<p>Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.</p>

<p>A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.</p>

<p>Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.</p>

<p>“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.</p>

<p>Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.</p>

<p>“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.</p>

<p>The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.</p>

<p>It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.</p>

<p>The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.</p>

<p>One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.</p>

<p>Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.</p>

<p>The developer is also exploring the potential for additional affordable housing outcomes.</p>

<p>Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.</p>

<p>Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.</p>

<p>Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.</p>

<p>“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”</p>

<p>Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.</p>

<p>Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.</p>

<p>Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.</p>


Joel Robinson

400 new homes planned for Adelaide's former West End Brewery site

<p>Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.</p>

<p>The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.</p>

<p>Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.</p>

<p><img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" /></p>

<p>“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.</p>

<p>The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”</p>

<p>The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.</p>

<p><img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" /></p>

<p>The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.</p>

<p>According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.</p>

<p>“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.</p>

<p>A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.</p>

<p>Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.</p>

<p><img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" /></p>

<p>All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.</p>

<p>The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.</p>


Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

<p>Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.</p>

<p>The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.</p>

<p>Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.</p>

<p><img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" /></p>

<p>Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.</p>

<p>The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.</p>

<p>"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.</p>

<p>The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.</p>

<p>The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.</p>

<p><img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" /></p>

<p>Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.</p>

<p>Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.</p>


First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

<p>The Gold Coast Planning Committee has supported the preliminary approval for the Benowa Gardens Urban Village project following an extensive community consultation and assessment process.</p>

<p>The proposal will now proceed to a full council vote on June 2.</p>

<p>The application sought approval for a masterplanned urban village on the existing Benowa Gardens Shopping Centre site, combining new housing, retail, dining, health and lifestyle amenities within a walkable, integrated precinct.&nbsp;</p>

<p>The proposed redevelopment includes around 413 apartments integrated above a revitalised mixed-use centre featuring a full-line supermarket of 4,000 sqm, 6,000 sqm of specialty retail and dining space across around 30 retailers, a 7,000 sqm health and wellness precinct, and roughly 9,630 sqm of office and medical suites.&nbsp;</p>

<p><img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="fb36ae47-80bc-45f0-9914-31b0c7b6007d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C4%201121%20FI.jpg?VersionId=6mRKk2uU4r67TmTt39DKGUlvFRbTVqWa" /></p>

<p>The broader masterplan also includes very significant traffic and transport improvements, wide pedestrian walkways, upgraded pedestrian and cycle connections, and enhanced public areas designed to create a more connected and walkable community environment.&nbsp;</p>

<p>Centre owner Patrick Lu said the milestone reflected months of detailed planning, technical assessment and ongoing communication with local residents, businesses, schools and stakeholders.</p>

<p>“We appreciate the time, consideration and care Council officers and the Planning Committee have given this proposal throughout the assessment process,” Lu said.</p>

<p>“We also sincerely thank the local community for engaging with us, sharing feedback and participating in the consultation process over many months.</p>

<p><img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="32fd1fc3-d0e6-485f-ac57-9916c9bcb818" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C5%201121%20FI_2.jpg?VersionId=fz8qQKDBLQ7MyFRc856Zccfbh9nFwLOe" /></p>

<p>“We understand projects of this scale bring questions and concerns, which is why we have worked hard to listen carefully, provide information transparently and continue refining elements of the proposal where possible.</p>

<p>“Our vision has always been to create a well-designed, community-focused urban village that responds to the changing needs of the Gold Coast, while delivering improved amenity, housing diversity, healthcare access and local lifestyle benefits.</p>

<p>“This proposal is about creating a genuine live-work-play environment where residents can access everyday services, schools, healthcare, dining, shopping and green space within walking distance, while also supporting local jobs and economic activity.”</p>

<p><img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="50dfbd04-590e-4fc6-983b-766880947867" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Dining%20Day%20Time%20-%20High%20Resolution.jpg?VersionId=BP7ZoKJ0DdL_8iRkkC8VVx99moICV6kg" /></p>

<p>Lu said the proposal had evolved significantly through consultation and technical review, particularly around traffic, pedestrian and student safety and neighbourhood connectivity.&nbsp;</p>

<p>Melissa Griffin, Director at Urbis, said the recommendation recognised the strategic importance of delivering more housing and services within established urban areas already supported by infrastructure.</p>

<p>“This proposal represents the type of thoughtful, integrated growth that planning frameworks across South-East Queensland are encouraging,” Ms Griffin said.</p>

<p>“The project seeks to place housing, retail, healthcare and employment opportunities together in a highly accessible location close to schools, transport and existing services.</p>

<p>“Importantly, the process has involved significant technical assessment and community engagement to ensure local issues and feedback were properly considered throughout the planning pathway.”</p>


$1 billion Benowa Gardens Urban Village heads to council vote following Planning Committee support

<p>Surfers Paradise is officially set for its first new residential development with a 45-storey skybridge connecting the two towers.</p>

<p>John Camilleri’s Celestino Developments has been given the green light by the Gold Coast City Council to develop its major beachfront precinct across its huge 4,000 sqm oceanfront site at <a href="https://www.apartments.com.au/new-apartments/63-79-garfield-terrace-surfers-paradise-qld-4217">63–79 Garfield Terrace</a>, just five months after its <a href="https://www.apartments.com.au/news/qld/first-look-exclusive-billionaire-winx-breeder-s-bold-two-tower-surfers-paradise-play-with-45th-storey-skybridge">submission in late 2025</a>.</p>

<p>The approved scheme will deliver two towers rising 55 and 48 storeys, connected by a skybridge positioned on level 45 that will house a range of resident-only wellness and entertainment spaces.</p>

<p>In its notice of approval, the Gold Coast City Council said the&nbsp;proposed overall built form has been designed to complement the scale, intensity and protect the adjacent amenity and surrounding streets through the use of varied setbacks, site cover and architectural elements.</p>

<p><img alt="First look exclusive: Billionaire Winx breeder’s bold two-tower Surfers Paradise play with 45th-storey skybridge" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-30%20at%209.53.48%E2%80%AFAM.png?VersionId=ADyPJ_TFbJvSU9wZFOiCBnlPtgF7VWqW" /></p>

<p>Designed by <a href="https://www.apartments.com.au/architects/dbi">DBI</a>, the development will comprise 275 apartments across the two towers, including a mix of two-, three-, and four-bedroom residences, as well as several penthouses. The apartments will sit above a landscaped podium featuring more than 90 metres of beachfront pool frontage, private resident lawns, lounges, and wellness spaces.</p>

<p>DBI said the design draws heavily from the movement and form of the coastal environment, with curving balcony lines and sculpted façades intended to soften the scale of the towers while maximising ocean outlooks and passive shading outcomes.</p>

<p>“The project occupies a rare, uninterrupted oceanfront site and has been shaped by a design philosophy that merges architectural elegance with environmental responsiveness and a carefully curated lifestyle experience,” DBI said in planning documents submitted to the Gold Coast City Council.</p>

<p>The most distinctive element of the approved project is the skybridge linking the two towers at level 45. The elevated communal space is planned to include executive lounges, formal dining areas, wellness facilities, and panoramic ocean-facing outlooks.</p>

<p>“The skybridge enhances the identity of the development, promotes social interaction, and delivers a lifestyle experience not found elsewhere on the Gold Coast,” DBI said.</p>

<p>At podium level, residents will have access to a suite of resort-style amenities, including resident lounges, private dining rooms, a yoga lawn, gymnasium, plunge pools, and treatment spaces. The beachfront pool has been designed with separate lap, lounge, and children’s areas extending across the width of the site.</p>

<p>The project will also introduce new food and beverage offerings along the Enderley Avenue and Oceanway frontages, contributing additional activation to the beachfront precinct.</p>


First look: Winx billionaire’s beachfront Surfers Paradise apartment development greenlit

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>
<div class="separator"> </div>
</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">
<div class="block-content">
<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>
<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 previous quarter to March saw Australia's GDP fall by 0.3 per cent.</span></div>
<div class="styles__Container-sc-1ylecsg-0 goULFa"><span> </span></div>
<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>
<div class="styles__Container-sc-1ylecsg-0 goULFa"> </div>
<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>
</ul>
<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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