<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

Joel Robinson

SP Setia plans three-tower finale for Carlton’s former CUB precinct

Melbourne developer Lowe Living is seeking to add to its growing bayside apartment pipeline, filing plans for a boutique eight-residence development in tightly held Middle Park.

Lowe Living, which has built much of its development portfolio across Melbourne's affluent bayside and south-east suburbs, is behind the plans for the 730 sqm site at <a href="https://www.apartments.com.au/new-apartments/123-125-erskine-street-middle-park-vic-3206">123-125 Erskine Street</a>, just off Armstrong Street and within the Armstrong Street Neighbourhood Activity Centre.

The developer is seeking approval for a five-storey residential building above two basement levels, with just eight large-format apartments and 18 car spaces.

“This is a deliberately very different proposition for us,"&nbsp;Tim Lowe, Co-Founder of Lowe Living, said.

"Eight residences is exceptionally boutique, but that's precisely what this site calls for.

“There is a strong community in Middle Park and the surrounding suburbs who have spent decades building a life here. They no longer want the maintenance of a large period home, but they aren't prepared to compromise on space, quality or location. We think there is a real opportunity to capture that hyper local market. A site like this rarely comes to market.”

<img alt="Lowe " data-entity-type="file" data-entity-uuid="875fe572-0f14-4d90-9e11-55b28dd07731" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.42.49%E2%80%AFAM.png?VersionId=GDNQRv9BfpR9r1zkZ5UDyUM4ZvpIksut" />

The low-density proposal has been designed by Cera Stribley and is being progressed through the Victorian Government's Great Design Fast Track pathway, having already secured eligibility from the Minister for Planning.

The Office of the Victorian Government Architect supported its eligibility after finding the proposal demonstrated consistency with the program's seven design principles, while the project's financial feasibility has also been independently confirmed by Invest Victoria.

The project is targeting the downsizer market, with the planning documents describing the homes as larger-format residences and noting the two penthouses could otherwise have been configured as four separate apartments.

<img alt="Lowe 2" data-entity-type="file" data-entity-uuid="60ab0987-2da6-4175-adac-315dcf6053c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.15%E2%80%AFAM.png?VersionId=bOCPH0B2MFwlmaRW.TTCF9TzyifgVoQI" />

The site has dual frontage to Erskine Street and Canterbury Place and currently comprises a collection of commercial buildings used as offices, including a former heritage bakehouse, a former stable, a later gabled addition and a central courtyard.

It sits within the Commercial 1 Zone and the Armstrong Street Commercial Precinct heritage overlay, with the existing property classified as a contributory heritage place.

Heritage has subsequently played a significant role in Cera Stribley's design.

The front section of the former bakehouse facing Erskine Street will be retained, including its return walls, street-facing hipped roof and chimneys, while the Erskine Street façade and part of the western return wall of the former stable will also be incorporated into the new development.

Levels four and five will be set back five metres from the retained stable façade, while bricks removed through demolition are proposed to be salvaged and reused within the new building where possible.

<img alt="Lowe 3" data-entity-type="file" data-entity-uuid="e97927a9-a2de-4a0f-83b6-65451238abfa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.06%E2%80%AFAM.png?VersionId=VR44AChLrX9q1XPB9GvVQV.ALXXbe4gC" />

Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.

A three-storey infill element will sit between the retained bakehouse and stable façades, with the upper levels recessed behind the heritage fabric. Canterbury Place will similarly feature two three-storey podium forms, separated by a central pedestrian accessway, before the upper two levels step back from the street.

A pedestrian through-link will run through the centre of the project between Erskine Street and Canterbury Place, creating entrances from both sides of the site and introducing landscaping and communal areas through the ground plane.

Landscape architect Acre has designed planting across the ground level, private terraces and upper levels, including a feature canopy tree at level three and integrated planting and arbours across the level four terraces. Five existing Erskine Street trees are proposed to be retained.

Sustainability is also a significant component of the Great Design Fast Track application. The apartments are targeting an average eight-star NatHERS rating, with no residence below 6.5 stars, while the project has achieved a 75 per cent BESS score. Seven of the eight apartments are designed for cross-ventilation, with the remaining residence using mechanically assisted natural ventilation.

The plans also incorporate an 8kWp rooftop solar system, a 5,000-litre rainwater tank and infrastructure allowing future electric vehicle charging for every residence.

Lowe has a strong portfolio across Melbourne's blue-chip suburbs. They recently launched <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House by Lowe Living</a> in Camberwell, their first development in the Stonnington LGA.

Lowe Living unveils Middle Park apartment development

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

<a data-end="327" data-is-only-node="" data-start="250" href="https://www.apartments.com.au/developers/norus-projects" rel="noopener" target="_new">Norus Developments</a> has lodged plans for a new apartment development in Clayton that would add further momentum to the suburb's emerging Green Street corridor.

Plans have been lodged for the consolidated site at <a href="https://www.apartments.com.au/new-apartments/1359-1365-centre-road-clayton-vic-3168">1359-1365 Centre Road</a>, where Norus is seeking approval for 218 apartments across a 12-storey apartment building designed by <a href="https://www.apartments.com.au/architects/life-architecture-and-urban-design">Life Architecture</a>.

The proposal sits within the Clayton Major Activity Centre at the threshold of the planned Green Street corridor, a landscaped pedestrian connection intended to improve links through the precinct towards Clayton Railway Station.

The development would replace the site's existing collection of low-scale residential and commercial buildings with a single consolidated building, introducing significantly greater housing density to this part of Centre Road.

A retail tenancy is proposed at ground level to activate the Centre Road frontage, accompanied by transparent street interfaces and landscaping intended to create a more pedestrian-focused edge to the development.

<img alt="First look: Norus Developments plans landscape-led apartment project for Clayton’s emerging Green Street" data-entity-type="file" data-entity-uuid="0a5a763a-d9e9-4253-af2f-88008de27ebf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Clayton%20a.png?VersionId=S2WJJbat1XVkZwB9SnYtygirXgWHiklX" />

The building has been designed with stepped massing and upper-level setbacks to manage its transition towards surrounding residential properties. The planning report describes the approach as one that integrates the building into the landscape rather than treating landscaping as a secondary element.

"A strong landscape and public realm strategy underpins the proposal," Urbis states in the planning report.

"Public benefits include an affordable housing contribution, a new pocket park, generous landscaped setbacks, deep soil planting and integrated Water Sensitive Urban Design."

The report adds that these elements are intended to create "a permeable, pedestrian-focused ground plane that enhances walkability, supports urban cooling and reinforces the emerging Green Street character."

Biophilic and passive design principles extend through the residential levels, with planting, daylight, natural ventilation and views towards landscaped areas forming part of the amenity strategy.

Parking would be concentrated away from the public realm, with 145 car spaces proposed from the rear laneway rather than dominating the Centre Road frontage.

The proposal follows an extensive pre-application process with the City of Monash. Three formal meetings were held between the project team and Council from December 2025 to March 2026, with the scheme evolving through several concept iterations before the current design was lodged.

The project arrives as Clayton prepares for substantial change around its established activity centre and the wider Suburban Rail Loop precinct. Its position on Centre Road places the development within an existing concentration of shops, services and public transport, while the Green Street connection is intended to strengthen pedestrian access towards Clayton Railway Station.

First look: Norus plans landscape-led apartment project for Clayton’s emerging Green Street

<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> has officially commenced construction on Bronze on Chevron, celebrating the sod turning of its first-ever Gold Coast development and marking a significant milestone in the company's continued expansion across South East Queensland.&nbsp;

Following the successful delivery of premium residential developments throughout Brisbane and the Sunshine Coast, <a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-chevron-island-qld-4217">Bronze on Chevron</a> represents Gardner Vaughan Group's entry into the Gold Coast market. Bronze will deliver 119 one, two, three and four-bedroom apartments above two ground-level retail tenancies.

[smartcode_project:default project_id=107520 project_image_fid=367193]

The recent sod turning ceremony was attended by Deputy Mayor Mark Hammel, President of the Surfers Paradise Surf Life Saving Club, Cassandra Sedgman, project consultants, purchasers, project partners and invited guests to celebrate the commencement of construction.&nbsp;

Gardner Vaughan Group Chief Executive Officer Simon Betteridge said Bronze on Chevron represented an exciting new chapter for the business.&nbsp;

"We've spent almost four decades building homes that respond to the way people want to live, and we're excited to bring that experience to <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>," Betteridge said.

"Bronze on Chevron is particularly significant because it marks Gardner Vaughan Group's first development on the Gold Coast following many successful projects across Brisbane and the Sunshine Coast."

[smartcode_project:default project_id=107520 project_image_fid=367183]

Betteridge said the ground breaking is a proud moment for the&nbsp;team and their purchasers, who can now see their future homes beginning to take shape.&nbsp;

"As both developer and builder, we're able to oversee every aspect of the project from design through to construction, ensuring the quality and attention to detail Gardner Vaughan Group has become renowned for."&nbsp;

Designed by acclaimed architectural practice <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, Bronze on Chevron has been thoughtfully designed to complement Chevron Island's evolving streetscape while embracing its relaxed coastal lifestyle.

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029.&nbsp;

[smartcode_project_cta:default project_id=107520]

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029

Gardner Vaughan Group breaks ground on first Gold Coast development, Bronze on Chevron

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

<html><body>
Kudos to the NSW government by becoming the first elected government in NSW to achieve a cash positive financial position – quite amazing that never before has this been achieved.
The words ‘debt free’ don’t exactly go hand in hand with governments these days as we have become too accustomed to the monetary phrases of debt and deficits.
NSW Treasurer Gladys Berejiklian confirmed this week that NSW would post a $4.7 billion surplus in 2015/16 which just so happens to be $1.3 billion more than predicted in the June budget just four months ago. Still a massive turnaround from 30 June 2015 when net debt sat at $5.5 billion to a $57 million surplus as at 30 June 2016.
No doubt reassuring for the government who pledged a further $20 billion in infrastructure at the 2015 election, which includes a second harbour crossing. Now to a big property decision which is the elephant in the room in the form of stamp duty. Sydney’s new market which is the tens of thousands of new apartments under construction which have handsomely rewarded the government in the form of stamp duty. There would be significant question marks over foreign purchasers completing once these projects are finished.
It is worth noting that the treasurer is expecting stamp duty growth of 4.4 per cent per annum over the next four years whilst also predicting stamp duty revenue would hit $8.9 billion in 2016/17. As to that prediction I offer just two words – Good Luck! 
Investors would be no doubt observing the recent commentary by the Reserve Bank of Australia (RBA) who noted “growth in rents is the slowest for decades”. So one then can only presume that the bait rent projections provided to the tens of thousands of off – the – plan buyers have next to no chance of coming to fruition? Furthermore, these rental projections play an intricate role in determining the amount of borrowings leveraged against each investor property.
According to realestate.com.au figures numbers of Chinese buyers looking to buy in Sydney have fallen by 9 per cent over the past twelve months. Many (including myself) expect these numbers to keep falling as a direct result of the NSW government’s recently introduced Foreign Investor Surcharge.
NSW Treasurer Gladys Berejiklian has announced that the June 21 NSW Budget will include the introduction of foreign investor surcharges on stamp duty and land tax on residential real estate. The measures are expected to raise more than $1 billion over four years and will fund essential services across NSW. “These new measures will ensure NSW’s property market continues to be an attractive destination for international investors while making sure that we are able to fund vital services into the future,” Ms Berejiklian said.
This initiative has not gone down well with foreign investors. One only has to look at what happened to the foreign buyer tax in Vancouver which saw a very hot market transition almost immediately to a frozen market overnight once the 15 per cent tax was announced. For example, property prices collapsed 33 per cent in September from a year ago.
Now for some other very big questions that are being asked and answered within the real estate industry currently that do require special consideration.
When you look back at the history of real estate in Australia a distinct observation has been the popularity of real estate franchises. In 2016 we have seen the lowest volumes of stock levels ever seen before, for example this week in Mosman there are 32 houses for sale, in 2015 there were 49, in 2014 82 and in 2013 there were 119 houses on the market that week.
Now a franchise office that operates within the one allocated postcode simply can no longer survive on these reduced stock levels as salespeople will look for work with businesses that offer unlimited or much larger farming areas. There has also been heated discussions about franchise fees which are performance based much like income tax. The more you sell the larger the franchise fee – in 1994 we went over to a flat fee so many franchise offices are demanding that fee structure.
Somewhat ironic that stamp duty was a blessing in disguise for the NSW government’s finances yet it is the reason why fewer homes are now on the market as owners have opted to invest the amounts they would pay in stamp duty into renovations. This also means that the selling cycle changes will blow out significantly as home owners will stay much longer in the principal place of residence.
So from Christmas on you can expect many franchise offices to rebrand (and no I’m not talking about my office) simply because we are seeing fewer and fewer properties on the market. Change is inevitable although it takes a long, long time to see tax changes from elected governments. Ping: The Henry Tax Review and NSW stamp duty to name just two examples.
In the meantime, businesses will re-calibrate and make the economic decisions required to stay afloat and progress down that path of longevity. I predict major changes to the Australian real estate franchise landscape from 2017.
<h4>MOSMAN – 2088</h4>
Number of houses on the market this time last year – 49 Number of houses on the market last week – 32 Number of houses on the market this week – 34 Number of apartments on the market this time last year – 60 Number of apartments on the market last week – 32 Number of apartments on the market this week – 34
<h4>CREMORNE – 2090</h4>
Number of houses on the market this time last year – 13 Number of houses on the market last week – 15 Number of houses on the market this week – 13 Number of apartments on the market this time last year – 23 Number of apartments on the market last week – 15 Number of apartments on the market this week – 13
<h4>NEUTRAL BAY – 2089</h4>
Number of houses on the market this time last year – 9 Number of houses on the market last week – 5 Number of houses on the market this week – 7 Number of apartments on the market this time last year – 23 Number of apartments on the market last week – 22 Number of apartments on the market this week – 22
 
ROBERT SIMEON is a director of <a href="https://www.rwm.com.au/" target="_blank" title="RWM" rel="nofollow">Richardson Wrench Mosman and Neutral Bay</a> and has been selling residential real estate in Sydney since 1985. 
He has also been writing real estate blog <a href="https://www.rwm.com.au/news/" target="_blank" title="Virtual Realty News" rel="nofollow">Virtual Realty News</a> since 2000.
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It’s time for some very BIG property decisions: Robert Simeon

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Giovanni D'Ercole, the jewellery designer of Love and Hatred, has listed the River House, a five bedroom home in the Byron Bay hinterland.
Tucked away on the sub-tropical ridge, the 42 ha property has been listed through Nicolette van Wijngaarden at Unique Estates Australia with a $3.7 million asking price.
<a href="https://www.realestate.com.au/property-house-nsw-coorabell-118612343" target="_blank">The timber home</a>, entered through antique Indian doors, comes with cathedral ceilings. It has a spa therapy room with a hydrotherapy tub.
The 2005-built home is surrounded by stands of old native rainforest with small creeks that all feed into the billabong at the front of the house.
It comes with approval for six rural tourism cottages. 
D'Ercole paid $1.7 million in 2007 when it was bought from Mark Morgan. His other nearby property, Coorabella, the magical 125-year-old home on 23 hectares, remains a holiday rental. It was briefly listed for sale in 2013 at $7.5 million.
Panoramix Studio founder Bertrand Lalanne and his wife, Dianne secured the district's highest sale when La Grande Vue, their Peter Hobbs-designed home on a hectare holding sold at $4.25 million through Liam Annesley at LJ Hooker earlier this year.
Singer Natalie Imbruglia recently spent $1.3 million on a two hectare property with shack through Glen Irwin, of LJ Hooker Byron Bay.
Another recent Coorabell sale saw the veteran recording studio, The Music Farm sold at $2.9 million. 
This article was first published in the Sunday Telegraph.
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The River House at Coorabell listed at $3.7 million

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Looking at median selling prices over the past decade, the national median house price ten years ago was recorded at $330,000, while the median unit price was $310,000.
Ten years on, and the median selling prices are now $499,000 and $445,000 respectively.
What we’re seeing here is a selling price increase of 51 percent for houses over the decade and by 44 percent for units. Clearly, based on broad averages, in most areas of the country median prices have not doubled over the past decade.
Across individual capital cities the results diverge significantly, however none of the capital cities have seen the city-wide median house or unit prices double over the past decade. Prices have gone closest to doubling over the decade in Sydney, Melbourne and Darwin while in Perth and Hobart the total change for houses and units has been well below 50 percent.
<a href="/images/2016/10/11/Screen%20Shot%202016-10-11%20at%208.27.01%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/11/Screen%20Shot%202016-10-11%20at%208.27.01%20AM.png" alt="">
A granular look at the housing market reveals 4,048 individual suburbs that had at least 10 house sales over the 12 months to both June 2006 and June 2016 and 1,665 suburbs that had at least 10 sales over both periods for units. Of the 4,048 suburbs nationally for houses, only 573 suburbs or 14% have seen the median selling price of a house double over the past decade. For units, only 159 of the 1,665 suburbs nationally, or 10 percent, have seen median prices of units double over the past decade.
A split of suburbs that have, and have not, seen median selling prices double over the past decade across each state and territory includes:
• Houses: NSW, Vic and NT are the only states and territories in which more than 10 percent of suburbs have seen prices double over the past 10 years.;
• Units: again only NSW, Vic and NT saw more than 10 percent of suburbs recording prices as doubling;
• Not one suburb in Tasmania has seen a doubling in median price over the past decade.
<a href="/images/2016/10/06/Number%20of%20suburbs%201.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/06/Number%20of%20suburbs%201.jpg" alt="">
An overview of the capital growth performance for capital city suburbs over the past decade shows:
• For houses: Melbourne is the only city where half of the individual suburbs saw median selling prices double over the past decade while Sydney has also seen more than 40 percent of suburbs doubling in price. Darwin is the only other capital city where more than 10 percent of suburbs have seen selling prices of houses at least double over the past 10 years.
• For units: once again Sydney, Melbourne and Darwin are the only capital cities in which selling prices have more than doubled in at least 10 percent of suburbs.
<a href="/images/2016/10/06/Number%20of%20suburbs%202.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/06/Number%20of%20suburbs%202.jpg" alt="">
A comparison of the two adjacent tables highlights just how much stronger price growth has been in the capital cities than across regional markets.
It also highlights just how much the strong growth over the decade has been tilted towards Sydney, Melbourne and Darwin. Of course, values are already declining in Darwin while they continue to rise in Sydney and Melbourne.
The next time you hear of property prices doubling every seven to ten years, although it can happen in certain areas, there are no guarantees.
The CoreLogic analysis highlights the importance of buying strategically; on average most properties have fallen well short of doubling their value over a decade. Using today’s data as an example, it highlights that far fewer owners have seen their real estate asset double in price over the past decade than those who have.
For those who have seen their property price double over the decade, they are most likely to be situated in Sydney, Melbourne or Darwin while in other capital cities and regional areas of the country the prospects of prices having doubled over this period are much lower.
Cameron Kusher is research analyst for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.
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Does property double over 10 years? CoreLogic's Cameron Kusher

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The ABS reported that Building Approvals remained resolutely strong in August 2016, with some 20,788 private sector dwellings approved, driven yet by another rebound in attached dwellings.
The trend in detached house approvals has declined by about 5 percent since peaking in April 2015, while attached dwellings have just kept on trucking. 
<div id="post-body-9064765407508357015" class="post-body entry-content"><a href="/images/2016/10/07/A1.jpg" target="_blank">Click to enlarge</a></div>
<div class="post-body entry-content">
 <div class="separator"><img src="/images/2016/10/07/A1.jpg" alt=""></div>
<div> </div>
<div>Over the year to August some 238,204 dwellings were approved, with the annual total levitating above 200,000 for 23 months on the bounce since October 2014. </div>
<div> </div>
<div>Commentators have been calling for an end to the boom for, well, basically all of that time, but those pesky numbers just won't sit down. </div>
<div> </div>
<div><a href="/images/2016/10/07/A4.jpg" target="_blank">Click to enlarge</a></div>
 <img src="/images/2016/10/07/A4.jpg" alt=""> <div>City by city (moar apartments!)</div>
<div> </div>
<div>Perth and Darwin continue to adjust to their respectively slowing markets, with house approvals accordingly in a steep decline. </div>
<div> </div>
<div>Melbourne remains the city with the strongest trend in house approvals, which may be just as well given the awesomely strong population growth in that city.</div>
</div>
<div class="post-body entry-content"> </div>
<div class="post-body entry-content">
<a href="/images/2016/10/07/A3.jpg" target="_blank">Click to enlarge</a> <div class="separator"><img src="/images/2016/10/07/A3.jpg" alt=""></div>
 <div class="separator">Sydney has seen a number of monumental projects put forward for consideration over the past year, including a 10-tower monster being proposed for the site of the present Fish Markets, opposite the old Wentworth Park Dogs.</div>
<div class="separator"> </div>
<div class="separator">It's never entirely clear specifically which projects the ABS approvals figures relate to, but Sydney has approved an all-comers record 11,838 attached dwellings in only three months (wow-wee!). </div>
<div class="separator"> </div>
<div class="separator">Records are being zinged all over the shop here.</div>
<div class="separator"> </div>
<div class="separator"><a href="/images/2016/10/07/A2.jpg" target="_blank">Click to enlarge</a></div>
<div class="separator"> </div>
<div class="separator"><img src="/images/2016/10/07/A2.jpg" alt=""></div>
<div class="separator"> </div>
<div class="separator">High rise kaboom</div>
<div class="separator"> </div>
<div class="separator">It's no particular surprise to note that the rebound has been driven by high-density apartment projects of four or more storeys - a high proportion of these will be sold to mainland Chinese - with approvals for most other dwelling types in a steady decline.</div>
<div class="separator"> </div>
<div class="separator"><a href="/images/2016/10/07/A5.jpg" target="_blank">Click to enlarge</a></div>
<div class="separator"> </div>
<div class="separator"><img src="/images/2016/10/07/A5.jpg" alt=""></div>
 <div>While Victoria may have seen a number of high-rise projects pulled forward into FY2015/16 due to planning changes, New South Wales is rubber-stamping projects for fun right now (although whether all of these approvals come to fruition is another thing).</div>
<div> </div>
<div><a href="/images/2016/10/07/a6.jpg" target="_blank">Click to enlarge</a></div>
 <div class="separator"><img src="/images/2016/10/07/a6.jpg" alt=""></div>
 <div>The wrap</div>
<div> </div>
<div>The approvals figures have elicited quite a lot of excitement, although the completions delivered to date have been far less arousing.</div>
<div> </div>
<div>The Housing Monitor reported that Sydney saw a total of 30,191 houses and apartments completed during 2015/16, which was the strongest result since 1999/2000 (which if anything just underscores how long it has been since Sydney constructed a decent number of dwellings). </div>
<div> </div>
<div>This sounds quite impressive until you compare it to the hugely strong population growth of the Greater Sydney region over the same time period. </div>
<div> </div>
<div>Unsurprisingly, the impact on price growth was precisely zip, with dwelling prices rising by about 10 per cent. </div>
<div> </div>
<div>However, the key characteristic of this construction cycle is the lag - and apartment completions will increase further in 2016/17. In fact, a lot further. </div>
<div> </div>
<div>The figures clearly continue to show that the delivery of this glut of high-rise projects is the most at-risk sector of the market.</div>
<div> </div>
<div>
<div id="post-body-4803553000461029700" class="post-body entry-content">
<div class="separator">
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>. 
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.
</div>
</div>
</div>
<div> </div>
</div>
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High rise projects most at-risk sector: Pete Wargent

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Close to four years of yield compression has pushed Sydney’s CBRE office yields to a historical, pre-GFC low.
There's potential to fall further, new research from CBRE suggests.
A new report from the group highlighted that Sydney CBD core prime office yields reached a nine-year low of 5.2% in Q3, while secondary yields are 20 basis points off their pre-GFC low of 5.9%.
CBRE’s Michael Pisano said while the office sector was reflecting similarities with the market pre-GFC, there were key differences that suggest the current growth cycle could be maintained for longer.
“Capping off an impressive run in yield compression over the past three and a half years, Sydney CBD office yields have reached pre-GFC lows - without the same level of market rental growth to stimulate pricing when compared to the market in 2007,” Pisano said.
“Evidencing this, the drivers of the current market are vastly different when compared to the previous cycle, which further suggests a greater degree of sustainability.”
CBRE head of research Stephen McNabb said the Reserve Bank’s approach to monetary policy had created an environment that was conducive to a healthy commercial property market.
“A long period of lower interest rates has been the key stimulus to the current cycle, however the next phase will be supported by lower vacancy rates and forecast rental growth,” McNabb said.
“The other difference between now and the pre-GFC peak is that the fundamental outlook for the Sydney office market is looking solid. Vacancy - currently 5.6% - is expected to fall to 3.3% by 2018 and prime effective rent growth is running at a 23% annual rate in Q3 2016.
“Importantly this rent growth is following, not leading, the yield compression which is in stark contrast to the performance of the office market after the GFC.”
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Sydney CBD office yields at pre-GFC lows

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Melbourne-based freight management company has cemented its presence in the Truganina industrial market, after securing a new purpose-built facility in the area.
Wheadons Freight Management &amp; ERH Refrigerated Transport has signed a 10-year lease on the purpose built truck depot at 34-36 Banfield Court.  
The rental is $450,000 per annum net plus GST.
The 5,500sqm facility features a dual workshop with service pits, a large high clearance warehouse accessed by six recessed loading docks, five on grade roller doors and state of the art offices.
Relocating from its 2,000sqm building in Ajax Road, Altona, Wheadons Freight Management &amp; ERH Refrigerated Transport also purchased the adjoining 12,100sqm block of land for additional truck parking.
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Truganina lease signals confidence in Melbourne’s industrial market

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Adelaide now has the No.1 growth market among the eight state and territory capital cities.
While the former boom markets in Sydney and Melbourne have faded dramatically in 2016 (notwithstanding the dodgy data on auction clearance rates, which flatter to deceive), and Brisbane has lost some of its momentum, Adelaide has maintained its very steady performance.
My latest survey of sales activity for The Price Predictor Index shows that Adelaide leads the capital cities on the number of growth markets for the second consecutive survey. It has more suburbs with rising sales activity than all other cities, ahead of Melbourne and Brisbane. Adelaide is attracting growing attention from investors for its affordability and the value for money it offers compared to the bigger cities. 
Using sales volumes as the yardstick, there are now very few growth markets left in Sydney. And my latest survey adds another element to the downturn story: there are now suburbs I have identified as “danger markets”, because of the pattern of sharp decline in the number of sales. These are primarily apartment markets, where sales levels are dropping at a time of increasing supply. This represents an obvious danger for buyers.
Brisbane has had elevated sales activity for the past 2-3 years, without delivering the level of overall price growth seen in Sydney and Melbourne. But now, like the two biggest cities, Brisbane markets are running out of steam. In the past three quarterly surveys, the number of suburbs with growing sales activity has decreased markedly. This replicates the pattern seen earlier in Sydney.
At the same time, some of the inner-city apartment suburbs are now classified as “danger markets” – sales rates are dropping at a time of increasing new supply. Investors need to be careful also about Brisbane Northside suburban markets, as vacancies are high in some suburbs.
But Adelaide continues to thrive. It started 2016 in solid fashion and has kept going.
Unlike the patterns we have seen recently in Sydney, Melbourne and Brisbane, where individual precincts have stood out as the market leaders, Adelaide has a broad geographical spread of LGAs with good numbers of growth markets. There are five municipalities which each have between four and six suburbs with rising sales trajectories likely to lead to price growth.
The No.1 municipality is the Port Adelaide Enfield LGA. This is one of the largest municipalities in Adelaide, covering the inner north and north-west of the city. Six suburbs in this LGA have rising markets, mostly suburbs with median house prices in the range from $390,000 to $520,000, which in Adelaide tends towards “middle market”. They include Broadview, Northgate, Clearview and Hillcrest.
Close behind is the downmarket Salisbury LGA in the far north of metropolitan Adelaide – it has five rising suburbs and seven with steady consistent sales rates. The suburb of Parafield Gardens has lifted sales from 53 to 63 to 75 in the past three quarters.
The City of Charles Sturt remains one of Adelaide’s solid middle-market areas with plenty of sales activity. The Charles Sturt LGA includes bayside suburbs west of the Adelaide CBD and has rising markets such as Flinders Park (median house price $530,000), Grange ($680,000), Henley Beach South ($735,000) and Seaton ($470,000).
The Marion and Onkaparinga municipalities both have four suburbs with rising sales activity. The Onkaparinga LGA in the far south of the Greater Adelaide area has been prominent in most of our quarterly surveys over the past two years and is one of South Australia’s leading precincts for population growth.
I’ve always regarded the Adelaide Hills as one of Australia’s most appealing Hill Change lifestyle areas. But while the Adelaide market generally has been rising for the past two years, the Hills haven’t stood out in terms of sales activity until 2016.
It’s taken time for the growth to ripple out to the metropolitan fringes. But now a number of the suburbs in the Mount Barker and Adelaide Hills LGAs are featuring with strong sales momentum, headed by the suburb of Mount Barker where sales rates have risen from around 70 per quarter to above 100.
Adelaide has always suffered from a lingering reputation as a place that lacks serious population growth or economic oomph. But it has more going for it than people realise – including a good level of spending on infrastructure – and above all else offers great value-for-money in its real estate, relative to the bigger cities.
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a>
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Adelaide claims top residential growth market

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GUEST OBSERVER
Resource towns have typically seen the lowest turnover over the past 12 months while lifestyle markets and new housing areas are seeing relatively higher levels of turnover.
Across the nation, the number of residential properties sold has reduced over the past year. This trend has been reflected across most capital cities and major regional areas of the country. One of the main reasons behind the decline in sales has been a reduction in stock becoming available for sale.
In addition to fewer homes being available for sale, lending conditions have also tightened and affordability constraints are preventing some market segments from being more active.
Over the 12 months to June 2016, just 4.9% of total dwelling stock nationally transacted. Based on this figure it would take around 20.5 years for the total national housing stock to turnover.
The low turnover rate also highlights why price based measurements such as median prices aren’t the most reliable for tracking value movements across the housing market given that so little of the total housing stock actually transacts in any given year.
The turnover figure is different to the often quoted average hold period figure. Turnover looks at the proportion of total stock which is selling while the hold period calculation looks only at those homes transacting and measures the length of time between sales. The two figures highlight that there are properties which transact on a more regular basis while there are others which rarely sell.
The first table highlights the 25 council areas nationally that had the lowest turnover of housing stock over the year to June 2016. What is immediately noticeable from the list is the prevalence of regions linked the resources sector.
These areas have been characterised as having plenty of willing sellers of properties but relatively few people actively looking to buy. This is reflected by the fact that in some of these regions only a small overall proportion of housing stock has actually transacted.
<a href="/images/2016/10/04/Lowest%20level%20of%20turnover.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/04/Lowest%20level%20of%20turnover.jpg" alt="">
The second table shows the 25 council regions that have recorded the greatest turnover of housing stock over the past year. This list of suburbs is slanted towards coastal/lifestyle markets. It also includes a number of council areas in which there has been significant housing supply additions over the year.
The heightened level of turnover in lifestyle markets indicates that the popularity of purchases in these markets has returned after many years in the doldrums.
<a href="/images/2016/10/04/Highest%20level%20of%20turnover.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/04/Highest%20level%20of%20turnover.jpg" alt="">
Cameron Kusher is senior research analyst at <a href="https://www.myrp.com.au/">RP Data</a>.
 
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Wingecarribee the busiest district for turnover of housing stock: CoreLogic

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The Victorian Dinner Plain alpine retreat and spa has been listed for sale. 
The property at <a href="https://www.realcommercial.com.au/property-hotel+leisure-vic-dinner+plain-502070566" target="_blank">125 Big Muster Drive</a> is currently leased by Merlin Entertainment, which is listed on the London Stock Exchange.
Merlin is Europe's largest entertainment company with 115 attractions in 23 countries across four continents.
The Dinner Plain property has a land area of 2040 square metres with a 1,136 square metre floor area.
It has a long 15 year lease to 2022, with the potential for it to be extended to 2032, and a fixed 4% rent increase plus market reviews.
The tenant pays all of the usual expenses including insurance rates and land tax with substantial income tax saving benefits.
The rent is expected to be $828,936 per annum as of March 2017.
A 12 month settlement term is being offered through Castran Real Estate and Burgess Rawson Melbourne.
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Dinner Plain spa property listed for October auction

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Singles earning an average income have been priced out of the property market from nearly all of Australia’s capital cities, a new report shows.
An analysis by financial comparison website RateCity.com.au shows that Hobart and Adelaide remain the last affordable capital cities for the nation's singles with a salary of $59,441 and $72,529 needed respectively to afford repayments on a 30-year mortgage (with a deposit of 20% at today's average variable rate of 4.74%). The industry rule that no more than 30 percent of a person’s income should go towards housing costs was applied to arrive at the figures.
The east coast remains the most unaffordable, with Sydney topping the list of tough markets for singles to crack. A person wanting to buy in the harbour city needs a six-figure salary of $137,556 to comfortably fund a mortgage on a median-priced house.
Someone looking to buy in Brisbane or Melbourne would require an $80,866 and $96,706 salary respectively to afford a median priced house, while in Canberra the salary needed would be $97,756.
According to Peter Arnold, data insights director at RateCity.com.au, the report raises further concerns that rising property prices across many cities in the country are forcing Australians out of the market. This could fundamentally impact the nation's demographics and service needs in the years ahead, he said.
“Our analysis reveals a reality that many young Australians are now living; the impossibility of affording a median-priced house on an average salary in most capital cities,” Arnold said.
“Without a partner or family member to share mortgage costs with, the numbers paint a grim picture for millennials, many of which may be squeezed out. Even as part of a couple, east coast property prices are out of reach for many Australians.”
“Many first home buyers, including young families, may find that they have to move away from careers in the CBD and the support of families to more affordable parts of Australia. This could have long-term effects on Australian society and bring with it challenges for the future in many areas, including transport and childcare.”
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