The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

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>

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

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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While the Sydney market is heating up, investors and property owners looking to sell should not rest on their laurels, according to ke3 Property.
Speaking about the selling market, ke3 Property director Monique Eyles said that the old methods of putting a sign out of the front of a property and hoping someone will love it, has changed.
Now, styling is very much a part of the sales process.
Having recently launched their in-house styling service, which is pushing sales prices up by 10%, they said that it's more than just about pretty furniture.
“With our teams diverse backgrounds we understand the psychology and consumer behaviour of buyers. Vendors need to put their best foot forward when selling their property," said Eyles.
“In a busy, competitive market, selling the vision and very best version of the home is a necessity to ensure your property attracts the highest price possible," she said.
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Sell smart, even in a good market: ke3 Property

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Parramatta's reign as a mecca for attracting the public service sector is set to be tested, as Sydney’s largest suburban market battles with a dated stock profile and low future office supply.
A new research paper from Jones Lang LaSalle, “Parramatta – Reversing the prime-grade office slide”, described the suburban office sector as reaching a "critical point” with low future supply and an ageing stock profile. It cautioned that in "this public-sector dominated office market requiring strong sustainability benchmarks, there is an increased risk of flight from existing government tenants.”
Jones Lang LaSalle’s director of Parramatta and metropolitan office leasing William Tong said many government tenants were locked into long-term lease agreements, which had kept contiguous floor space scarce.
"This has acted as a smoke-screen for a low-demand environment, dampened by a lack of modern supply that would attract new tenants to Parramatta", he said.
To offset this increased risk of flight from government tenants, the research paper suggests that the best and fastest way to rejuvenate the Parramatta office precinct is to refurbish secondary grade assets.
Mr Tong said with new NSW Government environmental benchmarks in place for all government accommodation, Parramatta’s public sector-dominated office market needed to modernise or face the consequences in the future.
Assuming government leases from the 90s and 2000s were under 10-year lease expiries, he says, "there’s currently significantly elevated flight risk for a government tenanted, secondary-grade landlord".
JLL estimates there are 31 office properties within the Parramatta CBD that house at least one NSW state government tenant. Of those, it says, 22 buildings were considered secondary grade.
“It is critical for landlords to invest capital into their assets to improve their environmental credentials, as well as overall occupier amenity," said Mr Tong.
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Parramatta faces challenges to public service office reign

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New environment minister Greg Hunt recently announced <a target="_blank" href="https://www.environment.gov.au/minister/hunt/2013/mr20130926?utm_source=mins&amp;utm_medium=rss&amp;utm_campaign=feed">50 large coal and coal seam gas</a> developments to be pushed through Australia’s environmental approval process, including assessment under the new federal “<a target="_blank" href="https://theconversation.com/federal-governments-control-of-coal-seam-gas-a-welcome-relief-12782">water trigger</a>” introduced in early 2013.
The proposed mines are predominantly in NSW and Queensland, already <a target="_blank" href="https://theconversation.com/topics/coal-seam-gas">sites of conflict</a> over coal exports and CSG. <a target="_blank" href="https://www.pc.gov.au/projects/study/major-projects/draft">A draft report</a> from the Productivity Commission highlights the central issue: proponents of coal and CSG projects want rapid and simple assessments, while communities and environmental groups want baseline studies, more information and cumulative assessment. All of which cost time and money.
Minister Hunt’s announcement follows <a target="_blank" href="https://www.change.org/en-AU/petitions/safeguard-the-epbc-act-stop-using-the-phrase-green-tape">strong indications</a> that the federal government wishes to speed up environmental approvals.
The decision to start assessing these 47 projects en masse and so quickly after the election seems to match the pre-election rhetoric. Greg Hunt has also suggested support for adopting an <a target="_blank" href="https://www.abc.net.au/lateline/content/2013/s3854893.htm">upper time limit, such as nine months</a> for the assessment process.
However, we need to treat these assessments with caution. For many communities that will be affected by the projects the biggest concern is <a target="_blank" href="https://theconversation.com/topics/groundwater">groundwater</a>.
Groundwater: a sensitive resource
Most of the proposed mines will affect groundwater; in many cases from aquifers already used by people and important ecosystems. It’s not realistic to expect proper groundwater assessments be conducted in a nine-month period, or under any other form of “fast-tracking”. Let’s have a look why.
Currently, groundwater supplies about 30% of Australia’s total water use. It is an important resource in a country where most easily accessible surface water is already allocated or used. It is expected to meet a significant proportion of future water demand and help to buffer against a changing climate.
Its worth to the economy is in <a target="_blank" href="/news">billions of dollars</a> every year. Many ecosystems also <a target="_blank" href="https://theconversation.com/australian-endangered-species-desert-gobies-14275">depend on groundwater</a>; <a target="_blank" href="https://www.bom.gov.au/water/groundwater/gde/">recent mapping</a> shows that groundwater is vital for ecosystems right across Australia.
Groundwater can be a <a target="_blank" href="https://theconversation.com/water-in-water-out-assessing-the-future-of-the-great-artesian-basin-13104">highly sensitive resource</a> for a number of reasons. In particular, the time between an impact on groundwater pressure in one area, and a corresponding change in flux of groundwater somewhere else can be lengthy. Aquifers, particularly deep aquifers, can take many thousands of years to recharge and they can be quickly to contaminated or depressurised, but more difficult to fix.
Uncertainty demands caution
Our power as a scientific community to model impacts of major projects on groundwater is still limited, despite today’s sophisticated data collection and computer modelling techniques.
All models used by hydrogeologists are characterised by uncertainty. For example, we generally can’t determine exactly by how much or how quickly one aquifer may register changes in water pressures in response to de-watering somewhere else. Rather, a range of possible outcomes, with a certain level of confidence could realistically be provided.
Similarly, it is not easy to predict exactly how quickly pollution will move through an aquifer, and whether or when it might ultimately reach a wetland or stream. To make these predictions, extensive field studies and baseline monitoring data need to be put into our models.
In the words of one of our most eminent hydrogeology professors, <a target="_blank" href="https://www.flinders.edu.au/people/craig.simmons">Dr Craig Simmons</a>, it is time for hydrogeologists to “level” with decision-makers and communities. Groundwater models do not give us a crystal ball to predict future impacts, and they will produce highly uncertain results if time, budget or field data are too limited.
While proponents and governments may not like to hear it, a long period of data collection and hydrogeological investigation is needed to make confident predictions with groundwater models. Proper assessment of the impacts of large coal mining and coal seam gas developments on groundwater are going to need time and resources.
The new government, proponents of major projects and communities need to bear these issues in mind. Approvals may take a long time but to protect such a precious resource as groundwater, it is worth taking it.
 
<hr>
Matthew Currell is lecturer in hydrogeologyat the School of Environmental Engineering at <a target="_blank" href="https://www.rmit.edu.au/">RMIT University</a>. 
This article was originally published at <a href="https://theconversation.com">The Conversation</a>. 
<img alt="The Conversation" height="1" src="https://counter.theconversation.edu.au/content/18739/count.gif" width="1" style="font-size: 0.8em;">
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You can't rush a coal and gas project: Matthew Currell

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There’s every sign that the property market is on the way up. The interest rate cycle is at its low point, auction clearance rates are up, and median house prices are reaching new highs.  
But I’d like to put something into perspective. Recently, media headlines have been proclaiming the start of this growth phase as a ‘boom’, and this bothers me.  
I’ve never been a big fan of the term ‘boom’. A ‘boom’ implies the existence of its opposite, which is a bust – and ‘boom and bust’ does not accurately describe the nature of the property market.  
Residential property is a real asset, not a paper asset, and it’s the only one that serves a dual purpose by providing a lifestyle and financial investment. Everyone needs somewhere to live, but not everyone needs or wants to invest in shares – so residential property has a widespread and ongoing level of demand that stabilises the market.  
This makes it a relatively stable asset compared with paper-based assets like shares. In Melbourne, as in the vast majority of capital cities and large regional centres, the notion of booms and busts simply doesn’t ring true.  
The only places it might apply are smaller towns based on single industries like mining or tourism, which have a more volatile economy. Bust can also arise in contained over supplied developments such as the Docklands that are dominated by investors.  
The current growth spurt in the residential property market is not a ‘boom’, but rather a natural and logical phase in the overall cycle.  
For the last two years the market has been stagnant or in decline and it was only a matter of time before it moved again. The demand for property is always evolving, as family units get bigger or smaller and there is a need to change living requirements. While many people put these moves on hold the pent up demand has been growing and is now flexing its muscle. While there is no doubt low interest rates are helping, the market is going through a normal part of its cycle.  
I’d like to inject a note of caution here. Another reason I dislike the boom and bust concept is that it’s often used in a blanket fashion, implying that all property grows (or falls) in value at the same rate, at the same time. This is not the case.  
After the current growth phase reaches its peak around the second half of 2014, there will be a noticeable split in growth rates. Some properties will continue to grow strongly in value, albeit at a slightly more moderate rate; whilst others will tail off substantially.  
Properties that will continue to grow strongly will be those in demand from homebuyers and investors alike. These properties will be in areas with high employment rates and reasonably low debt levels. They will be in short supply relative to demand, and will have a high land-to-asset ratio – that is, the bulk of the asset will appreciate, not depreciate.  
As an investor, it’s vital to take a long-term view. So look beyond the exhilarating headlines and choose property that will continue to perform strongly after the current growth spurt.  
 
<hr>
 Mark Armstrong is a director of <a href="https://www.ipropertyplan.com.au/">iProperty Plan</a>, which provides independent analysis and tailored advice to investors and home buyers.  
 
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Let's get some perspective, look beyond the property 'boom': Mark Armstrong

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The strong march of Australia's metropolitan markets has continued, particularly in Sydney and Brisbane which have experience solid supply growth, tenant demand and investor interest.
New research prepared by Colliers International, examining the CBD and metropolitan office markets, found that while Australia’s CBD's still contain the majority of the country’s office space, the metropolitan markets represent "a large and growing proportion".
<img src="/images/stories/2013/10/08/CHART_OF_THE_WEEK_OCT_9.png" width="470" height="269" alt="CHART_OF_THE_WEEK_OCT_9">
Cities monitored as part of the "Metropolitan Office Research &amp; Forecast Report"  – Sydney, Melbourne, Brisbane and Adelaide – had  a combined total of almost 10.5 million square metres of office space in their metropolitan markets. In contrast, those four capital city CBDs had 12.8 million square metres of office space.
The Colliers report showed that the Sydney and Brisbane metro markets have seen significant growth in net lettable area (NLA) over the past 10 years, growing by 79% and 62% respectively. Sydney's metro market is now bigger than the CBD market.
The metro markets of Melbourne and Adelaide have seen respective NLA growth of 24% and 14%, and have been outperformed by their CBD markets.
Going forward, Colliers expects urban regeneration precincts and those with solid public transport access will continue to offer best prospects for growth.
Parramatta and North Sydney in NSW and the Northshore Hamilton precinct in Queensland were identified as areas to watch.
Melbourne's  Fishermans Bend precinct - a 240 hectare precinct on the edge of the CBD that had  recently been rezoned to capital city use, was another hub potentially with good prospects.
Whilst planning for the precinct was in its very early stages, it said, the Victorian State Government had  plans for up to 40,000 jobs in the area.
"Even if only half of these jobs are office-based, as many are expected to be retail, this equates to around 280,000sq m of office development in the area – that’s more than three Rialto towers, " Colliers said.
Another key finding of the report was the increasing number of local institutions are shifting their investment focus away from traditional CBD office markets to metro markets.
Colliers managing director of capital markets and investment services,  John Marasco noted that while the focus of the major domestic and offshore pension and sovereign wealth funds continued to be on CBDs, "other listed and unlisted institutions will create funds specifically to target metropolitan office markets, as their capital looks for new and expanded markets".
“A number of major Australian institutions are believed to be creating these kind of funds as they seek to diversify their portfolios and target higher yielding assets.”
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Metro office markets continue strong growth: Colliers

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It is no secret that apartment renters have high expectations when choosing somewhere to live. This is because these property seekers often have to sacrifice some of the more desirable features that a house rental offers.
Features like added space, yards, and reduced noise are sacrificed to enable renters to afford to live where they want to livein a smaller space, like an apartment or unit. For example, if a two bedroom house with a backyard in a popular beachside capital city suburb was just as affordable as a two bedroom apartment or unit in that same area, the house would be in higher demand.
This is not to suggest that apartment seekers will just accept any property. If anything, apartment rental seekers are arguably more picky due to the additional challenges that apartment living brings. Things like noise, space, and privacy become bigger issues in an apartment versus a house.
Adding weight to this is the ratio of apartments to houses in highly desirable rental areas. Investing in an apartment-heavy area means you will be up against more competition to make your apartment more desirable than most, in order to command the best possible rental return in that suburb marketplace. With this in mind, as investors, it is vital we consider all of the things that may turn off would-be renters when purchasing apartments as investment properties.
Here are 10 areas where tenants have high expectations of an apartment or unit if they are to pay top rent for it:
1)      Location
Location is usually the main reason renters sacrifice other things. If you are considering buying an investment apartment in a great suburb, but in the worst or most inconvenient street within that suburb, perhaps reconsider that property. Especially true if the entire area is unit or apartment heavy. Location needs to be near all the core things; transport nodes, retail.
2)      Traffic and exterior noise
Tied to the above, renters are getting more precious about noise these days as metropolitan city traffic increases. Buying a unit on a main busy road in your chosen suburb is a risky move. The location may be convenient in terms of transport, shops, entertainment etc. But remember: many people are not heavy sleepers. You will put people off who are sensitive to traffic noise.
If on a main road, only consider units with double-glazed windows. If double-glazed windows aren’t fit, use this as a negotiation point when buying. Explain that you’ll need to spend money on windows to attract the best return for your investment.
3)      Internal and neighbour noise
 Modern apartment block architects, engineers, and designers are increasingly factoring noise levels to their plans. In newer apartment block constructions architects are using less common walls and also distributing balconies that prevent neighbours peering in or literally living on top of each other’s balcony noise.
In older stock though, this is a factor that few investors consider in their inspections, but is very important. Rental-seekers really do value privacy in apartments and you should too when considering which ones to buy.
4)      Balconies in general
 Yes, renters love them regardless of suburb. If you take two units of a similar quality/street/size etc. – one with balcony and one without – the one with balcony will always be a big drawcard for renters. This is amplified if the suburb does not have many public parks/bbq areas/beaches or spaces where renters can properly entertain their guests. Covered and lit balconies are especially considered by would-be renters which is worth keeping in mind when looking.
5)      Bathroom layout
This one varies so there is no hard and fast rule. Different renters expect or need different things. For example, a bathtub is coveted in apartments in middle and outer ring suburbs, as well as regional towns, as it factors well with the younger family market.
Families with young babies or children under five will always favour bathrooms with bathtubs. However in other areas where the demographic is more young single professionals, students, or downsizers, bathtubs may not be expected and in fact you could likely retain the same rental rate for a bath-less unit as one with a bath. Yet, the bath-less unit may be $10k cheaper to buy.
6)      Laundry facilities
Laundry needs should also be considered in accordance to your target suburb demographics. Bigger apartments for young families will usually expect an internal, separate-to-bathroom, laundry room. Inner-city studios though, may just have a laundry cupboard in their kitchen, or even less, a shared laundry room with other units on the same floor.
Talk to local agents and get a feel for what the demographic expects. That way, you won’t be overpaying or an apartment or unit purchase that includes features that your future tenant are not really willing to pay extra rent for.
7)      Parking
 You need to find out what tenants expect in your chosen suburbs on this one. Again, ask local agents what renters expect. Also ask what the going rental rate is for a unit with parking included, and one without. Then ask if different parking types attract higher rent (for example, a full lock-up garage for exclusively that unit’s tenants, versus perhaps just an unsecure, open-air spot for just that unit, versus a shared open-air parking lot that works on a first in, best dressed approach daily).
Once you know this, you can calculate the rental return achievable for different parking option apartments in relation to purchase cost; and purchase a unit that drives the best return based on that.
8)      Resort-style features
 Again, entirely dependent on the area, needs of the area, renter demographic, and cost. In some areas, the renter expectation is that lifts, pools, gyms, rooftop BBQ areas, and so on, will be included. Of course, they pay for this in the form of a higher weekly rent. You should exercise caution if you find an apartment for sale in your chosen suburb that is significantly cheaper, but does not include any of these features.
If you area is expecting these features, and your unit does not have them, you won’t be able to command high rent for your apartment. This difference in cost likely won’t be proportional to the returns you’d get if you just purchased a unit with the features that your market is expecting.
9)      The little extras
 Your chosen area may be expecting Caesar Stone bench tops, Italian tiling, jet bath tubs, air conditioning, and so on. Or, it may not. Knowing the difference is what you as an investor needs to figure out. That way, you will ensure you do not pay for features that your apartment renter is not expecting – or not willing – to pay extra rent for.
For this reason, my personal investor style is to select more modern apartments in areas where tenants do not expect the bells and whistles. Though these renters may be willing to pay extra rent for them, the stakes are heightened when these goodies are damaged or need replacement after long-term wear and tear. You can find yourself in the same rental-return advantageous position with a more modest investment apartment in a more modest area, if you are smart.
Doing this means that when things break, these capital costs are cheaper and easier to repair than complex ducted air conditioning systems, spa and Jacuzzi bathes, and so on.
10)   Quality of life. 
Basically, if your chosen area’s demographic favours things like community spirit, quiet/calm behaviour, then this expectation has a whole value of its own.
Why? Because above and beyond and physical or location-based features is this wildcard factor of overall lifestyle desirability. To identify it if this is desired in your target suburb, you just need to compare the rental return achievable for, say, a no-frills apartment in an average (so, not poor, but not excellent) street location within your target suburb, with a similar apartment in neighbouring suburbs.
If you find that the suburb prestige is very similar overall, yet two almost identical apartments (when compared based on factors #1 – #9 above) are commanding substantially different rent, that tells you that the quality of life must be very high in the more expensive apartment.
If you suspect this to be the case, you then need to confirm it. This is easy to do, providing you are not too shy. Just ask the neighbours. Yep, if you are putting an offer in at inspection knock on the doors of the other units, it doesn’t matter if they are renters or owner-occupiers themselves. Mention that you are considering buying and simply ask them "is this block a nice place to live?" They will open up to you.
 
<hr>
 Cameron McEvoy is a NSW-based property investor and maintains a blog, <a target="_blank" rel="nofollow" href="https://www.propertycorrespondent.com.au/">Property Correspondent.</a>
 
 
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The 10 things a tenant wants in a top dollar apartment: Cameron McEvoy

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A fair bit happened over the last two weeks.  So here is a quick update to help get your head in gear.  
Prices
Not a 'bubble', but home prices lifting from a low base in response to very favourable influences such as low interest rates, undersupply of new housing starts and strong population growth.
The latest house price results from RP Data – for the year to September – suggest a rather tame residential market.
<ul>
<li>
National growth 3.7%
</li>
<li>
Sydney 8.0%
</li>
<li>
Perth 7.6%
</li>
<li>
Melbourne 5.4%
</li>
<li>
Canberra 3.7%
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<li>
Darwin 2.2%
</li>
<li>
Brisbane 1.1%
</li>
<li>
Adelaide -0.8%
</li>
<li>
Hobart -2.9%
</li>
</ul>
Remember that consumer price index – for 2012/13 – was 2.6%.
Over the past decade, Sydney home prices have only barely grown in line with inflation (up 2.7% per annum).  The current lift in prices since mid-2013 merely reflects investors and home buyers finally embracing attractive conditions.
<a target="_blank" href="https://www.propertyobserver.com.au/trends/housing-bubble-give-me-a-break-michael-matusik/2013092965340">Again</a>, for mine, what we are experiencing is the normal machinations of the property cycle.
Population growth
Australia’s population grew by 397,400 last year to reach 23 million.  A year ago the country’s residents increased by 367,000 people and during 2011 the yearly escalation was just 305,000 – the lowest rate of annual increase in a bloody long while.
Queensland’s population is growing by 93,000 people each year, similar to NSW.  Western Australia is seeing an 83,000 annual increase; yet Victoria remains the star, lifting its population by 102,000 new people over the last 12 months.
Queensland’s population growth is starting to stabilise – reflecting a plateau in the more labour intensive side of resource sector investment.  This should result in less interstate migration to Queensland, WA and NT in coming years.
More bums on seats might not be everyone’s cup of tea – but it does increase housing demand, which in turn should lead to more residential construction.  
Thankfully, new housing starts are starting to improve, albeit from a low base.
Housing construction
There were 163,000 new homes approved across Australia this year, which is 17,000 more than last year.
Most new starts are still detached houses (95,000) versus 67,000 attached dwellings.  But apartment starts are up 20% on last year, whilst detached housing construction rose just 6%.
A similar trend can be found in Queensland, with 30,000 new homes underway this year, against 27,000 during 2012.  Interestingly, new detached house starts are down 1,000 or 5% in Queensland, whilst new apartment construction is up 50% – 12,000 approvals in the 12 months to August 2013 versus 8,000 the year before.
 
New sales
In response to strong demand for established dwellings and rising population growth, new home sales are now starting to rise, up more than 20% on a year ago – the strongest growth in four years.
This is great news which hopefully can be sustained.
In August, house sales increased by 10% in Western Australia, 8% in South Australia, 7% in New South Wales, 4% in Queensland and 2% in Victoria. 
Confidence
The Westpac/Melbourne Institute index of consumer sentiment rose by about 5% in September - a three-year high.  This index is up 13% over the year.
Amazingly, cash remains the wisest place to put new savings according to the survey.  But this is falling.  The next highest was real estate (28%); followed by pay debt (14%) and shares (9%).
In support, the NAB business survey for August reported a lift in the confidence index to 27-month highs.  A further improvement is expected now that the election is out of the road.
The improvement in both business and consumer confidence now needs to be validated.  We need to start embracing the positives.  In the past five elections, confidence has lifted around the time of the poll.  But a few months later, other issues had taken over as confidence drivers.
It is important that the new federal government builds on the momentum that is developing.
Anyway, we will know more when Westpac releases its October consumer sentiment report.  The last consumer sentiment survey period straddled the election day so the October survey is the first monthly survey since September 7.  However the Roy Morgan weekly survey has continued to publish and it has been rising in recent weeks.

<hr>
Michael Matusik is the founder of <a rel="nofollow" target="_blank" href="https://www.matusik.com.au/" style="font-size: 14px;">Matusik Property Insights</a>, which has helped over 550 new residential projects come to fruition.
Read <a rel="nofollow" target="_blank" href="https://www.matusikmissive.com.au/">Michael’s Blog</a> or follow him on <a rel="nofollow" target="_blank" href="https://www.facebook.com/ThinkMatusik?fref=ts">Facebook</a> and <a rel="nofollow" target="_blank" href="https://www.twitter.com/michaelmatusik">Twitter</a> or connect via <a rel="nofollow" href="https://www.linkedin.com/in/michaelmatusik">LinkedIn</a>.
 
 
 
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michaelmatusik-49YzLvdmNv

Accentuate the positive, good signs for the housing industry: Michael Matusik

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Bank of America Merrill Lynch economist Saul Eslake says the Australian economy is likely to face reduced growth over the next 18 months, as local and international economic risks make it unlikely things will get better soon.
In a wide-ranging interview conducted over an Australian Institute of Company Directors lunch in Melbourne, the high-profile economist had few positive things to say about the coming economic conditions.
In his estimation, these are the four biggest risks to the Australian economy
Gas prices
Nominating this as his number one risk, Eslake said a rapid increase in gas prices could have far more disruptive effect than the carbon tax, and would be delivered with no compensation.
Global demand is why Eslake reckons prices are set to rise.
“In a couple of years, we could face a substantial increase in gas prices as Australia’s gas companies have signed contracts to export all of their gas,” he said.
Gas is expensive to transport and import, so prices could rapidly rise as a result.
This could have a large impact, particularly in New South Wales, where government policy prevents further gas exploration.
Gas is used in electricity generation, food processing and the making of construction materials, Eslake said.
Crazy politicians at home
Eslake took a shot at politics, particularly the Nationals, saying they could hamper the Abbott Government’s ability to undertake productivity-enhancing reforms.
“John Howard was lucky in that when he was prime minister, the National Party was led by Tim Fisher, John Anderson and Mark Vaile, all of whom were by Nationals standards very rational people,” he said.
“They were trade ministers who saw it as part of their job to sell free-market policies to an often sceptical, sometimes hostile constituency.
“That wing of the National Party is all but extinct.
“Now, we’ve got a situation where our country may be run by Barnaby Joyce while Abbott is out of the country. That’s frankly a quite frightening prospect.” Joyce has said he will run for deputy prime minister when current leader Warren Truss retires.
And politicians abroad…
But perhaps this is not as frightening as <a href="https://www.smartcompany.com.au/economy/057795-what-does-the-united-states-government-shutdown-mean-for-me-and-my-business-a-smartcompany-q-a" target="_blank">what is going on in America</a>. The American Government is currently closed after the failure of its legislature to pass a budget bill. On October 17, however, the American government will hit its debt limit, and unless its politicians manage to compromise this time, the American government will default on its debts.
An American government default of even “half a day” would have “catastrophic” consequences, potentially leading to a “cold-war-life” situation in the global economy, Eslake said.
“Until about ten days ago, the conventional wisdom of financial markets was that the Republicans wouldn’t go down this road.
“But to hear the way they’re talking now, well, you have to wonder what planet they’re living on. One can only hope enough Republicans come to their senses.”
The persistently high Australian dollar
The Australian dollar is still too high, and this hinders Australia’s adjustment to the period after the mining investment boom, Eslake said.
“The dollar is just too high to encourage investment outside of mining, and we need that investment in places like New South Wales.”
 

<hr>
This article originally appeared on <a href="https://www.smartcompany.com.au" target="_blank">SmartCompany</a>.
 
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mrobin-TVRYiru7si

Gas prices and crazy politicians: Saul Eslake's four biggest risks to the Australian economy

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The design of your workspace can impact your employees’ feelings of wellbeing and productivity, so it makes good business sense to pay it attention.
Where people sit, meet, eat and what they can see around them all play a role, however many businesses persist with poorly set out offices, where staff sit uncomfortably and in dimly lit areas.
HASSELL principal Matt Blain says changing the work environment doesn’t have to be expensive, but requires creative thinking. He says to ask, what spaces can you provide for your staff? And how can you open up the space to embrace natural light and views?
HASSELL recently won a prize for small office interior design at the INSIDE Festival, part of the World Architecture Awards held in Singapore. The prize was for work on advertising firm Clemenger BBDO’s 750sqm Sydney workplace.
Blain offers his key advice for small to medium businesses on creating a better work space for your employees, without breaking the budget.
<img src="/images/stories/2013/10/08/number-1.jpg" width="20" height="30" alt="number-1" style="float: left;">First impressions count
The reception area is the first impression staff and guests get of your business. Rather than a traditional desk for the receptionist, and walls that hide working spaces, Blain says in the Clemenger space, they opened it up.
In the open-plan entry area, guests can see the staff at work, the busy kitchen area, and see pin-up boards displaying creative work in progress.
Blain says this projects an image of a welcoming, buzzing workplace where the staff are a key advertisement for the approach of the company.
<img src="/images/stories/2013/10/08/number-2.jpg" width="27" height="30" alt="number-2" style="float: left;">The square desk
Many offices are like rabbit warrens, with desks tucked away in corners behind barriers, or with three employees isolated from the rest of the team in an office.
“It was all about opening the space up,” Blain says of the Clemenger project.
The new set up sees employees seated around large, square desks, with around six to eight on each hub.
He explains this enables collaboration via face-to-face discussions, which leads to continual generation of ideas. If staff want to do concentrated work, they can go to other areas of the office, or wear headphones, which is now common practice.
<img src="/images/stories/2013/10/08/number-3.jpg" width="22" height="30" alt="number-3" style="float: left;">Activity spaces
An open-plan design needs spaces for meetings and informal activity, Blain explains.
“The key is having a flexible environment, with brainstorming places,” he says.
In the Clemenger offices, Blain’s team implemented alcoves where small teams can sit and meet with a curtain drawn around them. There are pin-up boards for creative ideas to be put on display, for everyone to comment on.
<img src="/images/stories/2013/10/08/number-4.jpg" width="22" height="30" alt="number-4" style="float: left;">Embrace the kitchen
An open-plan kitchen is the heart of the Clemenger space. It is home to a barista for coffee-making, and lunch orders are delivered there.
While not all business can have a barista, a welcoming, open kitchen is a worthwhile investment. Blain explains that this area is usually buzzing with staff, and they meet to have lunch throughout the day.
<img src="/images/stories/2013/10/08/number-5.jpg" width="22" height="30" alt="number-5" style="float: left;">Let there be light
In the Clemenger office, the brief was to create a sense of a New York loft, that was light and airy. The designers embraced Scandinavian style furniture, neutral colours, raw industrial features and some timber surfaces for warmth.
The trick, Blain says, is to harness available views, make the best use of natural light sources and not to block windows. He says to keep view-lines through the office as clear as possible, rather than enclosing too many areas.
A simple colour palette that is easy on the eye is also a good idea.
<img src="/images/stories/2013/10/08/number-6.jpg" width="22" height="30" alt="number-6" style="float: left;">Don’t blow the budget
Blain says that the cost of re-doing an office space doesn’t need to blow out. He advises working with existing furniture where possible, scouring eBay and other second-hand sources for inexpensive items and simplifying finishes.
Depending on the extent of change, expert advice could be worth the investment.
This article originally appeared on <a href="https://www.smartcompany.com.au" target="_parent">SmartCompany</a>.
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moliver-7qYWqnHmyR

Six top tips for the ultimate workplace design

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When one writes as often about the Sydney property market as we do (thirteen years now) – all I can say is that the current media reporting is simply lazy and embarrassing.
The Sydney real estate market consists of approximately 650 niche suburbs yet for some strange reason they are all thrown in together to represent what’s supposedly happening in the marketplace. I was watching a news bulletin this week which showed a map of where the bushfires were and this reminded me of the Sydney property market where some areas are literally on fire and others performing well, however not out of control.
Today, we have no instant data collection of exactly what or where the buyers for each transaction came from – investor, local or overseas, SMSF, first home buyer or home buyer. Politicians want to know nothing about the property markets preferring to lay the responsibilities solely at the hands of the Reserve Bank of Australia (RBA). The Abbott government considers it irrelevant that we don’t even have an appointed housing minister despite repeated warnings and historical data that shows whenever you have significant gains the following pain is even greater.
Last week the RBA wisely decided to leave the <a href="https://www.rba.gov.au/media-releases/2013/mr-13-15" target="_blank">cash rate unchanged at 2.5</a>%. Upon closer examination there were <a href="https://www.smh.com.au/business/comment-and-analysis/on-balance-rba-defers-to-us-drama-20131001-2uqq2" target="_blank">mixed message</a>s on balance, although I see the main debate as <a title="RBA dilemma: strong dollar v bubble risk" href="https://www.smh.com.au/business/the-economy/rba-dilemma-strong-dollar-v-bubble-risk-20130927-2uiur" target="_blank">strong dollar v bubble risk</a> although for mine the most poignant was Alan Kohler’s RBA critique in Business Spectator – <a title="The elephant of scandal in the monetary policy room." href="https://www.businessspectator.com.au/article/2013/10/2/reserve-bank-australia/elephant-scandal-monetary-policy-room" target="_blank">the elephant of scandal in the monetary policy room.</a>
<a title="Shadow Board says stomp on housing" href="https://www.macrobusiness.com.au/2013/10/shadow-board-says-stomp-on-housing/" target="_blank">Shadow Board says stomp on housing</a> – “The RBA should consider signalling that its next move will be to raise official interest rates amid fears loose monetary policy might fuel a house price bubble, according to a ‘shadow board’ of prominent economists. Warwick McKibbin believes that capital is being misallocated ‘’across the economy” and that: “To avoid the US experience during 2001 to 2004, when rates were too low for too long, a move to normal interest rates would be advisable.”
<img src="/images/stories/2013/10/07/simeon-oct-7-one.jpg" width="470" height="391" alt="simeon-oct-7-one">
There is a very good reason as to why; our markets remain in flat line mode (excluding apartments) and the reason? Look no further than <a title=" Unemployment now 10.4% in September (up 0.3% in a month)" href="https://www.roymorgan.com/findings/5219-roy-morgan-unemployment-september-2013-201310010146" target="_blank">unemployment now 10.4% in September (up 0.3% in a month)</a> and up 4.7% since November 2007 – the term of the ALP government.
In September 2013 an estimated 1.3 million Australians (10.4% of the workforce) were unemployed. This is up 46,000 (0.3%) from last month. The Australian workforce was 12,467,000 (up 90,000) comprising 7,413,000 full time workers (up 71,000) and 1,297,000 looking for work (up 46,000) according to Roy Morgan employment estimates. These figures do not include people who have dropped out of the workforce and given up looking. In my opinion this is the most accurate unemployment model as the Australian Bureau of Statistics’ measure is that if you work one hour a week you are considered to be in full employment.
Mosman has approximately 4,900 houses and the greater percentages are connected to the banking industry where the greater percentage of redundancies occurred. It will take time for households to recover which explains why we have and are seeing so few houses on the market and definitely no signs of a boom.
New listings to the market this week went backwards when compared to the previous week although there was a strong week of <a title="Mosman sales." href="https://www.rwm.com.au/news/" target="_blank">Mosman sales.</a> For the first time since we have been recording data Mosman apartments fell below 50 to sit at 48. It was December 6 in 2012 when they were last in triple figures where they sat at 100.
If Australia did have an appointed housing minister we could bring to his/her attention that <a href="https://news.smh.com.au/breaking-news-business/we-need-to-build-more-houses-anz-warns-20130926-2ugcx" target="_blank">Australia urgently needs to be building more apartments and houses</a>. It is abundantly clear (to those interested anyway) that Australia has failed to keep up with population growth.
Since 2000, state and federal governments have failed miserably to bother to understand this portfolio where we see today the NBN Co taking up the vast majority of the debate. Somewhat strange that there appears little to no concern about what exactly is happening inside the home.
Of course governments prefer to rely on Census data which happens every five years with the next data collection in 2016. The last Census in 2011 revealed Australia had a population of 21,507,717 which represented a +8.3% increase from the 2006 Census.
Yet our elected politicians prefer to say – move on, nothing happening here! Oh dear – if ever there was a more crucial time to gather and understand housing data there would be no better time. A housing minister would be an obvious start.

<hr>
Robert Simeon is a director of <a style="font-size: 14px;" rel="nofollow" target="_blank" href="https://www.rwm.com.au/" title="RWM">Richardson  Wrench Mosman and Neutral Bay </a>and has been selling residential real estate in Sydney since 1985.
He has also been writing real estate blog <a rel="nofollow" target="_blank" href="https://www.rwm.com.au/news/" title="Virtual Realty News">Virtual Realty News</a> since 2000. 
The RWM real estate model has sold in excess of $1 billion in database sales globally.
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