<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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Entrenched habits die hard and it’s difficult to shake people’s rigid views about certain locations.
This, despite everything that’s happened recently, applies to the hottest market in Australia right now, Hobart.
Hobart has been leading city Australia for some time on a number of parameters, including highest price growth, fastest-selling locations, lowest vacancy rates and highest rental yields, as well as having the lowest prices among the state and territory capitals.
Many remain unconvinced for a host of entrenched but out-of-date reasons: it’s not sustainable, the economy is weak, there’s no population growth, the city is too small, no one wants to live there, etc.
The reality is that much has changed. And it’s because of these fundamental changes that Hobart has a booming property market. It also provides clues as to which city will rise next.
Tasmania previously ranked as the weakest economy in the nation. It consistently ranked last or second last on most of the key parameters. But that’s old news. Tasmania’s economy has improved markedly and it now is entrenched in fourth ranking among the eight state and territory economies, according to CommSec.
Previously Tasmania generated little or no population growth, because of the once weak economy, but that has changed too. Now Tasmania is a net gainer from interstate migration and overseas migration – not with the big numbers of Victoria or Queensland, but now growing again.
Housing affordability is partly the cause. Hobart has been easily the cheapest of the capital cities for houses and apartments, but perhaps not for much longer. Such has been the strength of its price growth that it may soon overtake cities like Adelaide and Darwin in terms of its median house price.
According to one source, Hobart has been the price growth leader for 10 consecutive months. Its median prices now are around $450,000 for houses and $350,000 for units.
Price growth has been underpinned by that strong state economy and an increased level of spending on infrastructure, as well as growing numbers of buyers attracted by the relatively low prices.
Recent research suggested that Hobart is now the most unaffordable capital city for renters – that’s typical rents relative to typical local incomes (May Rental Affordability Index). This is bad news for local tenants but good news for investor owners.
Hobart rents have been rising because vacancies have been well under 1 percent for a long time – the lowest among the capital cities, challenged only by Canberra.
A recent survey found 40 Hobart suburbs with no rentals available at all, while another 31 suburbs had only three or fewer available for rent. It’s been suggested that local councils have been very slow to approve new dwellings, creating a shortage of rental supply.
So should you be rushing off to buy in Hobart? Not necessarily. Two years ago would have been a great time to buy there but there’s already been a lot of growth. There’s a case for building new dwellings there, if you have high levels of patience.
The smartest of investors will look at what’s happened in Hobart, understand why it’s risen and then ask the core question: where next?
Given that Hobart’s run has been driven by affordable prices, low vacancies, a strengthening economy and elevated infrastructure spending, I’d suggest the next place to look for uplift is Adelaide.
But, like Hobart, Adelaide is a hard sell. Many people have entrenched negative views about Adelaide, as they do about Hobart. And no level of change in circumstances will change the unshakeable views.
But I’m increasingly bullish about Adelaide, with its improving economy, strengthening confidence levels, growing status as the national capital for hi-tech innovation and alternative energy - and all that’s coming up in the construction pipeline, including those big contracts to building submarines and other vessels for the Navy.
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

Australia's hottest property market - and where's next?

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GUEST OBSERVATION
Large fish species are rapidly declining around Australia, according to the first continental diver census of shallow reef fish. Contrary to years of sustainability reports, our study indicates that excessive fishing pressure is contributing to decline of many Australian fish species.
In areas open to fishing, we found that exploited populations fell by an average of 33% between 2005 and 2015. This rate closely matches the 32% downward trend in total Australian fishery catches through the same period.
In contrast, in marine parks where fishing is prohibited, the same species increased by an average of 25%. Other species not targeted by fishers showed a small downward trend (11% decline in fished zones; 16% decline in no-take marine reserves), indicating that recent marine heatwaves off southeastern and southwestern Australia have probably adversely affected marine life over a wide area.
Citizen science
Our audit of 531 study sites was made possible by combining data from 50-metre long transects repeatedly surveyed by Australian Institute of Marine Science and University of Tasmania research divers, and by highly trained volunteers participating in the citizen science Reef Life Survey program.
After the collapse of some high-profile fisheries in the 1990s, such as gemfish, orange roughy and southern bluefin tuna, federal and state agencies took a more conservative approach to fish capture. Australian fisheries are now regarded as among the most sustainable worldwide.
Regardless, the prevalence of downward population trends in our investigation indicates that a reduction in fishing pressure and additional caution is needed. Otherwise, more Australian fisheries may not be economically viable if this trend continues.
Our analysis identified a variety of issues that affect fishery management practices, many of which are also evident overseas, including:
<ul>
<li>little relevant data for decision-making related to ecological issues</li>
<li>a lack of no-fishing reference areas to scientifically assess impacts of fishing</li>
<li>poorly documented stock assessments with limited public accessibility</li>
<li>management decisions made by committees dominated by industry-aligned members</li>
<li>short-term catch maximisation prioritised over precaution</li>
<li>fishery models that rarely consider species interactions or climate impacts</li>
<li>wider effects of fishing on ecosystems and their resilience to multiple pressures are overlooked</li>
</ul>
No-fishing reserves work
Our study indicates that a highly effective but underused tool in the manager’s toolbox is expanded rollout of no-fishing “marine reserves”. Despite receiving wide public support, most Australian marine reserves are small and located in areas with few fishery resources. They consequently house few mature, egg-producing females and do little to assist in the rebuilding of overfished stocks. Nor are they likely to help much in the recovery of important ecosystem functions, as needed for fished-species populations to rebound after climate shocks and other pressures.
The July rollout of Australian Marine Parks, in particular, represents a lost opportunity that may prove a significant problem for fishers. Although covering 2.76 million square kilometres – the largest marine park in the world – it is of limited conservation value.
Through three rounds of public submissions, each largely aimed at minimising any remaining overlap with current fishing activities, the final zoning plans affect very few stakeholders. The outcome is neither an efficient nor effective solution to the actual problem of protecting the oceans.
For example, the Temperate East Zone covering waters from the Victorian border to southern Queensland includes no new “no-take” reserves shallower than 1,000m depth, although these waters are where virtually all fishing impacts occur in this region.
The widespread declaration of marine parks that allow current fishing to continue is perhaps useful when harmful fishing practices for ecosystems are excluded. However, our study indicates that this basic assumption does not apply to Australian Marine Parks.
<img src="https://counter.theconversation.com/content/97689/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">The environmental and economic debt for future generations is both huge and unfair.
Graham Edgar, Senior Marine Ecologist, Institute for Marine and Antarctic Studies, University of Tasmania
Trevor J Ward, Adjunct professor, University of Technology Sydney
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/australian-commercial-fish-populations-drop-by-a-third-over-ten-years-97689" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

Australian fished populations drop by a third over 10 years, study finds

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Unibail-Rodamco has completed the acquisition of Westfield.
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Unibail-Rodamco-Westfield combines two of the strongest and most respected names in the real estate industry to build on their legacies.
With a portfolio valued at €62 billion, of which 88 percent is in retail, seven percent in offices and six percent in convention and exhibition venues.
Unibail-Rodamco-Westfield owns and operates 102 shopping centres in 13 countries, of which 56 are flagships in the most dynamic cities in Europe and in the United States.
Its centres welcome 1.2 billion visits per year.
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The $32 billion takeover of Frank Lowy's retail landlord giant Westfield only ever faced mooted opposition.
<div>
Under the headline, Macquarie Capital buddies up to Unibail-Rodamco, the Australian Financial Review fleetingly noted that Macquarie Capital was the latest investment bank to pick up consultancy fees in Australia's biggest ever takeover.
After Unibail-Rodamco's $32 billion cash and scrip bid for Westfield Group, sources told the AFR's Street Talk said the Paris-headquartered Unibail "hauled in" Macquarie's bankers to help with elements of the "deal execution", helping Unibail manage its foreign currency risk. 
Macquarie was the latest in a long list of banks to secure a place on Unibail's side of the deal ticket. 
</div>
<div>
<div>Goldman Sachs and Deutsche Bank were first there, while others involved include Morgan Stanley, JPMorgan and Bank of America Merrill Lynch.</div>
<div> </div>
<div>All up advisory fees on the deal topped $US100 million. </div>
</div>
<div>
A byproduct of Macquarie's role was that its real estate research analysts, spearheaded by Rob Freeman, were placed on restriction effective mid-takeover consideration. 
Macquarie Equity's team equities research team was one of the few that initially did not hold back. 
Macquarie noted while the transaction had strategic merit, but needed financial merit.
"We do not believe the current terms are compelling enough for WFD unitholders," it fleetingly suggested before the clamp came. 
</div>
<div>But no higher offer ever emerged.</div>
<div> </div>
<div>The transaction had been unanimously recommended by Westfield's board as well as Unibail-Rodamco's management board and supervisory board</div>
<div> </div>
<div>Under the terms of the offer, Westfield shareholders will receive 0.01844 Unibail shares and $US2.67 for every Westfield security they hold. 
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Unibail initial terms were handing over cash worth $US5.6 billion to Westfield securityholders, as well as 38.7 million of its own shares. 
Taking into account exchange rates and share price movements, the pocketed offer was less than the $10.01 when the deal was announced in December. 
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Unibail-Rodamco completes the acquisition of Westfield

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Investa Office Fund has secured Mills Oakley Lawyers as tenants at Barrack Place.
The firm will take 5,673sqm at 151 Clarence Street, Sydney across levels 7 to 12.
It is for an 11 year term commencing 1 January 2019.
Mills Oakley is a top 10 national law firm with offices in Melbourne, Sydney, Brisbane, Canberra and Perth.
The AFL to Mills Oakley represents 26% of the building’s Net Lettable Area on completion.
<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/2018/6/8/INVESTA%202.jpg" alt="">
The pre-commitment at Barrack Place now stands at 83% of total NLA with a weighted average lease term of 9.8 years.
Mills Oakley will join multinational professional services firm ARUP (35% of NLA) and leading biopharmaceutical company Pfizer (21% of NLA) in this prime grade building.
Penny Ransom, IOF Fund Manager said securing a third major tenant, the calibre of Mills Oakley, was an "outstanding outcome" for the fund 
Practical completion remains on target for October this year.
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Investa secure Mills Oakley Lawyers at Barrack Place

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Vicinity Centres, owners of QueensPlaza, has secured development approval from Brisbane City Council for a $36 million redevelopment for QueensPlaza.
It is marketed as Brisbane’s home of luxury shopping.
Vicinity Centres's Carolyn Viney said the redevelopment of the centre was focused on catering for growing demand for luxury brands.
It will also include two new signature restaurants, one featuring a new dining balcony looking over the Queen Street Mall.
“We want our customers as well as the over 1 million tourists who visit Brisbane’s CBD each year to take the time to indulge in the luxury and dining experience when they visit QueensPlaza.”
The new development concept has been prepared by Blight Rayner, with PDT Architects undertaking design architecture.
Vicinity Centres has appointed Mainbrace as the design and construction contractor.
The majority of development works will be completed in time for the busy Christmas period, with the entire project due for completion in mid-2019.
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QueenPlaza first opened in 2005 and houses anchor retailers David Jones and Coles as well as more than 60 specialty boutiques and high-end retailers
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$36 million development approved for QueensPlaza

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Boyuan Holdings has sold the Peachtree Hotel in Penrith, Western Sydney for $16.5 million.
It was bought in July 2017 to provide the company with additional revenue.
It sold to an "experienced third party hotel operator," understood to be hotelier Jason Marlow of Marlow Hotels. 
The Boyuan chief executive Caden Wan said the sale followers a strategic review.
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The pub stands on a large 10,055 square metre site on Castlereagh Road close to the Penrith CBD.
It was bought from long-time owners the Parras family for $15.5 million.
The Parras family had paid $6.95 million in 2002 before undertaking a major upgrade.
Its facilities include a beer garden, bistro and bottle shop.
Boyuan, an offshoot of the Hong Kong-listed real estate company Jiayuan, became the first Chinese real estate company to list on the Australian Securities Exchange when it floated in October in 2016.
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<div>It owns residential and commercial development sites in outer Sydney and the Hunter Valley.</div>
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<div>Last month the ASX-listed property group Boyuan Limited announced it will lead a consortium to develop a 344-hectare masterplanned health, retail and logistics development, the "Northern Gateway development", at Sydney's proposed second airport, Badgerys Creek.</div>
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Boyuan sells Peachtree Hotel for $16.5 million

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GUEST OBSERVATION
In 2016-17 Australia’s third largest export, international education, leapt from A$23.6 billion to a record high of A$28 billion. Within the higher education sector, the highest intake of international students is of Chinese origin.
Behind these statistics are the individual stories and aspirations of Chinese students’ parents who provide them the financial resources and emotional support. Yet, we know so little about why it matters so much to their parents, and what long-term impacts overseas study has on them and their families when they return home.
Knowing what aspirations Chinese parents have for their children will help us understand what keeps our international education export industry vibrant today. And more importantly, sustainable tomorrow.
The shifting educational landscape in Shanghai-China
Focusing on a shifting landscape of education in Shanghai, I undertook a longitudinal pilot case-study of four bilingual kindergarten-secondary schools to investigate the aspirations Chinese middle-class parents have for their children’s education.
These schools are run privately. Their aim is to promote a dual stream model with a mission of implementing a bilingual “East-meets-West” education. Global competitiveness is driving the innovative change and quality of education in Shanghai.
In these schools, Chinese students are taught by local Chinese teachers in subjects like maths, Chinese language and values education. At the same time, they study a range of Western curriculum such as International Baccalaureate or General Certificate of Education at Advanced-Levels (the higher school certificate in the UK). These are co-taught by Western expatriate teachers and Chinese bilingual teachers, in subjects like English, arts, music, physical education, science and philosophy.
This emerging privatised education industry is a testament to how Shanghai-Chinese society is changing. By studying in such schools, their children can essentially opt out of the most stressful examination – the National University Entrance Examination (Gao Kao- 高考). In the eyes of Chinese middle-class parents, international education credentials open doors to the top jobs.
Under these circumstances, the provision of “international-local” school education has become the preferred choice for many Chinese middle-class families when it’s available and affordable to the local population.
In May this year, I went to Shanghai for a month to interview 46 Chinese middle-class parents whose children are attending such schools. Although they are from diverse educational and career backgrounds, a portion of these parents have overseas education credentials and are now doing well in Shanghai. There are also some whose close relatives or friends have either migrated or studied overseas.
A study from the UK of 652 Chinese international students after they returned home found the majority have experienced profound identity-transforming experiences with a renewed sense of self at home.
Today, Australia is an attractive destination for many Chinese students because of the ways the Australian international education system interacts with immigration policy. Not only will their children’s education at an Australian university be perceived as cultural capital for the family, they also want their children to gain post-study migration and employment opportunities.
‘Tiger’ or ‘chicken blood’ parents or neither
Students of Chinese ethnicity who are migrants in countries such as the UK and Australia are the highest performing ethnic group. Because of this, we are often led to believe it’s the high expectations Chinese parents have of their children that push them to perform well in schools.
But for some of these middle class Chinese parents I interviewed, who are successful in their educational experiences in China, they don’t want their children to have the same Chinese education they had. They want to avoid being parents of “chicken blood” (鸡血) – the Shanghai-Chinese term for demanding “tiger” mums or dads.
In their case, unlike what most research indicates about Chinese parenting styles, they want their children to have a broader worldview, to be fluent in English and Chinese, and still have a competitive edge over other local Chinese students without the stress of performing well academically.
Most of them have planned to send their children to study overseas because they did. Such attitudes and aspirations middle-class Chinese parents instil in their children make an important contribution to the continual influx of Chinese students to study in Western countries like Australia.
What next?
For Chinese international students who have returned home, they still aspire to provide a Western overseas education for their children. This is still significant in creating flexible citizenship for their child’s future.
For Australian international education, this means their children can potentially be second-generation international students. This is also why, for some of these middle class Chinese parents, the “East-meets-West” schooling system in Shanghai is a good option.
<img src="https://counter.theconversation.com/content/97257/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">If Australia is to remain a destination for world-class education, we need to be far more self-reflective and long-sighted about what Australian international education offers: global citizenship and transnational mobility. We need to listen to the voices of an increasing middle-class in China.
Hannah Soong, Lecturer in Teacher Education Practice, School of Education, University of South Australia
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/what-we-know-about-why-chinese-students-come-to-australia-to-study-97257" target="_blank">original article</a>.
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What we know about why Chinese students come to Australia to study: Hannah Soong

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A Chinese syndicate has paid $39.4 million for Mornington Village as the yield for shopping centres in Victoria approaches 5%.
The syndicate of Chinese investors purchased it on a 5.26% yield.
According to CBRE agent Mark Wizel, the centre was making $2.071 million per annum.
The centre contains holds several large contracts including Woolworths and Aldi.
The two level, 7963 square metre (GLA), neighborhood centre, is the fifth neighbourhood centre to be sold the past two months through CBRE’s Retail Investments team, making a total of just under $180 million at on average 5.09% yield.
Mornington Village last sold in January 2014 for $25.8 million on a yield of 7.47%.
Wizel said vendors were confident of getting a good price for their asset while purchasers were buoyed by strong population growth to various parts of Victoria,
He noted the retail assets in high demand were those that had underlying land value with development upside.
He said the national average trend for neighbourhood centres remained above 6% in the year to March, according to CBRE’s Australia Retail Q1 2018 report.
"Eighteen months ago yields for this retail asset class were approaching 6 to 6.5% and they have now firmly settled on an average of marginally above 5% and that is a reflection of the peculiar characteristics of the Victorian market,’’ Wizel said.
<a href="https://www.propertyobserver.com.au/images/2018/6/6/Screen%20Shot%202018-06-06%20at%2010.36.35%20am.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2018/6/6/Screen%20Shot%202018-06-06%20at%2010.36.35%20am.png" alt="">
Dowers said the residential population growth factor along with tourism had driven a string of retail investment sales on the Mornington Peninsula in recent years attracting a broad range of purchasers including institutions, syndicates and private investors.
A strip of retail properties sold recently for just over $6 million, exceeding its reserve price of $4.9 million, as seven buyers contested the 2229sq m 671-677 Point Nepean Road, McCrae offering.
The three leases to retailers Kobi Jacks, Alatonero and Merchant Maker café were recently renewed for five years.
A local investor bought the property across two titles at a yield of 3.6%.
Recent sales include Hastings Central Shopping Centre purchased by Henkell Brothers for $32.1 million.
Bentons Square half-share purchased by Vicinity Centres for $38.25 million.
Bunnings Warehouse Hastings purchased by a local syndicate for $15.16 million
Somerville Mall purchased by a private investor for $42.05 million.
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Chinese syndicate pays $39.4 million for Mornington Village

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An overseas investor has snapped up a childcare centre in Bentleigh East.
The <a href="https://maps.google.com/?q=359-361+Chesterville+Road,+Bentleigh+East&amp;entry=gmail&amp;source=g" title="">359-361 Chesterville Road, </a>offering in bayside Melbourne sold for $5.6 million just after auction.
It has a new 20-year lease with options to childcare operator Think Child Care.
The 451 square metre building on a 1184 square metre sold on a 5.85% yield.
Savills Australia's Julian Heatherich, Benson Zhou and Mark Stafford secured the sale for a private investor.
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Bentleigh East childcare centre sold for $5.6 million 

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EXPERT OBSERVATION
The Australian economy as measured by GDP grew by 1.0% in the March quarter of 2018, which was above consensus estimates for a 0.9% lift and indicates that the economy started the year off strongly. Annual growth rose to 3.1% (from 2.4% - see chart below) which is running above estimates for Australia’s growth potential (which is around 2¾%). But, the strength in GDP growth over first quarter is unlikely to be repeated again in the June quarter. Australian GDP has had a tendency to run hot and cold lately. Looking back at history, the last three strong GDP prints (around 0.9% or 1.0%) have been followed by a weaker outcome in the following quarter which is often caused by “one-off” impacts like strong net exports or an inventory build that are then unwound in the following period.
But, the Australian economy is still expected to hold up over the near-term and there is little risk of a recession. The GDP data also shows a slow trend up in productivity growth, which is positive for living standards. Compared to our global peers, Australia’s headline growth profile also looks favourable (US at around 2.5% currently, Eurozone around 2% and Japan near 2%) although much of this growth “outperformance” can be explained by higher population growth in Australia.
Click here <a href="https://www.propertyobserver.com.au/images/2018/6/6/GDP-Growth.jpg" target="_blank">to enlarge. </a>
<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/2018/6/6/GDP-Growth.jpg" alt=""> 
The main points from the March quarter GDP data are: 
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<li class="x_MsoNormal">
Continued weakness in consumer spending. Consumer spending rose by 0.3% in the quarter (contributing 0.2 percentage points to growth with retail volumes flat over the quarter).The weakness in consumers is well known – real wages growth is running flat, the savings ratio is now very low at just 2.1% and debt levels are very high. It is difficult to see households gaining confidence to run down their savings rate further in the current environment of low wages growth, slowing wealth accumulation (as home price growth weakens) and high debt levels. Proposed income tax cuts from the government are not large enough to change this outlook. Its worth noting that while the National Accounts reports “compensation of employees” as being up a strong 5.1% over the last year, this mainly reflects the strong employment growth of the last year as “average compensation per employee” is up just 1.6% over the last year consistent with other measures of low wages growth. </li>
</ul>
<ul type="disc">
<li class="x_MsoNormal">
Residential construction contributed 0.1 percentage points to growth. Housing construction has passed its peak but building approvals continue to run at elevated levels compared to recent years so housing investment is still making small contributions to growth. Housing investment will slow over the next year or two though, but large detractions from growth are unlikely.</li>
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<ul type="disc">
<li class="x_MsoNormal">
Underlying business investment (which takes into account asset transfers between the private and public sector) made no contribution to growth, with non-residential building down, engineering construction up marginally and machinery &amp; equipment spending up. Business investment is slowly lifting in Australia, as the mining investment decline has nearly finished and non-mining investment is improving. There is still more downside for mining investment, but a lift in non-mining expenditure is providing an offset. However, the lift in non-mining investment has been slow and very gradual and capital spending intensions data released last week suggests that this is likely to remain the case. Non-mining investment is still well below its historical average as a share of the economy, so there is still plenty of capacity to lift non-mining investment growth. 
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<li class="x_MsoNormal">
Underlying government spending (which takes into account asset transfers between the private and public sector) was up strongly again and contributed 0.3 percentage points to growth. Public infrastructure spending remains very high, with both the Federal &amp; State governments allocating more funds towards infrastructure over recent periods which will continue contributing to GDP growth.</li>
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<li class="x_MsoNormal">
Inventories contributed 0.2 percentage points in the March quarter and this is unlikely to be sustained in the June quarter. 
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Net exports contributed 0.3 percentage points to growth with strong export growth. The outlook for export growth is still positive, thanks to resource exports and global demand for Australian resources and as service exports like tourism and education continue to grow. But the contribution to growth is likely to slow going forward and it can be volatile from quarter to quarter.</li>
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Inflation pressures and wages remain subdued with the household consumption deflator (an alternative measure of inflation) up by 1.6% year on year which is below the rate of inflation as measured by the CPI and average compensation per employee is up by just 1.6% over the past year – below the 2.0% wages growth recorded in the wage price index (this is due to jobs growth being faster for low paid jobs than for high paid jobs).</li>
</ul>
Implications
While the March quarter GDP data shows that the Australian economy started the year strongly, we still expect Australian growth in 2018 to be a little below the RBA’s forecast of “a bit above 3%” because of a constrained consumer and a slowing housing market. And while non-mining business investment is rising, public infrastructure spending is surging and the labour market is strong, there are few signs of noticeable cost pressures as the economy is still running below its capacity as indicated by high levels of labour market underutilisation.
Growth needs to be stronger on a sustained basis to work through this spare capacity and lift wages and inflation. We remain of the view that the constrained inflation backdrop will keep the Reserve Bank on hold until early 2020 at least, when we see the central bank starting to lift interest rates. But, given the weakness in home prices and the negative wealth effect that will flow from that its premature to rule out the next move in official rates being a cut.
<a href="https://www.propertyobserver.com.au/https://plus.google.com/110172465327488162875?rel=author">SHANE OLIVER</a> is head of investment strategy and economics and chief economist at <a href="https://www.ampcapital.com.au/home">AMP Capital</a> and is responsible for AMP Capital's diversified investment funds.
 
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