A new 25-storey apartment tower proposed for Mercer Street would push Geelong’s western gateway skyline higher, with Morphy Birrell Property Group lodging plans for a project directly beside one of the city’s most significant heritage streetscapes.

The <a href="https://www.apartments.com.au/architects/fk-australia">FK</a>-designed development at <a href="https://www.apartments.com.au/new-apartments/65-67-mercer-street-geelong-vic-3220">65-67 Mercer Street</a> has now been referred to Victoria’s Planning Minister. The site sits opposite the Geelong rail corridor and immediately south of the heritage-listed St Peter and Paul’s Catholic Church and Ashby Hall precinct.

Rather than compete with the neighbouring ecclesiastical buildings, the proposal adopts a sculpted podium intended to reference the materiality and scale of the heritage context. Planning documents note the design draws cues from the “dark stone brick” church and surrounding masonry buildings, while the tower above transitions into a softer, curved form oriented toward Corio Bay and the Geelong waterfront.

<img alt="First look: Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct" data-entity-type="file" data-entity-uuid="b797d10c-d4a6-47af-b8df-1aeaa3b382be" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/public%20square.png?VersionId=QGIpcz1x1hKB6lQLl2iobyHqb6PS2Ztc" />

The development forms “Stage 5” of Morphy Birrell Property Group’s broader Mercer Street precinct strategy, following the completion of the 21-storey Miramar tower on Cavendish Street and several additional approved redevelopment stages nearby. Planning consultants Ratio said the proposal “represents an exemplary development outcome” aligned with the strategic ambitions for Central Geelong’s continued urban renewal.

The mixed-use project would replace an existing low-rise commercial building and surface parking area on the 3,320 sqm corner site. FK’s urban context report describes the proposal as a residential development comprising apartments, resident amenities, commercial space, and integrated landscaping positioned to maximise bay views and northern sunlight access.

Renders show a deeply articulated tower with curved balconies stepping above a lower masonry podium that frames a landscaped forecourt facing Mercer Street. The design intentionally preserves sightlines toward the adjacent church buildings, with the podium scaled to reinforce the heritage edge before the tower recedes upward.

<img alt="First look: Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct" data-entity-type="file" data-entity-uuid="2bdca91e-66f7-4ac7-8baa-2f93bd5b564e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/geelong%20site.png?VersionId=QOhbino4ZgzKYw5dW3QE14E.2yq.Sv87" />

The planning report highlights the site’s strategic location within 400 metres of key Geelong destinations including Cunningham Pier, the Geelong Station precinct, Deakin University, and the convention centre. Bus services run directly along Mercer Street, while the Corio Bay foreshore sits around 100 metres north of the site.

The proposal arrives amid accelerating redevelopment across central Geelong, where planning policy continues to encourage higher-density housing close to transport infrastructure and the waterfront. Mercer Street in particular has emerged as a focal point for taller apartment development due to its proximity to Geelong Station, the bay, and major civic infrastructure.

Joel Robinson

Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct

Development giant&nbsp;<a href="https://www.apartments.com.au/developers/hamton">Hamton</a> and joint venture partner Hostplus have revealed the next residential stage of their $3 billion Moonee Valley Park masterplan, lodging plans for 512 more apartments within the precinct on surplus racecourse land at 110 Wilson Street, Moonee Ponds.

The proposed development, dubbed&nbsp;<a href="https://www.apartments.com.au/new-apartments/trackside-house-110-wilson-street-moonee-ponds-vic-3039">Trackside Gardens</a>&nbsp;in the planning application, follows the <a href="https://www.apartments.com.au/news/vic/first-look-exclusive-hamton-and-hostplus-reveal-sixth-stage-of-moonee-valley-park-masterplan">recent unveiling of the sixth-stage Cox Place Precinct</a> and continues the long-running transformation of the Moonee Valley Racecourse into one of Melbourne’s largest urban renewal projects.

Positioned on the north-eastern edge of the racecourse adjacent to CityLink, Trackside Gardens will comprise three residential buildings rising between 61.8 metres and 86.4 metres within a heavily landscaped precinct shaped by Hamton’s Nature Based Cities framework.

The project forms part of the broader Moonee Valley Park redevelopment being delivered by Hamton, Hostplus and the Moonee Valley Racing Club, which is reshaping the 40-hectare racecourse site into a mixed-use neighbourhood with housing, retail, commercial space, hotels, parkland and community infrastructure.

Trackside Gardens sits separately to the recently proposed Cox Place Precinct, a five-building stage comprising around 1,100 residences, two build-to-rent buildings, two build-to-sell towers, retail, office space, and a hotel overlooking the racetrack. Together, the projects continue to accelerate housing delivery across the precinct.

<img alt="First look: Hamton expands Moonee Valley Park masterplan with 512-home Trackside Gardens precinct" data-entity-type="file" data-entity-uuid="5fc1941e-52d3-41c6-abc4-0f13fe8ae5ea" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/DA%20Edits%20%281%29.png?VersionId=7qwRHq5dcvXWNot2hNOgoQhN2GIWudNK" />

Designed by <a href="https://www.apartments.com.au/architects/dko-architecture">DKO Architecture</a> with landscape architecture by Tract, Trackside Gardens has been conceived as a botanical-style residential precinct prioritising canopy planting, communal green space, and vertical landscaping.

“The architectural vision for the proposed development centres around buildings in a botanical park setting that champions the important role of nature,” the planning submission states.

“The proposal incorporates principles of biophilic design, with landscape and environmentally sustainable development influencing the ultimate design response of the buildings and prioritising the ground plane to ensure a high amenity for both occupants and visitors.”&nbsp;

Trackside Gardens will deliver 512 apartments across the three buildings, alongside 518 basement car spaces and 523 bicycle spaces. Around 20 per cent affordable housing is proposed across the broader North East Precinct, equating to around 158 dwellings.&nbsp;

The affordable housing component will be concentrated within the Wilson East building, while the remaining apartments are expected to be delivered as build-to-sell residences.

Trackside Gardens has been designed around Hamton’s Nature Based Cities initiative, founded by Executive Chair Paul Hameister OAM in partnership with the University of Melbourne, Urbis, Ark Resources and Tract. The initiative promotes integrating higher-density urban development with significant biodiversity, tree canopy and landscape outcomes.

<img alt="First look: Hamton expands Moonee Valley Park masterplan with 512-home Trackside Gardens precinct" data-entity-type="file" data-entity-uuid="89353449-7b3c-42fd-8fd8-8bf64a5ef80f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_4.png?VersionId=X8jRt0P2L7fIWjLhfX6gPknXToXIBeLj" />

A comprehensive landscape strategy would introduce deep soil planting, vertical greening, communal gardens, and new pedestrian links throughout the site.

Planning documents state the development is targeting a 5 Star Green Star Buildings rating, a 7.5-star average NatHERS rating, and “Exemplary” Nature Based Cities certification.&nbsp;

The proposal joins an expanding pipeline of approved and proposed buildings within Moonee Valley Park, including the recently launched Eveline apartments and the approved Grandstand North and South towers.

Hamton has increasingly focused on precinct-scale, nature-led communities across Melbourne’s middle-ring suburbs, with projects spanning Hawthorn, Kew, and Moonee Ponds.

Hampton unveils Trackside Gardens, latest stage of $3 billion Moonee Valley Park masterplan

The Paul Gedoun-led <a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Group</a> has achieved another milestone in its $1 billion transformation of Rainbow Bay on the southern Gold Coast with the completion of the company’s third project in four years, the $160 million <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a> residences.

Delivered by <a href="https://www.apartments.com.au/builders/hutchinson-builders">Hutchinson Builders</a> and designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker Architects</a>, Esprit buyers have now moved into the 94 apartments across two interconnected buildings at 217-227 Boundary Street.

The successful settlement of Esprit marks another astounding chapter in the S&amp;S story, which launched its highly successful Flow apartments three years ago and created its own ultra-luxury branded fingerprint on an area craving new luxury residences.

Most early purchasers have secured gains of well over $1 million since the project launched in 2021.&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=172129]

S&amp;S Projects Founding Director Paul Gedoun said the completion of Esprit reflects sustained demand for premium apartments in tightly held coastal locations.&nbsp; 
&nbsp;&nbsp; &nbsp; 
“Esprit has attracted buyers seeking a combination of quality design, considered amenity and a location that is becoming increasingly difficult to replicate,” said Gedoun.

“We identified some years ago that Rainbow Bay is a unique market where supply of luxury residences is limited, and we see the settlements in Esprit further underpinning this thinking - that for both owner-occupiers and investors.”&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=172174]

A key feature of the development is ‘Club Esprit’, a 1,000sqm residents-only rooftop level combining wellness and recreation, believed to be a first for the Gold Coast, and which is fast becoming a signature of the S&amp;S brand.

Positioned to capture views across Snapper Rocks, Rainbow Bay and the Tweed River, the rooftop includes a 25-metre lap pool, gym, yoga lawn, sauna and steam facilities, ice bath, private dining spaces, outdoor cinema and landscaped areas for residents.&nbsp;

<a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a> Director Jayde Pezet, who led the sales campaign for Esprit and S&amp;S’s Flow and Awaken apartments, said the project’s performance reflects both the strength of the product and the depth of demand for premium apartments on the southern Gold Coast.&nbsp;

“In some cases, we’ve seen values double since launch, which is a clear reflection of how tightly held Rainbow Bay has become and the level of demand for well-executed projects in this market,” said Pezet.&nbsp;

“Buyers recognised early what S&amp;S Projects was delivering here, and that conviction has been rewarded as the project has progressed towards completion.”&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=214819]

Esprit offers a mix of two- three and four-bedroom apartments and sits within walking distance of the beachfront, cafés and local amenities, reinforcing its appeal as both a lifestyle and investment destination.

The project is the third completed by S&amp;S Projects in Rainbow Bay, following Flow Residences and Awaken Residences, which together have contributed to the suburb’s emergence as one of the Gold Coast’s most sought-after coastal pockets. &nbsp;

S&amp;S Projects is continuing its investment in the area with Radia, a $215 million development currently under construction.&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=172175]

Gedoun said the completion of Esprit signals continued confidence in the southern Gold Coast market.&nbsp;

“We’ve seen strong interest in well-located, high-quality apartments, particularly in areas where future development opportunities are limited."

“That’s been a key factor in the performance of Esprit and the broader Rainbow Bay market”.

[smartcode_project_cta:default project_id=102921]

Owners move in as Esprit completes at Rainbow Bay

Few developers can boast a portfolio across South East Queensland's luxury markets quite like <a href="https://www.apartments.com.au/developers/mosaic-property-group">Mosaic Property Group</a>.

The builder-developer, founded in 2004 by Managing Director Brook Monahan, has projects in planning, on the market, and under construction, from Burleigh Heads and Broadbeach to Kangaroo Point and South Brisbane.

With a pipeline exceeding $2 billion, Mosaic remains highly selective when it comes to development sites, having spent years refining its strategy around feasibility research and product planning. The group is set to continue growing into 2026 and beyond.

In Brisbane, Mosaic currently has three projects in the market. It is in the final release stage at <a href="https://www.apartments.com.au/new-apartments/the-bedford-by-mosaic-16-30-prospect-street-kangaroo-point-qld-4169">The Bedford</a> in Kangaroo Point, which is approaching complete sellout ahead of its late 2027 completion.

[smartcode_project:default project_id=134792 project_image_fid=328123]

Designed in collaboration with <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, The Bedford comprises 128 two- and three-bedroom residences. A selection of ultra-luxury Masterpiece Series Skyhomes, positioned across the top levels, offer expansive floor plans and sweeping views of the river and city.

High-end inclusions, such as natural stone benchtops, bespoke cabinetry, and Miele appliances, feature throughout all apartments, alongside the Rooftop Recreation &amp; Retreat Sky Terrace. This includes a resort-style pool with sun deck and loungers, spa, cold plunge pool, sauna, steam room, private dining room with a full kitchen, residents' lounge, multiple barbeque and relaxation zones, an outdoor viewing deck, and landscaped gardens with water features, all oriented to sweeping city and river views.

A gym with indoor and outdoor zones, and a golf simulator, further enhances recreational choice within the building.

[smartcode_project:default project_id=134792 project_image_fid=328119]

A defining feature of the development is its integrated mixed-use component, which will deliver Kangaroo Point's first major supermarket, alongside a café and liquor store, bringing long-awaited convenience to the peninsula.

Monahan says The Bedford represents the culmination of a near-decade-long journey, after first identifying the A-grade Prospect Street site in 2016. While they came close to acquiring it at the time, the site was ultimately purchased by Woolworths' development arm, Fabcot. The opportunity resurfaced in 2024 when the site, vacant for nearly three decades, was brought back to market.

Monahan says Mosaic projects often begin years before any formal plans are drawn. Their new South Brisbane development is no exception, with the site first earmarked in 2018.

"We aren't opportunistic," Monahan says. "Every site purchase is carefully considered. As seen with Kangaroo Point and South Brisbane, it can take years to eventuate. There are sites we're looking at now that we may not secure for several years."

[smartcode_project:default project_id=141711 project_image_fid=353495]

A similar story unfolded at <a href="https://www.apartments.com.au/new-apartments/the-carter-by-mosaic-77-linton-street-kangaroo-point-qld-4169">The Carter</a> in Kangaroo Point, opposite The Gabba. Like The Bedford, it is also approaching sellout of its 125 two- and three-bedroom apartments. The majority of sales are attributed to returning customers and referrals, with a balanced mix of investors and a strong majority of owner-occupiers.

BDA Architecture was again engaged to design the 22-storey building, which will feature a suite of wellness and lifestyle amenities, including a golf simulator and cinema, a commercial-grade gym, and a rooftop recreation level with a pool, steam room, sauna, cold plunge, teppanyaki bar, private dining spaces, and landscaped terraces.

Construction is on track for completion in mid-2027.

[smartcode_project:default project_id=151614 project_image_fid=362759]

Mosaic's latest offering is its most ambitious yet, boasting a rare, north-facing riverfront position on Montague Road in South Brisbane.

<a href="https://www.apartments.com.au/new-apartments/the-riversdale-by-mosaic-south-brisbane-91-montague-road-south-brisbane-qld-4101">The Riversdale by Mosaic</a> is a 39-storey tower comprising just over 200 residences and Masterpiece Series Sky Homes. Designed in partnership with Bureau Proberts, it will feature nearly 3,000 sqm of genuine, internationally benchmarked six-star, hotel-style amenities, including a wellness precinct, pool, gym, massage and treatment rooms, cinema, golf simulator, and extensive outdoor dining areas across a two-level rooftop deck.

Early works are underway, with full construction expected to commence in the second half of 2026, and an anticipated late 2029 completion.

[smartcode_project:default project_id=151614 project_image_fid=362759]

Since 2012 alone, Mosaic has completed more than $2 billion in projects and is set to deliver another $2 billion worth of developments, comprising hundreds of luxury apartments, each defined by Mosaic's signature standards of quality, detail, and delivery.

"We never arrive, there is no finish line," says Monahan. "Our ambition is to keep evolving what luxury means, creating design- and lifestyle-led residences in incredible locations, places people genuinely aspire to and want to live, homes that are loved deeply and endure long beyond their moment."

Mosaic's Midas Touch

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> (Urban) has broken ground at Keira Place, its new major mixed-use residential precinct in the heart of Wollongong CBD.

Held at 120-122 Smith Street, the groundbreaking marked the commencement of construction on Stage 1 of <a href="https://www.apartments.com.au/new-apartments/keira-place-120-122-smith-street-wollongong-nsw-2500">Keira Place</a>, with the opening of the new display suite. 
&nbsp; 
Keira Place is a State Significant Development that will deliver new housing supply, affordable homes and inclusive living options within walking distance of Wollongong’s CBD, coastline, transport, hospital and education precincts.

[smartcode_project:default project_id=144442 project_image_fid=369868] 
&nbsp; 
Stage 1 is now under construction and will deliver 150 apartments across two residential buildings, including 27 affordable housing apartments and 18 specialist disability accommodation dwellings, along with activated ground-floor retail and commercial space. 
&nbsp; 
Urban Co-CEO Patrick Elias said the groundbreaking represented a significant milestone for Wollongong and reflected Urban’s long-term commitment to regional cities.

“Today’s groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong’s city centre,” Elias said. 
&nbsp; 
“Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection.”

[smartcode_project:default project_id=144442 project_image_fid=369869] 
&nbsp; 
Hon. Paul Scully MP, Minister for Planning and Public Spaces, Member for Wollongong said Keira Place is exactly the kind of development Wollongong needs – delivering new homes close to transport, employment and services, while supporting the continued growth and renewal of the CBD.

"This project reflects the Minns Labor Government's commitment to increasing housing supply in well-located areas." 
&nbsp; 
Wollongong Lord Mayor Cr Tania Brown said Keira Place would deliver lasting community benefits for the city. 
&nbsp; 
"Keira Place is a welcome addition to Wollongong's CBD delivering new housing, affordable homes and activated street-level spaces that will benefit our community for years to come," Brown said. 
&nbsp; 
"Urban Property Group's investment reflects the confidence that quality developers have in Wollongong's future, and I look forward to seeing this precinct come to life."

[smartcode_project:default project_id=144442 project_image_fid=369867] 
&nbsp; 
Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a>, with interiors by <a href="https://www.apartments.com.au/interior-designers/dko">DKO,</a> Keira Place prioritises liveability and long-term performance, with landscaped shared spaces, generous apartment layouts and a pedestrian-friendly streetscape along Smith Street. 
&nbsp; 
Residents will have access to landscaped podium areas, communal rooftop amenities with views to Mount Keira and the Wollongong skyline, and convenient ground-level retail.

The development will have 10-year Latent Defects Insurance by Resilience Insurance.

[smartcode_project_cta:default project_id=144442]

Groundbreaking marks start of construction at Keira Place in Wollongong CBD

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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National residential listings fell in July 2017 by 5.1 percent to 316,748, with stock levels down in all capital cities during July according to SQM Research.
Louis Christopher, managing director of SQM said Hobart led the drop in property listings at 10.5 percent, followed by a 7.4 percent fall in Melbourne.
"Listings in both cities were down sharply from a year earlier, keeping upward pressure on asking house and unit prices," he said.
"Compared to a year ago, national residential property listings were down by 9.0 percent.
"There was some seasonality in the numbers, which contributed to the drop in listings. June had an extra weekend while July did not.
<a href="https://www.propertyobserver.com.au/images/2017/08/02/Chart-1.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/02/Chart-1.jpg" alt="">
"That can make a big difference as each Friday there are several new property listings that enter the market, and so we think June listings were overinflated by this fact.
"Sydney residential property listings fell 5.7 percent as vendors await the spring selling season and sit on the sidelines during the winter period.
"Stock is still in short supply in some cities, particularly in Hobart and Melbourne.
"This has helped to push up asking prices for houses and units in those cities to well over the double digits, with Melbourne’s asking house price growth leading the nation at almost 22 percent over the year to August 1.
"We also probably saw more first home buyers enter the market in July, with Victoria and NSW introducing grants for first homebuyers from July 1, which will push up demand on property and prices."
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jonathanchancellor-7SQnKwU6yx

National residential listings fall in July: Louis Christopher

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GUEST OBSERVER
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At a national level, the six month average trend shows that the number of dwelling sales is starting to trend slightly higher. 
Of note is that settled sales peaked all the way back in July 2003, a time at which the population was around 4.7 million lower than it is currently. 
While the national population increased by almost 4.7 million persons between June 2003 and December 2016, a commensurate lift in transactions has not occurred. 
This is likely due to a number of reasons including the impost of stamp duty which discourages transactions, higher prices which lead to greater commission on sales and no real incentives for people to downsize homes when their children leave or they reach retirement. 
<a href="https://www.propertyobserver.com.au/images/2017/08/03/Screen%20Shot%202017-08-03%20at%209.49.56%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/03/Screen%20Shot%202017-08-03%20at%209.49.56%20AM.png" alt="">
Across the individual capital cities the number of sales and the transaction trends are somewhat mixed. 
Sydney – annual sales volumes are -0.9% lower year on year however, they have been trending higher from a recent low in April 2017.
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Melbourne – transaction volumes are slightly higher than their recent low however, annual settled sales are -7.6% lower than they were over the 12 months to July 2016. 
Brisbane – annual sales volumes are -9.7% lower over the past year and the number of transactions is clearly continuing to trend lower across the city. 
Adelaide – over the past year, the number of sales throughout the city was only -0.9% lower than over the previous year and the trend data indicates fairly stable transaction volumes. 
Perth – settled sales are substantially lower than their peak and annual sales have fallen by a further -1.1% over the past year however, monthly data points to a recent stabilisation in transaction activity. 
Hobart - the city has seen a substantial lift in transactions over the past 12 months with annual sales 10.9% higher over the past year. 
Darwin – on an annual basis, sales volumes have increased by 10.7% and they have shifted higher off an historic low base. 
Canberra – settled sales are slightly lower over the year, down -1.4% however, there has been a moderate lift in transactions recently.
<a href="https://www.propertyobserver.com.au/images/2017/08/03/Screen%20Shot%202017-08-03%20at%209.50.53%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/03/Screen%20Shot%202017-08-03%20at%209.50.53%20AM.png" alt="">
 
The settled sales insights highlights that although some regions are seeing transactions rise they remain well down on historic high levels. 
The relatively lower volume of transactions across markets experiencing positive population growth highlights the ongoing inefficiencies in the housing market which discourage transactions. 
These inefficiencies (detailed earlier) also have an economic impact as the high cost of exiting and entering the housing market is likely to impact on labour mobility as home owners may choose not to move for employment because of these high costs. 
Note: Property transaction are an important component of the housing market, particularly for participants such as real estate agents and mortgage brokers that rely on turnover for their commission. Furthermore, transactions are an important source of stamp duty revenue for state governments. 
It is important to note the way in which property transactions are recorded. All data is based on settled sales which means off-the- plan sales are counted once the property settles. Upon settlement, which can be several years after the contract date, off-the-plan sales are recorded at their contract date which means recent years of sales will be subject to revision. 
Cameron Kusher is research analyst for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/" target="_blank">here</a>.
 
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ckusher-ujnxiKuFQs

Number of dwelling sales starting to trend higher

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Leading developer Stockland has confirmed its acquisition of a waterfront site at Hope Island for $13.5 million.
The purchase of the 3.3 hectare site at Marina Quays Boulevard is Stockland’s first stand-alone medium density acquisition in the state.
Stockland general manager of medium density Ben Cantrell said the site was an enviable waterfront location, surrounded by excellent established housing, golf courses, and opposite the proposed town centre that will be include a supermarket.
"This acquisition aligns with our strategy to diversify and broaden the reach of our residential business through mutual density development, by offering our customers high-quality architecturally designed homes, in key locations at affordable prices.”
The site is around the corner from Stockland’s Foreshore Coomera development, where the Coomera Town Centre will become home to the northern Gold Coast’s biggest shopping complex and new central business district.
Stockland is proposing a diverse range of townhomes to appeal to “upgraders, downsizers and first home buyers”, with approximately half of the townhomes in the new community to have water frontage.
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j.ballantyne1990-6AQqhLzZaK

Stockland locks in $13.5 million Hope Island waterfront deal

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A 135 sqm strata restaurant/retail space close to Bondi Beach will go to auction on August 22.
in an exciting lifestyle and entertainment precinct, forward-thinking investors and owner-occupiers will immediately recognise the value on offer. 
The <a href="https://georgiaclearyhomes.com.au/restaurant-retail-opportunity-in-an-exciting-pocket-metres-from-the-beach-suit-investors-or-owner-occupiers/" target="_blank">68 Gould Street</a> property comprises a dining area plus outdoor seating, a commercial gas kitchen, cool room, storeroom and restrooms, and a car space.
The property has good frontage and large exposure due to large foot traffic around the corner from the sand and surf. 
<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/2017/08/02/BondiShop.jpg" alt="">
The listing agents are Bob Guth and Georgia Cleary of Georgia Cleary Homes.
The property could be attractive to an investor, owner-occupier or a self-managed super fund, according to the agents. 
The property sold back in 1994 for $1.65 million, according to Corelogic RP Data.
 
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Retail asset near Bondi Beach listed for auction

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Demand for office space in Adelaide is growing according to Colliers International, who believe the local office market is heading into the second half of 2017 with a positive outlook.
Jeevan Deut, Colliers International’s associate director for Office Leasing in South Australia said about 70 per cent of all enquiries continue to come from small business looking for office space less than 1,000sqm.
“It is interesting to note that the number of larger business looking for space greater than 3,000sqm in Adelaide is on par with the likes of Brisbane and Sydney," he said.
“The average size of a business looking for office space in the Adelaide market has also increased from prior year, up from 587sqm to 1,030sqm.
“It seems that the insurance sector is driving the majority of the larger requirements, followed by the education and training sector and the property services and government sectors.
“Our market has seen transactions increase almost threefold in terms of area.
“The average size of businesses transacting has increased from 290sqm in the five months to May 2016 to 777sqm in the five months to May this year.
"The perceived low demand environment was consuming people’s attitudes and fuelling a negative sentiment towards the office market.
“We are finding the leasing market is now starting to turn.
“With a sound level of enquiry and anticipated tenant movement, we have passed a trough in tenant demand and are now trending back up.
“Moving into the second half of 2017, we expect the demand for office space in Adelaide to rise and larger businesses to transact.”
Colliers International’s research database has recorded the total amount of office space enquired for year to date to have increased by 44 per cent when compared to the same time last year. 
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Insurance sector drives demand for Adelaide office space

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<img src="https://counter.theconversation.edu.au/content/80324/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
When a new alcohol supermarket opens up in your neighbourhood you might think it’s a great place to get a cheap bottle of wine. But what if one is set to open in a disadvantaged area with a high number of existing outlets, high rates of alcohol-related crime and domestic violence?
Bottleshops aren’t like other shops. There’s growing evidence their location and density influences the health and well-being of the people in surrounding areas, particularly in disadvantaged areas.
Yet, our research reveals when liquor licences and development applications for new bottleshops are considered in court, their public health impact is seldom taken into account.
What if there are lots of other bottleshops nearby?
The 20% of Australians who live in the poorest areas are 1.6 times as likelyas the richest 20% to have two or more chronic health conditions like heart disease and diabetes. Yet bottleshops are disproportionately located in areas of socioeconomic disadvantage, potentially adding to the disease burden of an already disadvantaged area.
Local communities with higher densities of alcohol outlets tend to have poorer health, with much higher rates of hospitalisations and premature deaths, particularly due to cirrhosis (long-term liver damage). The link is stronger in poorer communities.
Conversely, research by a colleague shows people who do not have bottleshops within 800 metres of their home say their health is betterthan the health of people who live closer to a bottleshop.
Competition between nearby outlets – and the extended opening hours, increased visibility of outlets and exposure to alcohol advertising – that often goes with it can increase alcohol consumption.
 
The clustering of outlets can also encourage outlets to compete on price and promotions for cheaper and greater quantities of alcohol. Such promotions can lead to anti-social behaviour such as alcohol-related injury and violence. Researchers see this in both rich and poor areas.
Increasing the density of alcohol outlets exacerbates domestic violence in the postcode area, which we see across all areas, but with higher rates in areas of socioeconomic disadvantage.
And there’s a stronger association between outlet density and violence in general in socioeconomically disadvantaged areas compared to other areas.
There are also different effects depending on how the alcohol is sold. For example, a high density of alcohol outlets (which includes large and small bottleshops, clubs and pubs) is strongly related to alcohol-related chronic disease. Meanwhile increases in the number of licenses for bottleshops are associated with increases in rates of domestic violence. We see this across the board, not just in poorer areas.
How about Indigenous communities?
The health consequences of alcohol availability is an issue that cuts across Indigenous and non-Indigenous populations.
Indigenous people are more likely to abstain from drinking than non-Indigenous people (28% versus 22%). Yet Indigenous people disproportionately experience alcohol abuse and alcohol-related harms. Alcohol use is associated with 7% of all deaths and 6% of the total burden of disease experienced by Indigenous Australians compared with 5% of the burden of disease in the general population.
Our research has shown restricting alcohol in Indigenous communities, where community-led, is generally effective in improving health and social outcomes including disease, injury and crime.
How do new bottleshops get approval?
Despite the growing evidence of the detrimental effects of increasing alcohol outlet density, particularly in disadvantaged areas, bottleshops continue to be built in communities already struggling with the harms of drinking.
Our research shows when development applications for new alcohol outlets are rejected, groups with vested interests, such as the alcohol industry, take local governments to court and win – even in cases where there have been hundreds of community submissions opposing the developments.
In 77% of cases we looked at from 2010 to June 2015, the alcohol industry was successful in having local planning decisions overturned in court, and the proposals went ahead.
 
This was the situation for the community of East Nowra in New South Wales. The local government, Shoalhaven City Council, community members, family support services and local police joined together to oppose the development of a 1,400 square metre Dan Murphy’s (owned by Woolworths) liquor store over fears the community’s health and social problems would be made worse by making cheap alcohol more accessible. Yet, the local government’s decision to reject the proposal was overturned in court and the outlet went ahead.
This type of situation is possible because existing policies and legislation that control approvals for liquor licences and bottleshop development applications seldom consider the public health impacts. Rather, they focus on economic imperatives, zoning, planning requirements and amenity (how attractive or pleasant a development is likely to be).
What we’d like to see
To reduce the public health impacts of alcohol outlets in local communities, planning law and policy in all jurisdictions need to consider health and social impacts, as is already the case in the Australian Capital Territory, South Australia and Queensland.
Our results suggest this approach has resulted in fewer cases where the alcohol industry has local government decisions overturned in court.
These provisions would empower the courts to make decisions good for the public health of their communities. They could also help protect the authority and autonomy of local governments to reject industry proposals that do not promote the health and well-being of their constituents.
<a href="https://theconversation.com/profiles/janani-muhunthan-387416" target="_blank">Janani Muhunthan</a> is PhD candidate, George Institute for Global Health.
<a href="https://theconversation.com/profiles/andrew-wilson-7869" target="_blank">Andrew Wilson</a> is Co-Director, Menzies Centre for Health Policy, University of Sydney.
<a href="https://theconversation.com/profiles/stephen-jan-387415" target="_blank">Stephen Jan</a> is Head of Health Economics and Process Evaluation Program, George Institute for Global Health.
All are authors for <a href="https://theconversation.com/au" target="_blank">The Conversation</a>.
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Bottleshops affect people’s health, so our laws need to reflect that

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Woolworths and Harris Farm are locked in a battle for a prime retail shop lease at a $110 million Kiaora Lane development in Sydney's Double Bay.
Woolworths is in the NSW Supreme Court seeking orders against organic grocer About Life and Harris Farm, saying it had the first right of refusal over About Life's retail lease, according to The Australian Financial Review. 
Family-owned grocer Harris Farm says Woolworths is engaging in anti-competitive practices by entering into leases that gives the supermarket giant the first right of refusal.
In 2009, Woolworths gave an undertaking to the Australian Competition and Consumer Commission it would not enter into new leases that gives Woolworths a first or last right of refusal in relation to additional supermarket space in a shopping centre where Woolworths had its store.
In 2014, Woolworths signed a 30-year lease with About Life where the latter granted Woolworths a "first right of refusal to retail" the retail shop if it wished to transfer the lease to a third party.
Harris Farm bought the About Life store in the Double Bay retail precinct in April for $10 million and About Life agreed to transfer the lease to Harris Farm. 
The bone of contention is the ‘first right of refusal’ in the lease, with Woolworths saying the deal cannot proceed because Woolworths says the lease rules were breached.
The Kiaora Lane Double Bay precinct was developed by Woolworths and Woollahra Council in a $110 million joint venture.
It has a Woolworths supermarket and a Dan Murphy liquor store, which is part of the Woolworths group.
In his opening submission, Woolworths' barrister Matthew Darke, SC, said the object of the agreement between About Life and Harris Farm was for Harris Farm to occupy the retail premises in Double Bay because following the sale, Harris Farm was to demolish the shop's fitout and dispose of the equipment.
Darke said About Life breached the lease because it did not first offer Woolworths the right to take over the lease on the same commercial terms as Harris Farm.
Woolworths director of property Ralph Kemmler told the court the first right of refusal was added to secure its right over the site.
"It was a valuable piece of real estate... and we wanted the ability to go back to that piece of real estate," he said.
When asked by Harris Farm's barrister Peter Wood, Kemmler said large scale supermarkets such as Woolworths face strong competition from specialist retailers for food and grocery sales.
When Darke asked co-CEO of Harris Farm, Angus Harris, whether it is "not seeking to be a supermarket at all", Harris told the court while Harris Farm advertises itself as a "market" as part of a marketing strategy but it remains a supermarket that competes in the grocery space.
"We know we're a supermarket but we're like going to the market."
The hearing continues.
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Woolworths, Harris Farm lock horns in court over shop in Sydney's Double Bay shopping centre

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The light rail project planned for Canberra will ultimately benefit the city, according to a survey of commercial property owners by Colliers International Research.
Whilst divided on the technology, project timing and future routes, commercial property owners along the Northbourne Avenue corridor are generally positive about the light rail project, the survey noted.
The Colliers International’s ACT Light Rail Survey revealed that commercial property owners believe it will likely provide an economic boost to local business, employment and encourage further investment into the CBD and ACT region from interstate and offshore groups.
“Whilst there was strong consensus amongst owners of the benefits, they noted concerns about the long-term viability of the project given that newer technologies may supersede light rail once construction of the entire network is completed,” said Matthew Winter, manager at Colliers International. 
Valuation firm Herron Todd White had noted earlier this year that the light rail project may have an effect on residential property prices in suburbs serviced by the transport system.
The project’s timing was heavily debated, with varying options on when to introduce the next stages and which town centres should be prioritised.
“Despite not necessarily supporting the proposed technology, half the owners surveyed said now is the right time for light rail to be implemented and indicated the project would serve as a catalyst to reinvigorate tired gateways.
“Owners indicated the light rail network should expand from CBD to Woden next (33 percent) and Canberra Airport (30 percent),” said Matthew.
<a href="https://www.propertyobserver.com.au/images/2017/08/01/LightRailGraph1.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/08/01/LightRailGraph1.png" alt="">
Almost half the owners surveyed felt the light rail would have little to no impact on traffic congestion, though it was a fundamental objective of the infrastructure project.
They believe Canberrans will use light rail to commute to and from work, assuming the stops were near office locations and viable Park-and-Ride solutions are provided by the ACT government.
In fact, owners were concerned with the lack in clarity about transit times and fares, which could make passengers commute by car, finding it a cheaper and more direct option, despite traffic congestion.
<a href="https://www.propertyobserver.com.au/images/2017/08/01/LightRailGraph2.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/01/LightRailGraph2.png" alt="">
“Overwhelmingly, owners believe light rail will improve the value of their property,” said Matthew.
“This seems to support the notion that further amenity and infrastructure along the corridor will have a positive benefit for owners through improved tenant retention, increased accessibility, and provide a solution to the current parking shortage, particularly in areas such as Braddon.”
The Colliers report revealed that after the announcement of Stage 1 of the project, 50 percent of property owners along Northbourne Avenue and Flemington Road corridor looked at developing or selling their building for residential purposes. 
<a href="https://www.youtube.com/watch?v=tOOcZ0xolOY&amp;feature=youtu.be" target="_blank">Click here</a> to watch the video.
 
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Commercial property owners believe light rail will benefit Canberra 

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<img src="https://counter.theconversation.edu.au/content/79497/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The phrase “coworking spaces” may conjure up images of tech-savvy millennials working for startups in converted warehouses. Add in the obligatory ping-pong tables, bean bags and beer on tap. 
But our report on the Australian coworking industry shows much more is going on in these spaces than this cliché. We found more than 300 coworking spaces are operating across Australia, up from only 60 spaces in 2013.
Rather than just catering to one type of worker, coworking spaces are used by people from different backgrounds, professions and ages. We also found the majority (53%) of Australia’s coworking spaces are in or around the CBD of our major cities. Sydney and Melbourne take the lion’s share overall, where our coworking industry first started out. 
Most coworking spaces target small-business workers, who tend to be in professional services and creative or knowledge-based work. They are also more likely to be living in our major cities. 
However, newer coworking spaces are emerging on city fringes (7%) and in our regional towns (15%). These spaces focus on supporting local employment opportunities and bringing businesses together for economic development. 
The form and function of these regional spaces are often inspired by city-based models. As an example, The Creative Fringe in Penrith, on the outskirts of Sydney, seeks to drive local innovation and collaboration.
Beyond the tech start-up hub
There’s a trend we found where coworking spaces are popping up in locations geared towards supporting lifestyle choices of professionals who want a “sea change”. 
The Gold and Sunshine Coasts in Queensland and the Central Coast in New South Wales have a surprisingly high number of coworking spaces. Other popular seaside locations include Byron Bay and the South Coast of NSW.
One example of this type of space is Cows Near the Coast. It’s on the main street in Bega, South Coast NSW, and actively encourages “sea-changers” to join their community. 
We also found certain recurring types of spaces. One type focuses specifically on high-end professionals wanting to work in style and impress their corporate clients, often located on the top floors of CBD high-rises. Gravity coworking spaces are a good example of this type.
In contrast to this corporate atmosphere, we found some coworking spaces are also the home of social enterprises. These spaces support typically younger people to combine business know-how with their passion for community impact, specialising in supporting their altruistic visions. 
These spaces have none of the gloss of many other coworking spaces. You’ll find recycled furniture and inspiring quotes emblazened on the walls in these spaces. The Common Room at Vibewire in Sydney epitomises this type.
For many smaller towns and regions, coworking spaces are where ﬁercely proud locals go to take action around the future of their community. BizBuddyHub in Point Cook, Victoria, is an example of this. This coworking community was set up with a campaign advocating for a space for locals who would otherwise have to commute into Melbourne. 
Who owns and runs coworking spaces?
Around 75% of coworking spaces in Australia are owned and run as private businesses. The majority of these (54%) are run as a separate business, for profit, under private ownership. 
Small-business owners are also enhancing their appeal to existing and future clients by starting up these coworking spaces. In our research, we found 21% of all Australian coworking spaces are run as ancillary to an operator’s regular small-business activities. 
Not-for-profit coworking spaces make up 8% of Australian spaces, usually established to pursue a social causes, such as reducing youth unemployment. Some of the most well-established coworking spaces in Australia are set up as non-profit organisations.
A small numbers of coworking spaces are state or local government funded (6%) with an aim to support economic development in that region.
Recently a number of corporate-owned coworking spaces (7%) have emerged, which are primarily set up to support their own customers, such as small business customers, who use these spaces to grow their business. Good examples of these include The Village at National Australia Bank, and Australia Post’s Small Business Hive at Geelong.
Commercial real estate operators are also exploring coworking as a way to facilitate a sense of community in multi-tenanted office towers, such as Dexus Place.
Coworking spaces operated by universities (4%) are the latest addition to the industry, supporting alternative career choices for students, and deeper engagement with industry. 
The future of coworking
Coworking spaces are now found in at least 89 countries, spanning six continents. Best guesses indicate that by the end of this year there will be over 14,000 spaces worldwide. 
Coworking spaces facilitate work in ways that other workplaces can learn from. They go beyond simple “hot-desking” and the open plan work settings which many of us have become familiar with. They are places where people are welcomed and hosted, with regular social and learning events that engage members and their guests. This creates a real sense of community and belonging. 
This is something that larger organisations are starting to look for inspiration. Recently, WeWork, the world’s largest coworking operator, has started designing workplaces on behalf of large corporations. Many Australian corporates are engaged in partnerships or sponsorship of coworking spaces, with some simply supporting their employees to work flexibly from them. 
The diversity of coworking spaces we found in this study means that these spaces can cater to a variety of workers, allowing them to collaborate with other interesting businesses and professionals from all walks of life. 
These coworking spaces offer examples of how work can be transformed to have a greater focus on community and belonging. The humanity we found in our coworking spaces offers us hope for the future of work which, under constant threat of disruption and automation, will no doubt continue to play an important role in our lives and in forming our work identities.
<a href="https://theconversation.com/profiles/tim-mahlberg-272846" target="_blank">Tim Mahlberg</a> is PhD Researcher, University of Sydney and author for <a href="https://theconversation.com/au" target="_blank">The Conversation</a>.
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Australian coworking spaces cater to a more diverse crowd than just young tech entrepreneurs

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Technology firms have become a key driver of Sydney CBD office demand, according to recent research by property firm Cushman &amp; Wakefield.
Macquarie Park, previously Sydney’s main tech hub, has been displaced by the CBD because of the growth in cloud computing, technological innovation in a range of service industries and a desire to attract and retain the best talent to offices which are strongly serviced by public transport and close to retail precincts, says Cushman &amp; Wakefield’s Tech and the city report.
In fact, tech is expected to take over from the finance and insurance sector as the key driver of CBD office demand in Sydney. Demand from tech companies for CBD space is expected to grow more than three times that of the finance and insurance sector over the next five years, it says. 
“Large tech firms taking up residence in Martin Place over the past few years has been a well told story for the Sydney CBD office market. However, rise of tech firms in the CBD has been much broader based with many smaller firms taking up space across the CBD,” it says.
Over the past few years Apple, Dropbox and LinkedIn have taken up office space in Martin Place, but the expansion of tech firms in the CBD has been much broader based. 
Cushman &amp; Wakefield Research identified around 40 leases signed by tech companies over the past 12 months across the CBD, in building grades ranging from Premium to C. Lease size varied considerably also with space requirements ranging from 100 sq m to over 17,000 sq m. 
<a href="https://www.propertyobserver.com.au/images/2017/07/31/Tech-main.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/31/Tech-main.jpg" alt="">
The range of tech tenants that have taken up space highlights the diversity of the sector. While LinkedIn is known for social media, Amazon for e-commerce and Apple for products such as phones, tablets and computers, tech is extending its reach into a variety of service sectors. For example, tech tenants that have recently leased space in the CBD have areas of speciality including labour hire; education; travel; expense management; digital forensics; online security; trading and portfolio management. 
The largest overall lease, recently completed by Cushman &amp; Wakefield, is the +17,000 sq m Sydney Startup Hub at Wynyard Green which is expected to open its doors in Q4 2017. While not specifically a tech tenant, the Startup Hub is a NSW Government initiative to create a startup and innovation centre and most of the residents are likely to be tech orientated. 
Service sector and tech driving Sydney CBD office demand 
Office demand in the Sydney CBD has traditionally been driven by the ups and downs of financial markets. With around 30% of the CBD workforce employed in the Finance and Insurance sector, changes in CBD office demand have historically been correlated with share market performance. However, in recent years the relationship has broken down with relatively strong demand for office space despite soft share market performance. 
But while the finance sector accounts for a large part of the CBD workforce, an even larger percentage, about 40%, are employed in other service sectors such as Professional, Scientific and Technical Services, Admin and Support, Real Estate and Information Media and Telecommunications. These sectors are currently doing well, as indicated by the NAB Business Conditions Survey (Figure 2), which is near a 10 year high and is helping to drive relatively strong employment growth (Figure 3). 
<a href="https://www.propertyobserver.com.au/images/2017/07/31/Tech2.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/07/31/Tech2.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/07/31/Tech3.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/07/31/Tech3.png" alt="">
Why do tech tenants now favour the CBD? 
For many years, Sydney’s tech hub was Macquarie Park. This was driven by a range of factors such as a desire to create a Silicon Valley/Stamford University type research and innovation relationship with Macquarie University, campus style office accommodation and access to warehousing space for inventory. 
However, software applications are now usually supplied over the web rather than on disks and with people the major asset of tech firms, management are keen to establish a work environment to attract and retain the best talent. 
The Cushman &amp; Wakefield 2017 office leasing: Trends and Outlook survey noted that proximity to public transport and retail amenities were primary considerations for tenants. With many tech firms operating globally on a 24/7 basis, the CBD offers the best access to Sydney’s transport network and excellent retail amenities. 
<a href="https://www.propertyobserver.com.au/images/2017/07/31/Tech4.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/07/31/Tech4.png" alt="">
Future growth 
With technology being increasingly integrated into all aspects of our lives, employment growth and demand for office space associated with the tech sector is likely to continue to grow. 
Deloitte Access Economics has forecast that Sydney CBD employment growth in the two sectors primarily associated with technology, i.e. Professional, Scientific and Technical Services and Information Technology and Telecommunications, is forecast to average 2.5% pa over the next five years, compared to 0.8% pa for the Finance and Insurance sector (Figure 5).
<a href="https://www.propertyobserver.com.au/images/2017/07/31/Tech5.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/07/31/Tech5.png" alt="">
This equates approximately to an additional 12,000 ‘Tech Service’ jobs compared to about 3,750 finance roles or, at 8 sq m per person, a requirement for about 96,000 sq m of Tech Service space compared to 30,000 sq m finance space. However, it should be noted Finance and Insurance sector roles are increasingly tech related as the industry becomes more automated. 
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