Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Joel Robinson

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

IN BRIEF

<ul>
	<li>
	Just three double-storey Sky Homes sit at the top of The Waterline, each with its own private marina berth and rooftop terrace.
	</li>
	<li>
	Construction on The Waterline is complete, with the first residents expected to move in from mid-October.
	</li>
	<li>
	Sky Homes range from 282 sqm to 367 sqm and are priced from $3.65 million.
	</li>
</ul>

<hr />
Lewis Land has opened the first completed sky home for inspection at Harbour Shores, giving buyers their first opportunity to step inside one of just three double-storey residences crowning The Waterline.

Each sky home comes with its own private marina berth, rooftop terrace and Broadwater views, combining the scale of a larger home with direct access to the boating lifestyle that underpins the wider <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan.

[smartcode_project:default project_id=113271 project_image_fid=366708]

Lewis Land Head of Development Michael Long said the inclusion of a berth with every Sky Home had become increasingly valuable as marina access across the Gold Coast tightened.

“Marina berths are becoming increasingly difficult to secure across the Gold Coast, so including one with every Sky Home makes this a genuinely rare offering,” Long said.

“The private 70-berth marina will accommodate boats up to 12 metres in length and is positioned just 2.5 kilometres from the Broadwater, placing the open ocean only 15 minutes away.

“Being able to step out of your home onto your boat is a rare luxury, and it’s something residents here can look forward to when it opens later this year.”

[smartcode_project:default project_id=113271 project_image_fid=366709]

The display opening comes as construction completes on The Waterline, with the first residents expected to move in from mid-October.

The three Sky Homes range from 282 sqm to 367 sqm and each feature three bedrooms, three bathrooms, multiple living zones, expansive kitchens with butler's pantries and large balconies taking in the Broadwater outlook.

Each residence also has three secure basement car spaces and additional storage.

“This is the first opportunity the Gold Coast has had to step into Harbour Shores and see, touch and feel what we’re bringing to life here,” Long said.

“There are only three Sky Homes within The Waterline, ranging in size from 282sqm to 367sqm, with each residence featuring three large bedrooms, three bathrooms, multiple living zones, expansive custom-built kitchens with butler’s pantry, and large balconies capturing Broadwater views.”

<img alt="Harbour Shores" data-entity-type="file" data-entity-uuid="bab65e10-4fab-45e1-92d8-fc56e2ab98ff" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%202.00.16%E2%80%AFPM.png?VersionId=XT8q76LsPkw3cYTsvN3JfFDaPLud90PN" />

Residents of The Waterline will have access to a private pool, along with Harbour Shores' wider collection of amenity including a lagoon pool, social clubhouse, tennis court, gym, yoga facilities and sauna.

Lewis Land partnered with Studio Collective to furnish the completed display, with the interiors designed to demonstrate how the residences could function as permanent homes rather than simply as show apartments.

Studio Collective Director Melissa Park said the surrounding waterways informed the interiors, but in a more restrained way than a traditional coastal scheme.

“We drew inspiration from the canals and coastal surrounds, but our approach was to interpret that subtly through layered materials and a grounded palette of earthy tones, rather than literal coastal references,” Park said.

“We introduced hero moments of green and teal to reference the surrounding waterways, while mirrored elements help reflect natural light.

“The result is a residence that feels elevated yet comfortable, somewhere buyers can genuinely imagine themselves living, entertaining and unwinding.”

Sky Homes are priced from $3.65 million.

Lewis Land is also offering private marina berths with The Residences, its limited collection of three and four-bedroom villas positioned directly along the Harbour Shores waterfront boardwalk.

Three-bedroom villas are priced from $2.99 million, while four-bedroom residences start from $3.19 million.

Harbour Shores is being marketed by Colliers International.

[smartcode_project_cta:default project_id=113271]

Lewis Land opens sky home display as The Waterline completes at Harbour Shores

St Vincent de Paul Society Housing Australia has filed plans for a major mixed-use housing precinct on the southern edge of the North Sydney CBD, adding another significant proposal to a pocket around North Sydn​ey Station that is quickly becoming one of the LGA's busiest development zones.

The State Significant Development Application covers a 5,990 sqm site at <a href="https://www.apartments.com.au/new-apartments/1-19-mackenzie-street-lavender-bay-nsw-2060">1-19 MacKenzie Street and 211 Blues Point Road in Lavender Bay</a>, immediately south of Nor​th Sydney Station and between the commercial core and the lower-rise Lavender Bay Heritage Conservation Area.

Designed by Wardle, the proposal would deliver a new residential tower comprising 88 build-to-sell apartments and 19 affordable apartments, alongside a separate co-living building with 57 rooms and a building manager's studio.

It would also see the significant restoration and upgrade of St Francis Xavier Catholic Church, the adaptive reuse of the former school building, new parish facilities, retail, a new public square and around 1,000 sqm of publicly accessible open space.

<img alt="Vinnies North Sydney" data-entity-type="file" data-entity-uuid="d5dd7f87-a617-463e-b577-17541e01f0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.13%E2%80%AFAM.png?VersionId=4R8TsFN3P_LrrXO2HswTOIrx2blil8lh" />

The project is seeking a concurrent rezoning of the site to R4 High Density Residential and an increase in the maximum building height to allow a tower reaching RL120, or up to 20 storeys. The proposal was progressed through the NSW Government's Housing Delivery Authority pathway.

The build-to-sell component will be weighted toward larger apartments, with just six one-bedroom apartments compared with 31 two-beds, 43 three-beds and eight four-bedroom residences.

The 19 affordable apartments will comprise two studios, 15 one-bedroom apartments and two two-bedroom apartments, taking the total apartment component to 107 residences before the 58 co-living rooms are included.

<img alt="Vnnies" data-entity-type="file" data-entity-uuid="7d568ca5-cb90-4e18-96c6-d9795dba0c56" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.05%E2%80%AFAM.png?VersionId=GY2R5M9VtQh0EKy1vajaea19PSLOPuRD" />

Wardle's design for the Vinnies site has sought to negotiate that emerging high-rise context while retaining the lower-scale character of MacKenzie Street and the adjoining heritage conservation area.

The main building adopts a three-storey podium and tower arrangement, with the podium aligned to the ridgeline and front setback of St Francis Xavier Church.&nbsp;Wardle has designed the podium with colonnades, seating, recessed entries and active ground-floor frontages, with sandstone-toned precast concrete and face brick referencing the materiality of the existing church.

The tower then steps back eight metres to the south and six metres to the north before rising in a sculpted form comprising four interlocking quadrants. Wardle has also introduced rounded forms and chamfered corners to reduce the tower's perceived bulk and improve view sharing with neighbouring development sites.

Resident facilities and outdoor areas are planned at the separation between the podium and tower at Level 3, oriented toward Sydney Harbour and the CBD skyline.

The tower itself will feature a glass reinforced concrete facade, with recessed balconies and deep reveals used both to provide shading and privacy and frame views toward the harbour and city. The lower levels take a different architectural approach, using brick and sandstone-toned finishes intended to establish a stronger relationship with St Francis Xavier Church. The Church itself will be conserved and upgraded for its continued use, while the former school building will be adaptively reused as part of the co-living component.

<img alt="Lavendar Bay" data-entity-type="file" data-entity-uuid="2d4418ad-90aa-4d49-af93-c80b140aea80" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.09.47%E2%80%AFAM.png?VersionId=Kv4gzbsACaGvZSRuaqcfGC54jEJRXIDJ" />

&nbsp;

The proposal adds to an increasingly concentrated pipeline of residential development around Blue Street, MacKenzie Street and Lavender Bay.

Just west of the site, Central Element lodged plans earlier this year for one of the most significant residential developments proposed in Lavender Bay in recent years.

Central Element's SJB-designed scheme at 64-66 Lavender Street and 3-7 Middlemiss Street would deliver 163 apartments across two towers rising 23 and 32 storeys, replacing five existing apartment buildings containing 32 homes. The project also forms part of the Housing Delivery Authority pathway.

<a href="https://www.apartments.com.au/news/nsw/first-look-central-element-reveals-lavender-bay-apartment-plans?utm_source=chatgpt.com" rel="noopener" target="_blank">First look: Central Element reveals Lavender Bay apartment plans</a>

Immediately around North Sy​dney Station, another two significant proposals have emerged at 5 and 15 Blue Street.

Zurich Australian Insurance Properties is seeking to adaptively reuse its longstanding commercial building at 5 Blue Street, directly above North Sydney Station, rather than demolishing the structure.

Its SSDA proposes converting the building into a 14-storey mixed-use development with 62 apartments and 86 co-living rooms, together with ground-floor retail and a major refurbishment of Blue Street Plaza. The application is currently at the Response to Submissions stage.

<a href="https://www.apartments.com.au/news/nsw/first-look-zurich-targets-north-sydney-office-conversion-with-148-unit-proposal-above-metro-station">First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station</a>

&nbsp;

First look: Vinnies files for 20-storey Lavender Bay apartment tower as North Sydney housing pocket heats up

When the opportunity arose for South Australian developer Palumbo to return to Kent Town, where it had previously delivered East Park Apartments and the East 
Rundle Apartments, it wasn't one the longstanding developer-builder was going to pass up.

The decision was quickly vindicated, with more than 30 apartments sold within the first month of launching <a href="https://www.apartments.com.au/new-apartments/royal-apartments-kent-town-2-8-north-terrace-kent-town-sa-5067">Royal Apartments</a> to the market.

The 206-apartment development, which will bring significant new supply to Adelaide's tightly held eastern city fringe, also gives <a href="https://www.apartments.com.au/developers/palumbo">Palumbo</a> the opportunity to bring new life to one of Kent Town's most recognisable watering holes.

[smartcode_project:default project_id=6109 project_image_fid=376073]

Royal Apartments incorporates the historic Royal Hotel, a venue Palumbo Managing Director Daniel Palumbo said has a longstanding connection with the local community.

"Everyone in the area has history with the Royal Hotel," Palumbo told Apartments.com.au.

"It was quite an active pub and social gathering place for locals. We want to bring it back to its former glory."

[smartcode_project:default project_id=6109 project_image_fid=376072]

The wider development will comprise two residential towers alongside the restored hotel, sitting on North Terrace opposite the Adelaide Park Lands.

For Palumbo, the project also marks a return to familiar territory.

The developer completed East Park Apartments next door more than a decade ago and jumped at the opportunity to develop in Kent Town again when the Royal Hotel site became available.

"The opportunity emerged, and we moved to secure the site," Palumbo said.

"We were approached by the previous landowner, who said they had extensive commitments in Sydney and weren't in a position to deliver the project.

"We took over the site and within six months recut the design scheme to be more in keeping with the type of development we want to bring to Adelaide.

"Now we're on the market and those changes have really resonated with local buyers."

That has translated into a strong start to sales, with 33 apartments transacting in the project's first 35 days.

Palumbo said the early purchaser profile had been consistent with the group's traditional focus on owner-occupiers rather than investor-led apartment stock.

"Local owner-occupiers have always been our market," he said.

"There are always some investors, but we've never developed what would be called traditional development stock. Owner-occupiers are very much our market."

[smartcode_project:default project_id=6109 project_image_fid=376068]

The buyer mix has been diverse so far, with downsizers and younger professionals both accounting for a significant portion of early sales.

South Australia's current stamp duty settings, which allow&nbsp;eligible homeowners in South Australia aged 60 savings of up to $103,830 on stamp duty when they downsize to a new property valued at up to $2 million,&nbsp;have helped encourage downsizer activity, while younger buyers in their late 20s and early 30s have been attracted to the opportunity to live immediately outside the CBD while still being able to walk into the city.



Location has been a major part of the proposition for both buyer cohorts.

[smartcode_project:default project_id=6109 project_image_fid=376075]

Royal Apartments sits on North Terrace directly opposite the Adelaide Park Lands, with residents able to walk through the parklands toward the East End, Rundle Street and Rundle Mall.

Apartments have been positioned to capture views across the parklands, Adelaide skyline, Botanic Gardens and Adelaide Hills.

Palumbo believes the scarcity of developable land along this section of the Park Lands makes the site particularly difficult to replicate.

"There's very few allotments on that side that can be developed," he said.

"If this location was in New York and you were sitting on Central Park, you'd be talking about a $60 million apartments."

Royal Apartments will offer a broad mix of residences, ranging from one-bedroom apartments through to four-bedroom sub-penthouses and penthouses.

Current listings include one-bedroom apartments from $680,000, while larger three and four-bedroom residences are priced around $2.5 million.

Residents will have access to a swimming pool, gym, barbecue and recreation areas, residents' lounge and dining space, and a communal deck.

[smartcode_project:default project_id=6109 project_image_fid=376067]

The apartments will feature generous balconies, while secure parking, bicycle storage and storage cages will also be provided.

A porte-cochère-style arrival and drop-off area has also resonated with buyers, particularly those attracted to being able to walk into the CBD during the day while retaining secure vehicle access at home.

Palumbo is acting as developer, architect and builder on Royal Apartments, continuing the vertically integrated model it has used across its South Australian portfolio.

The group was also behind the $150 million Sofitel Adelaide, the 251-room five-star hotel and residential tower which opened in 2021.

Palumbo said Royal's launch had come at an interesting time for the broader Adelaide apartment market.

Buyer confidence had initially been impacted by uncertainty surrounding the Federal Budget and broader economic conditions, but Palumbo believes sentiment is beginning to improve against a backdrop of significant investment flowing into South Australia.

He pointed to increased activity across defence and resources, including Olympic Dam, as potential long-term drivers of the state's economy and housing market.

"Money is starting to flow into Adeliade, significant amounts as Adelaide bucks the trend of the rest of the country.," Palumbo said.

"There's a lot of activity in the economy over the next decade. I think more investment will come into this market."

Early works on Royal Apartments are expected to commence this year, with major construction activity and cranes anticipated on site from early next year.

[smartcode_project_cta:default project_id=6109]

Palumbo's return to Kent Town strikes early chord with buyers

Go-to builder-developer <a href="https://www.apartments.com.au/developers/graya">GRAYA</a> is continuing to bulk out its already impressive and diverse apartment portfolio across South East Queensland. Their latest milestone is securing development approval for Silk, its boutique riverfront apartment development in St Lucia.

The approval clears&nbsp;the way for the team to begin construction planning for the 22-residence project.

<a href="https://www.apartments.com.au/new-apartments/silk-st-lucia-16-18-sandford-street-st-lucia-qld-4067">Silk</a> will rise 15 levels from an 810 sqm site at 16-18 Sandford Street, occupying a prominent bend of the Brisbane River with a prized northern aspect across Orleigh Park toward the Brisbane CBD.

The approved scheme will comprise 16 split-floor and six full-floor residences, continuing GRAYA's move into larger-format apartment developments targeting Brisbane's prestige owner-occupier market.

The project has been designed around the site's broad river frontage and dual-direction views, with GRAYA prioritising larger residences, privacy and outlook over apartment yield.

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="aa5c2349-f96c-4914-a812-1f2cd6827af8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.44%E2%80%AFAM.png?VersionId=WY0vEU_7vYjeRJKQHiCwFdMxu8PvFh52" />

GRAYA Co-founder and Chief Executive Officer Rob Gray said the project had been shaped around local homeowners wanting to remain in St Lucia without maintaining a traditional family home.

"St Lucia is one of those suburbs people do not want to leave," Gray said.

"They know the river, the trees, UQ, the golf course, Toowong and Indooroopilly, and that familiarity is hard to replace.

"True riverfront opportunities here are exceptionally scarce. What we have designed at Silk is a way to stay in the suburb people love, with the scale and privacy of a private home and far less to maintain.

"This is not typical apartment product. It is a proper home on the river, and that is exactly what this market has been missing."

The approval comes as new apartment development continues to increase across the St Lucia and neighbouring Toowong corridor, although direct riverfront sites remain considerably more tightly held.

GRAYA Co-founder and Managing Director Andrew Gray said securing the approval had removed a significant element of development risk from Silk.

"Genuine riverfront sites of this quality in St Lucia are not something that comes up regularly," Gray said.

"The approval removes a substantial layer of execution risk, and the location underwrites demand in a way very few inner-city sites can.

"The fundamentals here are as strong as anything we have assessed in Brisbane."

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="d0f3d734-65e1-48e8-8ed3-2e0715ffcdd9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.56%E2%80%AFAM.png?VersionId=sOLSs_jdHkXLWbBKzRyayf5BfTb2vPsD" />

Silk will see GRAYA return to a stretch of the Brisbane River where it already has recent construction experience. The vertically integrated group recently completed ARC in neighbouring Toowong as builder for developer Spyre, delivering the riverfront project on a constrained site.

GRAYA will take a different role at Silk, controlling the project from design and development through construction and aftercare under its vertically integrated model.

The development will include a gym and resident leisure areas at ground level, integrated with the river's edge.

Silk joins a growing pipeline for GRAYA across Brisbane and the Gold Coast, which includes Enclave, The Gallery, Coral and Ripple.

The developer-builder has also recently lodged plans for its largest project to date, <a href="https://www.apartments.com.au/new-apartments/the-silo-19-chester-street-newstead-qld-4006">The Silo</a>, a proposed <a href="https://www.apartments.com.au/news/qld/graya-buys-frasers-newstead-site-plans-the-silo-between-james-street-and-gasworks-precincts">$700 million mixed-use development</a> in Brisbane's James Street precinct.

Silk is expected to predominantly target local owner-occupiers and prestige buyers seeking a permanent riverfront home in Brisbane's inner west.

Registrations of interest are now open, with further details on the project and construction program to be released as it progresses.

<hr />
<h2>SILK PROJECT FACTS</h2>

Developer-builder: GRAYA

Project: Silk

Location: 16-18 Sandford Street, St Lucia

Apartments: 22

Built form: 15 levels

Site: 810 sqm riverfront holding

Mix: 16 split-floor and six full-floor residences

Status: Development approved

Next step: Construction planning underway

[smartcode_project_cta:default project_id=152168]

GRAYA greenlit for riverfront St Lucia apartment development, Silk

Coronavirus

<html><body>
GUEST OBSERVER
Our analysis shows an economic downturn as a result of the COVID-19 pandemic will dramatically increase rental stress for people with insecure or casual work. If the downturn persists this will place people in precarious jobs at higher risk of homelessness.
The scenario we explored is the effect of loss of casual work on people on very low incomes. We identify this at-risk group as those aged between 19 and 30 years, living independently with disposable incomes of A$600 a week from casual work or a combination of casual work and benefits.
They typically work in cafes, restaurants, catering, events, fast food and retail. These are the <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-03-06/this-is-why-casual-workers-could-be-hardest-hit-by-coronavirus/12027382">jobs most immediately impacted by an economic slowdown</a>. It is estimated <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-04-25/australia-sees-increase-in-casual-workers-ai-job-threats/11043772">one in four Australian workers is casual</a>, although not all are on low incomes.
The infographic below illustrates the extreme rental stress a slowdown will cause the low-income casual workers. We have calculated average rent across the broader Melbourne and Sydney metropolitan areas. The infographic shows the impact on rental stress of losing up to A$300 per week of disposable income. The percentages represent the amount of income taken up by rent, with red indicating the most extreme rental stress.
<img src="https://images.theconversation.com/files/321155/original/file-20200317-60932-19pvj8k.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Source: REIA median rental data (December, 2019), A Guide to Australian Government Payments, authors' calculations
For example, the top row shows a casual worker in Sydney sharing a two-bedroom flat earning A$604 a week had A$344 disposable income after rent. The final row shows an individual in Sydney with A$326 weekly income after losing work income. Their rent then takes up 80% of their income, leaving them with A$66 a week to live on after rent.
The potential impact of the downturn on the disposable income of people with very low incomes means they will be in extreme rental stress unless they have savings.
So do they have savings?
The federal government has <a href="https://www.theguardian.com/world/2020/mar/10/australian-government-warned-not-to-drag-its-feet-on-help-for-casual-workers-in-coronavirus-crisis">suggested</a> casual workers have savings to tide them over. Our analysis of Australian Bureau of Statistics data suggests 38.9% of those earning A$600 or less per week have less than A$600 in savings to get them through. Over a quarter of this group are already in debt.
Another 26.6% of low-income casual workers have a month or less for things to get back to normal.
<img src="https://images.theconversation.com/files/320900/original/file-20200316-27643-y5y5ri.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Average savings of people earning A$600 a week. Source: Income and Housing, Australia, 2017-18 (Australian Bureau of Statistics), Authors' calculations
These savings will be used up rapidly when average rent in a share house is A$133-220 per week in Melbourne and A$165-260 in Sydney. These rents include outer metropolitan areas, so rental stress in the inner cities will be worse, as our <a href="https://theconversation.com/city-share-house-rents-eat-up-most-of-newstart-leaving-less-than-100-a-week-to-live-on-123772">previous analysis</a> showed.
The downturn will affect a large number of people already on benefits because their income is partly from benefits and partly from earnings. According to <a href="https://data.gov.au/dataset/ds-dga-cff2ae8a-55e4-47db-a66d-e177fe0ac6a0/distribution/dist-dga-1fb71211-4e8a-4bf2-b659-148cd4d6972d/details?q=">data from the Department of Social Services</a>, 41% of Youth Allowance recipients, 28% of NewStart recipients and 36% of Parenting Payment single recipients are working and therefore receive part-rate allowances.
Will the first economic stimulus package help?
For people already receiving benefits the one-off <a href="https://treasury.gov.au/coronavirus/households">A$750 stimulus payment</a> will help to tide them over for 3-4 weeks’ rent. But to date casual workers have not been included in that stimulus payment (unless they receive <a href="https://www.servicesaustralia.gov.au/individuals/services/centrelink/family-tax-benefit">Family Tax Benefit</a>).
People who lose their casual work will be able to get the new <a href="https://www.servicesaustralia.gov.au/individuals/services/centrelink/jobseeker-payment">JobSeeker payment</a> from March 20. It’s the same as the <a href="https://www.servicesaustralia.gov.au/individuals/services/centrelink/newstart-allowance/how-much-you-can-get">NewStart rate</a> – A$326 per week (including average rent assistance) – so it is clear they will be in immediate rental stress.
 
It’s worth noting this rental crisis is compounded because NewStart has not kept pace with rental increases over the last 25 years. NewStart has been increased by CPI only. The chart below shows how wide the gap between Melbourne rent price increases and CPI has become.
<img src="https://images.theconversation.com/files/320901/original/file-20200316-27648-dca69x.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">Median increase in Melbourne rents and CPI, June 1999 – December 2019. Source: Rental Report, Department of Health &amp; Human Services (Dec 2019), Consumer Price Index (ABS), Authors' calculations
So what needs to be done?
The loss of income for casual workers will result in extreme rental stress for people who were already on low incomes. This issue demands urgent attention to prevent a homelessness epidemic. Agencies like the <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-03-17/calls-for-housing-eviction-bans-during-coronavirus-outbreak/12060484?fbclid=IwAR0ND56d2GClAg-JNwdtQm6m59rcurdNjBV_M4kl9DbXKgFUDe-PB1q-Y1U">Council for Homeless Persons</a> are already calling for an immediate moratorium on evictions.
Landlords have a responsibility here as well since they benefit from continuity of rentals and the contribution of government policy to their wealth and assets. For example, low-income rents are paid out of a combination of regular earnings, benefit payments and rent assistance. These will now be supplemented because people on low incomes are likely to use the stimulus package to keep up.
The challenge for the government is to provide support to people on very low incomes that will see them through the entire COVID-19 crisis. One solution would be to immediately increase the JobSeeker payment to help people on low incomes ride out the downturn in casual work. Another solution would be to provide replacement income for casual workers affected by the downturn.<img src="https://counter.theconversation.com/content/133782/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/simone-casey-130516">Simone Casey</a>, Research Associate, Future Social Service Institute, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a> and <a href="https://theconversation.com/profiles/liss-ralston-295934">Liss Ralston</a>, Urban Statistician, Centre for Urban Transitions, <a href="https://theconversation.com/institutions/swinburne-university-of-technology-767">Swinburne University of Technology</a>
This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/coronavirus-puts-casual-workers-at-risk-of-homelessness-unless-they-get-more-support-133782">original article</a>.
</body></html>

j.ballantyne1990-6AQqhLzZaK

Coronavirus puts casual workers at risk of homelessness unless they get more support

<html><body>
As millions of Australians experience a decrease in working hours or even loss of employment, the anxiety around not being able to afford rent is real for many renters in Australia. 

On March 29th, <a href="https://www.pm.gov.au/media/national-cabinet-statement">Prime Minister Scott Morrison announced</a> a 6-month moratorium on evictions across Australia. On Wednesday, April 7th, the Federal Government further announced a mandatory <a href="https://www.pm.gov.au/sites/default/files/files/national-cabinet-mandatory-code-ofconduct-sme-commercial-leasing-principles.pdf">Code of Conduct</a> for small and medium-sized businesses. Unfortunately, residential tenancies are still excluded from any new regulations. However, there are still steps that tenants can take to protect themselves during this difficult time.

<h2>RESIDENTIAL TENANCIES ACT (1997)</h2>

Landlords and tenants are bound by the above legislation, <a href="https://s3.ap-southeast-2.amazonaws.com/hdp.au.prod.app.vic-engage.files/5815/5719/2224/Residential_Tenancies_Act_1997_May_2019.pdf">which states</a> that the landlord may evict the tenant “if the tenant owes at least 14 days rent to the landlord” (p. 222). But following the Federal Government’s latest decision, this law should be the exception rather than the rule.

<h2>NEGOTIATION</h2>

At this point, open communication is the best way to solve the matter at hand. 

<ul>
<li>Alternative payment plans, e.g. paying by instalment, deferred payment</li>
	<li>Rent relief or abatement</li>
	<li>Alternative living arrangements on the property</li>
</ul>
Landlords and tenants who are not in significant financial distress over current circumstances are to honour the existing lease agreement.

<h2>RULES LANDLORDS MUST COMPLY WITH</h2>

Your rights as a tenant also extend to keeping your landlord in check:

Landlords are legally obligated to ensure the peace and comfort of their tenants. Under COVID-19, this rule still stands. However, if your landlord intends to go ahead with an inspection, urge them to consider:

<ul>
<li>Limiting the number of people present in the premise</li>
	<li>Equipping those present with the adequate protective items, e.g. face masks, hand sanitisers, handwash</li>
	<li>Maintaining a healthy social distance of 1.5 to 2 metres</li>
</ul>
If there comes the point where an eviction occurs, remember that your landlord has to present a written notice to vacate the premises.

COVID-19 presents a tough time for everyone; and both landlords and tenants should cooperate in good faith and find common ground, and we should work together to make sure that nobody feels uncertain about the stability of their living situation.

Please note that this article does not constitute legal advice. If you are facing significant legal trouble as a tenant, engage a lawyer to assess your personal situation.
</body></html>

COVID-19: What are your rights as a tenant?

<html><body>
Airbnb, the popular short-stay rental platform, has launched a new program which will aim to assist 100,000 health care professionals, relief workers and first responders in accessing accommodation while in self-isolation. This opportunity will give workers who could potentially be exposed to the virus, a space away from household members which will be especially beneficial to those who are at greater risk of catching the virus, such as elderly or immune-compromised relatives. 

<blockquote>
“Medical workers and first responders are providing lifesaving support during the coronavirus outbreak and we want to help.” 
</blockquote>

Joe Gebbia, Co-founder of Airbnb

Since learning of the lack of clean and accessible accommodation for thousands of healthcare workers globally, Airbnb is working to locate available accommodation which is reasonably close to hospitals and medical centres.

Airbnb is also collaborating with businesses, non-profit partners and government agencies such as the International Rescue Committee, International Federation of Red Cross and Red Crescent Societies, International Medical Corps. 

<h2>THE GLOBAL ROLL OUT OF THE INITIATIVE</h2>

The initiative has already commenced in France and Italy, with 4,000 hosts in France volunteering to open their homes to medical workers. 

With the program now launching in Australia, Canada, France, Germany, Ireland, Italy, Malaysia, New Zealand, Spain, Thailand, United Kingdom and the United States, Airbnb hopes to develop more partnerships in the coming weeks. 

<h2>HOW HOMEOWNERS CAN HELP</h2>

Homeowners have also been encouraged by Airbnb to list their homes to house doctors, nurses, caregivers and other medical support staff during this time of need. Airbnb will be waiving any hosting fees to make it easier for homeowners to provide accommodation for those in need.

<h2>HOW WILL HEALTH AND SAFETY BE UPHELD?</h2>

For those who wish to accommodate COVID-19 responders with a safe place to live during the crisis, Airbnb has created a strict set of guidelines to ensure health and safety are maintained.

Hosts must vacate the property before the arrival of COVID-19 healthcare professionals.

Hosts are expected to practice social distancing by minimising their contact with guests during check-ins, and throughout their stay. It is also advised that they avoid visiting the premises while the guest is in residence and wait at least 72 hours between reservations to clean, disinfect and prepare the space for another guest. 

The recommendations published in Airbnb’s guidelines for <a href="https://www.airbnb.com.au/resources/hosting-homes/a/cleaning-guidelines-for-preventing-the-spread-of-covid-19-163">cleaning and safety protocols</a> are all based on guidance from the Centers for Disease Control and Prevention (CDC). The information includes the type of cleaning supplies to use, such as diluted bleach solutions, cleaning products with 70% alcohol and disinfectants <a href="https://www.epa.gov/pesticide-registration/list-n-disinfectants-use-against-sars-cov-2">registered by the Environmental Protection Agency</a> that are believed to be effective against the coronavirus. 

Health care professionals, relief workers and first responders who book accommodation through an NGO (non-profit organisation), government agency or health care system, will also be informed and familiar with the safety protocols they must follow. 

<h2>REQUIREMENTS OF AN AIRBNB HOST DURING THE COVID-19 PANDEMIC</h2>

By signing up for the program, hosts agree to allow guests to finish their reservation or stay for the length of time they need to self-isolate (which may mean the guest needs to extend their stay).

For people who have volunteered to provide free accommodation for health care workers, there is an option to accept or decline reservations, as well as the option withdraw from the program.

Airbnb has advised that people who choose to host a COVID-19 responder should inform their neighbours, to give them a chance to share their concerns or any considerations they may have. The company will also be working closely with local authorities and organisations, as rules surrounding emergency accommodation could vary depending on the country and state. 

<h2>AIRBNB IS AN EXAMPLE OF A COMMERCIAL BUSINESS PIVOTING THEIR STRATEGY TO SUPPORT THOSE IN NEED</h2>

First responders on the frontline of the pandemic are putting their lives at risk every day to ensure the health and safety of the citizens of their nations. It is great to see Airbnb and other accommodation services supporting those in need with initiatives that provide healthcare workers with safe and clean accommodation to help reduce stress during this uncertain period.
</body></html>

Airbnb plans to help house 100,000 COVID-19 responders

<html><body>
Good news has been announced for property seekers in Australia after a lengthy period of solely online research comes to a close. In-person property viewings will now be permitted as an amendment to Melbourne's <a href="/news/melbournes-level-4-covid-19-lockdown-what-you-need-to-know-0">lockdown restrictions</a>, giving buyers the freedom to partake in private one-on-one inspections. 

The new rules are effective today, however, there are still a few guidelines people must adhere to:

Time limits

Inspections will be limited to just 15 minutes.

Display viewings

Only one sales agent may be present at the viewing.

Group viewings

Those within the same bubble can view properties together, including housemates, or partner and children.

Travel distance

Exceptions will be made to the 5-kilometre radius rule, with property seekers able to travel to attend a viewing. However, you can only leave your home for a maximum of two hours and no travel to regional Victoria will be permitted. 

Last week Westpac economists also shared some <a href="/news/westpac-economists-project-significant-home-value-increase-from-late-2021">positive commentary</a> acknowledging that it would be likely that we could see a significant upturn in property values by December 2021, despite the impact COVID-19 has had on the economy. 

If you'd like to book a viewing of a display suite, now is a great time to make a booking while there are still times available. You can find all of our latest off-the-plan listings <a href="/developments">here</a>. 
</body></html>

Olivia Round

Melbourne's new COVID-19 rules mean you can start viewing properties in person again

<html><body>
GUEST OBSERVATION
The coronavirus pandemic has wreaked havoc on the Australian economy, and the financial effects for many are deeply personal.
Sadly, there’s no shortage of terrible advice online when it comes to personal finance. And as September 30 looms - the date by which JobKeeper, the increased JobSeeker and many negotiated rent and mortgage deferrals end - it’s important to be fully informed before you make potentially life-changing financial decisions.
As a former financial counsellor and former consumer credit educator for the Australian Securities and Investments Commission (ASIC), here’s what I think you need to know if you’re considering mortgage deferral, rent relief or bankruptcy.
Mortgage deferral
Residential mortgages are covered by <a href="https://asic.gov.au/regulatory-resources/find-a-document/regulatory-guides/rg-209-credit-licensing-responsible-lending-conduct/" target="_blank">federal legislation</a>, under which lenders can assist when borrowers can’t afford their usual repayments due to changed circumstances — such as losing hours or employment.
For example, you can ask your lender put on hold payments from June to September. It’s up to you and the creditor to establish clearly what happens to those payments. Are they pushed to the end of the contract, thereby extending the life of your loan? Or will you repay extra when you can afford repayments again?
Make sure you understand how much more it will cost you in additional interest if you extend the life of your loan by deferring these payments to the end of the contract. Depending on the details of your loan, you could be adding thousands of dollars to the amount you need to repay.
Most mortgage lenders don’t really want to repossess your house. It’s costly, time-consuming and stressful. But before asking for mortgage relief, you need to have a plan for the post-deferral period.
What happens if you still can’t make your usual repayments? Any licensed financial professional should be able to help negotiate a deferral on your mortgage or other consumer debts such as credit cards, but you should first consider seeing a free financial counsellor who is independent of any lenders. They can be contacted on 1800 007 007 or through the <a href="https://ndh.org.au/" target="_blank">National Debt Helpline</a>.
Rent relief
If you can’t pay your rent due to changed circumstances, you can ask your landlord to reduce or defer your rent. They can, of course, say no.
Unlike mortgage deferral, the implementation and process is inconsistent across states and territories. It can be difficult to navigate.
There are <a href="https://www.sbs.com.au/news/regulator-to-crack-down-on-real-estate-agents-pressuring-tenants-to-use-super" target="_blank">reports</a> of some landlords asking for comprehensive financial statements to support claims, or for their tenants to access the early release of up to <a href="https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/Early-access-to-your-super/#Compassionategrounds" target="_blank">A$10,000 in superannuation</a> to pay the rent.
Ausralia’s corporate watchdog, the Australian Securities and Investments Commission (ASIC), has <a href="https://download.asic.gov.au/media/5546344/asic-letter-response-to-early-release-of-super-state-rei-3-april-2020.pdf" target="_blank">warned real estate agents</a> that advising tenants to take money from their superannuation may constitute giving unlicensed financial advice and/or be against people’s best interests, attracting possible fines and jail time.
If you’re talking with your landlord about rent relief, be clear on whether you’re talking about rent payments being reduced, deferred or permanently waived, and whether these payments would need to be made up by a certain date. Renters can seek help from <a href="https://ndh.org.au/" target="_blank">free financial counsellors</a> or a <a href="https://www.tenants.org.au/covid19/guide" target="_blank">tenants’ union</a>.
State and territory governments have established various schemes to help renters work out agreements with their landlord (see this <a href="https://www.commerce.wa.gov.au/consumer-protection/covid-19-residential-tenancies-mandatory-conciliation-service" target="_blank">Western Australian</a> scheme as an example).
Bankruptcy
Bankruptcy should be a last resort. Many creditors have shown they’re willing to provide short-term delays (for about 90 days, for example) if people need more time to pay a debt.
Consumer credit contracts are written on the basis that life has its ups and downs and if a debtor genuinely can’t pay, the creditor can help by reducing payments, stopping interest charges, deferring payments and/or restructuring loans.
In almost all consumer bankruptcies, there is no return to creditors so they generally don’t want debtors to go bankrupt. It’s in their interest to help debtors through a difficult period so they can return to making payments.
Of great concern to consumer advocates is that searching “bankruptcy” or “help with debts” on the internet will often generate results for companies with a vested interest in placing you in what’s called a “debt agreement”. These should be approached with caution. It basically means you pay for a company to help you declare bankruptcy - but this is unnecessary.
A debt agreement is an act of bankruptcy that directs fees to those companies and quite often places consumers in unmanageable and unsustainable long-term repayment plans.
Instead, try to find free financial counsellors, some of whom work for charities. They are professional, unbiased and expert at informing people of their options when in debt. They can be found via the government’s <a href="https://moneysmart.gov.au/managing-debt/financial-counselling" target="_blank">MoneySmart</a> site.
If you can’t pay your debts, there are many <a href="https://www.afsa.gov.au/debtrelief" target="_blank">options available</a>. The key is contacting the right person or organisation - and knowing whatever comes up first in a Google search is not necessarily the best or most impartial place to get help in a financial crisis.<img src="https://counter.theconversation.com/content/141274/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/gregory-mowle-296811" target="_blank">Gregory Mowle</a>, Lecturer in Finance, <a href="https://theconversation.com/institutions/university-of-canberra-865" target="_blank">University of Canberra</a>
This article is republished from <a href="https://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/mortgage-deferral-rent-relief-and-bankruptcy-what-you-need-to-know-if-you-have-coronavirus-money-problems-141274" target="_blank">original article</a>.
</body></html>

What do you need to know if you have coronavirus money problems?

<html><body>
A recent announcement made by Victoria Premier Daniel Andrews confirmed that Metropolitan Melbourne and the Mitchell Shire are will re-enter stage 3 'stay at home' lockdown in an attempt to slow the increase of active COVID-19 cases and potential community transmission.  

There are currently <a href="https://covidlive.com.au/states-and-territories">8,755 COVID-19 cases in Australia</a>, approximately 32% of which are isolated to Victoria alone. 

The new lockdown will differ slightly to the previous lockdown, with the exception that workers will be allowed to go to work if required, students can attend classes, and essential supermarket shopping for provisions will be allowed. However, people cannot leave Metropolitan Melbourne for daily exercise – <a href="https://www.theguardian.com/world/live/2020/jul/07/coronavirus-australia-live-news-army-adf-nsw-victoria-border-lockdown-covid-19-police">including activities such as hiking and fishing</a>. 

<blockquote>
"Regional Victoria has very, very few cases and vast parts of regional Victoria have no cases. This [lockdown] is designed to keep it that way. I hope very soon to be able to be before you again talking about further easing of restrictions in regional Victoria.

That’s not for today. I do hope that is quite soon. And we’ll only be able to achieve that if we continue to contain within metropolitan Melbourne and not see large outbreaks or additional cases in regional Victoria."
</blockquote>

Victorian Premier Dan Andrews

Andrews also commented that there could be a sense of complacency around the lockdown restrictions. 

<blockquote>
"I think a sense of complacency has crept into us as we let our frustrations get the better of us. I think that each of us know someone who has not been following the rules as well as they should have. I think each of us know that we’ve got no choice but to take these very, very difficult steps."
</blockquote>

<blockquote>
"We do have a chance to change that in the decisions we all make, in the way we conduct outfields and inway we reset and that is why the public health team have advised me to reimpose stage 3 stay at home restrictions, staying at home except for the four reasons to leave, effective from midnight tomorrow night for a period of six weeks."
</blockquote>

<h2>What you can and can't do during the lockdown</h2>

<ul>
<li>You can shop for essentials, attend work, exercise (locally), attend medical appointments and receive care. </li>
	<li>You can’t exercise outside of your shire.</li>
	<li>You can't gather in groups of more than two or your household group</li>
	<li>Retail will be open, subject to density</li>
	<li>Markets are open for food and drink only</li>
	<li>Cafes, restaurants, pubs, clubs and bars are returning to takeaway only</li>
</ul>
<h2>Who the lockdown applies to</h2>

Those living in Metropolitan Melbourne or Mitchell Shires

<h2>When will the lockdown be implemented</h2>

From 11.59 PM on the 8th of July

<h2>Alternatives to in-person property viewings</h2>

Since the first lockdown, we've been working with agents to deliver video tours of our property listings to help you with your search from the comfort of your home. Many of our listings have 360° virtual tours, real-life photos of completed apartments and forms to book a video walk-through tour with the real estate agent. 

Watch our recent display suite tours on YouTube <a href="https://www.youtube.com/channel/UCVJFoxSUcFqBgU7JTwSHZfQ?view_as=subscriber">here</a>. 

<figure><a class="colorbox colorbox-insert-image" href="https://www.youtube.com/channel/UCVJFoxSUcFqBgU7JTwSHZfQ?view_as=subscriber" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="243" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-07-07_at_7.19.19_pm.png?itok=zQpqvoeP" width="580"></a></figure>This information was sourced at 4:20 PM AEST and is subject to change. If you'd like to learn more, leave a question in the comments section and we'll do our best to find out more information for you.
</body></html>

Melbourne to enter 6-week COVID-19 lockdown: Here's what you need to know about the restrictions 

<html><body>
More than three million Australians are thinking about changing careers once the virus subsides, says ING bank.
More than a quarter (28 per cent) have considered learning new skills to insulate themselves from future economic upheaval, including those with jobs.
The report noted a decade’s worth of technological advancement and skills evolution had been being compressed into 2020 due to COVID-19.
"The virus has unleashed a global ‘future of work’ experiment on us all and businesses have had to adapt at exponential speeds," it noted.
Almost a third (32 per cent) believe it will be difficult to find new opportunities, and almost one in four (23 per cent) feel anxious about the thought of job hunting in the current economic climate.
ING head of retail banking Melanie Evans said the pandemic has caused Australians to dream about a different life and consider whether their existing skills will always be needed.
"Looking at our current circumstances, there are many questions about the world we live in," futurist Anders Sörman-Nilsson noted.
The report noted almost 600,000 Australians lost their jobs due to COVID-19 in April 2020.
<div class="page" title="Page 4">
<div class="layoutArea">
<div class="column">
<div class="page" title="Page 4">
<div class="layoutArea">
<div class="column">
The research indicating one in three (35%) Aussie adults are likely to look for a new job post pandemic including almost half (45%) of all Millennials. 
</div>
</div>
</div>
</div>
</div>
</div>
</body></html>

Millions of Australians thinking about changing careers after pandemic

<html><body>
The <a href="/expert-insights/buying/how-will-the-coronavirus-impact-australia-s-property-market">coronavirus pandemic</a> has created financial uncertainty for many Australians. The Federal Government has introduced a few <a href="https://www.ausbanking.org.au/covid-19/the-personal-relief-package/">financial assistance options including loan and credit card deferrals</a> for individuals affected by COVID-19, giving successful applicants the option of pausing payments, provided their pre-COVID-19 payments were up to date. The deferral period of these payments will have no effect on credit ratings, according to the Australian Banking Association.

It is important for people to understand what a loan or credit card deferral can mean. For example, a loan pause can result in your loan term being extended overall if you want to preserve the same repayment rate after the pause ends; or it can cause a higher repayment rate if the loan term is not extended. It is important to consider all the information upfront and make the best decision for your personal circumstances.

The industry-wide agreement is good news for diligent customers who have suddenly found it impossible to keep up with the bills after losing their job or having their income severely reduced.

ABA Chief Executive, <a href="https://www.ausbanking.org.au/a-covid-19-mortgage-deferral-wont-affect-your-credit-rating/">Anna Bligh,</a> said: “Australia’s banks are here to support customers who have lost their jobs or significantly lost income because of COVID-19… Customers in these circumstances should not have to worry about their credit rating as well.”

For customers who were already behind in their loan repayments, the ABA has stated that banks will determine how to report the information once the repayment pause has ended and opt to report nothing during the pause.

Tips for Aussies Struggling to Meet Repayments

If you cannot make a repayment because of COVID-19:

<ul>
<li>Talk to your bank before you miss a repayment rather than after when damage might have already been done to your credit report.</li>
	<li>Contact your bank via their website or phone app. If you cannot reach them, try contacting them by email or on social media. Lenders are likely to backdate any repayment pauses if you have tried to make contact.</li>
	<li>Before you pause your <a href="/guides/how-to-secure-a-mortgage-free-lifestyle-sooner">mortgage</a>, ask your bank for a rate reduction to help you keep up with the repayments. Repayment pauses can provide some much-needed relief, but they are likely to be costly in the long run.</li>
	<li>If you are getting charged interest on your credit card, consider switching to a low-rate card instead.</li>
	<li>Try and avoid adding to the problem (where possible). If you have a credit card, you can ask your lender to lower the limit to something you know you can manage.</li>
	<li>When you do get <a href="/expert-insights/buying/resetting-your-finances-during-covid-19-a-financial-coachs-guide">some money coming back in</a>, try and clear your debt as quickly as possible. </li>
</ul>
Can I improve my credit rating or change my credit report?

There are steps you can take to improve your credit score over time to assist in future financial planning. Some initial steps you can take are to reduce your credit limit, put a pause on applying for credit through loans and credit cards, and set up reminders or direct debits to ensure that you pay bills, from utility to credit cards on time. While some information can affect your <a href="/expert-insights/buying/assess-your-credit-files-long-before-applying-for-finance-for-your-dream-home">rating</a> for several years, after taking positive steps, your score should gradually improve.

You can also change or remove incorrect information on your credit report much quicker. This may include your name, date of birth or address as well as if a debt is listed twice, the amount of debt is wrong, or if a debt that is not yours is incorrectly noted on the report. You can also remove incorrectly placed defaults, judgments, repayment histories or enquiries that do not comply with the credit reporting legislation.  

Although this may be an <a href="/expert-insights/buying/why-the-real-estate-industry-must-replace-fear-with-opportunity-during-the-covid-19-crisis">unprecedented time</a> for many Australians, it is crucial to understand the help that is available to those affected as well as how to improve/change your credit rating during and post the coronavirus pandemic.
</body></html>

vivian_48447

Bank Loan ‘Holidays’ - What it Means for Your Finances and Credit Rating?

<html><body>
The disruption of the Covid-19 pandemic has led to real estate transaction numbers coming to a standstill across the globe, and had a significant impact on the industry, according to the latest study from Savills Research. 
Savills Research has carried out a sentiment survey of Savills global residential network to assess how Covid-19 is changing the residential property market. 
Across all respondents, 47% anticipate vendors keeping their properties on the market at current prices, though 48% anticipate some level of price reductions. 
Titled the Savills Residential Global Market Sentiment Survey, 50 experts from across the globe took part. 
90% of respondents stated that 30% or fewer of their buyers had stopped actively looking. 
Only 6% of vendors have or are considering removing their property from the market, according to the report.
30% of markets have reported legal changes to better facilitate business performance.
The survey also found that, on average, buyers felt that they were likely to priorities home offices, Wi-Fi, and green spaces in future properties.
In Australia, Paul Craig, CEO of Savills Australia &amp; New Zealand said it is predicted that a shortage of supply will continue for some time, due to the uncertainty in the market, however this last weekend marks an easement in home open restrictions which is a step in the right direction.
“If you are a qualified buyer, this is a great time to be on the lookout for a residential property, due to record low interest rates and attractive pricing,” Mr Craig said.
“Given the encouraging progress with limiting COVID-19 in our country, why wouldn’t you want to own a piece of Australia!”
According to Chris Orr, Director of Residential at Savills Australia, prices have the potential to rebound strongly. 
“Time will tell however, but the common belief amongst the industry is that we will see residential values rebound very strongly due to the lower volatility compared to other markets, lower borrowing costs for housing and the Government’s comments around the importance of both construction employment and the housing market” he said. 
Mr Orr said his team are seeing buyers looking to upsize while it is cheaper to do so as well as luxury assets with unique/timeless appeal and off-the-plan inquiry is increasing (with delayed settlements)        
Mr Orr believes that the rest of this year and into early next will see a rise in distressed sales (to what extent is unknown) however these will come to market in a staggered approach and likely not until the deferred payments offered by banks come due. 
“It will be interesting to see what the increase in supply will look like and the effect it has on pricing, however, I’d expect to see an upward trending run on the market” he concluded.
</body></html>

Covid-19 pandemic driving significant industry changes: Savills

<html><body>
GUEST OBSERVATION
 
As COVID-19 slows in developed countries, the virus’s spread is speeding up in the developing world. Three-quarters of new cases detected each day are now in <a href="https://www.economist.com/leaders/2020/06/04/the-pandemic-is-still-gathering-pace-in-most-of-the-world">developing countries</a>. And as the pandemic spreads, governments face juggling the health consequences with economic ones as this shifts to becoming an economic crisis.
Our <a href="https://doi.org/10.35188/UNU-WIDER/2020/834-4">research</a> shows that the poverty impact of the crisis will soon be felt in three key ways. There is likely to be more poverty. It is likely to become more severe. And as a consequence, the location of global poverty will also change.
Having looked at estimates from a range of sources – including the Asian Development Bank, Goldman Sachs, IMF and OECD – we considered <a href="https://www.wider.unu.edu/sites/default/files/Publications/Working-paper/PDF/wp2020-77.pdf#page=4">three possible economic scenarios</a> stemming from COVID-19, where global income and consumption contracted by 5%, 10% or 20%. We found that the economic shock of the worst-case scenario could result in up to 1.12 billion people worldwide living in extreme poverty – up from 727 million in 2018.
This confirms our earlier estimates that the coronavirus could push up to 400 million people into extreme poverty, defined by the World Bank as living on less than US$1.90 per day – the average poverty line in low-income developing countries. This number rises to over 500 million if using the World Bank’s higher average poverty lines for lower middle-income (US$3.20) and upper middle-income (US$5.50) developing countries.
The potential increase is driven by millions of people living just above the poverty line. These people are likely to be badly affected because many of them work in the informal sector, where there is often little in the way of social security. Such a rise in extreme poverty would mark the first absolute increase in the global count since 1999 – and the first since 1990 in terms of the proportion of the global population living in poverty.
On the intensity of the poverty, the resources needed to lift the incomes of the poor to above the poverty line could increase by 60%, from US$446m a day in the absence of the crisis to above US$700m a day. For the existing extreme poor and those newly living in extreme poverty, their loss in income could amount to US$500m per day.
In terms of where poverty is located, it is likely to increase dramatically in middle-income developing countries in Asia, such as India, Pakistan, Indonesia and the Philippines. This points to the fact that much of the previously poor population in these countries moved to just above the poverty line. In other words, these countries’ recent economic progress has been relatively fragile. We’ll also likely see new poverty in countries where it has remained relatively high over the last three decades, such as Tanzania, Nigeria, Ethiopia and the DRC.
How to respond to the poverty pandemic
COVID-19 poses a significant threat to developing countries, as their health systems tend to be weaker. More severe cases have also been linked to <a href="https://www.propertyobserver.com.au/https://academic.oup.com/eurheartj/article/41/22/2058/5851436">high blood pressure</a>, <a href="https://theconversation.com/coronavirus-and-diabetes-the-different-risks-for-people-with-type-1-and-type-2-139079">diabetes</a> and <a href="https://www.bbc.com/future/article/20200427-how-air-pollution-exacerbates-covid-19">air pollution</a>, all of which are prevalent in developing countries. Meanwhile, there are suggestions that COVID-19 could hinder the treatment of other illnesses <a href="https://www.imperial.ac.uk/news/197257/covid-19-pandemic-could-significantly-increase-hiv/">such as TB, HIV/AIDS and chronic malaria</a>.
But developing countries generally have a lower proportion of people at high risk from COVID-19 in terms of age (&gt;70 years). As such, <a href="https://www.ft.com/content/31eb2686-a982-11ea-a766-7c300513fe47">economic shocks</a> may pose a greater relative risk to their populations. The question emerges as to whether <a href="https://www.wider.unu.edu/publication/africa%E2%80%99s-lockdown-dilemma">lockdowns</a> are the best option to contain the virus in developing countries if they entail severe income losses. Estimates of the share of jobs that can be <a href="https://www.nber.org/papers/w26948">performed at home</a> is less than 25% for many developing countries – much lower than the ~40% recorded in, for example, the USA and Finland. It’s as low as ~5% in countries such as Madagascar and Mozambique.
Consequently, <a href="https://www.independent.co.uk/independentpremium/voices/coronavirus-poverty-economic-crisis-imf-world-bank-g7-a9561161">there’s also a clear need</a> for a range of social safety-net policies. These already exist in many developing countries, but their coverage and funding needs to be expanded substantially. <a href="https://www.ugogentilini.net/wp-content/uploads/2020/06/SP-COVID-responses_June-12.pdf">Such policies</a> include cash transfer programmes, universal one-off cash payments, in-kind food/vouchers, school feeding schemes and public works programmes. In middle-income developing countries, these are funded by the national government, whereas in low-income countries these are often co-funded by donors. Any set of policies should also incorporate “pay to stay home” or “pay to get tested” schemes.
The long crisis
Looking further ahead, the poverty impacts beyond 2020 are closely related to if or when an effective vaccine is developed. Even if we take the best-case scenario and a vaccine is discovered later this year, it’s uncertain how long it would take to reach the entire global population. It could take years.
There is no guarantee developing countries would get access to the vaccine at a reasonable cost, or if everyone in developing countries would get the vaccine for free. We could end up living in a new COVID-19 apartheid, with the vaccinated and non-vaccinated residing in separate areas and working in different labour markets. This is a startling but <a href="https://www.independent.co.uk/independentpremium/long-reads/coronavirus-vaccine-latest-cure-covid-19-oxford-university-trump-who-america-a9493966">very real possibility</a> that no one is talking about much yet.
While this might sound far off, there are already some countries – <a href="https://www.reuters.com/article/us-health-coronavirus-chile/chile-to-push-ahead-with-coronavirus-release-certificates-despite-who-warning-idUSKCN2280NW">such as Chile</a> – issuing “immunity passports”. Such passports might determine what work people can do by determining where they can go. This could leave the poorest without access to earning opportunities or only with lower-income opportunities if their movement is restricted.
The crisis is increasingly looking like a long crisis. If so, it will have repercussions on global poverty for years to come.<img src="https://counter.theconversation.com/content/140662/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/andy-sumner-1124293">Andy Sumner</a>, Professor of International Development, <a href="https://theconversation.com/institutions/kings-college-london-1196">King's College London</a>; <a href="https://theconversation.com/profiles/christopher-hoy-1124330">Christopher Hoy</a>, Research and Policy Fellow, <a href="https://theconversation.com/institutions/australian-national-university-877">Australian National University</a>, and <a href="https://theconversation.com/profiles/eduardo-ortiz-juarez-1124325">Eduardo Ortiz-Juarez</a>, PhD Student, <a href="https://theconversation.com/institutions/kings-college-london-1196">King's College London</a>
This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/global-poverty-coronavirus-could-drive-it-up-for-the-first-time-since-the-1990s-140662">original article</a>.
</body></html>

Coronavirus

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Coronavirus

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News