Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

Joel Robinson

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
</section>
</section>

[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

[smartcode_project_cta:default project_id=112343]

Eastern Suburbs buyers snap up ESTE Little Bay apartments

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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The property market is a living and breathing entity. Although it moves slowly it is always evolving and the following tale illustrates how three different apartments have fared in recent years.
The apartments are all two bedrooms and were purchased in the last six years. This is important, as they have all been held through the 2007 share market boom, the global financial crisis, the property boom of 2009/10 and the property market adjustment of the last couple of years.
Apartment one - <a href="https://www.realestate.com.au/property-apartment-vic-docklands-111987091" target="_blank">1506/100 Harbour Esplanade, Docklands</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/2014/03/25/docklands%20march%2025%20one.jpg" alt=""> 
Purchased: November, 2006 for $460,000
Sold: November, 2012 for $460,000
Annual compound growth rate: 0%
Why?
One of the great marketing tools bandied about the market is to imply strong population growth is an indicator of future capital growth. But this point fails to heed the laws of supply and demand.
Many people think population growth is a key indicator of demand. If the population is growing, there must be huge demand and in isolation, that is correct. However I view population growth as a better indicator of supply. If there is strong population growth there must be a lot of available property for people to move into.
Docklands still has an issue with oversupply. Since 2001 its population has been growing by almost 22%. This growth rate is skewed given the population in 2001 was less than 700 however it has still been growing by 6.5% over the last five years. This is well above the 1.5% annual population growth of Victoria.
Over the years the Docklands precinct has been an easy target as it performance as an investment has been so disastrous. Many people suggest it must turn the corner soon and the next 10 years will be much better than the last 10. However consider this, according to the 2011 census one in five docklands properties is unoccupied.
Apartment two - <a href="https://www.realestate.com.au/property-apartment-vic-hawthorn-111057247" target="_blank">109/92 Kinkora Road, Hawthorn</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/2014/03/25/hawthorn%20march%2025%20one.jpg" alt=""> 
Purchased: June, 2005 for $445,000
Under offer: November, 2012 for $470,000
Annual compound growth rate: 0.86%
Why?
Developers continually fight an uphill battle as they struggle to match rising labour and material costs to produce a product that they can sell and make a profit. The most effective way they do this it to cram as many apartments they possible can onto each block of land. To do this they usually compromise the size of each apartment. The first causality is the kitchen and it gets squeezed into the lounge room. Most people would prefer a separate kitchen.
<img src="https://www.urban.com.au/images/2014/03/25/armstrong%20arch%2025%20one.gif" alt=""> 
The other way to make a profit is to sell the property for as mush as possible. As a result, pure market forces do not determine the asking price, it is calculated by the cost to build each apartment and a profit margin.
When the investor bought this property they could have purchased apartment for less and made more money!
Apartment three - <a href="https://www.realestate.com.au/property-apartment-vic-hawthorn-112150903" target="_blank">1/69 Morang Road, Hawthorn</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/2014/03/25/hawthorn%20march%2025%20two.jpg" alt="">
Purchased: July, 2007 for $405,000
To be auctioned 1st Dec 2012: Expected sale price: $550,000 plus
Annual compound growth rate: 6.91%
Why?
Hawthorns population has been growing by just over 1% per annum over the last 10 years. The low level of population growth is not due to people not wanting to live there as Hawthorn is a highly desirable location. Population growth is held back because of the lack of supply due to unfavourable town planning laws for developers and the lack of development opportunities. This lack of supply puts upward pressure on prices.
Furthermore, the apartment was built more than 40 years ago when labour was much cheaper and developers could make a profit by only building six units on the block. They did not have to sacrifice floor space and as a result the property is more desirable and in strong demand. When it was purchased there was no developer premium paid as it was sold at auction and market forces determined the price.
<img src="https://www.urban.com.au/images/2014/03/25/armstrong%20march%2025%20two.gif" alt=""> 
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marmstrong-sd3emVLPPb

A tale of three apartments: Why population growth does not equal capital growth

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GUEST OBSERVATION
Australia is allegedly in the midst of a <a href="https://www.gbca.org.au/revolution/" target="_blank">“green building revolution”</a>, powered by the awarding of ratings to developers who build sustainable buildings.
But this brave new world is only a reality in the high-end office blocks of Australia’s central business districts (CBDs). Everywhere else, the pace of progress is much slower. At least, that is what my research into <a href="https://www.envirovoluntarism.info/" target="_blank">more than 70 sustainability tools</a>, both in Australia and overseas, tells me. Let me explain this through one example.
In 2002, the <a href="https://www.gbca.org.au" target="_blank">Green Building Council of Australia</a> (GBCA) was established to “drive the adoption of green building practices through market-based solutions”.
Last week it hosted the <a href="https://www.greencities.org.au/" target="_blank">Green Cities Conference</a>, bringing together the construction industry, policy makers and academics to discuss the way forward in improving the environmental and resource sustainability of buildings and cities in Australia and elsewhere.
The GBCA is particularly proud of its <a href="https://www.gbca.org.au/green-star/" target="_blank">Green Star</a> system, which rates the environmental performance of buildings.
A Green Star revolution in Australia?
The ratings help the construction industry to showcase the environmental credentials of its buildings. In this respect, Green Star is a simple and elegant idea: it allows a building’s environmental performance (in terms of energy, water and material use) to be easily compared with that of other buildings – rather like the energy performance stickers you find on new fridges or cars.
This easy comparability makes these assessment tools very attractive. For developers, investors, owners and occupants alike, it is easy to grasp that a six-star building is somehow better than a four-star one.
The numbers the GBCA presents about its Green Star program are impressive. <a href="https://www.gbca.org.au/green-star/green-star-overview/" target="_blank">More than 7 million square metres</a> of Australia’s built-up space is rated as having high levels of environmental performance. This includes <a href="https://www.gbca.org.au/docs/evolution2013.pdf" target="_blank">18% of all office space</a> in the CBDs of major cities. But what do these numbers actually mean, and are these successes found everywhere, or are they concentrated in certain locations?
Central focus
Green Star is mainly used to label office space in the CBDs of Australia’s cities (those with populations of at least 20,000). Here it has indeed achieved considerable success.
Since the introduction of Green Star in 2003, some 5.3 million square metres of office space was added to the CBDs of Australia’s major cities. Of this, about <a href="https://www.gbca.org.au/green-star/green-star-overview/" target="_blank">2.9 million square metres</a> are now Green Star labelled. That is a success rate of about 50%, which may be considered a very successful outcome.
But what is labelled, exactly?
Green Star awards three levels of labels: “Best Practice” (4 stars), “Australian Excellence” (5 stars), and “World Leadership” (6 stars). Green Star does not report on how many buildings or square metres fit into each category, but some other labelling tools may give some insight. The partly mandatory <a href="https://www.nabers.gov.au/public/WebPages/Home.aspx" target="_blank">National Australian Built Environment Rating System</a> awards its highest labelling category to just <a href="https://www.nabers.gov.au/public/WebPages/DocumentHandler.ashx?docType=3&amp;id=105&amp;attId=0" target="_blank">8% of buildings</a>. Meanwhile, Green Star’s counterpart in the United States, <a href="https://www.usgbc.org/leed/" target="_blank">LEED</a> (Leadership in Energy and Environmental Design), only awards <a href="https://books.google.com.au/books?id=qCH00bF-4MYC&amp;printsec=frontcover&amp;dq=the+world%27s+greenest+buildings&amp;hl=en&amp;sa=X&amp;ei=yaUVU-y-NcTUkwWZjYHgCw&amp;ved=0CDYQ6AEwAA#v=onepage&amp;q=the%20world's%20greenest%20buildings&amp;f=false" target="_blank">6% of its labels</a> in its highest category.
If the vast majority of buildings are not hitting the highest sustainability standards, then are we really witnessing a revolution?
A levelling-out of growth
It should also be kept in mind that these are <a href="https://www.gbca.org.au/uploads/170/34474/A_decade_of_green_building_.pdf" target="_blank">accumulated numbers</a>. If they are unpacked as yearly “successes”, the picture presented by the GBCA changes a little more. The below figure gives some insight.
<a href="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/44175/area14mp/g928847f-1395118670.jpg"><img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/44175/width668/g928847f-1395118670.jpg" alt=""></a>
Source: GBCA
Since 2008, the uptake of Green Star labelling has levelled out. Before then, it was increasingly sought by developers for buildings they would develop in the future, but this no longer seems to be happening.
This is not that surprising. With the introduction of a tool such as Green Star it is to be expected that many early adopters try it out in the first years when they can be pioneers, and be rewarded as such. It is much harder to get the later adopters on board.
If 18% of the office market represents the Green Star system’s saturation point, then this does not bode well for the revolution’s future. On the current trend we can expect the levelling-out of actually built Green Star buildings to begin in 2016.
This will leave more than 80% of the Australian office market untouched by well over a decade of “Green Star revolution”.
Outside the office
Australia, of course, has more than just office buildings. The total residential building stock is estimated at about 1.5 billion square metres, based on <a href="https://www.propertyobserver.com.au/https://www.censusdata.abs.gov.au/census_services/getproduct/census/2011/quickstat/0?opendocument&amp;navpos=220" target="_blank">9 million dwellings</a> at an average for new builds of around <a href="https://www.abs.gov.au/AUSSTATS/abs@.nsf/featurearticlesbyCatalogue/8BB3F6B866BC35CECA2578A000153026?OpenDocument" target="_blank">220 square metres</a> (historical averages were lower, which brings down the total). This dwarfs the total commercial space, which is about <a href="https://www.nabers.gov.au/public/WebPages/DocumentHandler.ashx?docType=3&amp;id=105&amp;attId=0">27 million square metres</a>.
In this context, Green Star’s impact has been marginal at best. The 7 million square metres of Green Star labelled space represents less than 0.5% of the total.
In other words, outside Australia’s major business districts, green building labelling has not caught on, despite the GBCA’s attempts to move into these markets. The much-touted revolution has not spilled over from the CBDs to the rest of the country.
What makes a revolution?
Green Star is but one of the many tools that I have studied through which the construction industry seeks to foster more sustainable practice. This is a revolution in itself. Like Green Star, these tools have achieved some successes in niche markets, but have not achieved overall sweeping results.
Also like Green Star, these tools have received both <a href="https://urbansustainabilityresilience.wordpress.com/2014/02/08/trends-in-governance-for-urban-sustainability-and-resilience/#comments" target="_blank">accolades and criticisms</a>. The 7 million square metres of labelled office space undoubtedly represents a success for Green Star. But has it caused the revolution in the Australian construction industry that the GBCA claims?
It depends, of course, on your definition of “revolution”. In 2007 Apple introduced the iPhone, which clearly revolutionised communication. <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2013-02-01/half-of-australian-adults-now-own-a-smartphone/4494892" target="_blank">More than half of all Australians</a> now own a smartphone. In 2003, the GBCA introduced Green Star, which now covers 0.5% of Australia’s built environment. Clearly some revolutions happen faster than others.
To really kickstart the green building revolution in Australia, other market segments need their own tools like Green Star. This will require more leadership in the industry, in figuring out how to tempt the developers and owners of other building types to join in.
I hope that the Green Cities Conference inspires its participants to move the green building revolution beyond Australia’s CBDs, and past the commercially attractive top end of the construction market.
Jeroen van der Heijden is Assistant Professor of Environmental Governance at Australian National University.
Jeroen receives funding from the Netherlands Organisation for Scientific Research.
This article was originally published on <a href="https://theconversation.com">The Conversation</a>. 
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jheijden-cBMeUt3AbR

Green building revolution? Only in high-end new CBD offices

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If you’re thinking of buying an investment property but don’t know much about where to start, my advice is to start at the end. Which is really the beginning. What do I mean? Read on, and I’ll explain.
I’m probably showing my age a bit here, but when I was a teenager, all the cool kids were listening to The Smashing Pumpkins in high school. My favourite song was one called ‘The End is the Beginning Is the End’. I liked the song and the name of it too.
Fast forward almost twenty years and I find myself applying this philosophy to my property investing career.
<blockquote>
Understanding your investor persona will help you get you growing towards your goals in the most efficient way possible.
</blockquote>
See, when you’re making your start in property investing, you should best begin by thinking about what the end result will be. What is your specific property goal?
A common end result, or goal, amongst many younger investors, is to build a portfolio that will pay its own way whilst you live your work/career life nine to five. Then when you stop working a couple of decades later and the properties have grown – both in value as well as rental income you receive – you’ll be able to quit work and have that extra revenue not only pay off the property mortgages, but also become your new salary.
So yes, the end is the beginning is the end. Start at the end result, which is really your beginning. Plan to work, then work the plan and that beginning becomes the end you originally hoped for. Make sense? Great!
The thing is once you’ve identified your goal, you’ll learn there’s more than one way to get you there. Depending on many variables – such as your income now versus your income in say five years, lifestyle factors and future projected cash-flow factors – different strategies will serve different purposes.
So today I thought I’d outline two main investor personas that I’ve affectionately called ‘cash-flow kings’ and ‘capital growth commandos’. I’ll cover what each means in growth terms, and the kind of investor each persona suits. I’ll then make quick mention of two more personas; who I’ve affectionately called ‘best of both barons’ and ‘flip and reno ringleaders’.
Understanding your investor persona will help you get you growing towards your goals in the most efficient way possible.
Cash-flow kings:
 
<ul>
<li>These investors chase either neutral or slightly positive gearing in their portfolio.</li>
<li>Whilst capital growth is important to them, they are in it for the medium-long term and favour balancing their books, effectively holding on to several properties where the rent covers all expenses for these properties each month, rather than immediate value growth.</li>
<li>This may mean that a cash-flow king will hold say three properties for several years before the property starts going up much in value.</li>
<li>This strategy can work well for low-middle income bracket earners and younger investors, who are unlikely to see as much benefit from say negative gearing strategies.</li>
<li>Key to mention is that this strategy needn’t be set in stone. During your younger ‘acquisition’ years, you may wish to procure a few properties that just pay for themselves. Then, as you start earning a higher salary you may want to pick up a property or two that has more capital-growth potential, but puts you out of pocket a little bit each month to hold.</li>
</ul>
 
Capital-growth commandos:
 
<ul>
<li>You guessed it; these investor types typically favour the security of buying properties in areas where the value of the property will likely grow in the medium to long-term.</li>
<li>With these property types however, it usually means that the rent coming in does not quite pay for all of the monthly expenses, which means you need to dip into your own pockets each month to make up the difference.</li>
<li>This strategy works well for investors earning higher salaries than the national average because oftentimes, their higher tax income bracket means the investor is able to claim back a bigger portion of claimable property expenses each financial year. For some investors, this annual tax return may offset most of that month to month top-up that they made.</li>
<li>This strategy works for  any age investor. However it can work well for those who start a little later in life, perhaps in the mid-late 30s. This is because their incomes are usually at their peak at this age and the investor can afford to chip-in each month on these properties.</li>
</ul>
So right now you’re probably thinking ‘why can’t I have it both ways?’, or ‘what about other ways to make a buck out of properties than just buying and holding on to them over time?’
Below are two more strategies to consider. Each has its challenges and advantages.
Best of both barons:
<ul>
<li>
Having your cake and eating it too is hard to do. Properties that genuinely present as possessing both high capital-growth potential and neutral-to-positive cash flow, are as rare as hen’s teeth.
</li>
<li>
Also, these are not for the faint of heart. Clever property spruikers, sales people and marketers will always market that brand new apartment tower as having high yield and high growth.
</li>
<li>The reality is very few properties actually do. Worse still, inexperienced investors or those who merely prospect (as opposed to those who use all of the paid and unpaid digital data tools available to them to draw their own cash-flow and capital-growth conclusions), can come unstuck purchasing properties that don’t quite turn out the way they’d hoped.</li>
<li>That said, these properties do pop up on rare occasions and should be snapped up when a genuine one presents itself. It’s just that you might be waiting around for a long time to find one.</li>
<li>This is why I mentioned these investor types usually need to pour in way more time and energy than passive investors do. They also need to be constantly up to speed with not only the tools that passive investors use, but the future council zoning and plans for their chosen property’s area (and yep, these plans are constantly changing and evolving too).</li>
<li>Another easier way to achieve this strategy is to procure a balanced portfolio. So, a couple of properties that are more cash-flow driven and a couple that are capital-growth driven.</li>
</ul>
Flip and reno ringleaders:
<ul>
<li>The strategies mentioned thus far assume that you are merely buying existing (or soon to be built off the plan) properties. However, flipping and renovating properties is another alternative way to drive faster growth out of residential property.</li>
<li>‘Flippers’ take run-down old properties, bought well below market value, then do a renovation to get them up to market value before selling the property on for a profit.</li>
<li>There are plenty of TV shows glamorising this approach; The Block, Property Ladder, Flip Men, and Flip This House to name but a few. Local property celebrities such as Nathan Birch and Cherie Barber have made their fame and fortune out of this approach.</li>
<li>When you take the glamour away, the reality is this: Unless you’ve got a tonne of existing industry contacts, possess some construction  know-how, and are a great project manager who can stick to budgets and timelines well, this strategy won’t work for you.</li>
<li>The more ‘toned-down’ alternative to flipping properties is renovation. This can work well as part of a buy and hold strategy for those who are a bit green in reno experience.</li>
<li>
Personally, I’ve developed basic reno skills when occupying my PPR (personal place of residence), then fostered those skills when one of my investment properties is between tenants (if you’ve got a couple of weeks between tenants, and you can take a few days of annual away from your job plus weekends too). 
</li>
</ul>
I would argue these latter two these strategies are require a much higher time investment than these first two more passive, investor personas. This is worth keeping in mind when starting out and you’re assessing not only how much money to put into property investing, but how much time.
Think about the type of investment strategy that is going to work best for you. You should then begin your due diligence and assess the feasibility of your strategy in comparison to your time and budget investment levels.
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cmcevoy-Go82SmsJA9

Cash flow kings and capital growth commandos: Which investor persona are you?

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RP Data has collated median unit values across Australia for December 2013 to bring us the 10 most affordable capital city suburbs for units.
As expected, South Australia, Tasmania and Queensland come out on top.
<ol>
<li>
<a href="/news">Elizabeth Vale</a>, South Australia. Median unit value: $143,425. 45.9% of homes in Elizabeth Vale are owner occupied, according to ABS data. Elizabeth Vale is a northern suburb of Adelaide.  
</li>
<li>
<a href="/news">Elizabeth North</a>, South Australia. Median unit value: $159, 348. Five minute's drive north of Elizabeth Vale, the suburb was established by the South Australian Housing Trust in 1955. 43.4% of homes in Elizabeth North were owner-occupied. This <a href="https://www.realestate.com.au/property-unit-sa-elizabeth+vale-114431015" target="_blank" style="line-height: 1.3em;">2 bedroom unit</a> (pictured below) in Elizabeth Vale is currently listed at $134,900. <img src="/images/2014/03/20/elizabeth%20vale.jpg" width="457" height="342" style="line-height: 1.3em;"> 
</li>
<li>
<a href="/news">Logan Central</a>, Queensland. Median unit value: $171,459. The CBD of Logan City, Logan Central showed 10% population growth between 2006 and 2011. 
</li>
<li>
<a href="/news">Woodridge</a>, Queensland. Median unit value: $182, 648. Also located in Logan, 39.4% of homes in Woodridge are owner occupied. 
</li>
<li>
<a href="/news">New Norfolk</a>, Tasmania. Median unit value: $183, 601. New Norfolk is located on Tasmania's Derwent River, with the majority of households primarily made up of couples with children. These <a href="https://www.realestate.com.au/property-unit-tas-new+norfolk-107687716" target="_blank" style="line-height: 1.3em;">new strata units</a> in New Norfolk (pictured below) are currently available from $195,000. <img src="/images/2014/03/21/image3.jpg" width="456" height="342" style="line-height: 1.3em;"> 
</li>
<li>
<a href="/news">Salisbury</a>, South Australia. Median value: $183,970. A northern suburb of Adelaide, Salisbury has a population of 7,551 according to the 2011 census. 
</li>
<li>
<a href="/news">Berriedale</a>, Tasmania. Median value: $184,217. Berriedale, in Hobart's north, is bisected by the Brooker Highway. 
</li>
<li>
<a href="/news">Beenleigh</a>, Queensland.  Median value: $186,159. Another Logan suburb, Beenleigh is located 34 kilometres south of the Brisbane CBD. This <a href="https://www.realestate.com.au/property-unit-qld-beenleigh-116355355" target="_blank" style="line-height: 1.3em;">two bedroom unit on Catherine Street</a> in Beenleigh (pictured below) is currently listed with an asking price of $149,000 plus. <img src="/images/2014/03/21/main.jpg" width="456" height="342" style="line-height: 1.3em;"> 
</li>
<li>
<a href="/news">Slacks Creek</a>, Queensland. Median value: $186,619. The fourth Logan suburb on the list, Slacks Creek had a population pf 10,418 in 2011. 
</li>
<li>
<a href="/news">Salisbury North</a>, South Australia. Median value: $188,262. A short trip up from Salisbury, sixth on the list, will bump prices up by roughly $4,000, according to RPData.
</li>
</ol>
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jrichardson-uRX5hFdKfN

The top 10 most affordable capital city suburbs for units: RP Data

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GUEST OBSERVATION
With the demise of manufacturing and without a product to sell internationally, the argument goes that non-resource states such as Victoria are fated to fall into recession in the short run, or experience a long period of declining real incomes.
For some the answer is a much needed infrastructure program targeting improvements in economic productivity. This is valuable but hardly a long-term strategy, nor one to employ the capabilities of a services economy like Victoria.
Because, while the headlines are full of manufacturing job losses, the rest of the Victorian economy has been generating services jobs. In the decade to 2013, during which there was a net loss of 50,000 manufacturing jobs, there were an additional quarter of a million jobs in health, education and professional services. Manufacturing jobs have fallen to 9% of the total while services jobs have grown to 77%.
This will be exacerbated by the closure of the motor vehicle manufacturing sector and as <a href="https://theconversation.com/what-the-departure-of-toyota-holden-and-ford-really-means-for-workers-23137" target="_blank">Sally Weller pointed out</a>, dumping so many displaced workers on the labour market in a concentrated period is going to cause much misery amongst those retrenched. Hopefully there will government programs to assist them. With a lower dollar there will undoubtedly be other parts of the manufacturing industry that will find new export opportunities.
<blockquote>
While the headlines are full of manufacturing job losses, the rest of the Victorian economy has been generating services jobs. 
</blockquote>
Right now the economy seems not to be in such bad shape. Housing, retail sales and improved business confidence are all leading to a significant recovery in job ads listed by the jobsearch website seek.com, which are up 12% since September last year in Victoria compared with the national average of 9%. If sustained by accommodating monetary and fiscal policy this will help with the manufacturing adjustment.
But what are the prospects for the rest of us who are employed in services jobs? One of the things our Institute has been looking at for the Victorian government is the global trade in services.
Exporting services was once considered an oxymoron. Services needed to be delivered personally. There was no opportunity to deliver them remotely. The characteristics of services and the technology to deliver them have completely overtaken that notion.
What a wide-ranging study of the global services trade, delivered to the Victorian government last year, found is that exporting services is big business for everyone it would seem, except Australia and by implication, Victoria. In particular the developing economies of Asia, India and China have reached a stage of development where they have an increasing demand for sophisticated services, but currently lack the capacity to meet that demand domestically. Accordingly the imports of services by countries such as India and China are growing at 15-20% per annum. That may change, but right now there is an opportunity.
The prototype Australian services export entrepreneur is of course our humble underpaid academic cracking tough and unfamiliar markets rather than the bonus-driven management consultant. It is the universities that have established beach heads in culturally unfamiliar markets through partnerships with overseas institutions that have incorporated both offshore and onshore course delivery.
Education services have become a key component of our exports and in Victoria our universities are now some of the largest export organisations in the state.
As shown in the chart, the great success of Australian services exports to developing countries such as China and India has been in education. Travel services, of which education is the largest component, comprise about 90% of Australian exports to China and India (Victorian data for services exports to specific countries are not available).
<img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/42327/width668/tdpsz3xp-1393216410.jpg" width="470" style="font-size: 0.8em;">
While the export of education services, which until recently has been growing very rapidly (11.7% per annum between 2001 and its peak in 2009), exports of the strategically important professional services, in which as a service economy we have built a considerable capacity such as legal, accounting, management consulting, architectural, engineering and technical services represented in the trade statistics, as “other” business services is much lower. These are incorporated in “other” business services and make almost no impact on the chart.
While imports of other business services by China and India have grown at 17% and 12% per annum respectively over the period 2004-2012, Australian exports of other business services to China grew at only 3% over the same period. Australian exports of other business services to India were too small to generate a meaningful growth rate. While the data is far from complete, it appears that the United States has been successfully taking advantage of the opportunity presented by China. It is more difficult to identify the most successful services exporters to India, but Germany and the UK are prominent.
The poor local export performance has been exacerbated by the high Australian dollar but much of the explanation resides in non-price factors. There are many impediments to exporting services to Asian destinations, not the least are ones of cultural and language differences. However necessity is a great driver of determination and no more so in the education sector where the need for compensatory revenues has driven universities to become among the largest exporters in Victoria. The same may yet be so for a whole range of professional services.
Bruce Rasmussen is director of the Centre for Strategic Economic Studies at <a href="https://www.vu.edu.au/" target="_blank">Victoria University</a>.
This piece drew on Professor Rasmussen’s presentation to CEDA’s 2014 Political and Economic Overview.
This article was originally published on <a href="https://theconversation.com">The Conversation</a>.
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brasmussen-7RJVHLBsVr

Where to after manufacturing? The economic future of Victoria

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You can't escape gravity
In economics, interest rates act a little like gravity.
Any change in interest rates, anywhere in the world, changes the values of financial assets.
Of course, this is blindingly obvious when you are looking at bond prices shifting, but the rule also applies to all other classes of financial assets, including equities, farmland, commercial or residential real estate or commodities.
Simply put, if interest rates are at 10% then the present value of a dollar you receive on any investment is much lower than when interest rates are at 2.50%.
Evidence?
Interest rates impact financial markets.
Famously, Buffett provided the empirical evidence for this in a speech in 2001.
<blockquote>
Successful investment is not about luck. It is about patience and discipline. 
</blockquote>
He noted that in the 17 years between December 1964 and December 1981, the US Gross National Product (GNP) increased by a whopping 373%, yet the Dow Jones index essentially went absolutely nowhere, from 874.12 to 875.00.
A major driver for this was that long-term bond rates ran from 4.20% in 1964 to a painful 13.65% by 1981.
In the next 17 years from December 1981 to December 1998, GNP in the US only increased by less than half as much at 177%, yet the Dow Jones went on a bonanza run from 875 to 9,181.43, a staggering increase.
Why? Largely because interest rates altered the landscape for financial assets by falling from 13.65% to 5.09%, and this changed the way people invested their money.
We're seeing it happen again now, with rock bottom interest rates in the US firing the Dow from below 7,000 to well above 16,000 since the financial crisis.
A decade of low rates
You didn't have to be a genius, then, to work out that very low interest rates across the globe would cause a shift in the way people invest their money.
Below I've charted the rates trend in Australia, the US, the United Kingdom, the Eurozone and Japan from 1990 until today (click chart).
<a href="https://1.bp.blogspot.com/-7myaxZd7aE4/Uy6adQeyaRI/AAAAAAAAMBc/ybl-cQ2v-Dc/s1600/IR+history.jpg"><img src="https://1.bp.blogspot.com/-7myaxZd7aE4/Uy6adQeyaRI/AAAAAAAAMBc/ybl-cQ2v-Dc/s1600/IR+history.jpg" width="460" height="182"></a>
The thing about money is that there is an awful lot of it around the world and all of it has to find a home. 
Here are the six of the main places people might choose to put their money.
<ol>
<li>
Cash/fixed interest  Lending investments range all the way from cash in your bank account, to term deposits, government bonds, inflation-linked bonds, corporate bonds, notes, debentures, or hybrid investments, subordinated debt, and a stack of other stuff.  The basically principle is that the lending of money is exchanged for interest payments.  Clearly with interest rates at historic lows, fixed interest returns are presently very low. High yields are generally only obtained from low grade or perceived riskier investments. As a result, lending investments are far less popular than they have been and this is seeing a huge shift of global capital towards other asset classes, in particular... 
</li>
<li>
Equities  When my first book Get a Financial Grip was published, I put forward the opinion that if financial freedom is your goal, then the best means of achieving it for the average investor in Australia could be (1) to get broad exposure to Sydney real estate for the long term, (2) to continue building a diversified portfolio of dividend-paying equities, and (3) keep a very healthy cash buffer.  For long-term investors, assets which bring income and the potential for capital growth tend to beat the cash/fixed interest investments. Buffett stated that only certain asset classes fulfill these criteria from his perspective: profitable businesses, equities and real estate. I noted that my suggestions were particularly so given the low interest rate environment (which would likely see funds flowing away from cash and fixed interest and into share markets).  Low interest rates have been very kind to share markets in Australia, while investors continue to derive annual benefit from tax-favoured dividends.  <img src="https://hfgapps.hubb.com/asxtools/imageChart.axd?s=xjo&amp;pi=Index&amp;ct=3&amp;tf=M2&amp;ovs=&amp;si=Code%20not%20supplied&amp;tima1=0&amp;tima2=0&amp;bi=2&amp;bima=0&amp;comt=index&amp;ds=xjo&amp;dovs=0&amp;ex=ASX&amp;ex2=ASX&amp;val=1&amp;stmp=20140323200148882" width="400" height="275" style="line-height: 1.3em;">  Source: ASX  
</li>
<li>
Real estate  Even last year people were still arguing that housing markets aren't interest rate sensitive.  Questioning the effectiveness of monetary policy tends to be a part of every economic cycle, but monetary policy generally does work and, like all financial assets, housing markets are ultimately sensitive to changes in the cost of capital. What may have wrong-footed commentators is the tendency for a lag effect, with the full impact of interest rate cuts on occasions taking up to 18 months to be seen in full.  A dramatic turnaround in the tenor of online comments from schadenfreude to snarky is a fairly reliable indicator of the property markets having moved into a new phase. The chart below shows what has happened since the most recent trough in mid-2012 which includes a very strong rebound in Sydney and Melbourne (click chart). <a href="https://1.bp.blogspot.com/-VfzBwYegFXk/Uy9rx9D7E_I/AAAAAAAAMCI/KKaAduw974w/s1600/RPD.jpg" style="line-height: 1.3em;"><img src="https://1.bp.blogspot.com/-VfzBwYegFXk/Uy9rx9D7E_I/AAAAAAAAMCI/KKaAduw974w/s1600/RPD.jpg" width="400" height="156"> </a>
</li>
<li>
Commodities The most popular for average investors are gold and silver, which don't pay yield but can represent a hedge with a portion of a portfolio.  It's been a rollercoaster ride for the precious metals over the last year or two. Who knows where to next?  <img src="https://www.kitco.com/LFgif/au3650nyb.gif" style="line-height: 1.3em;"> Buffett sees gold as a barren asset, since it pays no yield.  In 2011, he drew the analogy that the world's gold stock of 170,000 tons (about 68 square feet) had a total valuation at $9.6 trillion or $1,750/oz of all the cropland in the US, plus 16 Exxon Mobils (the world's most profitable company in 2011, generating net profits of $40 billion annually) and around $1 trillion of walking around money.  The price of gold tends to peak at times of fear and so can represent a worthwhile hedge for some investors with part of their portfolio.  Buffett's main gripe is that if you hold a bar of gold for 50 years, at the end of the process you still have a gold bar, and it still pays no income - thus, you are hoping for more speculators to push up the price in times of fear. 
</li>
<li>
Collectables Investing in collectables such as art or antique coins tends to be handy...for experts. 
</li>
<li>
Get rich quick schemes There have been a lot of these over the years, from pyramid schemes to exotic new diamond mines and emu farms.  Get rich quick schemes tend to be suitable for people who have some money and want to rid themselves of it quickly.
</li>
</ol>
Article continues on next page. Please click below. 
<hr class="system-pagebreak">
Four rules for investing
Rule one - Diversify
Don't put all your eggs in one basket - you should have your business, property, shares and cash.
It's easy enough to get diversification in the share markets through using Listed Investment Companies (LICs) or index funds, but one of the problems with real estate is that the leverage involved sees you quickly gain exposure to only a handful of correlated assets in one asset class.
For this reason, while it's not for everyone, I invest heavily in UK property too.
The beacon of truth that is the Daily Mail <a href="https://www.dailymail.co.uk/news/article-2586619/Its-housing-hysteria-Eight-buyers-chasing-home-prices-50-000-month-property-market-reaching-new-levels-insanity" target="_blank" style="line-height: 1.3em;">reported over the weekend</a> that house prices in Britain had increased by as much as £50,000 to £100,000 in only one month, particularly in London and the south-east.
While I don't believe everything I read in the Daily Mail, as an active participant in the London market, I can tell you that well-located and in demand property may easily have seen a 5-10% price uplift in recent months. 
In a separate article, <a href="https://www.dailymail.co.uk/news/article-2586692/House-prices-set-soar-30-savers-raid-pension-funds-invest-property" target="_blank" style="line-height: 1.3em;">the Mail also reported that</a> a surge of investors using their savings and retirement funds could push UK house prices up by 30%. Why? Because the UK's zero interest rate policy (ZIRP) has crucified the value of annuities.
Just like gravity, you can't get away from interest rates. 
Rule two - Investment is not about luck 
Successful investment is not about luck. It is about patience and discipline. 
Rule three - Markets are cyclical
In every cycle, people argue that this time will be different. But corrections follow booms and markets slump before booming again. Cycles continue. 
Investors need to have an awareness of whether asset prices are near their peak or nadir and plan accordingly.
Rule four - No free lunches
Very high returns tend to be achieved through risky ventures. If something sounds too good to be true, it probably is.  
This is true in bonds where high yields often come with a high risk. In equities, the opportunuity for coubling your money quickly tends to come with an equivalent chance of halving it (or worse). And high yields in residential real estate are frequently found in. 
When it comes to property, my view has always been while you may certainly start small, you ultimately need to play in a big pond. 
Just like Buffett's point on barren assets - if you invest in a cheap property in a cheap location, then at the end of the process you will still have a cheap property in a cheap location, and the returns adjusted for inflation will likely be lacklustre. 
That's why I've tended to look for properties with an 'X factor' that will be in demand for decades to come, such as properties close to the City of London, or in Australia located in Bondi, or on the Sydney harbourside. 
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pwargent-M4siyDbqQY

Six places to invest money and four rules for doing so

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Located on Lees Road, Robertson, just off of Jamberoo Mountain Road, is Temenos. The name, which means “sacred space”, is apt for this 220 acre offering with multiple uses that the listing believes an entrepreneur will snap up.
The <a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/acreage-rural-robertson-nsw-2577/208107" target="_blank">multi-use site has views of the ocean, lake and escarpment</a> from Botany Bay to Shellharbour.
<img src="/images/2014/03/24/2.jpg" alt="">
It offers two irrigation licences, six natural springs on the property, a mineral water licence and a DA for a water bottling facility on the site. It also mentions that since July 2011 the government is not issuing any more water licences. The water has just 68 Total Dissolved Solids and no coliforms, bacteria, arsenic, nitrates, suphates, which is said to be a rarity.
The site also has tourism opportunities, with the start of the historic Butter Track beginning at the property’s northern end. Jamberoo was home to Australia’s first butter co-operative factory, which opened in 1884.
<img src="/images/2014/03/24/3.jpg" alt="">
The land, 750 metres above sea level, is located near six national parks and six waterfalls, and the suggestion is for eco-cabins or glamourised camping. The site comes with an American barn and hut.
The site could also be used for potato growing, truffles and as grazing land, with red basalt soil striking across the property.
<img src="/images/2014/03/24/4.jpg" alt="">
On the market with McGrath, Bowral, it is asking for expressions for interest by close 5pm 17 April, with a price guide of over $4.5 million.
<img src="/images/2014/03/24/5.jpg" alt="">
Meanwhile, <a href="https://www.realestate.com.au/property-acreage+semi+rural-nsw-robertson-115679387" target="_blank">93 acre Misty Ridge Farm is listed</a> for $2,950,000 at 170 Lees Road (pictured below). The cattle grazing, horse-appropriate property includes 11 paddocks, eight dams and sheds for farming and livestock use. Accommodation includes two houses, with six-bedrooms and two-bathrooms in total, with wood fires, solar power and air conditioning, as well as a six car space car port. There is also a 12 by six metre swimming pool.
<img src="/images/2014/03/24/robertson%20march%2024%20two.jpg" alt="">
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jduke-EHk3XBmHkn

"Sacred" 220 acre space in Jamberoo advertised for entrepreneurial buyers

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Upon buying or selling a property there is what is called a ‘settlement period’. This is the length of time between which the buyer completes payment of the contract and then takes over ownership of the home.
Up until settlement, the property is the legal responsibility of the vendor. That is, they will be required to pay rates for up to, and including, the day of settlement. After this, the buyer takes over.
As the property is not transferred until settlement day, the buyer will not yet have a mortgage over the home.
Remember, the settlement period can be used as a negotiating tool to help get a deal over the line. It is not uncommon to see disagreements over the settlement period cause a sale not to occur.
Common settlement periods Common periods for settlement are usually 30, 60 or 90 days. In New South Wales, 42 days is fairly common, while in other states and territories it tends to be 60 days.
However, this isn’t set in stone and both parties can ask for longer or shorter settlement dates. Both the vendor and the buyer must agree on the settlement period, and this can cause some issues if different motivations come into play.
Delays can happen on the vendor and the buyers end, and they may wish to change the settlement. However, this will have been written into the Contract Of Sale and neither the vendor nor the buyer is under obligation to change to suit the other after the initial agreement.
The settlement period allows time for conveyancing, organising the move and lining settlements up with other property interests.
It is unlikely the buyer will be granted access ahead of the settlement’s completion and the keys are usually given after settlement takes place.
Why a longer settlement?
A longer settlement allows the buyer to save up some more money as a buffer – such as using six months to store away as much as possible. This is particularly the case for upgraders who are dealing with a smaller mortgage currently, first home buyers who are paying low levels of rent or living at home and investors who are adding to their portfolio.
The additional funds can be saved for renovations, furnishings or anything else as required.
The vendor may prefer a longer settlement if they are still looking for a property to purchase, are waiting to get past a significant event in their own lives (such as relocating overseas) or similar. There are many reasons for this option.
A longer settlement may also benefit the buyer in that any market upturns will become instant capital gains when settlement is finally processed as, by this point, the price offer will have already been accepted. However, this may mean that the market can also drop or the vacancies in the area increase, before you have even had the opportunity to bring a tenant in.
Why a shorter settlement?
Vendors who have already found another home, and buyers who have sold theirs, may be keen to move in to the home quickly. This often encourages a shorter settlement, particularly if the vendor faces having to pay for both.
Similarly, some buyers will want to move in ahead of Christmas or a holiday period, particularly if it is a family buying, and a shorter settlement near these periods may be requested.
Shorter settlements can also suit those wanting to undertake work to the property as soon as possible, or who are expecting a positive cash flow from owning the home.
Other considerations
Regardless of the length of the settlement, damage can be done to the property during this time and it is wise to have something written into the contract regarding assessing ahead of time to ensure that the vendor rectifies any later issues.
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How to: Choose the right settlement period

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The protests that washed across major cities and towns a few days ago covered a wide variety of issues, yet underlying them all is dissatisfaction with both sides of politics and the frustration in the community that voices are going unheard.
We’ve been used to seeing similar demonstrations across the austerity-ridden countries of Europe and the USA and political clashes such as those in Russia and most recently Ukraine.
Yet since the fall out of the last economic crisis, a concentrated outcry of public anger has penetrated democratic society and it’s not limited by cause or segregated by age and status, but generated by the incredible impact of social media enabling a wide array of ordinary citizens to vent their concerns outside of sporadic government polls and the headline sensationalism of mainstream media.   
The natural limitation of government is the inability to please all.  In a democratic society, they’re elected to enact on the policies campaigned upon – asked to lead rather than follow and ensure citizens achieve a platform that assists in advancing equitable outcomes. 
Albeit, it’s a brave government that turns its head away from large vocal demonstrations, especially in an age where - through the connectedness of social media - they can be arranged at the drop of the hat, bypassing the usual bureaucratic process of writing to a local MP to highlight community disquiets, or publishing a letter in the local paper.
<blockquote>
The recent national protests were about community and social justice, of which housing forms an indivisible part.
</blockquote>
You can argue back and forth about the issues surrounding this latest public protest. Express outrage at the inconvenience incurred to the daily commute. Or even question its relevance considering we have not long elected the Coalition into power.  But when a wide makeup of individuals, from all sides of the political spectrum, takes to the streets – not on one agenda alone - but an array of disgruntlements.  It is no longer merely representative of a minority that sits on the fringes of society; it signifies a clear message of distrust - a potentially destabilising force.
Cone of silence
Tony Abbot’s government made it clear upon election, that they intended to control the flow of information available for public discussion. 
It wasn’t only displayed in the media restriction detailing daily boat arrivals, but in a large array of research undertaken by the previous administration, which has now been firmly locked into ‘archive’ status.
This would include two I’ve mentioned in recent columns – the National Housing Supply Council, and the year long study that formed the white paper into the “Asian Century”, which, outside of general criticism, remains a useful tool of reference for Australia’s future demographic makeup.
So you could say that listening to the public voice isn’t the current government’s priority – but then, neither was it for the last.
Little if anything came from those reports.  The were good on content, but lacking in <a href="/expert-insights/buying/the-real-question-the-senate-inquiry-must-ask-will-the-government-allow-land-prices-to-decrease">action</a> and much like the “2020” summit in 2008, the results can be summed up neatly by words from biographer, Nicholas Stuart in <a href="https://scribepublications.com.au/books-authors/title/rudd-s-way/" target="_blank">Rudd’s Way</a> – November 2007 – June 2010:
“His rhetoric inspired and enthused voters. And yet .... and yet .... nothing happened.” 
“Nothing happened” – because governments too often bend the knee to those with the ability to influence political leadership and public opinion, rather than acting democratically for all. 
Housing policy alone aptly demonstrates this. 
<ul>
<li>The tax and transfer system values <a href="https://grattan.edu.au/publications/reports/post/renovating-housing-policy/" target="_blank">owners over renters</a>;</li>
<li>Encourages and rewards those who use the land as a speculative investment for personal gain;</li>
<li>Advantages giant corporations over independent businesses;</li>
<li>Widens the ‘<a href="/expert-insights/buying/the-widening-inequality-and-economic-growth-gap-what-does-this-mean-for-housing">wealth</a>’ gap between rich and poor;</li>
<li>And hampers timely development of affordable housing; (to name only a few).</li>
</ul>
When concerns are raised, our leaders spend a few wasted millions on comprehensive enquiries to ask ‘why?’- like some clueless high school student.
“What do we want?”
These protests, whilst not directly about land prices, were about community and social justice, of which housing forms an indivisible part.
The list includes education – and as I’ve pointed out previously, high land prices directly contribute to what’s assessed to be the most <a href="/expert-insights/buying/the-tale-of-one-auction-what-it-really-says-about-australias-welfare-state">segregated schooling</a> system out of all members of the OECD countries. 
Some of the highest land values are found in the best government funded school catchment bands, and as an auctioneer proclaimed during his pre-amble in the McKinnon High School zone last week:
“There is no ceiling for house prices in this area!”  
A bullish spruik if ever you heard one - but not far from truth.  
Record prices continue to be regularly broken, affluent buyers continue to pay a premium.  Yet the price is effectively ‘free’, because as the zone’s future vendor’s ‘speculate’ – if they hold onto the family home long enough - they are likely to receive a windfall in unearned capital gains. 
Social justice? Hardly.
Unwonted robbery?  
The community produces the gains through the tax-funded facilities. Whilst market forces drive prices higher, the unearned profit does not flow back to maintaining or upgrading those services – which is where it arguably belongs. 
Instead it is privately capitalize, soaked into what is an irreplaceable, illiquid and unproductive asset, thereby giving free leave for mounting property prices to continue, which, under the current system, grants a ‘tax free’ unearned reward to the owner occupier upon sale.
The sell-off of public services was also highlighted.  This too can also be associated with high land values, which have dictated what is assessed to be the more profitable offloading of the Millers Point public housing estate, rather than retaining its use for long standing residents, which, by definition, drives social polarization and housing inequality. 
It seems in the land of a ‘fair go,’ only the affluent are allowed to advantage from a Sydney Harbor view.
Are they listening?
Yet the indicators government uses to measure their performance whilst in power are meaningless to protesters, and in many respects, a 21st century economy.
They are no measure of happiness, or signal the worrying rise of mental illnesses such as depression.
Only by hearing community voices, gives a clue to that.
GDP – the total value of all products and services bought and sold, a basic measure of money changing hands, does not distinguish between;
<ul>
<li>Productive or destructive activities;</li>
<li>Show who’s getting the lion’s share of wage increases; Or</li>
<li>Assess where those increases are being invested (Which considering housing (land) is currently estimated to be 300% of Australia’s GDP, gives some indication).</li>
</ul>
Equally it gives no clue to the foundations of societal health – such as environmental concerns, access to education, or wealth inequality. 
Yet these are the issues community wants to address – because these are the barometers that directly impact our quality of living.
Whilst GDP is an excellent measure of the amount of arguably unneeded ‘stuff’ changing hands, it’s also not up to the task of adequately measuring intellectual property, innovation and invention for example – such as the creation of a free app. 
It may be concerned with the health of the economy, but as for the well-being of our 21st century community – it’s simply not up to the task.
Equally, unemployment figures are based on theoretical estimates, formulated by way of an extensive ABS survey, which aims to correlate the percentage of the labor force not actively employed, underemployed, or ‘participating.’ 
They are rolled out monthly, with the widely held ‘text book’ assumption (known as <a href="https://en.wikipedia.org/wiki/NAIRU" target="_blank">NAIRU</a>) that, regardless of how many actually want to work, should government pro actively attempt to lower the rate of unemployment below the desired level of “full employment” - which in Australia, is assessed to be and ‘unemployment rate’ of roughly 5% - it would unwontedly induce inflation and destroy price stability. 
A purported ‘fact’ that offers no comfort to those living on the poverty line of job seekers allowance.
This is also largely due to our flawed system of taxation – which places a levy on productivity (such as income and payroll taxes), unwontedly impeding the supply of goods and services, which in turn raises prices, feeding inflation and increasing the unemployment rate arguably required to lower wages sufficiently to stabilize inflation.
If we instead moved toward a system – and one, which was, at least in part, advocated by the Henry Tax review, and not withstanding, numerous other submissions from community advocates such as <a href="https://www.prosper.org.au/2014/02/27/the-senate-housing-affordability-inquiry-prospers-submission/" target="_blank">Prosper Australia</a>, or the <a href="https://blog.lvrg.org.au/" target="_blank">Land Values Research Group</a> to various senate enquiries over the years, and taxed the unearned gains from land rather than the earned gains from productivity.
It would (as has been proven <a href="/expert-insights/buying/is-a-land-value-tax-the-solution-to-our-housing-affordability-problem">historically</a>) influence:
<ul>
<li>A reduction of social polarization – and therefore inequality;</li>
<li>Remove the needed ‘sell off’ of public services due to high land values;</li>
<li>Boost productive investment, assisting the job market and advancing competitiveness for small business;</li>
<li>Reduce the speculative element that drives land prices ever higher;</li>
<li>Provide a steady base of revenue to invest in public services as well as affordable housing, and;</li>
<li>Ensure infrastructure is built for need – full utilization of land encouraged – and land banking reduced.</li>
</ul>
Productivity paradox
In light of all the above - it is remarkable that back in the 60s and 70s, discussion in the university lecture halls was centred on the ‘productivity paradox’ - correctly assuming it only a matter of time before all mankind’s basic needs could be largely fulfilled by robots.
Economists were deliberating what we’d do with all our leisure time when a full working week was no longer necessary!   
A stark change from the current mode of discussion, which is consumed with how long past the age of 65, individuals will need to work in order to retire mortgage free, with enough left in the pot to afford the basic necessities of life, which in most cases, is inadequately funded by superannuation alone. 
If it were possible to send the dog to work, we’d have already done so.
Community
Indeed our economy is not founded on the pillars of community and social justice, of which the protests are so concerned.
As admirable as numerous recommendations made to various senate inquiries into issues of inequality, affordability, finance, and environmental concerns have been, nothing has changed, because we have a lopsided economy, built on a $5.02 trillion housing market ($4.1 trillion of which is land) – and on this, and many other matters alone, a new generation of enlightened folk have clearly had enough.
High land values have played an important part in all the issues of social inequality highlighted above, of which I’ve provided ample evidence in previous columns. 
Our major cities now exhibit what’s considered to be a very ‘non-Australian’ style ‘English’ cultural class divide - as polarization between the asset rich and income poor expands.
The roll on effect impacts the environment, employment, education, and mental illness - as residents are forced into areas lacking in essential amenities – once again due to a flawed system of finance and housing policy.
To conclude…
And so, when you start to see what is so beautifully highlighted using the <a href="https://www.natsem.canberra.edu.au/publications/?publication=the-great-australian-dream-just-a-dream" target="_blank">maps below</a>, which show where the affordable property was located in 2001 for low and middle income buyers, compared to 2011 in our major capitals, which hold the lion’s share of population. 
(The yellow patches being affordable, and blue patches unaffordable.)  
 <img src="/images/2014/03/24/cashmore%20march%2024%20one.jpg" alt="">
<img src="/images/2014/03/24/cashmore%20march%2024%20two.png" alt="">
<img src="/images/2014/03/24/cashmore%20march%2024%20three.png" alt="">
And you read quotes from a long standing resident advocates, at the soon to be forced out Millers Point public housing facility, who rightly <a href="https://www.theguardian.com/world/2014/mar/20/millers-point-public-housing-residents-campaign-nsw-sell-off?CMP=soc_568">question</a>:
“The government says their core business is not housing. But surely their core business must be communities.”
Then you start to get a grip on the central issues this protests represents.
 <img src="/images/2014/03/24/cashmore%20march%2024%20two.jpg" alt="">
And I would suggest - (as expressed on their <a href="https://marchinmarch.com.au/">website</a>) – it really is “only the beginning”.
Follow Catherine on <a href="https://twitter.com/CCASHMORE_BUYER" target="_blank">Twitter</a> or via her <a href="https://catherinecashmore.wordpress.com/" style="line-height: 1.3em;">Blog</a>.
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catherinecashmore-6LXia3pPQj

Power (and housing) to the people

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One of the things that tenants look for in a quality rental home is the level of safety and security it provides. People with young children, the elderly and women, in particular, are especially safety conscious and this is understandable.
Some of the safety measures you might expect in a rental property are mandatory while others are not necessarily. It comes down to definitions and practicalities.
One of the mandatory safety measures is smoke alarms.
These are required in all dwellings and must be hard-wired to the mains electrical system. They cannot be battery operated unless the installation of a hard-wired system isn’t possible.
<blockquote>
The reality is that most owners want to ensure that their properties have good safety and security not simply to comply with the law, but to attract and maintain good tenants.
</blockquote>
Where that occurs, lithium battery operated smoke alarms are acceptable. The number of required smoke alarms is determined by the positioning of bedrooms and how many stories the dwelling is. If in doubt about any of this, raise the issue with your property manager.
In July 2015 another mandatory measure will be deadbolts on all external, ground floor doors. Deadbolts are generally those which are key-locked from the outside but latch-locked from the inside. This is the preferred model of the Department of Commerce because in the case of fire or smoke inside the house they are easier to open in an emergency or in darkness.
Until July next year owners are permitted to use other forms of appropriate door locks.
Another mandatory form of security starting mid-next year is porch lights that must be present at the main entry door and operational from inside the dwelling.
When it comes to windows the law provides that they must have reasonable locks or latches that cannot be opened from the outside. This is not prescriptive but comes down to common sense.
If there is a spa or swimming pool in the rental then safety barriers are very important. The type of barrier will depend on when the pool or spa first received local council approval.
Where a safety barrier is considered to not be operating properly the property manager should be contacted immediately. If an owner does not respond to any concerns raised by the tenants in relation to pool and spa safety, tenants should contact their local government authority right away.
The reality is that most owners want to ensure that their properties have good safety and security not simply to comply with the law, but to attract and maintain good tenants.
It’s important therefore that prospective tenants find a dwelling that suits their needs before signing the lease.
Safety and security is in the best interests of both owners and tenants, so existing tenants who feel their current security measures are inadequate may find that their owner is agreeable to modifications if approached in the right manner.
This article was originally published on <a href="https://reiwa.com.au/" target="_blank" title="reiwa.com">reiwa.com</a>.
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