<a href="https://www.apartments.com.au/new-apartments/smith-by-valli-collingwood-224-228-smith-street-collingwood-vic-3066">Smith Collingwood</a> is a new boutique apartment development bringing a refined, design-led approach to one of Melbourne’s most established inner-city neighbourhoods.

Designed by <a href="https://www.apartments.com.au/architects/pandolfini-architects">Pandolfini Architects</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/lisa-buxton-interiors">Lisa Buxton</a>, Smith by Valli sits on iconic Smith Street and comprises just 22 residences tailored toward owner-occupiers seeking a more considered style of apartment living.

[smartcode_project:default project_id=140747 project_image_fid=367540]

The design of Smith focuses on a north-facing orientation across all residences, a relatively uncommon feature in dense inner-Melbourne settings. Each apartment has been planned to maximise natural light and outlook, alongside a material palette defined by warm tones, custom joinery, and a full suite of Gaggenau appliances.

The development comprises a mix of one, two, and three-bedroom apartments, with pricing currently ranging from just under $1 million to around $4.85 million for the premium penthouse-level residences, reflecting growing demand for luxury owner-occupier product in Melbourne’s inner urban market.

Residents will also have access to a private rooftop garden designed as an elevated retreat above the city, &nbsp;featuring curated landscaping, veggie boxes, intimate seating areas and spaces for relaxed gatherings. Sustainability has also been integrated into the project through a 7-star energy rating and two secure bicycle facilities for every residence.

[smartcode_project:default project_id=140747 project_image_fid=367529]

Smith by Valli sits in the heart of one of Melbourne’s most established retail and hospitality strips, within walking distance of venues such as Falco Bakery, Carnation Canteen and Alimentari, alongside parks and everyday services. With a Walk Score of 99, the location reinforces the project’s positioning toward buyers prioritising walkability and access over car dependency.

With only a limited number of residences, Smith reflects growing demand for smaller, highly curated apartment developments that prioritise design quality, liveability, and connection to neighbourhood character.

[smartcode_project_cta:default project_id=140747]

Joel Robinson

Smith by Valli delivers design-led apartments to Melbourne’s inner north

<a href="https://www.urban.com.au/developers/far-east-consortium">Far East Consortium</a>’s 640 Bourke Street stands as a testament to&nbsp;<a href="https://www.urban.com.au/developments/melbourne-vic-3000">Melbourne</a>’s ability to bridge its storied past with a bold vision for the future.&nbsp;

Rising above the heritage-listed Eliza Tinsley building, the development reflects a broader shift toward adaptive reuse in the city, where historical assets are retained and reinterpreted as part of new residential development.

Designed by <a href="https://www.urban.com.au/architects/rothelowman">Rothelowman</a>, <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> incorporates the Eliza Tinsley building as its foundation, housing a grand gallery and lobby space that serve as both a functional and symbolic centrepiece. The heritage façade informs the tower’s design, creating a connection between Melbourne’s past and its contemporary skyline.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=365684]

Above this historic base, the 68-storey tower will deliver just over 600 residences, a notable reduction from earlier schemes, reflecting a deliberate move toward larger-format apartments and a stronger owner-occupier focus.

Unlike traditional CBD developments that prioritised investor stock, 640 Bourke Street has been repositioned to respond to changing buyer expectations.

"The discussion was all around making 640 Bourke Street the best residence to live in, to be much more focused on the people in the building rather than people looking at the building," Marsland explained.&nbsp;

This shift is evident in the development’s interiors, which emphasise practical luxury with spacious layouts, high ceilings, and floor-to-ceiling windows framing sweeping views of Melbourne and Port Phillip Bay.&nbsp;

“What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Lauren Sheldon, Far East Consortium’s Director of Sales and Marketing, said.&nbsp;

[smartcode_project:default project_id=509 project_image_fid=365687]

Rothelowman Associate Jun Chang added, "We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."&nbsp;

Amenities spanning more than 3,000 sqm across multiple levels further reinforce this focus on resident experience. These include a pool, gym, co-working areas, and a range of hospitality-inspired spaces such as a whisky lounge, library, and private dining rooms, many drawing reference from traditional bathhouses and Melbourne’s laneway culture.

"We wanted to make both the pool and the gym area to be absolutely destinational, and when you traverse across to these spaces, there is a gentle familiarity to the beautiful notions of the hammams and the Roman baths, a gentle nod to history," Chang noted.

At street level, the project contributes to the ongoing transformation of the western CBD, with upgrades to Langs Lane and the introduction of retail, hospitality, and gallery spaces designed to activate the precinct and strengthen its connection to the surrounding city fabric.

[smartcode_project:default project_id=509 project_image_fid=365689]

The location places residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market, and the Docklands waterfront, positioning the development within a rapidly evolving inner-city neighbourhood.

"We believe it's the best site left in the city of Melbourne," Craig Williams, Executive Director at Far East Consortium, said.&nbsp;

640 Bourke Street is Far East Consortium’s 14th building in Melbourne’s western CBD.

"A very elegant designed building. It's going to be a Melbourne statement for many, many years to come."

One-bedroom apartments are priced from around $640,000, with 640 Bourke Street targeting completion in 2029.

Renders shown are Artist's Impressions correct as of May 2026.

[smartcode_project_cta:default project_id=509]

Heritage-led design anchors Far East Consortium’s 640 Bourke St, Melbourne

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD Group</a> has set a new residential price record in Queensland with the $30 million sale of the penthouse at its <a href="https://www.apartments.com.au/new-apartments/one-burleigh-88-the-esplanade-burleigh-heads-qld-4220">ONE Burleigh</a> development in Burleigh Heads.

The sale equates to around $37,500 per sqm.

The two-level, 800 sqm penthouse, featuring five bedrooms, five bathrooms, five car spaces, and a private infinity pool overlooking the Pacific Ocean, was acquired by a Gold Coast-based entrepreneur, highlighting continued demand for ultra-premium beachfront product.

Selling agent Freddie Tehle of PRD Burleigh Heads said the result reflects tightening supply of high-quality, large-format apartments in Burleigh.

“There’s very limited opportunity to secure this level of scale and absolute beachfront position in <a href="https://www.apartments.com.au/developments/burleigh-heads-qld-4220">Burleigh Heads</a>,” Tehle said.

“Buyers are increasingly seeking apartments that genuinely replace a standalone home, and this penthouse delivers that with its size, privacy, and direct ocean frontage.”

[smartcode_project:default project_id=146358 project_image_fid=323057]

The sale comes as construction progresses on ONE Burleigh, a boutique development of 17 full-floor residences at 88 The Esplanade, scheduled for completion in early 2027.

Developed by MAYD Group and designed by <a href="https://www.apartments.com.au/architects/mas-architecture-studio">MAS Architecture</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/sici-design">Sici Design</a>, the project has been positioned as a collection of house-sized beachfront apartments, each occupying an entire floor with around 381 sqm of internal and external living space.

When construction commenced, MAYD director Todd Mould pointed to the long-term resilience of premium coastal real estate as a key driver behind the project.

“Real estate, particularly at the premium end, remains one of the most resilient and proven long-term investment avenues,” Mould said.

“Our ambition is that anyone who buys a MAYD-built product can genuinely feel the care, craftsmanship and commitment we bring to every detail.”

[smartcode_project:default project_id=146358 project_image_fid=323055]

Each residence has been configured with four bedrooms, multiple living zones, a private office, and expansive ocean-facing terraces. Interiors draw on a restrained material palette, including travertine stone, timber joinery, and integrated premium appliances.

Interior designer Sici Design said the approach was to reflect the project’s coastal setting through both materiality and spatial planning.

“ONE Burleigh is our vision of luxury living, designed to bring the essence of Burleigh Heads' vibrant coastal beauty into an unparalleled residential experience.”

Residents will have access to a suite of wellness-focused amenities, including pools, sauna facilities, and dedicated relaxation spaces, reflecting a broader shift toward lifestyle-driven apartment design on the Gold Coast.

[smartcode_project:default project_id=146358 project_image_fid=323052]

The project occupies a southern Esplanade site with uninterrupted beachfront frontage, an increasingly rare offering in Burleigh Heads, free from the Norfolk Pines that line much of the coastline and often limit direct ocean outlook.

Mould said the design intent was to balance that outlook with a sense of retreat.

“Living at ONE Burleigh is about how your day naturally unfolds, morning light across the ocean, coffee on the balcony, and being in Burleigh but elevated above the noise.”

The result further reinforces Burleigh Heads’ emergence as one of the Gold Coast’s most tightly held and supply-constrained beachfront markets, where boutique, owner-occupier-focused developments are increasingly setting new price benchmarks.

[smartcode_project_cta:default project_id=146358]

MAYD Group sets Queensland record with $30 million penthouse sale at ONE Burleigh in Burleigh Heads

Apartment developers in the Gold Coast are finding new, creative ways to differentiate themselves from competing projects, as new supply starts to flow through up and down the Coast.

Developer BIG Projects brought in the renowned Sydney-based design studio YSG Studio to craft the interiors for The Frederick, BIG Projects' new Mermaid Beach project and YSG Studio's first move into the multi-residential development space.

[smartcode_project:default project_id=110588 project_image_fid=5346]

It was a strategic move for BIG Projects to bring in a Sydney eye to the development.

“Our role is to give our design partners the space and freedom to explore,” says Matt Barrett, Director of BIG Projects.

“We wanted YSG Studio to capture the essence of Nobby’s, to design a building that embraces life, light and connection, while creating a genuine sense of place.”

There are only 39 apartments in The Frederick, including a striking beach house, just 100 metres from the booming Nobby Beach precinct.&nbsp;

[smartcode_project:default project_id=110588 project_image_fid=5347]

Yasmine Ghoniem, Director of YSG Studio, says their vision&nbsp;for The Frederick "reinvents coastal living."

“Nobby’s has such an iconic energy, it’s one of those rare pockets of the Gold Coast where the community, the beach, and the streets all feel connected,” Ghoniem says.

"Responding to the neighbouring coastline, soothing curves add a relaxing regional overlay, while unique detailing really sets it apart. It’s a place that feels lived in from the moment you step inside.”

A standout feature of The Frederick is its rooftop terrace, an uncommon inclusion for a boutique, low-rise building, where amenity is typically concentrated at ground level.

[smartcode_project:default project_id=110588 project_image_fid=5360]

Positioned to capture panoramic views from the hinterland to the ocean, the rooftop has been designed as a series of intimate zones. It includes a pool, sauna, sun decks, workspaces and dedicated entertaining areas.

“The rooftop was conceived as a collection of spaces where residents can unwind and connect, an extension of the Nobby’s lifestyle,” Barrett says.

Architecture for the project was led by Plus Studio, with landscape design by LDG Landscape Architecture.

SRQ Projects Director Nick Clydsdale, who is handling sales at The Frederick, says the majority of enquiry is coming from South East QLD and Victorian buyers who have been actively searching between Broadbeach and Mermaid Beach for some time.

"They’ve reviewed a number of projects, however this one has stood out for its unique detailing and compelling design,"&nbsp;Clydsdale says.

Site demolition is slated for this month, with construction commencing soon after. BIG Projects is targeting a late 2027 completion.

[smartcode_project_cta:default project_id=110588]

Sydney’s YSG Studio makes Gold Coast multi-residential debut with BIG Projects at The Frederick

Melbourne-based property developer ALTA Property has this week achieved planning approval for the adaptive re-use of a former commercial tower into a $200 million, 169-apartment project at 10 Queens Road, one of the last developable sites along the Albert Park Lake-fronting boulevard.&nbsp;

Set within one of Melbourne’s most sought-after precincts and designed by <a href="https://www.apartments.com.au/architects/fraser-partners-0">Fraser and Partners</a>, the illustrious building will offer unparalleled views across Albert Park Lake, Port Phillip Bay and Melbourne CBD.&nbsp;

The mix of 1, 2 and 3-bedroom residences will be complemented by a ground-floor amenity featuring private dining, a lounge bar, gym and wellness spaces, co-working, outdoor communal gardens, and retail.&nbsp;

The 17-storey building is a masterclass in adaptive re-use, with the existing commercial building’s façade, shell and internal structure to be retained, before high-end residences are built from the ground up in a newly built Albert Park facing addition to the building.&nbsp;

Sitting atop the building will be two 320+sqm penthouses with private rooftop terraces, which are expected to be priced between $9 - $11 million.&nbsp;

<img alt="ALTA Property achieves permit approval for $200 million Queens Road tower" data-entity-type="file" data-entity-uuid="aa11211b-5581-43f9-940c-fc84d30a0e61" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/C_04.png?VersionId=Yhf5p_1EgGDu_zOIMFgvA8Ug8j3sTFQs" />

Architecturally, the building will feature a curved, geometric façade that celebrates and elevates the existing structure, with warm, muted tones which were selected to extend the materiality of the existing building rather than contrast it.&nbsp;

Interiors will bring together three metre high ceilings with waffle concrete in some spaces, natural timber, granite and Australian materials, culminating in crafted, generous and considered spaces that are defined by authenticity.&nbsp;

The adaptive re-use means that the Queens Road project will be a sustainability led, high-quality finished product, with a 62% saving in carbon emissions by re-using the existing structure rather than knocking it down and rebuilding.&nbsp;

ALTA Property was launched by Nigel Givoni in 2023, bringing over 25 years of experience in multi level residential delivery.&nbsp;

Melbourne’s property market growth is currently led by apartments. According to RPM VIC Apartments &amp; Townhomes Market Report (April 2026), units are outpacing houses, especially in the middle ring suburbs where median prices hit $757,500 – a four-year high that represents 2.9 percent growth quarter-on-quarter.&nbsp;

<img alt="ALTA Property achieves permit approval for $200 million Queens Road tower" data-entity-type="file" data-entity-uuid="647e13d7-b4bc-433a-9bc9-fe3c3dd4f2ec" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/V_06.png?VersionId=ou4NUCWUgA3NAy.6CQJlEdKX50j3dOk6" />

For ALTA Property Founder Nigel Givoni, this performance speaks to the confidence he has in the Melbourne market.&nbsp;

“Queens Road represents a rare opportunity to continue to shape our presence in the Melbourne market.,"&nbsp;Givoni says.

"With a considered project team and a premier site along one of the city’s most sought-after boulevards, we look forward to contributing to the fabric of this established address.

“Other Australian markets are getting a lot of attention, but I believe the depth of value in Melbourne is being overlooked. The fundamentals are strong, population growth is steady and, based on our preliminary conversations with a leading builder, construction costs are beginning to normalise, creating further opportunity."

Givoni says the project is a&nbsp;highly considered example of adaptive re-use, delivering quality, high-end residences, premium hotel-inspired amenities and an architecturally striking façade, all achieved without the need to remove the existing structure.

"We are really looking forward to the market’s response,” he said.&nbsp;

ALTA Property to deliver $200 million Queens Road apartment tower

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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<div class="column">The Australian economy grew 2.4% through 2017, good but well below potential given high population growth.</div>
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<div class="column">There is good reason to expect growth to continue and pick up a bit: the drag from falling mining investment is nearly over, non-mining investment is turning up, public investment is strong, trade should add to growth and profits are rising. But growth is likely to be constrained to just below 3% this year and underlying inflation is likely to remain low.</div>
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<div class="column">We don’t expect the RBA to start raising rates until 2019 (we were looking for a hike late this year). Australian shares are likely to move higher by year end, but to continue underperforming global shares.</div>
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Growth just muddling along
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For the last few years the Australian economy has been meandering between 2-3% growth. This remained the case through last year with December quarter GDP up just 0.4%, and annual growth of 2.4% as a bounce a year ago dropped out.
In the quarter growth was helped by consumer spending and public investment but soft housing and business investment and a large detraction from net exports weighed on growth.
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Australia continues to defy recession calls. Against this, economic growth is well below potential, with per capita growth running at just 0.8% year on year, which is below that in most major countries. 
The usual worry list
Global threats aside, Australia's worry list is well known.
- The solid contribution to growth from housing construction seen over 2013-16 has faded and building approvals are off their highs.
- Average house prices have started to edge down, with fears of a deeper crash. But in the absence of a stronger supply surge, the Reserve Bank of Australia (RBA) making a mistake and raising rates too high and/or unemployment surging, our view remains that price declines in Sydney and Melbourne will be limited to 5-10% and other cities face a more positive outlook.
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- The outlook for consumer spending is constrained and uncertain given record low wages growth, high levels of underemployment and slowing wealth gains. Consumers have been running down their savings rate helped by rising wealth (to now just 2.7%), but this is unlikely to continue as property prices in Sydney and Melbourne slow.
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- Mining investment is still falling with investment plans pointing to roughly 15% falls this financial year and next.
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- The Australian dollar at around $US0.78 is up 12% from its 2015 low and risks threatening growth in trade-exposed sectors like tourism, agriculture and manufacturing.
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- Underlying inflation is too low with a fall in inflationary expectations, making it harder to get wages growth up and with the stronger $A not helping.
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- Our political leaders seem collectively unable to undertake productivity-enhancing economic reforms. And it’s unlikely this will change any time soon which is a concern with productivity falling 0.8% through 2017. 
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These drags are nothing new. We continue to see five reasons why recession will be avoided, and growth will be okay:
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- First, the drag from falling mining investment is nearly over. 
Mining investment peaked at nearly 7% of GDP five years ago and has since been falling, knocking around 1.5% pa from GDP growth. At around 2% of GDP now, its growth drag has fallen to around 0.3% pa and it’s near the bottom. 
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<div class="page" title="Page 2">- Second, non-mining investment is now rising
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Comparing corporate investment plans for this financial year with those made a year ago points to a decline in business investment this year of around 3% (see next chart) and a similar sized rise in 2018-19. But this is the best since 2013 and once mining investment is excluded this turns into an 8% gain for non-mining investment in both years.
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- Third, public investment is rising strongly, reflecting state infrastructure spending.
- Fourth, net exports are likely to add to growth as the completion of resources projects and strong global demand boosts resources export volumes and services sectors like tourism and higher education remain strong.
- Finally, profits for listed companies are rising. This is a positive for investment.
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While profit growth has slowed from 16% in 2016-17 to around 7% now as the 2016-17 surge in commodity prices dropped out, more companies (74%) are seeing profit gains than at any time since before the GFC. 92% of Australian companies either raised or maintained their dividends in the most recent reporting season indicating a high degree of confidence in the earnings and growth outlook.
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So while housing is slowing and consumer spending is constrained )with January retail sales data suggesting consumer spending this year is off to a weak start), a lessening drag from mining investment and stronger non-mining investment (both public and private) along with solid export growth are likely to keep the economy growing and see a pick-up in growth to between 2.5% and 3%.
However, growth is likely to remain below Reserve Bank of Australia expectations for a pick up to 3.25% this year and next. As a result, and with wages growth and inflation likely to remain low for a while yet we have pushed out the epected timing for the first RBA rate hike from later this year into February next year. 
Implications for investors
There are several implications for Australian investors. First, continuing growth should provide a reasonable backdrop for Australian growth assets. Australian shares are vulnerable to the concerns impacting global markets - particularly US inflation and Fed fears and worries about a trade war - but we remain of the view that the ASX 200 will be higher by year end.
Second, bank deposits are likely to provide poor reutnrs for investors for a while yet. The issue for investors in bank deposits is to think about what they are really after. If it's peace of mind regarding the capital value of their investment, then maybe stay put. But if it's a decent income yield then there are plenty of alternatives providing superior yield. The yield gap between Australian shares and bank deposits remains wide.
Third, while Australian shares are great for income, global shares are likely to remain outperformers for capital growth. Global shares have been outperforming Australian shares since October 2009 and over the last five years have outperformed in local currency terms by nearly 4$ pa and by 9% pa in Australia dollar terms. This reflects relatively tighter monetary policy in Australia, the commodity slump, the lagged impact of the rise in the $A above parity in 2010, and a mean reversion of the 2000 to 20009 outperformance by Australian shares. While earnings growth in Australia is around 7%, it's double this globally, suggesting the relative underpformance of Australian shares in terms of capital growth may go for a while yet. Which all argues for a continuing decent exposure to global shares.
Finally, the risks remain on the downside for the $A. With the RBA comfortably on hold and the Fed set to raise rates later this month with four hikes this year in total, the interest rate gap between Australia and the US will go negative and keep falling this year. Historically this has been associated with falls in the value of the Australian dollar. Fears of a global trade war may add to this risk given Australia’s relatively high trade exposure. All of which is another reason to maintain a continuing decent exposure to global shares but on an unhedged basis. 
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<div class="page" title="Page 2"><a href="https://www.propertyobserver.com.au/https://plus.google.com/110172465327488162875?rel=author" target="_blank">SHANE OLIVER</a> is head of investment strategy and economics and chief economist at <a href="https://www.ampcapital.com.au/home" target="_blank">AMP Capital</a> and is responsible for AMP Capital's diversified investment funds.</div>
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jrobinson-rf4aSBido9

Olivers insights: Growth will continue but rate hikes not expected till 2019

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Long-time owners of two sites in Sydney's Rozelle are preparing to fight the NSW government's compulsory acquisition of their land for the WestConnex motorway project.
The two sites at 92-94 Lilyfield Road and 80-84 Lilyfield Road are next to ASX-listed developer Desane's landholding at 68-72 Lilyfield Road which is currently contesting their resumption in the Supreme Court.
The pending battles concern timber and hardware company Swadlings and the crane business Gillespies.
The combined Swadlings and Gillespies sites of nearly 6500 square metres can yield about 200 apartments.
The companies took their fight to <a href="https://twitter.com/Ross_Greenwood?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor" target="_blank">Ross Greenwood at Channel 9 News</a>.
Like Desane, both groups had sought a masterplan residential rezoning of the land with the NSW Department of Planning which was abandoned when the Roads and Maritime Services ordered the compulsory acquisition last September.
The RMS wanted the land for "a staging area for trucks and equipment", they said. They had a potential buyer who was prepared to pay $24 million for the sites and provide a timely relocation. The government offered them less than $3 million and the companies would have to fork out their own relocation costs.
"The Planning Department was attempting to adopt a well thought out masterplan approach but RMS came over the top and usurped this approach with its resumption of land," a Swadlings spokesman told Fairfax Media. 
"There was also a delay in the rezoning application process ahead of the compulsory acquisition of the property.
"If Swadlings cannot get a fair and reasonable outcome in the current discussions it will be forced to pursue every possible legal avenue."
Swadlings is a 100-year-old family business, said it was "watching closely the outcome of the Desane court case".
The RMS said both the sites were required for M4-M5 Link Rozelle Interchange.
"These properties were compulsorily acquired last September with the Valuer General determining the compensation in line with the Land Acquisitions (Just Terms Compensation) Act," a spokesman said.
"The M4-M5 Link Environmental Impact Statement shows the land as required for a temporary construction and tunnelling site, and at the project's completion will be returned to the community as part of up to 10 hectares of open green space."
The NSW government had taken steps to compulsorily acquire the inner city residential land owned by ASX-listed developer Desane for the WestConnex motorway project, even though it had no firm plans to use it for the project, a NSW court has heard.
Desane has fought the compulsory acquisition of its landholding at 68-72 Lilyfield Road in Rozelle – an area earmarked for residential development and mixed use urban renewal – since August.
After mediations with the government fell through to consider a lease of the land or alternatives, Desane started proceedings at the Supreme Court of NSW last Monday.
During a cross-examination, former Roads and Maritime Services (RMS) project director Daniel Powrie, who was involved in the third stage of the project, told the court motorway plans showed Desane's site "was not impacted", that is, not required for tunnelling.
The government had earlier said the site would be used as a "car park" for staff.
Desane's site could yield a $100 million 200-apartment project.
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j.ballantyne1990-6AQqhLzZaK

Rozelle site owners battle WestConnex compulsory acquisitions

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New data prepared for Knight Frank The Wealth Report shows that the number of ultra-wealthy people - with net assets of US$50 million or more - rose by 10% in 2017 – taking the global population to 129,730, with a combined worth of US$26.4 trillion.
The data provided by Wealth-X highlights that the ultra-wealthy population grew at a notably more rapid rate in 2017 than in the previous five years, when there was a cumulative 18% increase.
According to Knight Frank’s Michelle Ciesielski, head of residential research, Australia in Australia, the number of ultra-wealthy people rose by 9% in 2017 – taking the population to 1,260, with a combined worth of US$269 billion.
"This is equivalent to 5.2 ultra-wealthy individuals per 100,000 of the Australian population," she said.
“Over the next five years, the number of ultra-wealthy people in Australia is projected to increase by 37% to 1,720.
“This growth in Australia’s ultra-wealthy population can be attributed to several factors.
"Firstly, we’ve seen significant growth in prime property prices.
"Secondly, despite recent instability, the equities market has also seen gains over the past year.
“In addition, Australia is the third most-preferred global destination for the world’s ultra-high-net-worth individuals (UHNWIs) to emigrate, behind the UK and the US, according to Knight Frank’s annual Attitudes Survey, produced for The Wealth Report.
“Australia ranked in the top five destinations of where UHNWIs plan to buy prime property in 2018. Malaysia, Singapore, China, Hong Kong and the Philippines scored high on the Attitudes Survey for those planning to buy Australian prime property in 2018,” said Ms Ciesielski.
Globally, 34% of UHNWIs already hold a second passport and 29% are planning to purchase one, while 21% are considering emigrating permanently.
 Ultra-wealthy individuals (US$50m+) per 100,000 population across Asia Pacific
<table border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="56">
Ranking
</td>
<td nowrap width="106">
Country
</td>
<td nowrap width="87">
Ultra-wealthy individuals (2017)
</td>
<td nowrap width="110">
Country population
(2016)
</td>
<td nowrap width="93">
Ultra-wealthy individuals per 100,000
</td>
</tr>
<tr>
<td width="56">
2
</td>
<td nowrap width="106">
Hong Kong, China
</td>
<td nowrap width="87">
5,140
</td>
<td nowrap width="110">
             7,346,700
</td>
<td nowrap width="93">
69.96
</td>
</tr>
<tr>
<td width="56">
4
</td>
<td nowrap width="106">
Singapore
</td>
<td nowrap width="87">
1,400
</td>
<td nowrap width="110">
             5,607,283
</td>
<td nowrap width="93">
24.97
</td>
</tr>
<tr>
<td width="56">
11
</td>
<td nowrap width="106">
Taiwan
</td>
<td nowrap width="87">
2,010
</td>
<td nowrap width="110">
           23,626,456
</td>
<td nowrap width="93">
8.51
</td>
</tr>
<tr>
<td width="56">
12
</td>
<td nowrap width="106">
New Zealand
</td>
<td nowrap width="87">
390
</td>
<td nowrap width="110">
             4,692,700
</td>
<td nowrap width="93">
8.31
</td>
</tr>
<tr>
<td width="56">
13
</td>
<td nowrap width="106">
Japan
</td>
<td nowrap width="87">
9,960
</td>
<td nowrap width="110">
          126,994,511
</td>
<td nowrap width="93">
7.84
</td>
</tr>
<tr>
<td width="56">
18
</td>
<td nowrap width="106">
Australia
</td>
<td nowrap width="87">
1,260
</td>
<td nowrap width="110">
           24,127,159
</td>
<td nowrap width="93">
5.22
</td>
</tr>
<tr>
<td width="56">
20
</td>
<td nowrap width="106">
South Korea
</td>
<td nowrap width="87">
2,610
</td>
<td nowrap width="110">
           51,245,707
</td>
<td nowrap width="93">
5.09
</td>
</tr>
<tr>
<td width="56">
31
</td>
<td nowrap width="106">
Thailand
</td>
<td nowrap width="87">
770
</td>
<td nowrap width="110">
           68,863,514
</td>
<td nowrap width="93">
1.12
</td>
</tr>
<tr>
<td width="56">
32
</td>
<td nowrap width="106">
Malaysia
</td>
<td nowrap width="87">
310
</td>
<td nowrap width="110">
           31,187,265
</td>
<td nowrap width="93">
0.99
</td>
</tr>
<tr>
<td width="56">
38
</td>
<td nowrap width="106">
China, Mainland
</td>
<td nowrap width="87">
8,800
</td>
<td nowrap width="110">
       1,378,665,000
</td>
<td nowrap width="93">
0.64
</td>
</tr>
</tbody></table>
Source: Wealth-X, World Bank, Worldometers, Knight Frank Research
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Ultra-wealthy population set to grow by 37% in next five years

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The annual rate of economic growth eased in the December quarter of last year. But that is to be expected – figures bounce around from month to month and quarter to quarter. And it is even more understandable given the length of our record economic expansion. But economic growth is likely to lift over 2018. We share the Reserve Bank’s view that growth will be stronger this year than last year. The economy is tipped to grow by 2.9 per cent in 2018 after 2.3 per cent growth in 2017.
The release of quarterly economic growth figures is a good time to take stock. Australia has a record economic expansion with record low interest rates, below-target inflation and a jobless rate nearing a level that is regarded as “full employment”. No other advanced economy has experienced an economic expansion as long as we are enjoying in Australia. Remarkable.
Consumer spending finished 2017 strongly and will be supported over 2018 by a stronger job market, low interest rates and slightly firmer wage growth. Business spending will be supported by record profitability, domestic infrastructure projects and a buoyant global economy.
Productivity slowed in the December quarter but that is to be expected given the extraordinary lift in employment over the year. Once the new workers get up to speed, they should – in theory – be boosting output and lifting economic growth. It is an area to watch over 2018.      
It is always important to remember that two months have passed since the economic growth figures. And more recent data suggests the economy has started 2018 with solid momentum.
The Reserve Bank Governor again said this morning that the next move in interest rates was likely to be up. But there is no reason to either cut or lift interest rates at present. A further period of interest rate stability lies ahead, and the record low interest rates will be highly supportive of continued firm and sustainable economic growth.
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Craig James is the chief economist at <a href="https://www.comsec.com.au/default.aspx" target="_blank">CommSec</a>. 
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Economic growth likely to lift over 2018: CommSec

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A well-established retail complex in the Nerang town centre at the Gold Coast has sold to a local private investor for $3.5 million.
The property was sold by Jon Tyson and Michael Harcourt of Savills, following an expressions of interest campaign that generated strong enquiry.
The Lavelle Street property comprises two adjoining buildings on separate lots and incorporates a complementary mix of 15 local retail and service-based tenancies with a combined floor area of 988 sqm.
The complex occupies a prime 2,024sqm corner site on Price Street, the primary business destination in Nerang and the local section of the arterial Beaudesert-Nerang Road, with an average daily passing traffic count of 25,000 vehicles.
Jon Tyson said the Nerang property presented a significant repositioning opportunity for the astute investor with the added attraction of future redevelopment potential to a maximum building height of 39 metres.
“We received strong interest from over 150 parties due to the property’s central Gold Coast location as well as its immediate and long term value add potential.”
 
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Nerang retail complex on the Gold Coast sells through Savills

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Australia’s largest credit union, CUA, will continue to grow its investment in innovation to improve member experience and choice of digital channels, after today announcing a solid first-half financial result. 
CUA Group posted a consolidated Cash Profit of $35.31 million for 1H-FY18, and Net Profit after Tax (NPAT) of $28.76 million. 
CUA chief executive officer Rob Goudswaard said the result reflected that CUA was delivering on its ‘anytime, anywhere’ digital strategy through an increased investment in innovation and digital activation during the six-month period. 
While profit was down slightly on the prior first half, this was largely due to upfront costs in joining international banking collaboration, Pivotus Ventures, on 1 July 2017 and a pilot of the first initiative to come out of the Silicon Valley based innovation studios. 
“As a member-owned organisation, CUA’s profits are reinvested into our business and we are always looking for opportunities to invest that into initiatives and projects which benefit members and support them through different stages of their lives,” he said. 
Focus on innovation 
Goudswaard said the significant investment CUA had made in innovation by joining global banking innovation collaboration Pivotus Ventures has supplemented CUA’s continued involvement with the Australian fintech and start-up communities.
“The Pivotus collaboration has allowed us to tap into international banking expertise. We’ve already rolled out a pilot of the first innovation, the iM CUA instant messaging app, much faster than we would have been able to develop this kind of innovation on our own,” he said. 
While it’s early days, CUA is already seeing positive outcomes on the pilot, with close to 2,000 registered users on the iM CUA app who are benefitting from the convenience of having their own personal banking adviser. The success of the app has been reflected in positive Net Promoter Scores. 
“We’re also working closely with Australian-based fintechs, which has seen us announce new collaborations in the past few months with online mortgage lending platform LoanDolphin and an artificial intelligence pilot with Flamingo AI and CUA Health. And we are working with domestic partners to leverage new technologies, like Australia Post’s new online identity verification service, Digital iDTM, which is assisting members to quickly open an account online without the need to visit a branch,” Mr Goudswaard said. 
“In addition to what we’ve already delivered, CUA members will continue to benefit from other new innovation and digital offerings in the second half of FY18. That will include a new mobile banking app, the ability to register a PayID and make faster payments using the New Payments Platform following the rollout to CUA members this week, and the expanded rollout of iM CUA to members with both iPhones and Android devices.” 
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CUA half-year financial performance highlights innovation focus

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The Darlinghurst Road home of 4 Seasons Chicken Spot in the heart of Kings Cross has been listed for sale.
The Minton House chicken shop, which has a long-term tenancy on the property, has been run by a family business for over 20 years.
They have a three year lease of the 66 sqm space at <a href="https://www.propertyobserver.com.au/Barcaldine%20House,%20Musk%20vineyard%20listed%20with%20%241.5%20million%20hopes" target="_blank">shop 5/80 Darlinghurst Road</a> until February 2020, with two additional three-year options. It has a net annual income over just over $117,000.
Knight Frank's Daniel Courtnall and Andy Hu are marketing the property for a March 20 auction.
Courtnall said the property is an excellent long-term investment.
“Kings Cross is one of Sydney’s most sought-after suburbs and property values have skyrocketed in recent years.
"With significant developments planned for the area and the number of residents expected to increase, the value of this property will only increase in the long term. 
“This really is an incredible opportunity to purchase one of Sydney’s most recognisable venues.
"Anyone who’s lived in Sydney knows 4 Seasons Chicken Spot. Just metres from the Coke sign, on the corner of Darlinghurst and Bayswater roads, it’s impossible to miss and is well regarded by tourists and locals alike.”
Andy Hu said the property will benefit from the ongoing gentrification of Kings Cross.
“Kings Cross has recently undergone significant gentrification and will continue to do so over the coming years. 
"What was once known as a late-night party strip is now being transformed into an inner-city precinct filled with upscale restaurants and luxury apartments.”
 
 
  
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Sydney chicken shop in Kings Cross hits the market

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The 2016 AHANSW Hotel of the Year – Country, the Sunken Monkey Hotel at Erina on the Central Coast remains listed for sale for $13.5 million.
Knight Frank has the <a href="http://www.commercialpropertyguide.com.au/property/276671/sale/207-the-entrance-road/erina-nsw-2250/hotel-leisure/" target="_blank">Entrance Road listing</a> which is located on a major arterial road to Gosford.
It sits on 3,700 square metres, one of the Central Coast’s most recognisable pubs.
<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/2018/2/28/207%20the%20entrance%20road%202.jpg" alt="">
Formerly the Woodport Inn, the pub has undergone some major renovations in the past year.
It is being offered by David Roy who said that it was the right time to sell, since "we renovate, sell and move on."
It has experienced 22 EGM’s consistent growth.
The hotel has a 24-hour licence, Pub TAB, Keno and onsite parking.
 
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The Sunken Monkey Hotel, Erina, for sale

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There are 2100 vines at the Victorian winery, Barcaldine House, which is up for sale with $1.5 million hopes through Biggin Scott.
<a href="https://www.realestate.com.au/property-house-vic-musk-127613922" target="_blank">The Musk property comes with a restaurant,</a> cellar door with tasting room, studio apartment and a four-bedroom, four-bathroom residence.
The property is set to go backwards in price having last traded for $1.7 million in 2014.
It spent two years on the market, having initially sought $2.6 million when first listed in 2012.
Sitting on 15 hectares, around 10 minutes from Daylesford, the grand estate ahas English-inspired gardens, 200 established olive trees, a spring fed dam, irrigation system, plus several paddocks.
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There is even a helipad at the 238 Dairy Flat Road.
The winery at Barcaldine House specialises in pinot and chardonnay varieties, which have been establishing themselves in the rich volcanic soil of the estate for many years.
The estate can also hold weddings of up to 80 guests.
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Barcaldine House, Musk vineyard listed with $1.5 million hopes

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Lendlease’s urban regeneration development Melbourne Quarter has celebrated the topping out of One Melbourne Quarter, with the precinct also receiving the highest available rating for sustainability in Australia.
The building is on track for completion in September this year and will accommodate about 2,500 employees from AMP, Arup and Lendlease.  
The precinct’s 6 Star Green Star – Communities certified rating from the Green Building Council of Australia (GBCA) is the highest rating available in Australia.
It is based on Melbourne Quarter’s sustainability performance across energy and water efficiencies, design, livability, environmental quality and innovation.   
The topping out ceremony marks the first commercial tower’s structural completion.
Since construction began on One Melbourne Quarter in October 2016, 1,470 jobs have been created. This number is expected to grow to approximately 15,000 jobs for the entire precinct as construction peaks in the coming years.
The building is owned by the Lendlease-managed Australian Prime Property Fund Commercial (APPF Commercial), and has been designed by Melbourne architects Denton Corker Marshall.
Lendlease Managing Director, Urban Regeneration and Infrastructure, Mark Menhinnitt said Melbourne Quarter was one of the largest mixed-use urban regeneration developments in Melbourne and for the city’s growing commercial centre at the west end of Collins Street.
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“The commitment from future tenants AMP, Arup and Lendlease plays an important role in shaping the precinct’s future corporate community and identity.
“Creating places that redefine the way people choose to work, Melbourne Quarter will offer a variety of amenity, including Melbourne’s first elevated Sky Park and a new public square to support a better work life balance and health and wellbeing for workers.” 
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