<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.”

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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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An Embleton church site with development potential has remained in religious hands.
LJ Hooker Commercial Perth confirmed the sale of the 4,025 square metre site, which was the home of the Jehovah’s Witnesses Kingdom Hall, to a Hindu faith spiritual group.
The freehold site changed hands for $2,175,000, plus GST.
The Shree Swaminarayan Sidhant Sajivan Mandal Perth INC – part of the Maningar Shree Swaminarayan Gadi Sansthan – is a local not-for-profit incorporated religious association and charity.
The association has a legacy in Perth that dates back two decades, when families from East African including Kenya, Tanzania and Uganda migrated to the city and began holding religious services in private dwellings.
LJ Hooker Commercial Perth agent Vincent Siciliano said the group had undergone growth in membership.
The Kingdom Hall on site included modern improvements across 700 square metre of the property.
“The group will re-launch the former Kingdom Hall as the Shree Swaminarayan Gadi Temple, Embleton,” said Siciliano.
The site offered potential for 11 lots with the local planning scheme allowing for a minimum lot size of 300 square metre with dual street frontage to Irwin Road and Gaull Place.
Following the sale of the church site, LJ Hooker Commercial Perth has now been appointed to sell a second Jehovah’s Witnesses Hall at 44-46 Chelsea Court, Dianella.
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Hindu group buys Jehovah’s Witnesses Kingdom Hall at Embleton

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The retirement owner, operator and manager Aveo Group has received planning approval for a $60 million project on the Sunshine Coast.
Set within Harmony, the $3 billion master planned community at Palmview; the 5.4-hectare site will accommodate 138 independent living units, providing homes to more than 200 seniors upon completion.
Aveo will commence construction in April 2018 to be built over five stages featuring two and three-bedroom units, with the first 63 units planned in the first stage with completion anticipated by June 2020.
Amenities also planned in the first stage include a community centre featuring a café, media room, recreational and entertaining areas, as well as a range of professional health and wellness facilities.
Aveo Group CEO Geoff Grady said Harmony’s location was a key consideration when choosing the site, with the Sunshine Coast experiencing a 21% growth in senior residents in the five years leading up to 2016.
Palmview will be Aveo’s third development on the Sunshine Coast alongside flagship community Aveo Peregian Springs Country Club,
Strategically located in the heart of the Sunshine Coast on 378 hectares, Harmony will deliver more than 4,800 homes for 12,000 future residents, 100 hectares of open space and a 60km network of pedestrian path and cycle ways. 
AVID Property Group General Manager Queensland Bruce Harper said intergenerational planning has been an important focus at Harmony since the project’s inception more than a decade ago.
“In the past, most new residential developments really only catered towards younger families, with the expectation that people would move on as their circumstances changed,” Harper said. 
“Needless to say, we are thrilled that Aveo Group will deliver a state-of-the-art retirement community right here at Harmony.”
<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/2018/3/23/Palmview_Streetscape.jpg" alt="">
Situated on Harmony Boulevard in Palmview, the community neighbours Sippy Downs, Buderim, Mooloolaba, Maroochydoore and Kawana Waters. 
<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/2018/3/22/Palmview_Lounge.jpg" alt="">
 
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Aveo receives planning approval for $60 million Harmony, Sunshine Coast community

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Most property-watchers are aware of the Tasmanian property boom, with attention focused on Hobart as the national leader for capital city price growth, for suburbs with the shortest time-on-market and for the nation’s lowest vacancy rates.
But there’s more to the Tassie story than Hobart. The second city Launceston is also thriving.
Launceston has seen good price growth in the last 12 months, with double-digit increases in the median house prices of several suburbs. This market also features vacancies below 2% and strong rental yields above 5.5%. 
And the future looks strong, starting with the underlying economy – always pivotal in the fortunes of property markets.
The Launceston City Deal, financially supported by all three levels of Government, has secured Launceston’s future as a “University Town”. 
Under the plan, Launceston will be the recipient of serious spending on infrastructure for industries such as education, construction, the Defence Force, transport and forestry. Launceston General Hospital is being upgraded, new industrial estates are emerging and new housing estates are opening up. 
In the 2016 Census, the population of Launceston was 81,000. Other reports suggest around 100,000 live in and around Launceston. 
It is one of Australia’s oldest cities and is home to many historic buildings, including the General Post Office. It’s the commercial hub for northern Tasmania’s agricultural and pastoral activities which, in recent years, have evolved from the growing of apples to viticulture. 
Wool is also an important industry while $130 million has been spent on the Meander Dam and irrigation infrastructure to support the agricultural sector. 
Launceston has a diverse range of industries, including manufacturing, minerals and resources, commercial shipping, tourism and educational facilities. 
Human pharmaceuticals manufacturing earns the region about $130 million each year. Tasmanian Alkaloids, located near Westbury, is the largest exporter of opiates from which codeine and morphine are derived. The company employs 200 local people. 
Premium beer drinkers will be familiar with the name James Boag. The Brewery employs around 150 and produces 76,000,000 litres of beer annually. 
Manufacturing makes the largest contribution to the local economy, earning over $1 billion per year. George Town Seafoods announced in April 2016 that it will double production at its processing facility. The business employs 70 people in peak production periods. 
The Bell Bay Aluminium smelter, about 45km from Launceston, is one of the state’s biggest employers claiming 1,500 direct and indirect jobs. 
Tourism employs 2,500 and is worth $340 million a year to the local economy. Around 1.29 million passengers used Launceston airport in 2015, and following a redevelopment completed in mid- 2016, the airport expects to cater for two million passengers each year by 2030. 
Numerous wineries operate along the Tamar Valley which produces about 40% of Tasmania’s premium wines. Another main attraction is Cataract Gorge, home to the longest single span chairlift in the world while Launceston is often called the ‘Garden City’ because of its many parklands. 
Launceston Airport offers regular flights to Melbourne (where travellers can connect with international flights), Sydney and Brisbane. 
Launceston is now one of the leading property markets in regional Australia, attracting mainland investors. The city features prominently in The Price Predictor Index published by hotspotting.com.au, as it has several suburbs with growing sales activity, while the nearby West Tamar LGA also has growth markets. 
Affordable Invermay (median house price $248,000) typifies the growth in this region, the number of annual sales leaping from 64 in 2017 to 99 early in 2018. 
The increased sales activity has delivered a median price rise of 8% in the last 12 months. 
On the other side of the North Esk River, the inner- city of Launceston has seen the median house price grow 23%, resulting in a median price of $449,000. 
The median house price in Newstead, another inner- city suburb with 121 annual sales, has risen 13% to $365,000, while Norwood is up 13% to $348,000. Further out, the median house price in Hadspen is $315,000 following a 14% rise in 12 months. 
Interstate buyers have become common, attracted by the state’s affordability, combined with positive developments in the city. 
Agents have reported that about 30% of buyers in Launceston hail from Sydney - and many intend to move to Launceston rather than buying for investment purposes. 
 
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

More to Tasmania than Hobart as Launceston also thrives: Terry Ryder

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Research shows that over the 12 months to December 2017, 16.1% of all houses and 9.5% of all units sold nationally transacted with a price tag excess of $1 million.
By comparison, 12 months earlier 14.8% of houses and 8.1% of units sold for more than $1 million.
At 16.1% of all house sales and 9.5%all unit sales in excess of $1 million, more houses and units sold for more than $1 million than sold for less than $200,000.
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Across the combined capital cities, 23.8% of all houses and 11.6% of all units sold over the year sold for more than $1 million.
The number sold for more than $1 million was up from 21.7% and 9.8% respectively a year earlier.
Five years ago just 9.8% of all houses and 3.9% of all units sold for more than $1 million. A greater number of houses sold for more than $1 million over the past year than sold for under $400,000. 
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Across the combined regional markets, 4.6% of houses and 3.8% of units sold over the year transacted at or above $1 million. The share of million dollar sales was up over the year from 3.8% for houses and 3.6% for units.
Five years earlier, 1.7% of houses and 2.2% of units sold throughout the year sold for $1 million. While in the combined capital cities the share of $1 million sales is significant it remains relatively small in those areas outside of the capitals. 
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Sydney is the region that recorded the highest proportion of sales of at least $1 million throughout 2017. Over the year, 49.3% of all houses sold were at least $1 million which was up from 45.4% at the end of 2016 and 18.8% at the end of 2012.
Over the 2012 calendar year, 5.4%  of all Sydney units sold over the year were at least $1 million, by 2016 the share had increased to 18.7% and 25% then by the end of 2017 it was up to 22.3%. More recently, values have begun to fall in Sydney, particularly for higher value properties, so there is a possibility in2018 Sydney will see a decline in the share of sales of at least $1 million. The share of $1 million plus sales in Melbourne has climbed significantly over recent years.
Throughout 2017, 28.3% of all houses and 8.3% of all units purchased were at least $1 million. The share of $1 million sales was up from 23.7% for houses and 7.2% of units a year earlier. The share of $1 million sales has risen substantially from five years ago when 9.7% of houses and 3.5% of units sold for at least $1 million. 
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Although value growth has been fairly moderate in Brisbane over recent years, the share of $1 million sales has continued to climb. Throughout 2017, 8.3% of all houses and 3.4% of all units sold, transacted for at least $1 million. A year earlier, 7.5% of all houses and 2.8% of all units sold for at least $1 million and five years earlier just 3.6% and 2.1% of houses and units sold for at least $1 million.” 
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Dwelling values in Adelaide have increased by just 2.2% over the past year, however, the share of stock selling for $1 million or more has continued to climb. Over the  2017 calendar year, 5.5% of all houses sold for at least  $1 million with the share climbing from 5.0% a year earlier and 2.8% five years previous.
For units, 1.6% of all sales were at least $1 million 2 years ago compared to 1.7% in 2016 and 1.9% in 2017. Over the past year there were more Adelaide houses sold for at least $1 million than there were sold for less than $200,000. 
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Perth has been recording falls in values since 2014 and the most expensive properties have recorded falls more substantial than the city wide average. The share of sales of $1 million or more has fallen over the year for house(10.4% to 10.3%) and units (4.5% to 3.2%). Although the share of sales of $1 million property has declined over the year it remains higher than it was five years ago for houses but lower for units when those sales accounted for 7.2% and 3.4% of all sales respectively. 
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As the nation’s most affordable capital city housing market, Hobart has far fewer sales of $1 million properties than other capital cities. Notwithstanding, values of all capital cities and has seen a fairly significant lift in the share of $1 million sales over the past year.
Over the 2017 calendar year, 2.8% of all houses sold transacted for $1 million or more, up from 2.3% a year earlier and 1.4% five years earlier. The share of $1 million unit sales was steady over the year at 0.9% of all sales and down from five years earlier when 1.3% of all sales were at least $1 million. 
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Darwin has been the nation’s weakest performing capital city housing market for a number of years. At the end of February 2018, dwelling values were -22.3% lower than their peak. Predictably, such substantial value falls have led to a significant decline in $1 million sales.
Over the 2017 calendar year, 3.1% of all houses sold were at least $1 million compared to 4.1% a year earlier but a lower 2.4% five years earlier. 1.3% of all unit sales in 2017 were at least $1 million compared to 2.3% a year earlier and 1.7% five years earlier. 
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Dwelling values in Canberra have increased by 3.2% over the 12 months to February 2018 and as aresultthe share of sales of properties worth $1 million or more has also risen. At the end of 2017, 12.6% of all house sales throughout the year had been at least $1 million, up from 10.4% a year earlier and 4.8% five years earlier. For units, 2.5% of all sales were at least $1 million, up from  2.3% a year earlier and 1.3% five years earlier.
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The latest data is showing that a number of capital cities have now recorded falls in values, in particular the most expensive city, Sydney. 
Additional data also indicates that values are falling by the greatest amount across the premium sector of the housing market. Should these declines continue, it may result in a decline in the share of sales of properties at or in excess of $1 million throughout 2018. 
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CAMERON KUSHER is head of research for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>. 
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ckusher-ujnxiKuFQs

Nearly 25 percent of capital city houses sell for over $1 million in 2017

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<div>Figures out recently showed Australian employment growth <a href="http://petewargent.blogspot.com.au/2018/03/employment-growth-hits-all-time-high" target="_blank">tracking at all-time record levels</a>, with a stunning +420,700 year-on-year increase in employment, including an eye-watering +166,200 increase in New South Wales. I took a look through those numbers in a bit more detail, including at the state level, <a href="http://petewargent.blogspot.com.au/2018/03/employment-growth-hits-all-time-high" target="_blank">here</a>. Population growth tends to be pro-cyclical, and over the year to September 2017 the annual growth in Australia's estimated resident population picked up to +395,600, for the quickest annual increase since 2013 in absolute terms, if not in percentage terms. The estimated rate of population increase through net overseas migration is a bit faster than might be implied by the issuance of permanent residency visas, with the growth international students accounting for some of the difference. I'll take a look below through where and why that's happened in 4 short parts. Part 1: By natural causes... 
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<div>As the population grows and ages the number of deaths each year tends to climb steadily, now up to +161,100 over the year to September 2017. The trends for births are a bit more complicated, and often vary quite significantly around the regions of Australia and by culture. Generally speaking, we're still having babies, but on average we opt to do it later in life than was the case over the preceding decades. I'm not a bad case study myself for Australia's population trends, being a capital city immigrant to Sydney that worked in professional services, then mining, then real estate...before relocating to Brisbane, and leaving having children about as late as nature would allow. I've yet to get divorced. You might say I'm following the herd, but in fact my plan has been to be ahead of the crowd on all fronts, and indeed with the benefit of hindsight I probably got out of the mining industry a few years too soon (bubbles can have a second wind and run for much longer than you think they will...but you live and learn with these things!). Anyway, back to the demographic statistics, there was previously a bit of a blip in the births figures - the error was administrative and related to slow record-keeping rather than the number of babies actually popping out - but the backlog now seems to be fixed and total births have stabilised at around +306,500. Thus, the natural increase in Australia's population over the year to September was +145,500, a bit lower than the +151,500 a year earlier as the number of deaths continued to increase. </div>
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<div>It's hard to predict what will happen here. Certainly the number of deaths will continue to rise (that's one prediction you can hold me to) and as the Baby Boomer population ages for the past decade I've consistently recommended some exposure to the healthcare sector for that very reason, while there will be a chronic shortage of aged care facilities and, in some locations, retirement living options. Future births I can't reliably predict - nobody can - but by dicing up the population pyramid I do like to construct the argument that the growth in births will be much stronger than many expect, due to immigration being focused on younger arrivals, and the <a href="http://petewargent.blogspot.com.au/2017/06/demographic-tsunami" target="_blank">corresponding explosion</a> in the 25-34 year old cohort. The births boom will just come a bit later down the track than previous trends might imply, that's all. Unfortunately more divorces and separations will also ultimately result in an unprecedented spike in demand for inner-suburban apartments and townhomes, but that's all a while away yet. <div class="separator"><a href="https://2.bp.blogspot.com/-3xjJlS6OX_k/WrQc2VK_knI/AAAAAAAApDw/O4n-4-OnTLAs8-hkt1esyNXFoB6WhkV2wCLcBGAs/s1600/Year%2Bof%2BAge.jpg"><img src="https://2.bp.blogspot.com/-3xjJlS6OX_k/WrQc2VK_knI/AAAAAAAApDw/O4n-4-OnTLAs8-hkt1esyNXFoB6WhkV2wCLcBGAs/s640/Year%2Bof%2BAge.jpg" width="640" height="396" data-original-height="835" data-original-width="1348"></a></div>
 Part 2: Immigration nation 
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<div>Australia's permanent migrant intake is capped at around 200,000 per annum, but the overall pace of net overseas migration was faster than this, partly accounted for by international students. Furthermore, earlier studies by the ABS have found that many Australians migrating overseas 'permanently' or purportedly for the long term end up returning to these shores within a remarkably short space of time, suggesting that for many the grass is not greener elsewhere. Incidentally, I wrote in 2015 how these 'boomerang departures' would be one factor leading to a population growth rebound, inadvertently dragging me into a quagmire of social media ridicule (in the end I was right, though). Looking at the net figures, then, we can see that net overseas migration increased by +15.4 per cent over the year to +250,100. </div>
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 The next slide tells its own story: immigrants still love Sydney and Melbourne, and now in record numbers. 
<div> </div>
<div>Concerningly for the regional centres of Australia, the Characteristics of Recent Migrants survey showed that not only do migrants uniformly head to the capital cities, <a href="http://petewargent.blogspot.com.au/2017/06/migrants-flock-to-capital-cities-stay" target="_blank">they also now overwhelmingly remain there</a>. </div>
<div> </div>
<div>I know a bit about this, because I'm one of the said migrants, although like many I've made a couple of internal capital city moves since my first arrival in Australia in the 1990s. </div>
<div> </div>
<div>During the mining boom years through until 2012 immigrants also flocked to the resources states. </div>
<div> </div>
<div>I recall Simon Reeve's BBC documentaries revealing to stunned Britons that expat truck drivers in Western Australia were earning salaries that most working class Poms could only dream of, and to rub further salt into their wounds the truckies were living in houses with swimming pools you could actually swim in! </div>
<div> </div>
<div>Although Queensland has experienced something of a rebound, the drawcard for the resources states is not nearly as strong as it used to be, and South Australia has at least half a foot in that camp too. </div>
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<div>
 Going forward Sydney, Melbourne and south-east Queensland are projected to capture the bulk of population growth. Perth will now have direct flights to Europe in its favour, but my analysis here previously has shown that in the future almost all of the net growth in the overseas born population will be driven by migrants of Asian origin. European-born Baby Boomers are set to drop off the perch and more Asian migrants and international students from China and India are dominating the intake (with many expected to become permanent residents later). This in turn has a strong impact on future demographic pull-factors, including for family visas and future international students. Part 3: Upping sticks One of the main trends to watch for me at the moment is internal movements as the two most populous capital cities adjust to the latest influx. Sydney in particular can be wearisome at times with the delivery of the CBD &amp; South East Light Rail project still seemingly an age away, although testing on the Randwick section is at least now underway. This is scant consolation, I expect, for the commuting residents of Randwick and Coogee currently experiencing near-unfathomable gridlock on their short 6 to 8km journey to the city, only to discover that when then arrive in the city the key CBD thoroughfares are being dug up there too. For this reason and others, Queensland has now usurped Victoria as the typical interstate migrant's destination of choice with net inflows hitting a decade high of above +19,000. About 12,000 of those came from New South Wales on a net basis, with the ratio of Sydney's house prices to those in Brisbane tracking at the highest level we've ever seen at above 2.2. One way or another that ratio will likely close back below 2. </div>
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<div>Although not included here because it would simply be a long, flat, green line on this Y-axis scale, Tasmania is now attracting more than a smattering of interstate migrants at +1,000 net over the year to September. Net interstate migration away from struggling South Australia is not a new thing, and indeed the ABS figures record that well over 100,000 South Australians have relocated elsewhere on a net basis since the early 1980s. South Australia now has the slowest population growth of all the states in percentage terms at +0.6 per cent, but it's the composition of demographic change rather than the absolute headcount that should be of most concern. The present speed of the outflow is somewhat alarming, especially because interstate migration can have an irritating tendency to sap a capital city of its potential best and brightest. Since the peak of the mining boom in late 2012, South Australia has lost more than -23,000 residents interstate, with many skipping in a south-easterly direction to the brighter lights of Melbourne. I don't know how that trend gets arrested, but someone needs to have a deep think about it. Part 4: Totting it up Totting it all up, then, strength in net interstate migration takes Queensland's population growth all the way back up to +81,300, from a cyclical nadir of below +60,000 in 2015. Brisbane typically accounts for 60 to 65 per cent of that growth with Queensland being the one Australian state with diverse and thriving regional centres including Gold Coast (which is set to benefit imminently from the 2018 Commonwealth Games) and Caloundra on the Sunshine Coast. I looked <a href="http://petewargent.blogspot.com.au/2018/03/queensland-population-to-pass-5-million" target="_blank">in a bit more detail here</a> at where the main population flows are headed in the Sunshine State. But even this rate of state population growth growth pales into insignificance next to Victoria (+147,400) and New South Wales (+123,100).  </div>
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<div>A significant <a href="http://petewargent.blogspot.com.au/2017/06/melbourne-population-growth-blows-doors" target="_blank">intercensal difference</a> emerged in the 2016 Census and found that the nadir in population growth in Western Australia was considerably lower than previously believed, partly accounting for the dwelling stock overhang, though population growth is now picking up again and the housing market is rebalancing. </div>
 
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<div>Western Australia's annual population growth was up to +22,000 or +0.9 per cent.</div>
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<div>Finally, the Northern Territory experienced a small population decline in the September 2017 quarter, which is fairly unusual, though not unheard of. </div>
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<div>I've even lived in Darwin myself, which says something about what a cyclical type of place it can be. </div>
<div> </div>
<div>Through recent episodes of disruption there have been strong correcting factors such a once-in-150 year resources boom or the Cyclone Tracy rebuild to drive the Territory forward. </div>
 
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<div>I'm not sure what comes next for the NT through the Ichthys/INPEX construction phase wash-up, but then again I haven't been to Darwin for a couple of years and it's the sort of place that likes to deliver surprises. </div>
 
<div>The wrap</div>
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<div>Overall, then, estimated growth in the resident population at +395,600 was comfortably stronger than a year earlier, when it was +370,400.</div>
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<div>Australia's estimated resident population will accordingly pass 25 million within just a few months from today, with Queensland's population projected to surpass 5 million in May. </div>
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<div>After accounting for the concentration of migrants into the capitals Greater Melbourne is growing at about the fastest pace ever. Sydney is losing some residents internally to the NSW regions, to the south, north, and west, as Baby Boomers take their new-found housing equity elsewhere for a lifestyle change.</div>
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<div>South-east Queensland population growth will pick up as the <a href="http://petewargent.blogspot.com.au/2018/03/queensland-population-to-pass-5-million" target="_blank">magnetic north</a> does its thing, and in fact it already is as anyone living in inner Brisbane will testify. <div class="separator"><a href="https://1.bp.blogspot.com/-GdOeqtrS-C8/WrQv9MBrEoI/AAAAAAAApEQ/Kidd_RvjMVUO1dxt1Yr-LpN-Yxtie7F0wCLcBGAs/s1600/QLD.jpg"><img src="https://1.bp.blogspot.com/-GdOeqtrS-C8/WrQv9MBrEoI/AAAAAAAApEQ/Kidd_RvjMVUO1dxt1Yr-LpN-Yxtie7F0wCLcBGAs/s640/QLD.jpg" width="640" height="388" data-original-height="813" data-original-width="1339"></a></div>
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<div>Next I'll get around to posting my mapping population growth versus dwelling completions, which will reveal an interesting outcome or two, especially for Melbourne and Brisbane.</div>
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pwargent-M4siyDbqQY

Immigrants still love Sydney and Melbourne, and now in record numbers

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I've written a lot here about Queensland's record apartment construction boom, which is now rebalancing. See <a href="http://petewargent.blogspot.com.au/2017/10/spirit-in-sky" target="_blank">here</a> and <a href="http://petewargent.blogspot.com.au/2018/02/filling-up" target="_blank">here</a>, for example. 
The number of attached dwellings constructed through this cycle will exceed even the post-recession boom of the early 1990s. 
The number of detached house starts is now rising steadily, but for attached dwellings new commencements are falling fast, especially for the higher-density projects.
And the official numbers are six to nine months old.  
A quick drive around central Brisbane reveals that many projects have been stalled or mothballed, and staged releases pushed out. 
Developers simply can't shift many of them, with unusually 'flexible' terms being offered to prospective buyers in some cases. 
<a href="https://2.bp.blogspot.com/-Rg09ZgLw5Ww/WrdC6jxd5GI/AAAAAAAApGI/QOTtowImShEDYsVAlG0pkYKzK4srDyOcQCLcBGAs/s1600/QLD.jpg" target="_blank"><img src="https://2.bp.blogspot.com/-Rg09ZgLw5Ww/WrdC6jxd5GI/AAAAAAAApGI/QOTtowImShEDYsVAlG0pkYKzK4srDyOcQCLcBGAs/s640/QLD.jpg" width="640" height="390" data-original-height="830" data-original-width="1356"></a>
Below annual dwelling starts for the state are mapped against the estimated change in the resident population. 
I deliberately haven't messed around with the axes on the chart as some are inclined to do.
After all, this cycle has been characterised by record volumes of high-rise apartments, which might house fewer persons per unit on average previously (while there is arguably the issue of Chinese investors and vacant apartments to account for). 
The numbers show total dwelling starts falling fast in 2017, as they needed to. 
Queensland's net overseas immigration and therefore population growth pulled back hard after the peak of resources construction, leading to a dwelling stock overhang, in a similar vein to Western Australia. 
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Fortunately for local developers, Queensland has become the state with the <a href="http://petewargent.blogspot.com.au/2018/03/where-why-population-growth-is" target="_blank">greatest internal population flows in the country</a>, which is helping to stabilise the ship.
They'll be looking to offload their final apartments quick-sharp and put the shutters up for the remainder of this cycle. 
As ever, lots of variations are apparent when drilling down to the regional and suburb level. 
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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Queensland's internal population flows stabilising the CBD apartment ship: Pete Wargent

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The 2018 City Wealth Index uses four critical measures to identify the cities that matter to the wealthy – wealth, investment, lifestyle and future. 
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Wealth
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Investment
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Lifestyle
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Future
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Overall Rank
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New York
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1
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1
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1
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<td nowrap width="60">
1
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<td nowrap width="78">
1
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London
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4
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<td nowrap width="76">
2
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<td nowrap width="70">
5
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<td nowrap width="60">
2
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<td nowrap width="78">
2
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San Francisco
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5
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4
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<td nowrap width="70">
2
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<td nowrap width="60">
6
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<td nowrap width="78">
3
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Los Angeles
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2
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5
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12
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4
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4
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Chicago
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6
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18
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3
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8
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<td nowrap width="78">
5
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Singapore
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7
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<td nowrap width="76">
15
</td>
<td nowrap width="70">
3
</td>
<td nowrap width="60">
10
</td>
<td nowrap width="78">
5
</td>
</tr>
<tr>
<td nowrap width="86">
Paris
</td>
<td nowrap width="70">
13
</td>
<td nowrap width="76">
14
</td>
<td nowrap width="70">
7
</td>
<td nowrap width="60">
5
</td>
<td nowrap width="78">
7
</td>
</tr>
<tr>
<td nowrap width="86">
Tokyo
</td>
<td nowrap width="70">
10
</td>
<td nowrap width="76">
22
</td>
<td nowrap width="70">
6
</td>
<td nowrap width="60">
2
</td>
<td nowrap width="78">
8
</td>
</tr>
<tr>
<td nowrap width="86">
Hong Kong
</td>
<td nowrap width="70">
3
</td>
<td nowrap width="76">
3
</td>
<td nowrap width="70">
10
</td>
<td nowrap width="60">
25
</td>
<td nowrap width="78">
9
</td>
</tr>
<tr>
<td nowrap width="86">
Washington DC
</td>
<td nowrap width="70">
12
</td>
<td nowrap width="76">
10
</td>
<td nowrap width="70">
7
</td>
<td nowrap width="60">
13
</td>
<td nowrap width="78">
10
</td>
</tr>
<tr>
<td nowrap width="86">
Sydney
</td>
<td nowrap width="70">
20
</td>
<td nowrap width="76">
7
</td>
<td nowrap width="70">
14
</td>
<td nowrap width="60">
17
</td>
<td nowrap width="78">
11
</td>
</tr>
<tr>
<td nowrap width="86">
Dallas
</td>
<td nowrap width="70">
9
</td>
<td nowrap width="76">
6
</td>
<td nowrap width="70">
35
</td>
<td nowrap width="60">
9
</td>
<td nowrap width="78">
12
</td>
</tr>
<tr>
<td nowrap width="86">
Boston
</td>
<td nowrap width="70">
24
</td>
<td nowrap width="76">
13
</td>
<td nowrap width="70">
21
</td>
<td nowrap width="60">
7
</td>
<td nowrap width="78">
13
</td>
</tr>
<tr>
<td nowrap width="86">
Houston
</td>
<td nowrap width="70">
8
</td>
<td nowrap width="76">
15
</td>
<td nowrap width="70">
29
</td>
<td nowrap width="60">
14
</td>
<td nowrap width="78">
14
</td>
</tr>
<tr>
<td nowrap width="86">
Miami
</td>
<td nowrap width="70">
19
</td>
<td nowrap width="76">
8
</td>
<td nowrap width="70">
19
</td>
<td nowrap width="60">
20
</td>
<td nowrap width="78">
14
</td>
</tr>
<tr>
<td nowrap width="86">
Atlanta
</td>
<td nowrap width="70">
20
</td>
<td nowrap width="76">
10
</td>
<td nowrap width="70">
24
</td>
<td nowrap width="60">
15
</td>
<td nowrap width="78">
16
</td>
</tr>
<tr>
<td nowrap width="86">
Beijing
</td>
<td nowrap width="70">
15
</td>
<td nowrap width="76">
37
</td>
<td nowrap width="70">
15
</td>
<td nowrap width="60">
19
</td>
<td nowrap width="78">
17
</td>
</tr>
<tr>
<td nowrap width="86">
Shanghai
</td>
<td nowrap width="70">
29
</td>
<td nowrap width="76">
21
</td>
<td nowrap width="70">
23
</td>
<td nowrap width="60">
15
</td>
<td nowrap width="78">
18
</td>
</tr>
<tr>
<td nowrap width="86">
Munich
</td>
<td nowrap width="70">
39
</td>
<td nowrap width="76">
23
</td>
<td nowrap width="70">
26
</td>
<td nowrap width="60">
20
</td>
<td nowrap width="78">
19
</td>
</tr>
<tr>
<td nowrap width="86">
Madrid
</td>
<td nowrap width="70">
52
</td>
<td nowrap width="76">
25
</td>
<td nowrap width="70">
9
</td>
<td nowrap width="60">
24
</td>
<td nowrap width="78">
20
</td>
</tr>
<tr>
<td nowrap width="86">
Melbourne
</td>
<td nowrap width="70">
44
</td>
<td nowrap width="76">
15
</td>
<td nowrap width="70">
25
</td>
<td nowrap width="60">
26
</td>
<td nowrap width="78">
20 
</td>
</tr>
</tbody></table>
Liam Bailey, Global Head of Research at Knight Frank, commented this year’s index produced some very interesting results with regard to the projected growth of wealthy households around the world that will be exciting to track.
"However, North America’s domination of the current household wealth tables is unequivocal.
"Although the economic powerhouses such as New York and London dominated the overall rankings again, it is interesting to note the power of other US cities.”
Knight Frank’s Head of Residential Research, Australia Michelle Ciesielski noted Sydney sits at 11th overall on the City Wealth Index, influenced by ranking seventh in the category ‘investment’ in property over the two years ending 2017.  
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Sydney and Melbourne rank in top 20 in Knight Frank City Wealth Index

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After a four week marketing campaign, Ray White Group's Andrew Jolliffe, has sold the Padstow Park Hotel. 
The hotel, currently ranked 169 in the State's top 200 gaming hotels, and the recipient of a recent extension of trading hours windfall until 2am, is situated opposite Padstow train station on a 2700 sqm block. 
Jolliffe advised that the auction room was again well supported by purchasers. 
His auction sale record is now sitting at an 86% success rate.
The hotel was purchased for $26,000,000.00 by JDA hotels who enjoyed a management agreement at the hotel, confirmed Jolliffe. 
The hotel was sold by White &amp; Partners who bought it in 2014 for $13.7 million when sold by Wesfarmers hospitality arm Coles Liquor. 
"The market remains particularly active at present with the bandwith of sales for A grade hotels operating between 7% and 8.5%" commented Jolliffe. 
Speaking on behalf of the purchaser, John Feros said they clearly knew the hotel, and had a good appreciation of the area; "having operated hotels in that part of Sydney for decades." 
Ray White Hotels Australia has another 80m worth of hospitality assets currently under agreement, including the Ophir Tavern in the State's South West which the firm sold on behalf of Sydney based P.E. firm EBC Capital last Friday following an EOI campaign.
<div class="page" title="Page 1"> </div>
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Padstow Hotel price almost doubles in four years

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The Agency has partnered with the Australian Turf Club, and as part of its sponsorship, the prestigious George Ryder Stakes will now be The Agency George Ryder Stakes.
Matt Lahood has assisted the ATC for 20 years as a property advisor.
"I am thrilled to re-connect with this much-loved Australian sporting institution," he said.
He caught up with the ATC chairman Laurie Macri to celebrate their working together (above).
The Agency George Ryder Stakes – one of five Group 1 races on Longines Golden Slipper Day – is also ranked as one of the highest rated races in the world.
The world’s equal highest rated horse Winx has won the past two The Agency George Ryder Stakes and is again aiming for the $1 million Group 1 race.
 
<span class="ember-view" style="box-sizing: inherit; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 14px; vertical-align: baseline; color: rgba(0, 0, 0, 0.74902); font-family: -apple-system, system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', 'Fira Sans', Ubuntu, Oxygen, 'Oxygen Sans', Cantarell, 'Droid Sans', 'Lucida Grande', Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Hiragino Kaku Gothic Pro', Meiryo, 'Hiragino Sans GB W3', 'Noto Naskh Arabic', 'Droid Arabic Naskh', 'Geeza Pro', 'Simplified Arabic', 'Noto Sans Thai', Thonburi, Dokchampa, 'Droid Sans Thai', 'Droid Sans Fallback', '.SFNSDisplay-Regular', 'Heiti SC', 'Microsoft Yahei'; white-space: pre-wrap; background-position: 0px 0px;"> 
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The Agency sponsors George Ryder Stakes

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Australia’s inflation target is to keep annual consumer price inflation between 2 and 3 per cent, on average, over time, a Reserve Bank of Australian discussion paper re-affirmed last week.
The measure of consumer price inflation is the percentage change in the Consumer Price Index (CPI), which is deemed is a suitable measure because it captures price changes for the goods and services that households buy, is independently produced by the Australian Bureau of Statistics, is publicly available and does not get revised.
Since the early 1990s, the rate of CPI inflation – also known as ‘headline inflation’ – has, on average, been within the target range and expectations of inflation have been consistent with the target.
The Reserve Bank also closely monitors ‘underlying’ inflation, which excludes items that have particularly low or high inflation rates (either frequently or in a given quarter).
This allows the Reserve Bank to look through any temporary factors that are affecting the CPI and to assess broader inflation pressures.
Underlying inflation has averaged around the same as headline inflation since the early 1990s. Low and stable inflation has reduced uncertainty in the economy and has underpinned economic growth.
  
<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/2018/3/16/I1.jpg" alt="">
The paper noted the inflation target provides a framework to guide a central bank’s policy decisions and to ensure accountability in its management of the economy.
The Reserve Bank adopted the inflation target in the early 1990s, as did various central banks around the world, with other central banks following suit over the subsequent decade.
In 1996, the Reserve Bank and the Government agreed on the importance of the inflation target and formalised this agreement in the Statement on the Conduct of Monetary Policy (which is typically updated following a change of government or Reserve Bank Governor).
The Reserve Bank uses an inflation target to help achieve its goals of price stability, full employment, and prosperity and welfare of the Australian people.
The paper noted this was because price stability – which means low and stable inflation – contributes to sustainable economic growth.
"Targeting inflation of 2 to 3 per cent avoids the many costs to the economy from inflation that is too high or too low," it noted.
If inflation is too high:
<ul>
<li>
Consumers’ purchasing power – the real value of money – is reduced. If prices are increasing faster than people’s nominal incomes, they will be able to afford fewer goods and services than before.
</li>
<li>
Workers may then seek larger wage increases to compensate for the effects of higher inflation on their purchasing power. In turn, higher wage growth raises firms’ costs, which may lead firms to raise prices further and/or reduce the number of workers they employ.
</li>
<li>
Spending and investment decisions may be distorted. This is because high inflation can influence when households make purchases or businesses make investment decisions. For example, if households expect higher inflation, they may make purchases sooner than originally planned to avoid paying more.
</li>
<li>
Returns on investment may be lower. Inflation influences investment decisions because a higher inflation rate will reduce the real return on the investment. Inflation can also affect the real interest paid by borrowers to lenders. For example, if inflation turns out to be higher than expected when the loan was agreed, the lender will get less than they had planned because inflation reduces the purchasing power of the interest earnings they receive.
</li>
<li>
Businesses need to update their prices more frequently and consumers spend more time comparing prices. This increases their uncertainty about the economy, which may discourage spending and investment and reduce economic growth.
</li>
<li>
A country’s international competitiveness may be lowered. If inflation is higher in one country, then the goods and services it produces will become more expensive compared with other countries (unless its currency depreciates). For more on exchange rates, see <a href="https://www.rba.gov.au/education/resources/explainers/exchange-rates-and-the-australian-economy">Explainer: Exchange Rates and the Australian Economy</a>.
</li>
</ul>
If inflation is too low:
<ul>
<li>
Consumers may delay purchases if they expect prices to fall. As a result, falling prices – a situation called ‘deflation’ – can lead to lower spending. Businesses could respond by laying off workers or reducing wages which, in turn, places further downward pressure on demand and prices.
</li>
<li>
Businesses facing difficult conditions may find it hard to reduce the real wages of their employees and may resort to laying off workers instead. This is because businesses that need to decrease their real wages usually choose to allow their nominal wages to grow at a rate that is below the general rate of inflation, and if inflation is very low this is more difficult to do.
</li>
</ul>
<div class="box">
A real value is a dollar value – also known as a nominal value – less the effects of inflation.
The difference between real and nominal values can be shown using income as an example. Suppose that a worker earned $100 last year and $105 this year. The worker has received a 5 per cent increase in nominal income. Also suppose that the inflation rate is 2 per cent over the same period. If we subtract the rate of inflation from the growth in the worker’s nominal income, then the worker’s real (or inflation-adjusted) income has increased by 3 per cent. This means that the worker can buy 3 per cent more goods and services than before. In other words, their purchasing power has increased by 3 per cent. This and some other examples are shown below.
<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/2018/3/16/I2.jpg" alt="">
Monetary policy aims to keep inflation between 2 and 3 per cent, on average, over time, in support of the Reserve Bank's goals of price stability and full employment. Assessing the current and expected rate of inflation against the inflation target helps the Reserve Bank in making monetary policy decisions. When inflation is above the target, this can be a sign that the economy is overheating. When inflation is below the target, this can be a sign that there is spare capacity in the economy.
The cash rate is then used to dampen or stimulate economic activity so that inflation is consistent with the target. If inflation is expected to be higher than the target for a prolonged period, the Reserve Bank would typically increase the cash rate. If inflation is expected to be lower than the target for a sustained period, the Reserve Bank would typically lower the cash rate. Changes in the cash rate take time to affect the economy.
The discussion paper noted that was why the Reserve Bank looks to what inflation is forecast to be in the future when deciding on the level of the cash rate today. 
When deciding if monetary policy should respond to inflation – both current and expected – the Reserve Bank Board distinguishes between temporary and persistent changes in inflation.
<div>If inflation is expected to be:</div>
<div><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/2018/3/16/I3.jpg" alt=""></div>
<div class="image-graph">Temporary changes in inflation may be caused by things like supply disruptions or seasonal sales, while persistent changes in inflation arise from things like a sustained increase in wage growth across the community. The Reserve Bank ‘looks through’ temporary changes in inflation when setting monetary policy. However, if households and businesses expect a change in inflation to be longer lasting, it can have a bigger effect on their behaviour and consequently become more important to monetary policy decisions.
Why target 2 to 3 per cent?
The 2 to 3 per cent target range is sufficiently low that inflation at this level does not significantly influence people’s economic decisions. This target range was set in the early 1990s when inflation of around 2 to 3 per cent had already been achieved. It was decided that inflation should be kept at around that rate, given the fact that the lowest average inflation rate experienced by other countries had, over many years, been a little over 2 per cent. At these levels of inflation an economy can achieve sustainable growth in output and employment.A higher inflation target could increase uncertainty and costs in the economy. A lower inflation target, on the other hand, is costly to achieve.For example:<ol>
<li>The reduction in growth in spending and investment required to keep inflation at a lower target would lower output growth and increase unemployment.</li>
<li>Having inflation much lower than 2 to 3 per cent over the medium term can limit the ability of monetary policy to stimulate demand. For example, in response to a sharp decline in aggregate demand, it may be the case that monetary policy should be set such that real interest rates become negative. Having a very low inflation target (so that actual inflation is close to zero) makes it more difficult to reduce real interest rates to such levels.</li>
<li>Businesses that need to decrease their real wages and prices in response to negative events usually choose to allow their nominal wages and prices to grow at a rate that is below the general rate of inflation; if inflation is very low, there is less room for a business’s wages or prices to grow at a rate below inflation.</li>
</ol>In addition, the inflation target must be high enough to account for measurement bias in the CPI. The CPI is upwardly biased because it is calculated with a fixed basket of goods and services which is only updated once a year; until 2017 it was updated only once every few years.A fixed basket does not take into account that households will adjust their spending patterns to buy less of items with relatively higher inflation rates and buy more of items that are becoming relatively cheaper. Consequently, the price of the basket of goods and services that they actually consume will increase by less than the price of the fixed basket. The Reserve Bank’s inflation target is flexible. This means that inflation does not need to be in the target range at all times, but on average, over time. Inflation can be affected by temporary influences, such as supply disruptions or a tax change, which monetary policy should not respond to.Furthermore, having a flexible inflation target allows the Reserve Bank to consider its broader objectives of employment and financial stability. </div>
</div>
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