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.

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.

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.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"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."

<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" />

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.

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.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"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.

"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."

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.

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>.

Joel Robinson

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

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.

The project, to be known as Capella Residences Brisbane, is being delivered by Verso Projects at the landmark Kangaroo Point riverfront estate, with completion targeted for 2029.

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.

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.

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.

<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" />

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.

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.

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.

The heritage Postal Depot Building will also be retained and repurposed as a guest house, in line with the revised development plans.

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.

"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.

"The project will celebrate excellence in sub-tropical residential design, setting a new benchmark for vertical living in Brisbane."

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.

"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.

"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."

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.

"Brisbane is a city on the cusp of something remarkable, and Capella Residences is our commitment to being part of that story," Fasel said.

"The Capella residential experience is more than luxury. It is about a sense of belonging to a place with deep meaning."

Private appointments have now opened for the project, with a display suite expected to open in late 2026 ahead of the planned 2029 completion.

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

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.

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.

<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" />

<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.

"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.

"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.

"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."

<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" />

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.

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.

"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.

"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."

Humphreys said it was encouraging to see developers recognising the growing demand from first home buyers.

"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.

"It's fantastic to see a developer recognise this and then actively take measures to deliver an apartment with us in mind."

Solis is the first development planned within the second stage of the Harbour Shores masterplan, with early works expected to commence in September 2026.

[smartcode_project_cta:default project_id=113271]

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

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>

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.

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.

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.

[smartcode_project:default project_id=108800 project_image_fid=370093]

Abadeen Executive Chairman and Founder Justin Brown said buyer activity lifted noticeably in the lead-up to the end of the financial year.

"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.

"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."

Brown says the&nbsp;response to Park Residences following completion has been particularly strong.

"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.

"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."

[smartcode_project:default project_id=114246 project_image_fid=370116]

Abadeen CEO Joe Tack said quality continued to differentiate projects in the current market.

"Today's buyers are incredibly discerning," Tack said.

"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.

"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."

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.

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

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

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;

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;

<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.

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.

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.

“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.

"It will bring the vibrancy of places like Barangaroo and Darling Quarter into a more accessible, central destination at the very heart of Sydney."

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.

[smartcode_project:default project_id=134477 project_image_fid=374401]

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;

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.

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.

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.

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.

Metrics Managing Partner and Group CEO Andrew Lockhart said Castlereagh Place is a landmark project that will redefine Sydney’s skyline.

"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.”

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.

[smartcode_project:default project_id=134477 project_image_fid=374402]

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.

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.

&nbsp;

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.

"Castlereagh Place is a city-making project of significant scale and ambition," said Richard Francis-Jones, Design Director at fjcstudio.

"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.

“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.”

Demolition and early construction works have commenced onsite at Castlereagh Place.

[smartcode_project_cta:default project_id=134477]

Billbergia, Metrics, approved for $3.5 billion Sydney skyscrapers

COVID-19

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Melbourne real estate will fully open with safety measures from November 23, the Victorian premier Daniel Andrews advised today.
However from October 26, if the daily average of new cases is fewer than five and there are fewer than five cases with an unknown source in the prior fortnight, agents would be allowed to hold private inspections and to hold outdoor auctions subject to gathering limits.
In the meantime the spring Melbourne real estate market will remain only as online inspections for several more weeks.
Thousands of Melbourne home vendors were hopefully awaiting today's decision to commence their marketing.
The government has confirmed only services related to property settlement and the commencement of or ending of a lease, including removalists, are to be allowed until October 26.
The re-opening was advised by Victorian Premier Daniel Andrews in his five-step road map out of stage four lockdowns from September 14.
If all goes to plan, a fourth step would begin on November 23, provided there were no new cases for 14 days.
All retail would then also be open and the real estate industry would open with additional safety measures.
Restrictions were introduced in late March which included a ban on on-site auctions, with two loosening of rules from May allowing auctions to go ahead with just 10 bidders, which was later raised to 20.
Auctions were banned again when stage four was enacted in August, along with no permissible open for inspections.
Regional Victoria will see its second step begin on September 13 allowing private inspections to resume. But onsite auctions with attendance limits won’t be allowed until the third step.
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<h2>Breakdown of roadmap for metropolitan Melbourne</h2>
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<div class="styles__Container-sc-1ylecsg-0 goULFa">First Step from 11.59pm, 13 September 2020 in metro Melbourne</div>
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<ul>
<li>Curfew eased to 9pm to 5am</li>
<li>Exercise increased to two hours per day</li>
<li>Single "social bubbles"</li>
<li>Public outdoor gatherings of two people or a household for up to two hours</li>
<li>Playgrounds reopen</li>
</ul>
</div>
</div>
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<div class="styles__Container-sc-1ylecsg-0 goULFa">Second Step from 28 September 2020 subject to public health advice and if average daily cases are 30-50 in metro Melbourne over previous 14 days.</div>
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<ul>
<li>Public gatherings increase to up to five people from two households</li>
<li>Schools: staged return for Prep to Year 2, VCE/VCAL and specialist schools in Term 4</li>
<li>Childcare reopens</li>
<li>More workplaces open</li>
<li>Outdoor pools reopen, personal training for up to two people per trainer</li>
<li>Outdoor religious gatherings of up to 5 people plus 1 faith leader</li>
</ul>
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<div class="styles__Container-sc-1ylecsg-0 goULFa">Third Step from 26 October 2020 subject to public health advice and if daily average is less than five new cases (state-wide) and less than five cases from unknown sources over the previous 14 days (state-wide total).</div>
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<ul>
<li>Curfew dropped</li>
<li>Leave home – no restrictions on reasons or distance travelled</li>
<li>Public gatherings increased to 10 people outdoors</li>
<li>Visitors at home – up to five visitors from another nominated household</li>
<li>Schools – potential staged return for Year 3 to 10 based on epidemiology</li>
<li>Retail and hairdressing reopen</li>
<li>Hospitality - predominantly outdoor seated service, group limit of 10 and density limits</li>
<li>Sport – staged return of outdoor non-contact sport for adults. Outdoor under 18 years contact and non-contact sport resumes</li>
</ul>
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<div class="block-content">
<div class="styles__Container-sc-1ylecsg-0 goULFa">Last Step from 23 November 2020 subject to public health advice and if no new cases for previous 14 days</div>
</div>
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<div class="styles__Container-sc-1ylecsg-0 goULFa">
<ul>
<li>Public gatherings of up to 50 people outdoors</li>
<li>Visitors at home – up to 20 visitors at a time</li>
<li>Retail - all open</li>
<li>Hospitality – indoor group limit of 20 people for seated service, cap of 50 patrons</li>
<li>Real estate – open with safety measures</li>
<li>Sport – open subject to safety measures, contact sport resumes for all ages</li>
<li>Weddings, funerals – maximum of 50 people</li>
<li>Religion – public worship resumes subject to density quotas</li>
</ul>
</div>
</div>
<div class="block-content">
<div class="styles__Container-sc-1ylecsg-0 goULFa">COVID Normal – starts when no new cases occur for 28 days plus no active cases (state-wide) and no outbreaks of concern in other States and Territories.</div>
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j.ballantyne1990-6AQqhLzZaK

Melbourne real estate will fully open with COVID-19 safety measures from November 23

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EXPERT OBSERVATION
The outlook for the property market is expected to be quieter this Spring compared to previous seasons, but buyers are still there, according to home loan lender, ME.
I shared my spring property predictions:
The property market notoriously blooms in spring with a flurry of listings and buyers preparing to pounce.
But this season will be different: the property market will quieter due to the impact of COVID-19, particularly in Melbourne.
Despite some more listings this Spring and record low interest rates, economic concerns will dampen demand.
Plenty of challenges remain including high levels of unemployment, job insecurity and lower immigration, impacting people’s willingness to transact in property.
Many Australians are also on home loan repayment pauses. The gradual end of this type of support will be a critical juncture for the property market going forward.
Demand: first home buyers pounce, dreams of a sea or tree change to become reality
In terms of demand, buyer activity is expected to be overall lower than previous spring buying seasons, but buyers are still there and have a strong appetite for potentially bargain buys.
ME has seen an influx of first home buyers and expects this to continue. Potential for price falls, reduced investor activity together with historically low interest rates and government support are propelling first home buyers into action.
COVID-19 has also led to a re-assessment of life priorities. New remote and flexible working arrangements have made buying in regional areas a more feasible and affordable lifestyle option, and as such we may start seeing more buyers making their move this Spring.
According to ME’s latest Quarterly Property Sentiment Report, 45% of respondents said they were more likely to consider buying in a regional area, to save money and improve their lifestyle − rising to 60% of first home buyers.
Supply: A rush of fresh real estate listings on the horizon
The fallout of the COVID-19 pandemic and lockdowns has caused a short supply of stock. However, this Spring we may see an increase in listings come onto the market. I don’t foresee new stock overwhelming current demand, but certainly anyone listing will be met with a high degree of inquiry.
More competitive home loans
Competition in the home loan market will continue to benefit consumers looking for a good deal. Many lenders including ME have sharpened both <a href="https://www.mebank.com.au/news/perfectly-simple/" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">variable</a> and <a href="https://www.mebank.com.au/news/customers-want-low-fixed-rates-for-shorter-periods/" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">fixed home rates</a> to attract and retain customers.
Andrew Bartolo is the ME General Manager of Home Loans
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Spring selling season will be dampened under COVID-19: ME's Andrew Bartolo

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Deputy Premier John Barilaro and Minister for Agriculture Adam Marshall have today called for the removal of restrictions on agricultural workers crossing the NSW/Victoria border.
The call comes ahead of a meeting of National Cabinet on Friday, where an Agricultural Workers Code will be presented and considered. 
Mr Barilaro said agriculture was an essential industry and that it was imperative restrictions were lifted to ensure farmers had an adequate workforce for the fast-approaching harvest. 
“The situation is now at the 11th hour for many producers across the State. We cannot stand by and watch farmers, crops and businesses face ruin due to the border closure with Victoria,” Mr Barilaro said.
“Agriculture is an essential industry. Our farmers feed and clothe the nation and we must do everything to ensure they can continue to operate as smoothly as possible."
Mr Marshall said he would be taking forward a proposal to a meeting of Agriculture Ministers tomorrow,  which would see sensible safety requirements imposed in exchange for the removal of all other restrictions on the movement of agricultural workers across all borders.
“Our farmers are suffering because the current cumbersome permit system restricts the free movement of agricultural workers across the NSW/Victoria border, beyond 100 kilometres,” Mr Marshall said. 
“As part of that proposal, new requirements would be introduced to ensure the safety of primary producers and rural communities, including having a mandatory COVID Safe Plan in place, the use of PPE by workers as well as robust records keeping to allow contact tracing.
“Our farmers have had a gutful of these senseless border restrictions and so have I.”
The Minister for Agriculture is proposing an Agricultural Workers Code that would allow for the free movement of agriculture so long as COVID-19 safe strategies are in place including individual record keeping, COVID-safe plans, the use of PPE and regular voluntary testing.
 
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Ministerial call for the removal of restrictions on agricultural workers crossing the NSW/Victoria border

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The Australian property market has managed to hold its value, according to PRD Real Estate’s recent market research report.
Despite the ill-effects of the COVID-19 shutdown, PRD reveals on average, median house prices grew in capital city, metropolitan and regional markets in the 12 months to the first half of 2020.
Capital city markets grew by 1.0 per cent on average, led by Melbourne, Sydney and Hobart. Regional markets performed best; up by 3.4 per cent.
PRD Real Estate Chief Economist, Diaswati Mardiasmo believes the market has shown great resilience.
“Whilst COVID-19 hit us swiftly this year and threw Australian economy and property markets into turmoil, things settled down within the property market quicker than initially thought”, she commented.
Australia has created a market balance thanks to the unprecedented release of multiple fiscal and monetary policy assistance, the report reveals.
Consumer confidence has returned to pre-COVID-19 levels with confidence up by
23.9 per cent in June 2020 after a plummet in April.
“Uncertainty about the health situation and the future strength of the economy is making many households and businesses cautious. However, despite the curveballs the property market has been remarkably resilient, and demand has been stronger than many people anticipated”, Dr Mardiasmo said.
Notably, new home sales increased by 77.6 per cent at the end of this financial year, from a record low result in May.
The HomeBuilder scheme is balancing the downturn in residential construction due to COVID-19 with upgraders accounting for 42 per cent of loans in June.
“The key going forward will be increasing levels of employment, public and private investment and consumer confidence based on the ongoing impact of COVID-19.” Dr Mardiasmo said.
“There is no doubt we are seeing signs of gradual improvement”.
 
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The Australian property market sees gradual improvement: PRD 

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Queensland Premier Annastacia Palaszczuk placed tighter restrictions on auction gatherings in Gold Coast homes from 8am, on Saturday, 29 August. 
“Coming into effect from 8:00am Saturday, we are going to extend those limits of people inside your homes to 10 people, and those gatherings outside to 10,” Ms Palaszczuk said.
“I think everyone would agree, we acted very swiftly when it came to those earlier cases with the Brisbane Youth Detention Centre and we know people travel a lot from the Gold Coast to Brisbane, and it makes sense to extend that.”
The Real Estate Institute of Queensland (REIQ) issued guidelines:
“Owners, tenants and agents must continue to take reasonable steps to encourage visitors to any premises to practise physical distancing and hygiene practices as required and that open home inspections, rental inspections and auctions be limited as required by the new directive.
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Gold Coast gets tightened auction restrictions amid COVID-19 concerns

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A key takeaway from CoreLogic data amid the pandemic, is that transaction activity slows significantly in response to COVID-19 restrictions. The resulting loss of employment, lower consumer sentiment and border closures have had a much larger impact on the number of properties marketed and sold, than property prices themselves.  This was seen from the Stage 2 restrictions implemented from the 25th of March. New listings fell 50.3% from mid-March to early May. This exacerbated the seasonal dip in for sale listings throughout March and April. 
<img src="https://www.corelogic.com.au/sites/default/files/2020-08/rolling_28_day_count_of_new_for_sale_listings_national_aug2020.jpg" width="1028" height="539">
However, as Melbourne reached the halfway mark of its Stage 4 restrictions in late August, national listings activity has completely diverged from the usual listings patterns in the lead up to spring.  In the 4 years prior to the pandemic, the number of new properties listed for sale nationally has, on average, increased 6.3% between late July and late August. This year however, the equivalent period has seen a 9.6% decline in new listings nationally.   Unsurprisingly, this can be attributed to a sharp fall in new listings across Melbourne. The decline in new listings across Melbourne’s property market was 54.9% in the month to August 23rd, accounting for over 100% of the national decline.  Conversely, most other capital cities saw an increase in new listings, as greater levels of consumer confidence, and lower levels of COVID-19 cases, saw vendors ramping up for the spring selling season. Across Sydney however, new listings had also started to slip marginally. The severe drop-off in listings is validated by a fall in the number of comparative market analysis reports generated across CoreLogic platforms by real estate agents in Victoria. The average number of reports generated per week in Victoria fell 24.6% from July over the month of August to date. 
<img src="https://www.corelogic.com.au/sites/default/files/2020-08/rolling_28_day_count_of_new_for_sale_listings_melbourne.jpg" width="1034" height="526"><img src="https://www.corelogic.com.au/sites/default/files/2020-08/monthly_change_in_new_listings_count_to_23rd_august_2020.jpg" width="611" height="289">
<h4>Why do transactions slow in times of strict social distancing</h4>
The reasons for slowed transaction activity during COVID restrictions are two-fold. The first is the physical limitation of buying and selling property under social distancing rules. Property sales may be less scalable as fewer people can physically inspect, show and value property.   The second is the economic uncertainty generated by stage 4 lockdowns. As consumption falls and unemployment spikes, vendors feel less confident selling their property and getting their desired price. This is further supported by the close movement exhibited between sales volumes and the consumer sentiment index. Significant falls in monthly sales volumes have closely aligned with this indicator. 
<img src="https://www.corelogic.com.au/sites/default/files/2020-08/consumer_sentiment_v_national_volume_of_dwelling_sales.jpg" width="817" height="385">
The drop in sales volumes in times of high economic uncertainty, such as around the GFC and the national Stage 2 restrictions in March and April, indicates sellers and buyers are less likely to participate in property transactions during negative economic shocks or periods of heightened uncertainty.  Additionally, a vital part of the tight lid on new listings has been mortgage repayment deferral offerings from banks. This has meant that people who cannot currently service their mortgage do not have to list as a distressed or motivated seller. This dynamic may change in the lead up to March, when banks may need to end repayment deferrals.  Property owners who have deferred their mortgages, but are not in a position to reinstate their repayments by the end of March, may decide to offload their property in the lead up to this expiry date. It’s reasonable to expect mortgage arrears will increase from currently low levels, which could gradually see a larger number of distressed listings come on the market.
The intention to sell and buy property is evidently linked to consumer confidence, which in turn has been influenced by case numbers of COVID-19, and the stringency of government response in impacting economic activity.  The initial restrictions through March and April saw a sharp drop in listings nationally, but these recovered quickly. A similar pattern was seen in sales volumes. The low cost of debt and strong recovery in consumer confidence created pent-up demand for property as Australia got ahead of the virus curve. This was perhaps one of the few ‘V-shaped’ recoveries observed amid the pandemic.  However, once restrictions are repealed in Melbourne this time around, the recovery in transaction activity is likely to be weaker.  That is because employment is taking another hit, consumer sentiment is dampened by the reality of a second outbreak of the virus, and a reduction in fiscal support is only a month away. Ultimately, the second round of restrictions across Victoria is likely to create a weaker ‘spring selling season’ than in previous years. 
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Spring real estate listings off to slow start: Core Logic's Eliza Owen 

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The second wave of COVID-19 has prompted ANZ to forecast Melbourne faces a 15 per cent fall in home prices by next year.
It is the largest peak-to-trough decline ANZ predicted for an Australian capital.
ANZ Bank has maintained its forecast for national house prices to fall by 10 per cent from peak to trough but now expects smaller falls in Hobart, Brisbane, Adelaide, Perth and Canberra.
While all those cities are set to fall between 6 and 9 per cent, the bank revised its forecast to a 15 per cent drop in Melbourne house prices, a dip greater than its previous prediction of a 13 per cent fall.
It still predicts a 13 per cent fall in Sydney, bottoming out in the second half of 2021. 
Darwin is expected by ANZ to stay in the doldrums, being down nine per cent.
The bank expects Hobart to fall by eight per cent) and Brisbane by six per cent.
The bank estimates Melbourne house and unit prices have already fallen by 2.2 per cent between March and July
It labelled the decrease “slightly more modest than we expected”, given government support payments like JobKeeper, superannuation withdrawals and deferred mortgage repayments helped the market/.
ANZ senior economist Cherelle Murphy said a dramatic decline in demand for housing had hurt both the sales and rental sectors.
“You’re going to have a greater unemployment problem in Melbourne simply because of the lockdown, (so) demand is going to be diminished,” she said.
With the Stage 4 lockdown in early August, Victoria’s economy is likely to have contracted further since.
In the three months to the end of June, the ANZ Stateometer showed Victoria’s economy deteriorated sharply, mainly due to weakness in the labour market and consumer sectors.
The ANZ believes Victoria's economy will contract 5 per cent or by more than $22 billion this year after a flat 2019-20. 
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Melbourne faces 15 percent price falls by 2021: ANZ

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BIS Oxford Economics executive chairman Robert Mellor thinks the golden years of property investing may be over.
"I don't think another investor-led housing boom is around the corner and a key reason is investors will be sitting on the sidelines for a while given falling rents and, for now, falling prices," he said.
"For someone who has watched the residential market for 40 years, you know that when building activity drops off, so too does GDP. The relationship is very strong," he told the Australian Financial Review.
He is forecasting a drop in migration of about 60,000 this financial year and another 150,000 next financial year.
With about 2.7 people per household, the forecast drop equates to about 80,000 fewer houses needing to be built.
"These people who are no longer coming impact on the rental market, so it will significantly reduce demand and that will lift vacancy rates and increase risks around residential property," Mr Mellor said.
Mellor says ongoing state border closures will put substantial pressure on apartment demand in the months ahead.
"All our numbers show the apartment sector is moving into significant oversupply because of lower net migration and rising number of people per household," Mr Mellor said.
"Even if migration level stays at around 100,000 over the next couple of years, this is still just half of the normal demand."
Inner-city apartments in particular are likely to be hit, as rentals continue to flood the market even as landlords struggle to find tenants.
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Golden years of property investing may be over: Robert Mellor

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The supply of new capital city apartments is set to dry up over the next three years as completions plunge.
They are expected to plunge from their present levels in Sydney by 81 per cent and in Melbourne by 75 per cent.
New projects are tipped to be delayed or cancelled because of poor demand following the pandemic slowdown.
The forecasts were made in the <a href="https://charterkc.com.au/research/state-of-the-market/" target="_blank" rel="noopener noreferrer">State of the Market for Residential Apartments report</a> by consultancy firm Charter Keck Cramer.
It also expects a sharp decline in the number of completed apartments in Brisbane, where supply is forecast to slump as much as 90 per cent by 2023.
Charter Keck Cramer director of residential research and strategy Angie Zigomanis said the expected drop in apartment completions could help stem the slide in apartment prices and rents.
"The apartment market could see a relief from lower supply and starts, which will place upward pressure on rents, yields and prices, and in turn should kick-start off-the-plan demand," Mr Zigomanis said.
"If a quick recovery in net overseas migration to pre-COVID levels occurs, the sharp reduction in new dwelling completions from FY2022 is likely to cause a significant dwelling deficiency to re-emerge.
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"However, if net overseas migration inflows and population growth continue to remain weak, then the Melbourne and Sydney apartment markets could be subdued for some time."
The report noted Victoria's recent share of the national total suggested that its net inflow of overseas migrants will fall dramatically from a peak of 91,000 in FY2017, to 11,000 in FY2021.
"On these numbers, the requirement for new dwellings in Melbourne is expected to more than halve from a peak of 57,500 new dwellings in FY2017 to an estimated 27,200 in FY2021."
The supply of new apartments has continued to flow this year through the pandemic, the report noted.
A total of 17,100 apartments were being completed in Melbourne – the third highest on record.
In Sydney, 22,500 apartments were being finished.
It is 5000 in Brisbane.
But the pipeline is diminishing quickly, with project launches and commencement falling sharply.
Only 5300 apartments started marketing in Sydney – an 84 per cent drop from the 2016 high and its lowest level since 2010.
The number of apartments starting construction has tumbled by more than half (57 per cent) to 9200 – the lowest commencements in nine years.
In Melbourne, 12,500 new apartments began construction – a slight increase from a year ago. Only 5600 apartments were being released for sale, which was the lowest number of launches recorded over the past decade.
The time it took to deliver new apartments from launch has blown out as slower sales volumes and more onerous requirements to secure finance has held up projects.
The lag in Sydney has pushed out to an average of 18 months compared to eight months in 2011 and 2016. In Melbourne, the delay widened to an average of 20 months from nine months in 2009.
Historically, larger projects take longer to proceed from launch to construction, however the time frame has converged, highlighting the difficulties in achieving pre-sales and obtaining finance across the board, Mr Zigomanis said.
The report noted the Sydney owner occupier market is holding up, supported by low interest rates, which have improved affordability for those with jobs.
"First home-buyer demand is being encouraged by stamp duty concessions.
"In turn, this is supporting demand for affordable apartments that are suitable for owner occupiers. Both upgraders and downsizes remain active where they are transacting within the same market."
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Price drop to be stemmed as apartment supply set to plunge given COVID-19 pause

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EXPERT OBSERVER
<div>WA resurgent</div>
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<div>Apartment construction slowed to the lowest level in half a decade in Q2 2020. </div>
 
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<div>The slowdown was largely driven by Melbourne and its lockdown, while the other major states have seen things stabilise in this sector. </div>
 
<div class="separator"><a href="https://1.bp.blogspot.com/-WxLE6cVvp9c/X0YcU246TNI/AAAAAAAA30c/qOE9wmmN-pYr8zw9n-AtLfDNPenV9JfJQCNcBGAsYHQ/s1406/Resi1%2B-%2BCopy.jpg"><img src="https://1.bp.blogspot.com/-WxLE6cVvp9c/X0YcU246TNI/AAAAAAAA30c/qOE9wmmN-pYr8zw9n-AtLfDNPenV9JfJQCNcBGAsYHQ/s640/Resi1%2B-%2BCopy.jpg" width="640" data-original-height="814" data-original-width="1406"></a></div>
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<div>Mining construction is now on the rise again in Western Australia, while major engineering projects in New South Wales also provided a timely boost.</div>
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<div class="separator"><a href="https://1.bp.blogspot.com/-_yeVcbsaSbo/X0Ycbwkx8fI/AAAAAAAA30k/hhG2QqEZL1kqbpMXbx7iBWqjYBy8X7f4wCNcBGAsYHQ/s1398/2.jpg"><img src="https://1.bp.blogspot.com/-_yeVcbsaSbo/X0Ycbwkx8fI/AAAAAAAA30k/hhG2QqEZL1kqbpMXbx7iBWqjYBy8X7f4wCNcBGAsYHQ/s640/2.jpg" width="640" data-original-height="828" data-original-width="1398"></a></div>
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<div>Thanks to engineering, the preliminary figures for construction hardly declined in Q2, down by just -0.7 per cent and holding up at more than $50 billion.</div>
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<div>The quarterly peak was $66 billion in 2017.</div>
<div> </div>
<div>Brighter times ahead for Western Australia on the back of the strength in iron ore and gold. </div>
PETE WARGENT is the co-founder of AllenWargent property buyers and a best-selling author and blogger 
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