<p>A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.</p>

<p>The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.</p>

<p>The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.</p>

<p>The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.</p>

<p>Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.</p>

<p>"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.</p>

<p>"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."</p>

<p><img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" /></p>

<p>Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.</p>

<p>Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.</p>

<p>Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.</p>

<p>"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.</p>

<p>"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."</p>

<p>Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.</p>

<p>Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.</p>


Joel Robinson

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

<p data-end="315" data-start="85">The long-planned transformation of Brisbane's historic Shafston Estate has taken another major step, with Capella Hotel Group announced as the luxury hospitality partner behind what will become Brisbane's first branded residences.</p>

<p data-end="499" data-start="317">The project, to be known as <strong data-end="376" data-start="345">Capella Residences Brisbane</strong>, is being delivered by Verso Projects at the landmark Kangaroo Point riverfront estate, with completion targeted for 2029.</p>

<p data-end="899" data-start="501">The announcement follows a series of planning changes to the project over recent years. The site was originally approved in 2023 for a 15-level, 37-apartment development designed by Rothelowman for Burgundy Group before Verso Projects took over the 10,070 sqm riverfront holding and lodged revised plans with Kerry Hill Architects to increase the development to a 25-level tower with 51 apartments.</p>

<p data-end="1154" data-start="901">The latest announcement confirms Capella Hotel Group will bring its branded residential offering to the project, marking just the second Capella Residences development globally after Seoul, and the group's first branded residential project in Australia.</p>

<p data-end="1387" data-start="1156">The <a href="https://www.apartments.com.au/new-apartments/23-castlebar-street-kangaroo-point-qld-4169">Castlebar Street development</a> will centre around the restoration of the heritage-listed Shafston House, one of Brisbane's oldest residences, originally constructed in 1851 by Reverend Robert Creyke as a single-storey cottage known as Ravenscott.</p>

<p data-end="1387" data-start="1156"><img alt="Capella" data-entity-type="file" data-entity-uuid="2b9f4ce5-638f-4d6b-8082-3ca7e4b75fca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-09%20at%207.20.41%E2%80%AFAM.png?VersionId=f7aeqsW_DzOJI4FymWb3lD8NptSfsP7q" /></p>

<p data-end="1611" data-start="1389">Capella said the project aligns with its focus on heritage-led developments, with the Brisbane estate combining the restored historic residence with a new luxury apartment tower and hospitality-inspired resident amenities.</p>

<p data-end="1823" data-start="1613">Residents will have access to the Capella Living Room, a concierge-led communal space inspired by the group's luxury hotels, alongside landscaped gardens, six swimming pools, wellness and recreation facilities.</p>

<p data-end="2042" data-start="1825">The broader estate will also include two riverfront homes, a six-berth private marina, porte cochère arrival experience, secure basement parking and a new section of public riverwalk along the Brisbane River frontage.</p>

<p data-end="2177" data-start="2044">The heritage Postal Depot Building will also be retained and repurposed as a guest house, in line with the revised development plans.</p>

<p data-end="2420" data-start="2179">The project represents another evolution for the site, which Kerry Hill Architects previously described as a rare opportunity to restore one of Brisbane's most significant heritage estates while creating a new benchmark for apartment living.</p>

<p data-end="2724" data-start="2422">"The Shafston Estate provides a once-in-a-generation opportunity to restore one of Brisbane's finest heritage precincts and to reinstate residential use as a unique site perched on the edge of Kangaroo Point," Kerry Hill Architects said in its Urban Context Report accompanying the planning submission.</p>

<p data-end="2858" data-start="2726">"The project will celebrate excellence in sub-tropical residential design, setting a new benchmark for vertical living in Brisbane."</p>

<p data-end="3130" data-start="2860">Verso Projects, which now has an $8.5 billion development pipeline spanning more than 6,000 dwellings across apartments, townhouses, retail and commercial projects, said the partnership with Capella would elevate the development beyond a traditional residential project.</p>

<p data-end="3415" data-start="3132">"We feel honoured to be restoring Shafston Estate to its former glory, elevating it to new heights of luxury and excellence underpinned by Capella's distinctive service ethos and design philosophy, and making it a standout landmark in Brisbane," Verso Projects CEO Steve Laffey said.</p>

<p data-end="3658" data-start="3417">"By partnering with Capella, globally recognised for its refined approach to luxury hospitality and deep respect for cultural and historical context, we will elevate this project beyond a residential offering into a world-class destination."</p>

<p data-end="3820" data-start="3660">Capella Hotel Group President Roland Fasel said Brisbane's emergence as a global city made it the right location for the company's Australian residential debut.</p>

<p data-end="3961" data-start="3822">"Brisbane is a city on the cusp of something remarkable, and Capella Residences is our commitment to being part of that story," Fasel said.</p>

<p data-end="4083" data-start="3963">"The Capella residential experience is more than luxury. It is about a sense of belonging to a place with deep meaning."</p>

<p data-end="4227" data-start="4085">Private appointments have now opened for the project, with a display suite expected to open in late 2026 ahead of the planned 2029 completion.</p>


Capella to launch Brisbane's first branded residences at Shafston House, Kangaroo Point

<p>Lewis Land's latest apartment release within its <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan is targeting one of the Gold Coast's fastest-growing buyer groups, with almost a third of apartments at Solis priced below $1 million.</p>

<p>The seven-storey building at Biggera Waters will comprise 91 apartments, including 24 one-bedroom residences starting from $778,000, a price point Lewis Land says is aimed squarely at first home buyers struggling to enter the Gold Coast market.</p>

<p><img alt="Harbour Shires" data-entity-type="file" data-entity-uuid="e7486e37-22f6-4c92-b212-9b0622070b8f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.34%E2%80%AFAM.png?VersionId=W8MJwJUCf6HkIyl_EVSksnd.QI6MZryY" /></p>

<p><a href="https://www.apartments.com.au/developers/lewis-land-group">Lewis Land</a> Head of Development Michael Long said the developer deliberately allocated a significant proportion of the project to more affordable apartment types.</p>

<p>"First home buyers have been priced out of many parts of the Gold Coast, and we saw a clear opportunity to address this and play our part in a longer-term housing solution," Long said.</p>

<p>"That's why 24 of the 91 apartments being delivered at Solis have been designed and priced for the city's next generation of homeowners, quality one-bedroom apartments, half of which include an additional multipurpose room to maximise space and flexibility.</p>

<p>"This approach places 30 per cent of apartments in Solis under $1 million, and with close proximity to Harbour Town's future light rail extension connecting residents to the city's major employment and knowledge hubs, it's a win for buyers looking to secure their first property."</p>

<p><img alt="Sores" data-entity-type="file" data-entity-uuid="550526d3-73ba-4710-9739-c5f4294a30ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.29%E2%80%AFAM.png?VersionId=cQQdXHt9wS0UXwZEm5Py5bH_3kAmzyhu" /></p>

<p>Designed by BDA Architecture, Solis will deliver a mix of one, two and three-bedroom apartments, with residences ranging up to 232 sqm. Apartments feature generous balconies and contemporary finishes, while residents will have access to Harbour Shores' lagoon pool, clubhouse, tennis court, gym, yoga studio and sauna.</p>

<p>The focus on first home buyers resonated with purchaser Holly Humphreys, who said she and her boyfriend spent more than a year searching for their first property before shifting their attention from houses to apartments.</p>

<p>"We fell in love with the first house we bid on and got our hopes up, but after repeated knockbacks we learned not to get too attached," Humphreys said.</p>

<p>"We offered at the high end of price guides, but sales kept going even higher. That's where we really struggled and we needed to re-evaluate our budget and our expectations. Standalone houses were off the table, and we pivoted to apartments and townhouses."</p>

<p>Humphreys said it was encouraging to see developers recognising the growing demand from first home buyers.</p>

<p>"There's a growing number of young buyers looking to enter the market earlier because they understand that getting in now can make a real difference as prices continue to rise," she said.</p>

<p>"It's fantastic to see a developer recognise this and then actively take measures to deliver an apartment with us in mind."</p>

<p>Solis is the first development planned within the second stage of the Harbour Shores masterplan, with early works expected to commence in September 2026.</p>

<p>[smartcode_project_cta:default project_id=113271]</p>


Lewis Land targets first home buyers at latest Harbour Shores release, Solis

<p>Luxury apartment developer Abadeen has recorded $19.25 million in apartment sales across two of its Lower North Shore developments in the lead-up to the end of the financial year, headlined by the sale of a $6.75 million penthouse at <a href="https://www.apartments.com.au/buildings/koyo-crows-nest-5-rodborough-avenue-crows-nest-nsw-2065">KOYO in Crows Nest.</a></p>

<p>The transactions also included the sale of a newly completed three-bedroom apartment at <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences in Cremorne</a> for $6.35 million, with the residence selling shortly after the project's first public inspections following completion.</p>

<p>The sales come as completed, owner-occupier-focused apartments continue to attract strong demand across Sydney's Lower North Shore, particularly from buyers looking for certainty and immediate occupancy.</p>

<p>The penthouse at KOYO spans 491 sqm across a single level and was designed by architect Koichi Takada. The development is one of Abadeen's flagship boutique projects in Crows Nest.</p>

<p>[smartcode_project:default project_id=108800 project_image_fid=370093]</p>

<p>Abadeen Executive Chairman and Founder Justin Brown said buyer activity lifted noticeably in the lead-up to the end of the financial year.</p>

<p>"We saw a clear increase in enquiry levels, inspection numbers and buyer engagement across our completed projects leading into the end of the financial year," Brown said.</p>

<p>"Buyers have become far more decisive over the past six months. The combination of improving confidence, limited supply and the ability to physically inspect completed residences is creating strong competition for premium apartments in the best locations."</p>

<p>Brown says the&nbsp;response to Park Residences following completion has been particularly strong.</p>

<p>"Buyers want certainty and are responding positively to the opportunity to walk through a finished product, inspect the quality firsthand and move in immediately," Brown suggested.</p>

<p>"Projects such as Park Residences and KOYO demonstrate that when the product is exceptional and the location is irreplaceable, buyers are prepared to act quickly."</p>

<p>[smartcode_project:default project_id=114246 project_image_fid=370116]</p>

<p>Abadeen CEO Joe Tack said quality continued to differentiate projects in the current market.</p>

<p>"Today's buyers are incredibly discerning," Tack said.</p>

<p>"They are seeking larger floorplans, premium finishes, walkability, lifestyle amenity and confidence in the developer delivering the project. Well-designed boutique developments continue to outperform because they offer something genuinely difficult to replace.</p>

<p>"The enquiry we are seeing across our completed and recently completed Lower North Shore portfolio is very encouraging, and we expect this momentum to continue into spring."</p>

<p>The sales follow increased enquiry across Abadeen's Lower North Shore portfolio which also includes <a href="https://www.apartments.com.au/buildings/northcote-collective-naremburn-2-northcote-street-naremburn-nsw-2065">Northcote Collective in Naremburn</a> which also completed recently.</p>


KOYO penthouse headlines Abadeen's $19.25 million EOFY sales flurry

<p>The City of Sydney has approved plans for <a href="https://www.apartments.com.au/developers/billbergia">Billbergia Group</a> and Metrics Credit Partners’ $3.5 billion Castlereagh Place project in the heart of the Sydney CBD</p>

<p>The towers will be among the tallest in <a href="https://www.apartments.com.au/developments/sydney-nsw-2000">Sydney</a>'s CBD, with more floors than any other residential tower in the city.&nbsp;</p>

<p>The 6,000 sqm site was acquired by the joint venture partners in 2024. It is the largest amalgamated land parcel in the Sydney CBD and comprises eight individual sites fronting Castlereagh, Pitt and Liverpool Streets.&nbsp;</p>

<p><a href="https://www.apartments.com.au/new-apartments/castlereagh-place-sydney-324-348-pitt-street-sydney-nsw-2000">Castlereagh Place</a> will transform an underutilised city block into a landmark mixed-use destination, anchored by two 82-storey towers comprising 607 luxury residences above an 8-level podium housing a 209-room luxury hotel. A 1,000 square metre civic park on ground level features a curated mix of food, beverage and retail.</p>

<p>The plans have been refined over the past year to rebalance the residential and hotel offering, and reconfigure the retail footprint to create a stronger, more dynamic dining experience.</p>

<p>A three-level flagship building on the prominent corner of Pitt and Liverpool Streets will be the gateway to the Castlereagh Place lifestyle precinct. Set to become a Sydney icon, the building is capable of housing multiple hospitality venues.</p>

<p>“Castlereagh Place is designed to be the City's next great urban oasis - an energetic mixed-use precinct that pulses with life, day and night,"&nbsp;said Joseph Kinsella, Group Director of Billbergia.</p>

<p>"It will bring the vibrancy of places like Barangaroo and Darling Quarter into a more accessible, central destination at the very heart of Sydney."</p>

<p>Kinsella said the project will build on&nbsp;Sydney’s growing laneway culture with the City’s largest network of new activated lanes - an expanded, next-generation take on precincts like Angel Place, Palings Lane and Ash Street in Wynyard.</p>

<p>[smartcode_project:default project_id=134477 project_image_fid=374401]</p>

<p>Castlereagh Place has been designed by architects <a href="https://www.apartments.com.au/architects/fjc-studio">fjcstudio</a> in collaboration with Trias Studio, Aileen Sage and Polly Harbison Design, joint winners of an international design competition in 2018.&nbsp;</p>

<p>Signature design elements from the original scheme remain unchanged, while the public domain has been significantly enhanced, delivering 60 per cent more open-to-sky space.</p>

<p>Pedestrian access will also be enhanced through new laneways linking Pitt, Liverpool and Castlereagh Streets, drawing people into a new civic park with outdoor seating, landscaping and integrated public art.</p>

<p>With activated laneways supported by strong hospitality offerings, Castlereagh Place is tipped to become a vibrant new dining destination in the heart of Sydney’s CBD.</p>

<p>It marks the largest undertaking to date for the Billbergia and Metrics Credit Partners partnership. Together they are developing other underutilised Sydney sites into mixed-use precincts, including the $2.2 billion Concord Central and the $1.3 billion Chatswood Grand Residences.</p>

<p>Metrics Managing Partner and Group CEO Andrew Lockhart said Castlereagh Place is a landmark project that will redefine Sydney’s skyline.</p>

<p>"As the tallest residential high-rise development, the revitalised site will offer panoramic views across the CBD and surrounds. We are excited to partner with Billbergia to reinvigorate an underutilised site and create a sophisticated and contemporary mixed-use offering situated in the heart of Sydney.”</p>

<p>Total apartments within the towers have increased to 607 dwellings, with a focus on larger floorplans. Aligned to growing market demand, Castlereagh Place now comprises 299 three-plus-bedroom apartments, 198 two-bedroom units and 110 one-bedroom configurations.</p>

<p>[smartcode_project:default project_id=134477 project_image_fid=374402]</p>

<p>Resident amenities will include an exclusive residents club containing a gym, rooftop pool, dining rooms, co-working spaces, library, golf simulator, games room, cinema room, and access to an exclusive concierge service. There will be around 500 basement car spaces below the towers.</p>

<p>The development will also include a state-of-the-art wellness centre, set to feature a bathhouse with magnesium pools, hot/cold plunge pools and premium amenities.</p>

<p>&nbsp;</p>

<p>According to fjcstudio, the towers will feature distinctive yet elegant architectural design reflecting Sydney’s geometry and urban character, with a network of through-site links and intimate public spaces activating the streetscape.</p>

<p>"Castlereagh Place is a city-making project of significant scale and ambition," said Richard Francis-Jones, Design Director at fjcstudio.</p>

<p>"It will create a rich urban complex of public open spaces, landscaped gardens, and vibrant laneways. Defining these new public spaces and the important streetscape of Castlereagh Street is a sequence of fine-grained, diverse retail and hotel architecture designed in collaboration with Aileen Sage, Polly Harbison Design and Trias.</p>

<p>“Rising above the tree-lined, human-scale streetscape are two slender residential towers that will transform the city skyline and look towards the Harbour, Hyde Park, and the Royal Botanic Garden.”</p>

<p>Demolition and early construction works have commenced onsite at Castlereagh Place.</p>

<p>[smartcode_project_cta:default project_id=134477]</p>


Billbergia, Metrics, approved for $3.5 billion Sydney skyscrapers

COVID-19

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<div>EXPERT OBSERVER</div>
<div> </div>
<div>As Australia gets back to business I've been following the UK government's inept handling of the Coronavirus with increasingly wide-eyed incredulity.</div>
<div> </div>
<div>The cost to date has now been estimated at a mind-boggling £284 billion according to the government's own spending review this week. </div>
<div> </div>
<div>If you were wondering what exactly has been achieved by this interplanetary level of spending (so far), then you wouldn't be Robinson Crusoe there.</div>
<div> </div>
<div>With the Brits expected to announce approval of the rollout of a Biontech/Pfizer jab as early as this coming week then the UK's effective lockdown will likely continue through until the new year, accounting for thousands more blameless small businesses.</div>
<div> </div>
<div>To add insult to injury the botched and inoperable test-and-trace system has alone cost an absurd £22 billion, single-handedly erasing years of pointless austerity measures.</div>
<div> </div>
<div>Britain's public sector net debt will soon be well above 100 per cent of GDP and back to the highest level since the post-war years. </div>
<div> </div>
<div>Higher taxes will doubtless be back on the agenda soon enough to pay for it all, but this time around capital will likely up and leave. </div>
<div> </div>
<div>Just the Brexit debacle to finish off now before the incumbent PM gets ushered out of politics...</div>
<div> </div>
<div><strong>Money printer go #Brrr...</strong></div>
<div> </div>
<div>It's remarkable how quickly views have changed in respect of quantitative easing and related stimulus. </div>
<div> </div>
<div>Fears of inflationary spirals in the financial crisis aftermath have been replaced the money printers being embraced with joyful abandon. </div>
<div> </div>
<div>Grant Williams of RealVision and TTMYGH rustled up this belter of an infographic this week to compare the scale of the Covid-19 stimulus to that of the 2008 financial crisis. </div>
<div> </div>
<div>
<div class="separator"><img src="https://1.bp.blogspot.com/-Z8fJVDAqWXQ/X8P9QxCvh9I/AAAAAAAA5h8/sEVcHmlohJg_2QA_I1bHON3L0gje6t2GQCNcBGAsYHQ/w640-h466/TTMYGH.jpg" width="640" height="466" data-original-height="732" data-original-width="1005"></div>
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</div>
<div>With interest rates mired at zero for the foreseeable future capital has been flowing into real estate, stocks, and cryptocurrencies. </div>
<div> </div>
<div><strong>Lucky country</strong></div>
<div> </div>
<div>Numerous medical journal studies are now showing how Vitamin D can play an important role in reducing Covid-19 infection.</div>
<div> </div>
<div class="separator"><img src="https://1.bp.blogspot.com/-Ox9pY_ZatEc/X8QAlWZKLaI/AAAAAAAA5iI/LA-014I42p4wevQTXCa4xXcCX7j1XF3HgCNcBGAsYHQ/w640-h266/RP.jpg" width="640" height="266" data-original-height="302" data-original-width="728"></div>
<div> </div>
<div>This might go some of the way to explaining Australia's near elimination of the virus, with zero deaths or cases in ICUs or on ventilators for a long time now. </div>
<div> </div>
<div>Whatever the reasons, it's looking increasingly likely that Australia has dodged another sizeable bullet and will become a remarkably sought-after destination once its international borders are reopened.</div>
<div> </div>
<div>Data due to be released this week will show that the Aussie economy began to expand again with output growing by about 3-4 per cent in the third quarter of 2020, with another pumping current account surplus, and housing prices rising by +0.6 per cent in the month of November. </div>
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pwargent-M4siyDbqQY

The UK; a case study on botched COVID-19 stimulus: Pete Wargent

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<p>Like many of the smaller capital cities through COVID-19, Adelaide dwelling values avoided price declines, according to the latest data from CoreLogic.</p>

<p>The combined value of the Adelaide dwelling market is 4.1% higher from March through to November, and dwelling values are currently at a record high.</p>

<p>In the three months to November, dwelling value increases were strongest across the North of Adelaide, where typical dwelling values were $378,705.</p>

<p>The rate of change in Adelaide dwelling values has historically been among the least volatile of the capital cities. But with momentum building across the market, quarterly growth rates have reached the highest level in ten years.</p>

<p>"Nationally, housing market values did not see the large decline anticipated at the start of the COVID-19 pandemic. Housing values fell just 1.9% between March and September before moving into a recovery trend, increasing 0.4% nationally through October and 0.8% in November," Eliza Owen, CoreLogic’s Head of Research Australia said.</p>

<p>"Relative to previous housing market downturns, the current decline through to November seems relatively mild, with dwelling values just 0.7% below the pre-COVID levels. There are numerous factors which have contributed to the prevention of a larger downturn in dwelling values including the institutional, coordinated response to the pandemic, which have seen low borrowing costs, added incentives for first home buyers and the extension of mortgage repayment deferrals limiting forced sales."</p>

<p>"Despite an initial slump in housing finance through the beginning of the year due to the COVID-19 pandemic, the year to October saw a remarkable 14.5% lift in the volume of finance secured for the purchase of property, according to ABS lending indicators."</p>

<p>"The post-COVID mortgage lending boost was driven by owner-occupiers including changeover buyers such as upsizers and downsizers, as well as buyers getting into the property market for the first time."</p>

<p>"Money lent to first home buyers saw the fastest growth rate at 35.1% in the year to October, accounting for 22.1% of lending, up from 18.8% in the year prior. Meanwhile, investor mortgage lending increased less than 1% in the same period. There are several factors that contributed to this growth in first home buyer activity, including generational trends, monetary and fiscal incentives and lower dwelling values and competition," she concluded.</p>
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The combined value of the Adelaide dwelling market is 4.1% higher from March through to November, and dwelling values are currently at a record high.

urban.com.au

Adelaide dwelling values ignored the COVID-19 decline reaching record highs

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<p>The Westpac economist Matthew Hassan has noted the broad-based strengthening in the November property prices as recorded by CoreLogic.</p>
<p>"Notably the reopening in Melbourne has finally seen prices turn in the one major market still recording declines a month ago – the 0.7% mth gain surprisingly firm given turnover was still low."</p>
<p>Melbourne's 0.7% gain was across all segments and building types although prices have generally been firmer for lower priced parts of the market.</p>
<p>Despite an apparent large overhang of stock in the inner city, unit prices also posted a solid rise in the month – Hassan adding "perhaps a caution that some of the gain may be running off expectations rather than conditions on the ground."</p>
<p>Hassan noted other markets consolidated on previous gains with Adelaide and Perth, the smaller capital cities and regional areas leading the way.</p>
<p>Turnover nationally largely consolidated on its Q3 'pop', he added.</p>
<p>The detail continues to show stark differences, activity in Melbourne only just moving off the extreme lows seen during lockdown but activity across other capital city markets still holding well above pre-COVID levels (and well above new listings suggesting these markets are likely to be very tight in coming months).</p>
<p>Sydney recorded a 0.4% gain to be up 0.3% on a three month basis.</p>
<p>Units remain a notable weak spot, with prices in this segment down 0.7% in the November month and 1.8% on a 3month basis, declines accelerating slightly, particularly at the top end of the market. </p>
<p>He added Sydney houses at the lower end of the market have seen the most promising gains.</p>
<p>Prices rose 0.6% in Brisbane, 1.3% in Adelaide, and 1.1% in Perth.</p>
<p>The smaller capital city markets also recorded strong gains – Hobart up 1.4% and both Canberra and Darwin up 1.9%.</p>
<p>"All of these cities except Perth now have prices above their pre-COVID peaks."</p>
<p>Hassan concluded by noting "the housing market is now moving clear of COVID disruptions with recoveries at different stages across different jurisdictions but gaining momentum everywhere."</p>
<p>"While there will still be some weak areas, particularly in the Sydney and Melbourne unit markets, the resurgence in activity, the associated lift in market sentiment and more promising outlook for a vaccine remedy to emerge next year suggests broader momentum will remain well supported in 2021."</p>
<p>Wespatc have recently marked up our price forecasts with a 4% gain now expected in 2021 and a 10% rise in 2022, essentially bringing forward our forecast for a 15% surge that was previously expected to begin in mid-2021<span>.</span></p>
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j.ballantyne1990-6AQqhLzZaK

Melbourne's surprisingly firm price growth given low November turnover: Westpac

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<p class="legacy">GUEST OBSERVATION</p>
<p>Many Australian cities have fallen back on offering free car parking to attract visitors back to the CBD after the pandemic. In contrast, cities around the world are basing their recovery strategies on bold and evidence-based urban transformations.</p>
<p>In August, Adelaide City councillors voted for <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-08-12/adelaide-to-hold-drivers-month-to-boost-retail-amid-coronavirus/12549148">incentives for people to drive and park within the CBD</a>, including a controversial “driver’s month” promotion. In Perth, <a href="https://www.google.com.au/amp/s/amp.watoday.com.au/national/western-australia/zempilas-free-parking-plan-to-cost-perth-ratepayers-hundreds-of-thousands-20201103-p56b3q">free parking in the CBD</a> during the holidays is expected to cost A$700,000.</p>
<p>In Victoria, the state hit hardest by the pandemic, the City of Geelong has announced <a href="https://www.geelongaustralia.com.au/covid19/article/item/8d7d0f8fc065b64.aspx">a range of free CBD parking policies</a> estimated to cost several million dollars. Melbourne City Council has endorsed <a href="https://www.theage.com.au/politics/victoria/lost-opportunity-melbourne-considers-slashing-cost-of-parking-as-part-of-car-led-recovery-20201116-p56exx">free on-street parking</a> via a voucher system estimated to cost $1.6 million in lost revenue. It’s also seeking to reduce the state-based congestion levy on off-street parking by 25%.</p>
<p>The move to increase car traffic into the central city is perhaps most surprising in the case of Melbourne. Planners have called it a “<a href="https://www.theage.com.au/politics/victoria/a-1960s-solution-planners-slam-city-council-s-push-for-free-parking-20201123-p56h49">1960s solution</a>” and a “<a href="https://www.theage.com.au/politics/victoria/lost-opportunity-melbourne-considers-slashing-cost-of-parking-as-part-of-car-led-recovery-20201116-p56exx">lost opportunity</a>”. Free parking and other incentives for car travel <a href="https://www.propertyobserver.com.au/https://twitter.com/BrentToderian/status/1296926489045172224">are at odds</a> with the city’s recent <a href="https://participate.melbourne.vic.gov.au/transportstrategy">Transport Strategy 2030</a>, which seeks to prioritise walking, cycling and public transport.</p>
<p><strong>Parking incentives don’t work</strong></p>
<p>These car-led approaches to a hoped-for economic recovery were <a href="https://www.melbourne.vic.gov.au/about-council/committees-meetings/meeting-archive/MeetingAgendaItemAttachments/924/16397/NOV20%20CCL%20AGENDA%20ITEM%206.8.pdf">rushed out ahead of new evidence and modelling</a>. This approach also goes against <a href="https://theconversation.com/the-elephant-in-the-planning-scheme-how-cities-still-work-around-the-dominance-of-parking-space-87098">decades</a> of <a href="https://theconversation.com/empty-car-parks-everywhere-but-nowhere-to-park-how-cities-can-do-better-99031">available</a> <a href="https://theconversation.com/what-can-our-cities-do-about-sprawl-congestion-and-pollution-tip-scrap-car-parking-118393">evidence</a> on the detrimental impacts of conventional urban parking policies in Australia and internationally.</p>
<p>Free parking – pursued and mandated in many cities since the mid-20th century – has a nasty habit of building in unnecessary car use through narrowly targeted subsidies to car users, which directly undermine other transport modes. Parking researcher Liz Taylor <a href="https://www.foreground.com.au/planning-policy/street-fight-car-parks-covid-19-and-the-future-of-urban-retail-part-1/">recently</a> <a href="https://www.foreground.com.au/planning-policy/petrol-powered-planning/">explained</a> the historical myths and troubled relationships between retail and parking we risk perpetuating.</p>
<p><strong>COVID has changed cities, and we must adjust</strong></p>
<p>Cheap parking has <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-07-07/warrnambool-free-parking-plan-attracts-overstayers/12426236">poor prospects</a> for attracting enough visitors to offset the changes the pandemic has brought to Australian CBDs. CBDs rely heavily on daily office workers – who are now largely working from home – and on large residential populations, including international students and tourists to whom borders are now closed.</p>
<p>In Melbourne, daily journeys into the city are <a href="https://www.smh.com.au/national/victoria/far-from-normal-cbd-businesses-cling-to-customers-as-office-workers-stay-away-20201112-p56dw2">down 90%. Only 8% of office towers are occupied</a>.</p>
<p>Even so, car traffic is now at <a href="https://www-theage-com-au.eu1.proxy.openathens.net/politics/victoria/as-busy-as-bourke-street-push-for-cbd-recovery-gathers-pace-20201112-p56dwa">roughly 90%</a> of its pre-COVID levels. Cars are already back, but that does not translate to people in CBDs – and road capacity means the city <a href="https://www.openforum.com.au/melbournes-covid-car-crunch/">can’t manage many more cars</a>.</p>
<p><a href="https://images.theconversation.com/files/372440/original/file-20201202-15-1dvr3lp.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/372440/original/file-20201202-15-1dvr3lp.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="Chart showing use of cars, public transport and walking in Melbourne from January to the end of November"></a><em> <br><span class="caption">Apple mobility data for Melbourne show car travel is back to almost pre-pandemic levels.</span> <span class="attribution"><a class="source" href="https://covid19.apple.com/mobility">Apple Mobility Trends</a>, <a class="license" href="http://creativecommons.org/licenses/by/4.0/">CC BY</a></span></em></p>
<p>Similarly, Australian CBD retail landscapes have been <a href="https://theconversation.com/how-covid-all-but-killed-the-australian-cbd-147848">drastically altered</a>. Experts <a href="https://theconversation.com/the-suburbs-are-the-future-of-post-covid-retail-148802">predict many lasting changes</a>, including retail “localism” in the suburbs.</p>
<p>Parking hasn’t played any role in these changes. Instead, major economic shifts and political decisions have forced and enabled changes in work and lifestyle.</p>
<p>Many CBD workers simply <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-08-18/coronavirus-working-from-home-impact-on-australian-cities/12435248">won’t have to come back</a>. CBDs previously didn’t need to be pleasant to be full of people – many were forced to be there. That has changed, and so the city must change too – from a destination of default to a destination of choice.</p>
<p><strong>The adjustment can create better cities</strong></p>
<p>Encouraging cars back into the hearts of cities isn’t just a bad recovery strategy. It could be a huge missed opportunity to create more attractive, high-amenity cities.</p>
<p>Around the world, many cities are welcoming the chance to use parking and streets differently, <a href="https://theconversation.com/covid-has-proved-working-from-home-is-the-best-policy-to-beat-congestion-148926">farewelling the daily car commute</a> to embrace something better.</p>
<p>In Paris, Mayor Anne Hidalgo’s <a href="https://www.forbes.com/sites/carltonreid/2020/10/20/paris-mayor-anne-hidalgo-to-make-good-on-pledge-to-remove-half-of-citys-car-parking-spaces/?sh=49932fa916ec">visionary “15-minute city” plan</a> aims to replace 60,000 surface parking spaces with green pedestrianised streets, safe dedicated cycling networks and “children streets” near schools. The plan actively turns away from car dominance.</p>
<p>Barcelona’s mayor has announced <a href="https://www.bloomberg.com/news/articles/2020-11-11/barcelona-s-new-car-free-superblock-will-be-big">a massive green revamp</a> of the central city. Its already successful Superblock model, based on large-scale pedestrianisation, will be super-sized. Intersections and parking are being turned into parks and plazas.</p>
<p> </p>
<p>London is creating <a href="https://www.bloomberg.com/news/articles/2020-07-28/how-london-s-low-traffic-streets-keep-cars-at-bay">hundreds of low-traffic neighbourhoods (LTNs)</a>, as is <a href="https://citymonitor.ai/transport/in-one-of-europes-most-car-dependent-cities-lockdown-offers-a-chance-to-rethink-the-road">car-dependent Brussels</a>. LTNs are based on transforming streets with quality cycling and pedestrian infrastructure, closing some streets to car traffic and otherwise instituting low speeds. <a href="https://www.wired.co.uk/article/oslo-pedestrianisation">Oslo’s “Vision Zero” strategy</a> demonstrates the power of these measures to transform cities.</p>
<p>As these cities are finding, street reclamation projects can succeed quickly, and <a href="https://www.theguardian.com/environment/2020/nov/16/i-got-it-wrong-since-the-changes-its-become-more-vibrant-life-in-an-ltn">local businesses</a> and <a href="https://www.theguardian.com/environment/2020/nov/16/claim-low-traffic-schemes-only-benefit-better-off-debunked-in-new-study">neighbourhoods of all income levels</a> benefit. However, leaders need to <a href="https://www.theguardian.com/commentisfree/2020/nov/16/the-guardian-view-on-low-traffic-neighbourhoods-streets-ahead">“hold their nerve”</a> through the complex period of change.</p>
<p><strong>New ways of seeing cities</strong></p>
<p>Australian cities are changing with COVID too. Melbourne in particular has been forced to radically rethink streets as public space at a metropolitan scale. Through innovative co-operation between retailers and local councils, <a href="https://melbourneparklets.ushahidi.io/views/map">hundreds of parklets</a> have emerged across the city.</p>
<p>These spaces offer sensible, creative and exciting ways for people to re-embrace dining out after lockdown. The <a href="https://www.theage.com.au/national/victoria/gertrude-street-locals-don-t-want-council-to-call-time-on-garden-party-20201117-p56fb3">enthusiastic reception</a> is already causing many retailers to forget about parking and call for permanent changes.</p>
<p>The City of Melbourne has issued 1,300 outdoor dining permits and transformed 200 on-street parking spaces. This raises the the question of whether free parking is the best use of its precious public space and funds.</p>
<p><img src="https://images.theconversation.com/files/371045/original/file-20201124-17-km8fmg.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="Diners sit within a green parklet on Lygon Street in Melbourne, having fun on reclaimed street space."><br><em><span class="caption">A parklet on reclaimed street space on Lygon Street, Melbourne.</span> <span class="attribution"><span class="source">Liz Taylor (own photo)</span></span></em></p>
<p>While systematic study of parking is often scarce, <a href="https://www.sciencedirect.com/science/article/pii/S0264837718309797">far</a> <a href="https://www.gov.uk/government/publications/the-value-of-cycling-rapid-evidence-review-of-the-economic-benefits-of-cycling">stronger</a> <a href="https://vtpi.org/walkability.pdf">evidence</a> supports the economic value of space for active transport, green space and outdoor dining. Our future cities can be places where people “<a href="https://www.nytimes.com/2020/11/02/dining/outdoor-dining-nyc">will see the street belongs to them</a>”.</p>
<p>Street space can feel like the exclusive (and hostile) realm of cars, but it is simply public land that is currently (mis)allocated to cars. Perceptions are beginning to change, allowing city residents to reimagine what streets might offer beyond moving and storing cars.</p>
<p>The race is on to invite people back to our cities. But a return to streets full of cars, narrow sidewalks crowded with pedestrians, and parking problems that never go away simply isn’t much of an invitation.</p>
<p>When urbanist Brent Toderian asked people to post <a href="https://www.propertyobserver.com.au/https://twitter.com/BrentToderian/status/1168055558068301824">photos showing #TheBeautyofCities</a>, the hundreds of submissions featured green streets full of people walking, cycling and having fun, not car parking and traffic.<img src="https://counter.theconversation.com/content/150380/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;"></p>
<p><span><a href="https://theconversation.com/profiles/rebecca-clements-506288">Rebecca Clements</a>, Postdoctoral Research Associate, Faculty of Architecture, Building and Planning, <em><a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a></em>; <a href="https://theconversation.com/profiles/elizabeth-taylor-97922">Elizabeth Taylor</a>, Senior Lecturer in Urban Planning &amp; Design, <em><a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a></em>, and <a href="https://theconversation.com/profiles/thami-croeser-729067">Thami Croeser</a>, Research Officer, Centre for Urban Research, <em><a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a></em></span></p>
<p>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/why-australian-cities-need-post-covid-vision-not-free-parking-150380">original article</a>.</p>
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Why Australian cities need post-COVID vision, not free parking

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<p>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. </p>

<p>On March 29th, <a href="https://www.pm.gov.au/media/national-cabinet-statement"><u><strong>Prime Minister Scott Morrison announced</strong></u></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"><u><strong>Code of Conduct</strong></u></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.</p>

<h2><strong>RESIDENTIAL TENANCIES ACT (1997)</strong></h2>

<p>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"><u><strong>which states</strong></u></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.</p>

<h2><strong>NEGOTIATION</strong></h2>

<p>At this point, open communication is the best way to solve the matter at hand. </p>

<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>
<p>Landlords and tenants who are not in significant financial distress over current circumstances are to honour the existing lease agreement.</p>

<h2><strong>RULES LANDLORDS MUST COMPLY WITH</strong></h2>

<p>Your rights as a tenant also extend to keeping your landlord in check:</p>

<p>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:</p>

<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>
<p>If there comes the point where an eviction occurs, remember that your landlord has to present a written notice to vacate the premises.</p>

<p>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.</p>

<p><em>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.</em></p>
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COVID-19: What are your rights as a tenant?

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<p>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. </p>

<blockquote>
<p><em><strong>“Medical workers and first responders are providing lifesaving support during the coronavirus outbreak and we want to help.” </strong></em></p>
</blockquote>

<p><em>Joe Gebbia, Co-founder of Airbnb</em></p>

<p>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.</p>

<p>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. </p>

<h2><strong>THE GLOBAL ROLL OUT OF THE INITIATIVE</strong></h2>

<p>The initiative has already commenced in France and Italy, with 4,000 hosts in France volunteering to open their homes to medical workers. </p>

<p>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. </p>

<h2><strong>HOW HOMEOWNERS CAN HELP</strong></h2>

<p>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.</p>

<h2><strong>HOW WILL HEALTH AND SAFETY BE UPHELD?</strong></h2>

<p>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.</p>

<p>Hosts must vacate the property before the arrival of COVID-19 healthcare professionals.</p>

<p>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. </p>

<p>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"><u><strong>cleaning and safety protocols</strong></u></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"><u><strong>registered by the Environmental Protection Agency</strong></u></a> that are believed to be effective against the coronavirus. </p>

<p>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. </p>

<h2><strong>REQUIREMENTS OF AN AIRBNB HOST DURING THE COVID-19 PANDEMIC</strong></h2>

<p>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).</p>

<p>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.</p>

<p>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. </p>

<h2><strong>AIRBNB IS AN EXAMPLE OF A COMMERCIAL BUSINESS PIVOTING THEIR STRATEGY TO SUPPORT THOSE IN NEED</strong></h2>

<p>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.</p>
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Airbnb plans to help house 100,000 COVID-19 responders

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<h2><strong>OPINION:</strong></h2>

<p>Never in our lifetime have we experienced such a global shock that has also provided a unique opportunity to take stock of our lives. Many of us are pausing to consider what areas we’re happy with, what we need to change, and new habits we would like to form to enable a more fulfilling life.</p>

<p>We also face challenges that have put a spotlight on our finances and show us just how financially resilient we may or may not be. This can be a confronting situation to find ourselves in but, like anything, we get to choose how we respond to the challenge.</p>

<p>I believe that there has never been a more critical time to take a closer look at our finances and set ourselves up for a less stressful and more prepared approach to our financial future.</p>

<p>In my work as Assemble’s Financial Coach, I help residents improve their financial wellbeing and guide them towards achieving their ultimate goal of homeownership via the Assemble Model.</p>

<p><b>My first piece of advice is to take stock of where your money is going.</b></p>

<p>During this period of uncertainty, it is best to focus on the essentials – food, transport, utilities, and housing. Consider reviewing any items outside of these essentials to check whether you can remove them altogether or look at reducing these costs to ensure you are on the best or cheapest deal available. If you work towards stripping these expenses right back, you may have the chance to decide if you still wish to continue paying for these non-essential items once you return to your lifestyle after COVID-19 passes. You may even consider new ways to use that extra money if you find that you could quite comfortably live without them.</p>

<p>While you may have had to reduce spending on the things that took a reasonable amount from your weekly budget – such as dining out, gyms or beauty treatments – it's important to take a look at where you can reallocate these outgoing costs.</p>

<p>If you’ve lost your job or had your hours reduced, this is the time to find more funds to better support you throughout this time. This could include using your emergency fund and any resources offered by the government, such as JobSeeker, or contacting service providers to pause payments or put bills on hold. It’s okay to accept the financial support available as there is no shame in asking for help.  If you feel overwhelmed, remember that this time will pass, so lean on friends and family for emotional support if you need it.</p>

<p>If your employer has not been affected, then this puts you in the fortunate position of being able to redirect these non-essential costs to boosting your savings. This could include a home deposit, increasing your emergency fund to future-proof yourself in the event your circumstances change, or to pay down debts that would have otherwise taken more time and money in interest costs to get rid of.</p>

<p>For example, if you’re no longer spending $160 on a gym membership each month, then this can be reallocated by increasing your monthly debt repayments by an additional $160 or setting up an automatic transfer for that amount across to your savings or emergency fund instead. You can apply this concept to many expenses, such as dining out, social events, exercise classes, public transport and pay TV or sports channels that you’re not using. All of these subscriptions and fees can add up, and you can get these amounts working for you in other ways.</p>

<p>You need to give your money ‘a job to do’ because if you leave it sitting in your account, it won’t be long before it’s given another ‘job’. These can come up as ‘bored in iso online shopping’ or ‘the extra chocolate stash’ – which isn’t beneficial to your financial position.</p>

<p>Although COVID-19 has been devastating for people, significantly impacting our health system and economy, it has brought an opportunity to re-evaluate how we spend our time, which influences how we will earn and spend money in the future.</p>

<p>This can mean that in the months ahead when we’re readjusting our lives and setting new goals, we can do it with confidence in our financial position and a new understanding of how we want to spend our time based on what we truly value.</p>
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Resetting your finances during COVID-19 – a financial coach’s guide 

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<div class="block-content">
<div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Australia is officially out of a recession.</span></div>
<div class="styles__Container-sc-1ylecsg-0 goULFa"><span> </span></div>
</div>
<div class="block-content">
<div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The Australian Bureau of Statistics (ABS) advised that the nation's Gross Domestic Product – or GDP – rose 3.3 per cent in the September quarter.</span></div>
<div class="styles__Container-sc-1ylecsg-0 goULFa"><span> </span></div>
<div class="styles__Container-sc-1ylecsg-0 goULFa"><span>CommSec's Craig James called it a "Christmas miracle."</span></div>
<div class="styles__Container-sc-1ylecsg-0 goULFa">
<p>It was the strongest quarterly growth since the March quarter 1976. </p>
</div>
<div class="styles__Container-sc-1ylecsg-0 goULFa"><span>However t<span>hroughout 2020 Australia's GDP has fallen 3.8 per cent.</span></span></div>
<div class="styles__Container-sc-1ylecsg-0 goULFa"><span><span> </span></span></div>
<div class="styles__Container-sc-1ylecsg-0 goULFa">
<div class="block-content">
<div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A technical recession is defined as two consecutive quarters in negative growth.</span></div>
<div class="styles__Container-sc-1ylecsg-0 goULFa"><span> </span></div>
<div class="styles__Container-sc-1ylecsg-0 goULFa">
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<div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The three months to June saw the nation's GDP shrink by seven per cent, the biggest drop since records began in 1959.</span></div>
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<div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The previous quarter to March saw Australia's GDP fall by 0.3 per cent.</span></div>
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<div class="styles__Container-sc-1ylecsg-0 goULFa"><span><span>The market had been predicting that the economy would grow 2.5 per cent in the September quarter. Westpac had forecast three per cent growth.</span></span></div>
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<div class="styles__Container-sc-1ylecsg-0 goULFa">"The key dynamic of the covid recession and the re-opening of the economy relates to the restrictions on the movement of people and on travel, with the closure of the borders," Westpac economist Andrew Hanlan said.</div>
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<p>"Consumer spending plunged by 12.5% in Q2 reflecting the reduced opportunities for people to spend.</p>
<p>"As restrictions were eased, consumers returned to the shops in greater numbers and consumer spending rebounded by 7.9% in Q3 (providing the upside surprise to our forecast).</p>
<p>"Another key feature of this recession has been the massive income transfer from the government to households and businesses – on an unprecedented scale."</p>
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Australia is officially out of recession after 3.3 per cent rise in GDP in the September quarter

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<p>Despite rental affordability across Sydney improving in the past year the NSW capital remains critically unaffordable to significant proportions of the renting population, especially very low and low-income households, the latest release of the Rental Affordability Index (RAI) has found.</p>
<p>Greater Sydney’s affordability is the highest recorded over the past eight years, improving by 5.7 per cent in the past 12 months – which has almost entirely been driven by the decline in rents caused by the onset of the COVID-19 pandemic. It is the only city which has shifted from moderately unaffordable to acceptable rents, despite affordability improving across most metropolitan regions.</p>
<p>Despite the lower rental rates, the difference for very low-income households is negligible, as they still face severely unaffordable rents across Sydney.</p>
<p>The RAI is an indicator of the price of rents relative to household incomes based on new rental agreements. It is released annually by National Shelter, Bendigo and Adelaide Bank, SGS Economics &amp; Planning and the Brotherhood of St Laurence. The report provides an indication on the impact of early COVID-19 responses and supplement payments, measuring rental affordability for households until the June quarter 2020.</p>
<p>A score of 100 on the RAI indicates that households are spending 30 per cent of their income on rent, which would cause low-income households to be in rental stress. They may have to forgo necessities including food, power and medical care to make ends meet. A score of 100-120 shows that households are facing moderately unaffordable rents.</p>
<p>With a score 126 in the June quarter of 2020, rents have shifted from moderately unaffordable to acceptable, on average, in Sydney. The average rental household in Greater Sydney spends about 24 per cent of its total income on rent – which is the same in regional NSW, which has an RAI score of 124.</p>
<p>However, lower-income households have to fork out a much higher proportion of their income to afford a roof over their heads in Greater Sydney:</p>
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<li>Single person on JobSeeker: 69 per cent of income (extremely unaffordable)</li>
<li>Single pensioner: 79 per cent of income (extremely unaffordable)</li>
<li>Pensioner couple: 53 per cent of income (severely unaffordable)</li>
<li>Single part-time worker parent on benefits: 47 per cent of income (severely unaffordable)</li>
<li>Full-time hospitality worker: 35 per cent of income (unaffordable)</li>
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<p>Regional NSW is the second least affordable rest of state areas with an RAI score of 124, behind regional Tasmania (114). The average household seeking to rent in regional NSW would face rent levels at 24 per cent of its total income, which means rents remain acceptable to affordable across regional NSW. As households move from the city to regional centres, this may impact affordability.</p>
<p>In Victoria, there is a massive need for government investment in social and affordable housing – and now is the time for it since borrowing costs are so low in Australia. Without investment in this space, we are ignoring our responsibility to help people be decently housed.</p>
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Low income households face unaffordable rents: RAI

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<p>EXPERT OBSERVER</p>
<p>The Business Indicators publication is largely important each quarter for the data on inventories that helps finalise the estimate for economic growth.</p>
<p>The gross domestic product (GDP) or economic growth figures are released on Wednesday. But there are still two important ‘partial’ components before then in the shape of government spending and net exports – the figures released on Tuesday.</p>
<p>At this stage GDP is expected to have rebounded by at least 2½ per cent. That means that the economy exited from its first ‘technical’ recession in 29 years during the September quarter.</p>
<p>Courtesy of government assistance, corporate profits rose another 3.2 per cent in the September quarter after the 15.8 per cent gain the June quarter. Profits are rising at the fastest annual rate in three years. The aim of policymakers has been to keep business in business and keep workers in jobs. And all evidence suggests that the measures are working well.</p>
<p><strong>What do the figures show?</strong></p>
<p><em>Business Indicators – September quarter</em></p>
<p>Company operating profits rose by 3.2 per cent in the September quarter to be up 18.6 per cent on the year. Profits rose in 12 of the 15 industry groups in the September quarter.</p>
<p>Inventories fell by 0.5 per cent in the September quarter after a 2.9 per cent fall in the June quarter. Inventories will add 0.9 percentage points to quarterly economic activity. Four of the six industry sectors posted declines in inventories led by Electricity, gas, water and waste services (down 3.7 per cent).</p>
<p>The total real value of sales rose by 4.4 per cent in the September quarter but was down 5.4 per cent on the year. Real sales rose in all of the 15 industry sectors except Mining (-1.5 per cent) in the September quarter. In current prices, sales rose by 4.0 per cent in the quarter but fell 6.8 per cent on the year.</p>
<p>Over the full year to September, real sales fell by 3.6 per cent on a year earlier (decade average +1.5 per cent). And in current prices, sales fell by 3.2 per cent in the full year to September (decade average +3.3 per cent).</p>
<p>In current prices, sales rose in seven of the states and territories in the September quarter: NSW (up 5.8 per cent), Victoria (up 2.2 per cent), Queensland (up 2.8 per cent), South Australia (up by 9.8 per cent), Western Australia (up by 1.5 per cent), Tasmania (up 13.2 per cent), Northern Territory (down 0.7 per cent) and ACT (up by 4.0 per cent).</p>
<p>Wages &amp; salaries (includes changes in wages and employment) rose 2.4 per cent in the quarter to be up 0.4 per cent on the year – reflecting slower growth in wages but higher employment.</p>
<p><img src="https://attachments.office.net/owa/jfidler%40propertyobserver.com.au/service.svc/s/GetAttachmentThumbnail?id=AAMkADQ3ZGM4MTFjLTUzM2MtNGRlMy1hNTRkLTVlMTg5NTg1MTZjNABGAAAAAACwVkXUIRtYR67gBrMt3wq%2FBwDeQoafX1oGQ7i8PLrB5m%2FDAAAAAAEMAADeQoafX1oGQ7i8PLrB5m%2FDAAJKzD5JAAABEgAQACK8R8yukhJBqpGRzo6mVI4%3D&amp;thumbnailType=2&amp;token=eyJhbGciOiJSUzI1NiIsImtpZCI6IjU2MzU4ODUyMzRCOTI1MkRERTAwNTc2NkQ5RDlGMjc2NTY1RjYzRTIiLCJ0eXAiOiJKV1QiLCJ4NXQiOiJWaldJVWpTNUpTM2VBRmRtMmRueWRsWmZZLUkifQ.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.PH1fFwCfxZjuKoCpgQN1tXA6f07WVbH29jElNeiSFUlSFZ3yeOwE2vVYs2A88-9jGxxWgmcGmIKLWiJGzTBz-K55yVbspXl6ZzZKrz_-hG22aBp0ZIpwJ7tyGmyOUrX_40_4SOMndfygi7zdLAfNAvrcd2JUTRpGfQSQkpacGVryDew3cpEWLs3zLT3mC-L3riY2ZwbNl-ePR30-nU0zHUflO9UBxFGNi7X20Bx7ed-jmb2X-9icUAV-HHGozA4YBFqXo2zodcNtagRWkuUpP7Wm2ep6zjXkiY1VtKYlH9ZFORPWklZfDGzF3QZPX67r8Nai8TlLrlRt3ZWDTvRnug&amp;X-OWA-CANARY=cYNCnnKQIkSMgBoXnImPAMB8Nr_dlNgYalBOlv2hG_ZgUuA-eID-bAWSd2QX6b1jnzn3kAOGXU0.&amp;owa=outlook.office.com&amp;scriptVer=20201123001.11&amp;animation=true"></p>
<p><em>What are the implications for investors?</em></p>
<p>It’s all about COVID. It’s an extraordinary period but we are coming out the other side into a different world.</p>
<p>The good news is that the virus is suppressed across Australia. Yep more good news with stimulus measures to remain in place until we are fully back on our feet. And even more good news with the progress of vaccine development and potential for roll out in coming months.</p>
<p>Our major trading partner, China, continues to show encouraging signs of economic recovery with both manufacturing and service sector purchasing manager indexes well above the 50 line in November – the line that suggests expansion of activity.</p>
<p><strong>CRAIG JAMES </strong><em>is the Chief Economist at CommSec</em></p>
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