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.
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[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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I caught up with a friend last night after she returned from a great holiday. As the conversation steered from cruise ships to saving money, she voiced her aspiration to purchase an investment property.
At 32 years old, I was thrilled to hear from someone so young – just shy of her 21st birthday in fact – who is already contemplating her financial security for later in life. I believe that the best executed plans in life are always those that are planned as early as possible. The thing about starting in property investing at a very young age is this: at just 20 years young, my friend will face a slew of challenges.
However, these challenges should not deter her. In fact, well-planned property buys at a young age can really expedite growth and gain for later in life. You just need to find work-arounds for the (many) challenges you will face.
Here’s a list of considerations for very young (under-25) aspiring investors.  
Identify whether property is the right investment class for you  
A property is a big commitment for anyone, but especially for a young person. I say this because between the ages of 18-25, young people are likely to have many lifestyle changes, and most of these will be unexpected. First are the financial ones: moving out of home, working part time if a student and earning a modest – and sometimes inconsistent – salary. Then there are the lifestyle ones: deciding to go backpacking for a year randomly, changing study courses or stopping/starting full time work for study reasons. Plus, as the busiest social years of your life there’s partners, friends and parties/adventures away.
What I’m getting at is this, it can be an unpredictable and inconsistent time in your life. Property investing best suits people who are disciplined and understand it is an ongoing commitment that requires focus. For this reason, investment classes that are less admin-heavy – such as shares, term deposits and managed funds – can be more attractive and a safer investment for first time younger investors.  
Managing your own expectations  
It’s smarter to do this yourself, because there will be many other parties (parents, lenders, solicitors, and so on) who will be the quick to serve you reality checks at every stage. This won’t happen as often and won’t disappoint or deter you, if your expectations out of an investment property exercise are more realistic.
At a young age it can be hard to distinguish between, say a pretty property that you ‘like’ because you think it’s a nice place to live yourself, with a property that stacks up well as an investment. Investing is not about that experience – that’s what home buying is for. No, investing is about numbers. Managing your own expectations on how you expect an investment property to look and feel, versus the reality of a property, is one of the first things you need to do.  
Savings, savings, savings  
Before you even consider budget and spend range; know this. For under-25’s and especially for under-21’s, a lender will want to see at least 12 months of consistent savings before giving loan approvals. Racking up credit card debts won’t look good either (though if you have one and are paying it off diligently, this might serve you well). Lenders want to see evidence of consistent savings efforts.
On this, it is worth considering some government savings incentives currently on offer for first home saver accounts. With these kinds of accounts you are rewarded with government contributions in proportion to the amount you contribute. Do be weary of the terms and conditions with these accounts, however, as some accounts have penalties or restrictions on pulling your savings out earlier than the term date for the accounts. Many lenders offer these kinds of saver accounts in collaboration with the Australian government. Here is <a href="https://www.infochoice.com.au/banking/savings-account/first-home-saver-accounts/" target="_blank">a great comparison site</a> for several of these saver accounts.
Be realistic about your budget
As an extension of the above point; it is unrealistic for an under 25 year old (unless they have managed to secure a very above-average wage for their age) to spend say $500,000 or $600,000 on their first property – home or investment. In fact; odds are most lenders will turn you down. Even if they didn’t, I would not personally spend that much money on a property at such a young age. It is too much of a commitment. If you are a teenager or in your early 20s I’d look at a maximum spend of $200,000 to $250,000 on your first investment property. Securing finance will be easier; and managing the property will be more realistic.  
This may mean you can’t afford your own backyard 
Based on a $250,000 maximum spend rate, you will need to assess where you can afford to invest. Odds are, if you currently live within a 20 kilometre radius of Sydney, Melbourne, or Perth, it’s highly unlikely you will be investing near where you live. Challenge yourself to consider towns and cities that aren’t your own, or even within your home state. The key to successful location-sourcing for investment properties is not simply in following trends of ‘hot suburbs’ reported in the media, but on suburbs where the sums add up to produce a viable investment prospect.
Cameron McEvoy is a NSW-based property investor and maintains a blog, <a href="https://www.propertycorrespondent.com.au/" rel="nofollow" target="_blank">Property Correspondent.</a>
                        
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cmcevoy-Go82SmsJA9

Five tips for young aspiring property investors

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The light at the end of the tunnel has arrived for Australia's accommodation market, with supply levels hitting a record high last year.
Research from JLL's latest Top Hotel Owners and Operators Survey showed that accommodation supply rose 1.3% to 230,064 rooms at the end of June 2013, which it described as a "positive sign" that the market is "once again poised for growth after the uncertainty of the past few years".
After declining in 2012, it said, serviced apartments emerged as the growth sector in 2013 with room supply increasing 2.6% year-on-year with the addition of 1,442 keys. That compared to growth of 1.9% (1,683 rooms) in the hotel sector and a 0.3% decline in motel rooms (-229 rooms), revealed the report, which is based on supply levels across the hotel, motel and services apartment sectors.
Of the 230,064 accommodation rooms in Australia, the top 10 owners accounted for 11.3% (26,085 rooms) of total room supply at the end of 2013 and the top ten operators 40.7% (93,691 rooms).
The survey noted that the top 10 owners recorded a 1% lift in rooms in 2013 with the addition of 267 rooms.
<img alt="JLL_Australia_top_ten_owners_-_chart-march-5" height="375" width="470" src="/images/stories/2014/03/05/JLL_Australia_top_ten_owners_-_chart-march-5.gif">
Source: JLL. Note: * Includes joint venture properties with Far East
Last year also brought one new entrant into the top ten - the Abu Dhabi Investment Authority (ADIA) - following its acquisition of the Tourism Asset Holdings (TAHL) portfolio. The sale saw TAHL exit the sector after more than a decade in the top spot, it said.
"The transaction represented the first major direct hotel acquisition by a Middle East group in Australia...," said JLL's Hotel &amp; Hospitality Group chief executive for Australasia, Craig Collins.
"Offshore groups now account for 53% of rooms owned by the 30 largest accommodation owners in Australia".
Offshore investors, the survey showed, were predominantly from Asia, albeit with an increasing proportion of rooms held by Middle Eastern and global groups.
"This indicates how globalisation trends are gaining pace once again in the new era of hotel investment", JLL said.
The survey highlighted that operating groups have been very active over the past year, resulting in some significant changes to the top order.
<img alt="JLL_Australia_top_ten_operators_-_chart-march-5" height="350" width="470" src="/images/stories/2014/03/05/JLL_Australia_top_ten_operators_-_chart-march-5.gif">
Soure: JLL. *Note: Not provided, sourced from website
Collectively, the top ten increased their portfolio holdings 2.5%, bringing the total rooms under management to 93,961 across 963 properties.
However, JLL also said that four companies achieved double-digit growth, with the biggest gains recorded by Toga Hospitality - up 30.4%; Hilton 27.9%; Best Western 12.1 % and Oak Hotels &amp; Resorts 10.7%.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a> 
                      
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kjiminez-eaYKfU7qd2

Accommodation market supply levels hit record high: JLL

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This week I’m drilling into the first of <a href="https://www.propertyobserver.com.au/office/the-seven-forces-that-are-transforming-your-office/2014021867634" target="_blank">seven key forces</a> influencing contemporary workplaces. The shadow still looming over corporate Australia and many other countries is what we call the "new world economic order."
Following the global financial crisis (GFC), organisations are more conscious about their costs and cautious about their spending, while many individuals may be a little more tolerant about working conditions in order to safeguard their employment. This is translating to a lot of property consolidation as organisations compact themselves into a smaller footprint and release or sublease excess office space.
I've looked previously at the <a href="https://www.colliers.com.au/sitecore/content/Global/News/2013/September/How_to_cut_accommodation_costs_by_20_per_cent.aspx" target="_blank">ways organisations use less space</a>, through space intensification and more recently hot desking strategies.
We've seen many organisations trying to combine efficiency with a more effective workplace - increasing the variety of work settings and implementing flexible mobile technologies. Our research looks at the adoption of flexible working as a workplace strategy and found that one in three organisations had already deployed it (to at least part of their workforce) or had firm plans to do so. We think this level of interest was clearly driven by the impacts of the GFC and wonder if the catalyst of a certain investment bank's celebrated activity-based working implementation in Sydney (occupied in 2009) would have had the same level of impact on market trends if it had been rolled out in, say, 2006 when the economy was still riding high. At the other end of the spectrum we're also seeing many organisations defer refurbishments or relocations, preferring to sweat their accommodation assets rather than sink capital into a new fit out. Our research shows 15% of tenants are more likely to renew and stay put with a further 30% focusing on cost savings. In cases where the existing workplace is not aligned with the organisation's employment brand or is impeding productivity or restricting opportunities for collaboration, this could be a case of robbing Peter to pay Paul.
The latest ME Bank Household Financial Comfort Report shows job insecurity is in the top three money concerns noted by respondents. As such, employees may be more accepting of older fit outs, lower quality buildings, fringe locations or desk sharing arrangements. There's a realisation too, that spending on a flash office fit out has a direct and long lasting impact on a firm's bottom line. Workplace projects that achieve a balance between cost savings versus staff amenity and other benefits may be viewed more favourably by current and prospective employees.  Conversely, while there's no evidence that people leave organisations primarily because of physical workplace arrangements (it's more likely to do with relationships with colleagues, pay, or the work itself), it can be an influencing factor in some cases.
In the various top employer rankings there are many examples of high ranking organisations where the workplace arrangements are cited as a significant strategic factor. In times where many organisations are tightening the purse strings on accommodation, those that do invest in workplace arrangements that appeal to employees may derive some advantage in the so-called war for talent.
But it's important to understand what will appeal to the employees you want to retain - those with the right cultural and productive fit - as opposed to those you don't. For instance, if many of your competitors have introduced desk sharing, perhaps the retention of assigned seating could be a point of difference.
David McEwen is a management consultant working at the intersection of workplace strategy, sustainability and technology with <a rel="nofollow" target="_parent" href="https://www.colliers.com.au/%E2%80%8E">Colliers International</a>.
You can connect with David on <a target="_blank" href="https://www.linkedin.com/profile/view?id=9321351&amp;locale=en_US&amp;trk=tyah&amp;trkInfo=tas%3Adavid">LinkedIn</a>.
This article first appeared on <a href="https://www.colliers.com.au/News.aspx" target="_blank">Colliers International News</a>.
                               
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dmcewan-RAeaafS4AZ

A flash new office? I'm worrying about my job!

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The conflict in Ukraine has escalated with Russia sending in 6,000 troops and naval forces to the Crimean peninsula on Sunday, triggering a standoff between Russia and the West.
The action by Russia sent waves of caution through investors globally, with stock markets worldwide falling on the news.
Last month Ukraine President Viktor Yanukovych was overthrown by the Parliament, following bloody anti-government protests in the nation’s capital of Kiev.
The protests were triggered when Yanukovych rejected an accord with the European Union in November 2013 and instead formed stronger ties with Russia, angering locals who had long pushed for greater integration with Europe.
The protests started peacefully, but escalated when the authorities became involved, with student protestors beaten and opposition activists supposedly abducted.
On February 20, 77 people were killed and nearly 600 wounded in a 48-hour period.
As diplomatic tensions in the region rise, we takes a look at how the instability could influence the Australian and global economies.
So Russia has sent 6,000 troops to the Crimean peninsula in Ukraine and the West disapproves. Is this having an impact on global markets?
In short, yes. The impact globally is varied, but there’s no doubt investors are wary and this is being translated into falls on sharemarkets around the world.
JPMorgan chief economist Stephen Walters said the financial markets “are watching”.
“In Europe markets fells 2-3% yesterday. Germany was down almost 3.5%, the UK fell 1.5% and France lost 2.5%. Generally there were greater losses depending on the closeness to the regions,” he says.
“In the US the Dow Jones lost 1%, so it’s watching. The US involvement here is distant, but clearly it has been involved in diplomatic conversations.”
In Russia the stock market was down 11.5%, as the rouble has fallen to near record lows against the US dollar and the euro. Russia has also raised interest rates by 1.5 percentage points.
So the conflict is making investors more wary globally, but has this impacted Australia?
Ukraine’s direct impact on Australia is relatively small, as we don’t trade with the region in a significant way. However, our sharemarket regularly takes its lead from global markets.
Yesterday the S&amp;P/ASX200 benchmark closed 20.50 points lower, down 0.38%. The loss was minimal compared to other markets, but Walters says today might be a different story.
“We could see a greater impact today following the losses on global markets yesterday,” he says.
Walters says the impact of the conflict in the coming weeks is unknown.
“If the situation is diffused and diplomacy wins, everything could return to normal, but if it escalates, so could the economic impact,” he says.
Evidently stock markets have fallen here and around the world, but what’s happening with commodities?
Oil and natural gas prices have been pushed higher, as Ukraine is home to one of Europe’s major gas pipelines, with the gas controlled by Russia.
Brent crude (a major benchmark price for the purchase of oil worldwide) rose by 2.1% yesterday to $111.38 a barrel on the ICE Futures Europe exchange.
The West Texas Intermediate also jumped yesterday to a 23-week high on the back of the crisis.
“There have been quite significant developments already,” Walters says.
“If oil prices keep going up, this will result in energy and petrol price increases.”
Walters says the crisis is having an impact on oil prices because Ukraine is a “strategic region”.
“We also saw this take place in Bahrain last year. However, if there’s an issue somewhere else, you don’t necessarily see this kind of impact. For this region, the response of oil prices is typical.”
Oil and gas prices are on the rise, but what about gold?
As investors are more cautious of risky investments, many turned to gold yesterday, sending prices higher.
“Gold is a safe haven flow,” Walters says. “You buy gold when there are global tensions, or natural disasters like what happened with Fukushima in Japan.”
Obviously there are some pretty significant economic impacts of the crisis, but what does the Australian government think about all this?
Ukrainian Prime Minister Arseniy Yatsenyuk said yesterday Russia and Ukraine are on the brink of war and the Western governments have criticised Russia for invading Crimea.
Prime Minister Tony Abbott told Parliament yesterday a trip to Moscow by Trade Minister Andrew Robb had been cancelled in light of the action, as was a visit to Australia by Russia’s National Security Advisor Nikolai Patrushev.
“It should withdraw its forces from the Ukraine and the people of the Ukraine ought to be able to determine their future for themselves,” Abbott told Parliament.
“The situation in the Ukraine is fluid and it’s threatening; all Australians are rightly concerned about that.”
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
      
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What does the conflict in Ukraine mean for the Australian economy?

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If you thought glamour was only to be found in sprawling estates or full floor penthouses, think again. Here are five townhouses which prove that there’s something to be said for staying attached.
<a href="https://www.realestate.com.au/property-townhouse-qld-main+beach-107058326" target="_blank">94 Seaworld Drive, Main Beach, Queensland</a>
{yoogallery src=[images/stories/2014/03/04/main]}
This three bathroom, three bedroom townhouse on Seaworld Drive in Queensland’s Main Beach is part of the Palazzo Versace, the former home of <a href="https://www.propertyobserver.com.au/news/geoffrey-and-byrnne-edelsten-s-palazzo-versace-gold-coast-apartment-set-for-auction/2014011367174" target="_blank">Geoffrey and Brynn Edelsten</a>.
The property’s interior takes decadence to the extreme, with timber parquetry floors and more marble than most people could handle. A new resident would enjoy 24 hour security, a concierge service, marina views and a 60 foot berth for the yacht.
Article continues on next page. Please click below.
                                  
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<a href="https://www.realestate.com.au/property-townhouse-nsw-kirribilli-112871591" target="_blank">1/51-55 Upper Pitt Street, Kirribilli, New South Wales</a>
{yoogallery src=[images/stories/2014/03/04/kir]}
The next property on our list is somewhat more demure.
The unfurnished three bedroom, two bathroom townhouse at Kirribilli has spacious rooms, with high ceilings and marble floors.  But its real drawcard is its location – the two storey townhouse is situated less than a hundred metres from Kirribilli House, and has the best views of the Sydney Opera House and the Harbour Bridge we’ve seen in a while.
Agent Jim Yang of Keith Soames Real Estate is advertising the property at $4.5 million.
Article continues on next page. Please click below.
                     
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<a href="https://www.realestate.com.au/property-townhouse-vic-toorak-115063251" target="_blank">27A Balmerino Avenue, Toorak, Victoria</a>
{yoogallery src=[images/stories/2014/03/04/too2]}
When most of us hear “townhouse”, we usually assume that living space will be at a premium. Not so for this Toorak home.
With basement parking and lift access, the Balmerino Avenue townhouse has two above ground levels that house four bedrooms and two bathrooms.
The home also includes expansive living and dining areas on the ground floor, and a home theatre and laundry in the basement.
The house has a 5 star energy rating.
Article continues on next page. Please click below.
                             
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<a href="https://www.realestate.com.au/property-townhouse-nsw-woollahra-116232083" target="_blank">6/89 Ocean Street, Woolahra, New South Wales</a>
{yoogallery src=[images/stories/2014/03/04/woo]}
This Woolhara townhouse once existed as the rear wing of a 1890s mansion, which has now been converted into six strata residences.
Located in one of Sydney’s premier suburbs, the home has four bedrooms and three bathrooms.
The living areas of the townhouse are where the home really comes into its own – the house includes a triple height foyer, an expansive open plan living room with Italian marble credenza and a fireplace, and a large private outdoor terrace. The living areas also have Italian volcanic stone heated floors.
The house is selling through Sotheby’s International Realty.
Article continues on next page. Please click below.
                                
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<a href="https://www.realestate.com.au/property-townhouse-vic-brighton-116098119" target="_blank">1/13a Dendy Street, Brighton, Victoria</a>
{yoogallery src=[images/stories/2014/03/04/bri]}
One of three townhouses set on a single block of land on Brighton’s Dendy Street, this property is on the market for $2 - $2.2 million through Buxton.
The English coach style home was inspired by architectural drawings from the 1800s. The home’s basement is dedicated to a large home theatre, while the ground floor includes an open plan living area and dining area with a gas log fireplace, with French doors opening onto a paved courtyard.
Upstairs, there is a marbled bathroom and the home’s three bedrooms, including a master bedroom with sea views.
<a href="mailto:jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a>
                             
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jrichardson-uRX5hFdKfN

The five most beautiful townhouses on the market

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While Andrew Demetriou was doing his best to steal the limelight at a press conference at AFL House, the movers and shakers of Melbourne’s architecture scene were gathered at the other end of town for the <a target="_blank" href="https://www.propertyobserver.com.au/victoria/quentin-bryce-officially-opens-victorias-new-home-of-architecture-41-exhibition-street/2014030268113?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=newsplus">opening of 41X</a>.
The new commercial tower at 41 Exhibition Street in Melbourne was developed by the Australian Institute of Architects, who began proposals for the site eight years ago. Yesterday, the organisation was joined by strata owners, tenants and friends of the institute like former premier Ted Baillieu to launch the building with Governor-General Quentin Bryce and the institute’s president, Paul Berkemeier.
<img src="/images/stories/2014/03/04/bryce-march-4-one.jpg" width="470" height="247" alt="bryce-march-4-one">
Photo: Governor-General Quentin Bryce speaking at the opening of 41X, supplied. 
Bryce, an architect’s wife herself, spoke of the importance of good architecture to the community and its role in improving overall quality of life. To her mind, with the development of 41X, the Australian Institute of Architects has lived up to its mission statement, “making the world a better place through architecture”.
The 21 storey 41X will be home to 15 tenants, with the Australian Institute of Architects national president Paul Berkemeier noting that many had signed on early in the development process. Sotheby’s Australia will occupy two floors, with one devoted to its gallery and another for its offices. Other occupants include law firm Anzarut &amp; Partners and Lion Capital, along with the Australian Institute of Architecture’s Melbourne offices which occupy five floors. The building is strata-titled, with insurance firm Planned Cover owning three floors. The floor’s first level will be a dedicated “design haven”, with a café and a comprehensive design and architecture bookstore.
Set on a narrow footprint, the building was designed by Lyons Architects after a two-stage design competition, with the internal fit outs of the institute’s levels by HASSELL. The tower was designed with sustainability in mind, and the institute is targeting carbon neutrality over its 30 year operating lifespan – the first building in Melbourne to do so. According to Berkemeier, this target will account for embodied energy, base building operational energy, transport and waste, and will be using both operational strategies to ensure its low carbon output as well as offsetting emissions off site. The $31 million building has a Five Star Green Star design rating.
On the 21st floor of the new 41X, overlooking the Yarra River, Birrarung Marr and Treasury Gardens, there were murmurs among architects that it had been a slow year so far for the industry. But those murmurs were quickly drowned out by the buzz for Australia’s new home of architecture.
<a href="mailto:jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a>
                      
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Industry gathers to celebrate Australia's new home of architecture, 41X

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One of RP Data’s core services is supplying real estate agents with timely property data to assist them with undertaking comparative analysis of their local market place (amongst other things), which they in turn use to determine the appropriate listing price of a property.  Our services are used by approximately 70% of all real estate agencies nationally.  One of the important bi-products of our market share is monitoring the level of agent activity across our data platforms.
As a simple example, counting the number of Comparative Market Analysis (CMA) reports as well as monitoring other platform activity such as the number of logins and searches provides a unique insight around the number of homes which are likely being prepared for sale.  We use this metadata to provide a lead indicator for new listings about to enter the market.
RP Data’s Listing Index (RLI) is currently at record levels after the seasonal slump in real estate agent activity.  It’s normal for the market to slow down over the last week of December and throughout most of January; the slump is typically followed by a surge in real estate agent activity as industry participants emerge from the festive period.  The graph below tracks the national RLI. We recorded more than 65,000 activity events from real estate agents over the 28 days ending February 9, which is a record number across the series which extends back to January 2009.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/02/National.jpg" rel="wp-prettyPhoto[g2882]" style="margin: 0px; padding: 0px; border: 0px; outline-width: 0px; vertical-align: baseline; background-color: transparent; color: #bf0000; text-decoration: none;"><img class="aligncenter size-large wp-image-2889" alt="National" src="https://blog.rpdata.com/wp-content/uploads/2014/02/National-580x154.jpg" style="margin: 0px auto 15px; padding: 3px; border: 1px solid #e6e6e6; outline-width: 0px; background-color: rgba(255, 255, 255, 0.701961); max-width: 100%; text-align: center; height: auto; display: block; vertical-align: bottom;" height="125" width="470"></a>
The activity occurring across the RP Data platforms correlates well with the number of new listings entering the market over the coming weeks so we are expecting more properties to hit the market for sale as we approach the autumn season. Prospective vendors are likely to be confident considering the current housing market conditions are mostly favouring sellers rather than buyers – putting it simply, it’s a great time to be selling a property.
There is some variability in the amount of activity we are seeing from region to region.
Sydney’s RLI has returned to a level slightly higher than last year which is normal for this time of the season.  The index was elevated over the second half of 2013 in line with the strong housing market conditions and we expect listing numbers to track at roughly the same rate as what was recorded over the past six months which has been about 7,500 new listings each month.   Considering the run rate of sales across Sydney is tracking at about 8,860 per month we expect effective supply levels to remain tight across the Sydney market.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/02/Sydney.jpg" rel="wp-prettyPhoto[g2882]" style="margin: 0px; padding: 0px; border: 0px; outline-width: 0px; vertical-align: baseline; background-color: transparent; color: #bf0000; text-decoration: none;"><img class="aligncenter size-large wp-image-2891" alt="Sydney" src="https://blog.rpdata.com/wp-content/uploads/2014/02/Sydney-580x149.jpg" style="margin: 0px auto 15px; padding: 3px; border: 1px solid #e6e6e6; outline-width: 0px; background-color: rgba(255, 255, 255, 0.701961); max-width: 100%; text-align: center; height: auto; display: block; vertical-align: bottom;" height="121" width="470"></a>
In Melbourne the RLI is at record levels; the second half of 2013 saw a consistent ramp up in agent activity in line with the strong housing market conditions that were very much evident over the same period of time.  The post festive season surge will settle around the first week of March, so we would expect agent activity to return to approximately the same level we were recording at the end of 2013.  New listing numbers across Melbourne were tracking at around 7,800 per month compared with a run rate of sales of about 7,400 per month so we are potentially going to see an increase in total effective supply levels across Melbourne over the coming months.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/02/Melbourne.jpg" rel="wp-prettyPhoto[g2882]" style="margin: 0px; padding: 0px; border: 0px; outline-width: 0px; vertical-align: baseline; background-color: transparent; color: #bf0000; text-decoration: none;"><img class="aligncenter size-large wp-image-2888" alt="Melbourne" src="https://blog.rpdata.com/wp-content/uploads/2014/02/Melbourne-580x151.jpg" style="margin: 0px auto 15px; padding: 3px; border: 1px solid #e6e6e6; outline-width: 0px; background-color: rgba(255, 255, 255, 0.701961); max-width: 100%; text-align: center; height: auto; display: block; vertical-align: bottom;" height="122" width="470"></a>
Brisbane agent activity is absolutely surging at the moment with the RLI for Brisbane moving about 20% higher than what was recorded during mid-December.  It is likely the Brisbane housing market is right on the cusp of accelerated market activity as attention moves away from Sydney and Melbourne to Brisbane where capital gains to date have been modest, yields are substantially higher and affordability isn’t as much of a concern as the other major capitals.  We have been seeing an average of about 3,900 new listings enter the market across Brisbane each month compared with a run rate of sales at 3,950 per month; so demand and effective supply levels look broadly in line currently.  We anticipate there will be a ramp up in market activity over the first half of 2014 which is likely to be accompanied by an increase in new listing numbers as well.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/02/Brisbane.jpg" rel="wp-prettyPhoto[g2882]" style="margin: 0px; padding: 0px; border: 0px; outline-width: 0px; vertical-align: baseline; background-color: transparent; color: #bf0000; text-decoration: none;"><img class="aligncenter size-large wp-image-2884" alt="Brisbane" src="https://blog.rpdata.com/wp-content/uploads/2014/02/Brisbane-580x148.jpg" style="margin: 0px auto 15px; padding: 3px; border: 1px solid #e6e6e6; outline-width: 0px; background-color: rgba(255, 255, 255, 0.701961); max-width: 100%; text-align: center; height: auto; display: block; vertical-align: bottom;" height="120" width="470"></a>
Agent activity has been on an upwards trend across Adelaide over the past twelve months, with the RLI currently at similar levels as what was recorded late last year.  Confidence in the local SA economy has been dented by the weakness in the manufacturing sector, however the housing market has been slowly improving despite the weaker economic conditions.  We have been tracking about 1,880 new listings being added to the local market each month compared with a sales rate of about 2,240 each month.  Transaction numbers are outweighing listing numbers, keeping effective supply levels tight.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/02/Adelaide.jpg" rel="wp-prettyPhoto[g2882]" style="margin: 0px; padding: 0px; border: 0px; outline-width: 0px; vertical-align: baseline; background-color: transparent; color: #bf0000; text-decoration: none;"><img class="aligncenter size-large wp-image-2883" alt="Adelaide" src="https://blog.rpdata.com/wp-content/uploads/2014/02/Adelaide-580x155.jpg" style="margin: 0px auto 15px; padding: 3px; border: 1px solid #e6e6e6; outline-width: 0px; background-color: rgba(255, 255, 255, 0.701961); max-width: 100%; text-align: center; height: auto; display: block; vertical-align: bottom;" height="126" width="470"></a>
Perth has seen a rise in agent activity over the first month of the New Year, however current activity levels are slightly below record levels but higher than late 2013.  It’s likely that agent activity levels will settle back to around the same pace as what was recorded late last year; not quite as exuberant as what was recorded during early 2013, but still above the long term trend.  The average number of new listings has been tracking at about 4,000 per month while transaction numbers are showing a run rate of 3,690 per month which indicated a growing level of effective supply overall.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/02/Perth.jpg" rel="wp-prettyPhoto[g2882]" style="margin: 0px; padding: 0px; border: 0px; outline-width: 0px; vertical-align: baseline; background-color: transparent; color: #bf0000; text-decoration: none;"><img class="aligncenter size-large wp-image-2890" alt="Perth" src="https://blog.rpdata.com/wp-content/uploads/2014/02/Perth-580x150.jpg" style="margin: 0px auto 15px; padding: 3px; border: 1px solid #e6e6e6; outline-width: 0px; background-color: rgba(255, 255, 255, 0.701961); max-width: 100%; text-align: center; height: auto; display: block; vertical-align: bottom;" height="122" width="470"></a>
Agent activity across Hobart has held relatively steady over the past year after a solid increase during the second half of 2012.  The local Hobart market was the only capital city where dwelling values posted a fall over the past twelve months and conditions overall remain sluggish.  We have been tracking about 410 new listings being added to the market each month and about 350 home sales which suggests plenty of choice for prospective buyers and not a great deal of urgency in their purchase decision.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/02/Hobart.jpg" rel="wp-prettyPhoto[g2882]" style="margin: 0px; padding: 0px; border: 0px; outline-width: 0px; vertical-align: baseline; background-color: transparent; color: #bf0000; text-decoration: none;"><img class="aligncenter size-large wp-image-2887" alt="Hobart" src="https://blog.rpdata.com/wp-content/uploads/2014/02/Hobart-580x154.jpg" style="margin: 0px auto 15px; padding: 3px; border: 1px solid #e6e6e6; outline-width: 0px; background-color: rgba(255, 255, 255, 0.701961); max-width: 100%; text-align: center; height: auto; display: block; vertical-align: bottom;" height="125" width="470"></a>
The agent activity trend shows more volatility than other markets across Darwin, partly due to the small size of the market.  Activity levels are currently well below the highs recorded back in early 2013, but similar to what was recorded in October/November last year.  We are tracking about 250 new listings entering the Darwin market each month compared with a rate of sale at 289 per month, so effective supply looks relatively tight across this market.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/02/Darwin.jpg" rel="wp-prettyPhoto[g2882]" style="margin: 0px; padding: 0px; border: 0px; outline-width: 0px; vertical-align: baseline; background-color: transparent; color: #bf0000; text-decoration: none;"><img class="aligncenter size-large wp-image-2886" alt="Darwin" src="https://blog.rpdata.com/wp-content/uploads/2014/02/Darwin-580x153.jpg" style="margin: 0px auto 15px; padding: 3px; border: 1px solid #e6e6e6; outline-width: 0px; background-color: rgba(255, 255, 255, 0.701961); max-width: 100%; text-align: center; height: auto; display: block; vertical-align: bottom;" height="124" width="470"></a>
The Canberra housing market has slowed substantially over 2013, however listings activity showed a consistent increase over the last four months of 2013.  The bounce back in agent activity hasn’t been as strong in 2014 which may indicate new effective supply levels are starting to ease.  Over the past six months we have seen an average of 580 new listings being added to the market compared with 610 sales per month on average suggesting that effective supply additions to the market are being absorbed sufficiently.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/02/Canberra.jpg" rel="wp-prettyPhoto[g2882]" style="margin: 0px; padding: 0px; border: 0px; outline-width: 0px; vertical-align: baseline; background-color: transparent; color: #bf0000; text-decoration: none;"><img class="aligncenter size-large wp-image-2885" alt="Canberra" src="https://blog.rpdata.com/wp-content/uploads/2014/02/Canberra-580x152.jpg" style="margin: 0px auto 15px; padding: 3px; border: 1px solid #e6e6e6; outline-width: 0px; background-color: rgba(255, 255, 255, 0.701961); max-width: 100%; text-align: center; height: auto; display: block; vertical-align: bottom;" height="123" width="470"></a>
Tim Lawless is national research director of <a target="_blank" href="https://www.myrp.com.au/" rel="nofollow">RP Data.</a>
                                        
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tlawless-5VLUrbAk9s

Real estate agent activity gathers pace

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Myer has set up a new corporate entity as a mechanism for a possible network of free-standing stores, a Myer spokesperson confirmed to SmartCompany.
The new business, FSS Retail, which is understood to stand for Free Standing Stores, was recently set up by the department store giant, as reported by Fairfax.
Fairfax obtained documents showing the new entity was set up 12 days ago.
It is understood that this could see Myer acquire more retail businesses and operate stores outside of its department store network.
FSS Retail has three directors, Myer chief executive Bernie Brookes, Myer chief financial officer Mark Ashby and Myer head of strategic planning Greg Travers, <a target="_blank" href="https://www.smh.com.au/business/myer-move-to-extend-its-retail-options-with-fss-retail-20140302-33tyb#ixzz2ur1YFavy">Fairfax reports</a>.
A Myer spokesperson told SmartCompany that it was “created as a formal mechanism” in case the business wished to pursue free-standing stores, but no further details of potential acquisitions could be revealed at this stage.
Myer currently owns the fashion business Sass &amp; Bide, and operates the womenswear brand’s 25 retail stores in Australia and internationally.
The new entity comes amid reported further talks between Myer and David Jones regarding the merger proposal Myer put to its rival in November last year.
It also comes as Myer reappointed <a target="_blank" href="https://www.smartcompany.com.au/marketing/sales/35746-david-jones-and-myer-merger-talks-simmer-as-accc-keeps-close-eye"> Bernie Brookes for another year</a> as chief executive and managing director, and suggested he would be a good chief executive for a combined business with David Jones.
Retail Doctor Group director Brian Walker toldSmartCompany that a move by Myer to create a network of free-standing retail stores was smart.
He says the department store concept is maturing and the business needs to find new ways to best represent its shareholders.
“Its core business is as a mass-merchandise retailer… it is the house of many brands,” he says. “This is what Myer can do to continue to drive its shareholder’s returns.”
He thought it made sense for the business to develop an equity funding arm, and to have a stake in individual retail brands.
Walker says the move also reflects the impact of international retailers coming to Australia, which is shaking up ownership models as local businesses scale up to achieve profits.
“The way to achieve scale is to consolidate and to acquire,” he says.
“Myer can make more money from its existing operations… or make more acquisitions.”
This article first appeared on <a target="_blank" href="https://www.SmartCompany.com.au">SmartCompany</a>.
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Myer could be on acquisition strategy as it sets up new business for free-standing stores

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It’s always advisable to carefully check the title of a property you are thinking of buying to avoid any last minute surprises that may interfere with the sale.

In Western Australia, Landgate is the state government department which has responsibility for keeping the records of who owns each piece of land. The document on which ownership is recorded is called the Certificate of Title.

The Certificate of Title will record the present owner, note if the property is currently mortgaged and what rights other people and the wider community may have on the property and which might affect the buyers use and enjoyment of the land.

Before entering into a contract for the sale of land or strata title it’s wise to have a good look at the Certificate of Title.

[smartcode_project:default project_id=31240]

The selling agent is required to conduct a search and should therefore be able to show you a copy.

Sometimes there are restrictions on the title that may affect its transfer when property is being sold. This might occur when another person or organisation has a financial claim or interest over the property in addition to the mortgage. Such a caveat effectively prevents the registration of any transfer of ownership until the caveat is formally withdrawn.

Restrictions on the land are called ‘covenants’ or ‘easements’ and can be placed to ensure that it is not used in certain ways or that buildings conform to certain requirements.

This is often done on land within a sub-division to try and ensure that the buildings are of a uniformly high standard.

Other covenants may prevent views from being blocked or natural light being impeded.

Generally, to remove a covenant an application must be made to the person who imposed it and this may be complicated. Anyone seeking to remove a covenant should therefore seek expert legal advice.

An easement is the legal term for a right, which someone other than the owner, has over the use of the land for a specific purpose.  For example, the neighbours may have a right-of-way to enable access to their property or the Water Corporation may have the power to obtain an easement to use part of the land for sewerage or water pipes.

Covenants and easements are reasonably common and in most cases will not affect the value or saleability of the property. However, before buying you should ask the selling agent if they exist, request copies and read and understand them before making a commitment to buy. You may also wish to seek further legal advice.

Generally, a bit of common sense should address your concerns and after taking the information into consideration you will be in a better position to make an informed decision on a purchase.

David Airey is president of the <a href="https://reiwa.com.au/home/default.aspx" rel="nofollow" target="_blank">Real Estate Institute of Western Australia.</a>

This article was originally published on <a href="https://reiwa.com.au/Faq/Pages/Feature.aspx" rel="nofollow" target="_blank">reiwa.com</a>
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Understanding covenants and easements

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Properties being sold by auction should be advertised with the reserve price to stamp out misleading price guides.
With auctions becoming the sales method of choice, particularly in Sydney and Melbourne, the process must be improved to provide greater transparency for buyers.
Vendors who choose to sell via auction should be required to publish the auction reserve price seven days out from auction day to create a more transparent process.
Buyers can then pay the building and pest inspection costs and legal fees with confidence knowing that they have a real chance of owning the property rather than wasting money trying to buy a property that they could never afford if their budget is below the vendor’s reserve.
Despite it being a breach of the Act, many selling agents and vendors still under-quote the value of properties up for auction and something needs to change.
As expected, buyers accept the selling agent’s price guides on face value for properties listed for auction and why wouldn’t they?
Unfortunately though for the buyers, the vendor’s real expectations and subsequent reserve are often significantly above the price guide and often far more than they can afford.
For example an auction I attended for a client last Saturday had an advertised price guide of over $1.5 million up until the day of the auction.
The auction bidding stalled at $1.970 million, some 30% above the guide and the auctioneer then stopped the auction and asked the agent to seek the vendor’s instructions before eventually selling the property to that bidder.
I can assure you the mood at the auction turned to one of frustration and anger for many buyers holding bidding cards as surely the reserve should have been met that far above a price guide.
Unfortunately this happens every weekend leaving thousands of people unnecessarily out of pocket.
While the Queensland government’s proposed approach has some merit in removing bait advertising it doesn’t address the issue of buyers wasting time and money on inspections in situations where vendors set unrealistically high reserves.
Patrick Bright is the founder of Sydney-based buyer’s agency <a rel="nofollow" href="https://%20www.epspropertysearch.com.au/" target="_blank">EPS Property Search</a>.
                                          
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