongs to you. Do this often enough and you build a great net worth.
The final point to make is that, when a property loses value, your ability to leverage is also lost. Buying properties which grow means that you can, in the future, borrow against that growth to add more properties to your portfolio. When a property loses value, it’s harder to do this unless you are paying significantly more than the loss off the mortgage. If you cannot leverage into more property, then you cannot build a larger portfolio, and it’s really only through building a portfolio, rather than owning one or two properties, that you really start to see the value in property investing.
Stick to properties in areas with significant infrastructure development, a growing population and lots of families, and you will do far better with your property investing.  
Kind regards,
Margaret
Have a property question? <a href="mailto:askmargaret@propertyobserver.com.au" target="_blank">Ask Margaret!</a>
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Ask Margaret: Should I invest in a tenanted property?

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The financial advisory and restructuring firm Ferrier Hodgson have been appointed voluntary administrators of the parent company of the SumoSalad Group. “The administrators now control the group’s operations and are assessing the group’s financial position,” Kelly advised SumoSalad’s creditors.
Morgan Kelly and Peter Golhard were appointed voluntary administrators of the Sumo Group HQ on July 18 pursuant to Section 436A of the Corporations Act 2001, Ross Greenwood's 2GB Money News reported.
The administrators indicated "the group's operations are continuing to trade the business in the ordinary course."
The company’s first meeting of creditors will be July 30. 
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A second meeting of creditors will be held on or before August 22 unless the court extends the date.
It is business as usual for the shop outlets, just the HQ which is needing a recapitalisation.
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Last June SumoSalad put two of its companies into administration in order to force its retail landlords to negotiate over lease payments. Last July the fast-food franchisee had reportedly managed to negotiate lower rents from reluctant landlord Westfield through its tactic of insolvency laws.
Its founder Luke Baylis put two of its companies, Sumo Westfield Leasing Pty Ltd and Sumo Leasing Pty Ltd, which held leases of about 23 SumoSalad outlets, into administration last June saying it would not have an impact on the rest of the network's 104 stores still continuing with business as usual.
This week Baylis told Inside Retail that while the operations of the business would be in the hands of the administrators, he expected the Sumo fresh food stores to continue trading as normal while the business is restructured – a process that is likely to take between 35 and 60 days.
There are more than two companies in administration this time:
Sumo Group Australia Pty Limited (ACN 107852335)
Sumo IP Holdings Pty Ltd (ACN 147743084)
Sumo Salad (Frenchising) Ply Limited (ACN 110 387 061)
Sumo Marketing Fund Pty Ltd (ACN 1,6920202)
SumoSalad Store Development Pty Ltd (ACN 106886800)
Sumo Salad Group Services Ply Ltd (ACN 142590707)
SumoSalad (Corporate Stores) Ply Limited (ACN 106886793)
Sumo Salad Leasing 2 Pty Limited (ACN 148842433)
Sumo Salad Consolidated Leasing Ply Limited (ACN 6,6940571)
SumoSalad International Frenchising Pty Ltd (ACN 1,4325629)
SumoSalad Singapore Frenchising Ply Ltd (ACN 153971781)
SumoSalad NZ Franchising Pty Ltd (ACN 102550694)
Sab Closed I Pty Ltd (ACN 142790001)
Property Observer gathers Ferrier Hodgson were initially contacted by Luke Baylis in late June to consider the appointment as voluntary administrators to the group. Morgan Kelly and Phil Quinlan attended a meeting with Luke Baylis and Glenn Toohey, CFO of the group, on July 3.
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Administrators back at SumoSalad HQ

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A number of Sydney developers are leading the move towards urban greening.
The Urban Taskforce recently had a forum on ‘Urban Greening’ and this has led to a publication with examples of greenery being incorporated into buildings.
The Central Park project by Frasers Property and Sekisui House is an excellent example of green landscape being incorporated into the façade of a 33 storey apartment building in a manner that responds to the seasons. 
As well as the integration of landscape and building the site includes a significant amount of public parkland and water features.
The One Sydney Park project by HPG also incorporates landscape gardens into the building façade in a design that blends with the adjacent Sydney Park.
 Also at an early design stage is the Crown Group’s apartment building in Alexandria which steps down to the street level with terraces that will be landscaped with mature trees.
There is clearly a move in the development industry to softening urban buildings through parklands, greenery on balconies and roof gardens.
The suburban ideal of a landscaped garden city is beginning to be reinterpreted at the scale of apartment buildings.
<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/2018/6/1/urban%20ideas%20.jpg" alt="">The trend also reflects the NSW Government’s approach to encouraging more urban landscape through the ‘Greener Places’ publication and the allocation of $290 million to a green infrastructure program that includes an aim to lift Sydney’s tree canopy from 16% to 40%.
Projects like the ‘Gardens of Auburn’ by developers LFD propose to incorporate 4,300 square metres of gardens and parklands and the DaniasGroup have generated a ‘Green Heart’ in a creative industry proposal in Marrickville. 
All of these proposals are contained in the Urban Ideas issue on ‘Urban Greening’ (seen here). 
The Urban Taskforce is supportive of the NSW Government approach to increasing greenery as Sydney increases its density and we will continue to profile good examples.
CHRIS JOHNSON is the Urban Taskforce CEO.
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Development industry leading in Greening Cities

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A flurry of leasing activity within a prominent George Street building has marked the beginning of the migration of tenants towards the emerging Queens Wharf precinct in Brisbane.
Leasing agents Daniel Boyes and Daniel Byrne of Savills have secured four separate leases in the heritage listed building situated on the corner of Queen and George Street.
Over the last 12 months Savills have transacted 23 deals in the George Street Corridor ranging from 45 sqm to 300 sqm at an average rental rate of $538 per square metre.  
Savills leasing manager Daniel Boyes said that new businesses are wanting to be a part of the buzz on George Street
“There is a real hype around the revitalisation of this precinct and tenants are already being drawn here as they are anticipating great things to come,” Mr Boyes said.
Future X Energy is the most recent tenant to secure 130sqm of space on level two for an initial three year term. 
Leasing Executive, Daniel Byrne said that all negotiations were done over a one week period from the first inspection. 
“Future X Energy had an immediate requirement and were very quickly drawn to the building due to the location and unique heritage offering,” Mr Byrne said.
Being a start-up business Future X Energy have taken up a fully fitted space within the building so they could begin trading right away.
With the first stages of the Queens Wharf Precinct predicted to come to completion by 2022, prospective tenants are already asking all the right questions. 
“People are excited about what has been proposed – their first question at any inspection is always around what has been earmarked for the region,” Mr Boyes said.
Other tenants who have taken up residence in the same address include Ratch Australia, One World Migration and Force One Realty.
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