The new <a href="https://www.apartments.com.au/new-apartments/yarraville-green-42-stephen-street-yarraville-vic-3013">Yarraville Green</a> development in Melbourne's inner west is showing that landscaping can be just as influential as architecture, with buyers responding strongly to the garden-first approach adopted from the outset by developer Excelon Projects and the project's design team.

Excelon appointed Six Degrees Architects and landscape architects SBLA to work collaboratively on the development, with a brief to create "a sustainable, design-led building with a focus on community."

That approach has resonated with buyers. According to Next Chapter Director Tom Hirini, who is leading the sales campaign, the landscaped communal garden has become one of the project's defining features, alongside its boutique scale and European-inspired cluster housing concept.

Local downsizers, right-sizers and established families already living in Yarraville and surrounding suburbs have accounted for the majority of purchasers.

[smartcode_project:default project_id=144913 project_image_fid=297740]

Yarraville Green will comprise 53 homes, including apartments and townhomes, arranged around the shared central garden to maximise connections to the landscaped open space. Parking has been moved underground, allowing the ground plane to be dedicated to greenery, pedestrian movement and communal spaces.

The landscape extends well beyond passive planting. Productive garden beds, a pergola, communal gathering spaces, garden sheds and a pet wash have all been integrated into the masterplan, creating spaces designed to encourage everyday interaction between residents.

[smartcode_project:default project_id=144913 project_image_fid=297741]

The interiors continue Excelon's focus on craftsmanship, incorporating bespoke elements by Melbourne artisans including leadlight detailing by Adadaz, hand-turned timber hardware by Auburn Woodturning and blown-glass lighting by Ruth Allen.

Sustainability has also been embedded throughout the project, with Yarraville Green targeting an average 7-star NatHERS energy rating through passive design principles, rooftop solar servicing common areas and rainwater harvesting for landscape irrigation.

[smartcode_project:default project_id=144913 project_image_fid=297735]

Construction continues to progress at Yarraville Green, with structural works well underway and framing works approaching completion under builder Balmain &amp; Co. The project remains on track for completion in mid-2027.

Apartments at Yarraville Green are currently priced from $625,000, while townhomes start from $1.4 million.

[smartcode_project_cta:default project_id=144913]

Joel Robinson

Garden-led design drives buyer demand at Yarraville Green

National diversified developer Fortis has officially launched Crest &amp; Walker, its latest Brisbane apartment development, with construction now underway on the 20-storey Newstead project.

Award-winning builder BINAH has commenced construction on the Bureau^Proberts-designed building, which will deliver a limited collection of 65 two and three-bedroom apartments on Kyabra Street.

[smartcode_project:default project_id=145922 project_image_fid=373556]

The project marks Fortis' fourth active residential development in Brisbane, following River House, which is nearing completion, alongside projects in New Farm and Hamilton as the national developer continues to expand its South East Queensland pipeline.

Fortis General Manager – Development Queensland Dan Boman said Crest &amp; Walker reflects the developer's long-term commitment to delivering design-led residential projects in Brisbane's established inner-city suburbs.

"We're proud to be strengthening our presence in Brisbane with Crest &amp; Walker, particularly in such a sought-after lifestyle destination as Newstead," Boman said.

"Every Fortis project is shaped by its context, and we approach each one with the respect and care it deserves.

"Our focus is always on creating places that feel connected to their neighbourhood and elevate the everyday experience for residents. Newstead continues to evolve as one of Brisbane's most sought-after urban communities, and Crest &amp; Walker reflects our ambition to contribute meaningfully to that story."

[smartcode_project:default project_id=145922 project_image_fid=373559]

Positioned between Gasworks Plaza and James Street, <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> has been designed as a boutique residential address offering privacy and generous living spaces within one of Brisbane's most established lifestyle precincts.

The building features a contemporary brick podium softened by integrated landscaping, while the upper levels are characterised by restrained architecture and enduring materiality. Interiors have been designed to maximise natural light, acoustic performance and long-term liveability.

[smartcode_project:default project_id=145922 project_image_fid=373583]

Residences comprise spacious two and three-bedroom floorplans, with two-bedroom apartments priced from $1.55 million and three-bedroom, half-floor residences from $3.95 million.

Residents will have access to a wellness-focused rooftop featuring a swimming pool, sauna, steam room, landscaped dining spaces and outdoor lounge areas overlooking Newstead and the Brisbane CBD.

[smartcode_project:default project_id=145922 project_image_fid=373571]

Sales are being managed by Slaite Projects, with Fortis expecting strong demand from owner-occupiers seeking a high-quality, design-focused apartment in one of Brisbane's most tightly held inner-city suburbs.

Completion of Crest &amp; Walker is slated for late 2028.

[smartcode_project_cta:default project_id=145922]

Fortis expands Brisbane pipeline with launch of Crest & Walker in Newstead

The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.

It has taken the best part of a decade since plans for Chevron One were first unveiled, but the 52-storey tower is now complete, with residents collecting their keys and moving into what has become one of the Gold Coast's most recognisable new landmarks.

Rising 127 metres above Chevron Island, Chevron One stands almost twice as high as any other building on the island. Its scale places it alongside the trio of towers at Jewel, arguably the last truly significant addition to the central Gold Coast skyline when they were completed around six years ago.

While there are several developments underway around a similar height to Chevron One, they are more concentrated within clusters of the highest towers in the city. The fact Chevron One sits within a developing precinct, looking back at the other high-rise developments in Surfers Paradise and Broadbeach, makes it a different proposition altogether. It will certainly become a reference point on the Gold Coast skyline.

[smartcode_project:default project_id=6515 project_image_fid=68833]

Developer Bensons Property Group is behind the 52-storey tower, which has just shy of 250 apartments, along with an exhaustive list of resident amenity spread across what is the largest development site ever assembled on Chevron Island.

The tower has been the talk of the town for years, says Ray White Projects Gold Coast agent Caitlin Rosenboom, who is selling the remaining apartments.

"People have been watching Chevron One go up for years," Rosenboom says, adding that many prospective buyers have been surprised by the scale of the views once they step inside.

"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.

"The views are jaw-dropping. Whether you're looking east over the ocean, across Surfers Paradise, along the river systems or out to the hinterland, every level offers something different but equally impressive."

[smartcode_project:default project_id=6515 project_image_fid=360215]

One of Chevron One's defining advantages is its location on the eastern side of Chevron Island on Stanhill Drive, a position which protects the views forever.

"There's only one row of houses between Chevron One and the water, and the height restrictions along the river means views from Chevron One can never be built out,"&nbsp;Rosenboom says.

While new apartment developments continue to emerge across the Gold Coast, Rosenboom says opportunities to secure a completed apartment with this level of outlook are becoming increasingly rare.

"The size of the site is something that would be incredibly difficult to replicate today," she says.

"That's allowed Chevron One to deliver the sort of amenity, open space and resident facilities that very few projects can offer. There are not many completed apartment buildings on the Gold Coast right now that can compete with the combination of scale, quality and amenity."

[smartcode_project:default project_id=6515 project_image_fid=68839]

There's around 2,000 sqm of amenity solely for the use of residents of Chevron One. Club One features a uniquely shaped swimming pool that mirrors the footprint of the building itself, set within a extensively landscaped gardens. There's also an indoor pool and spa, a fully equipped gym with a Pilates room, a yoga garden, a bookable private dining area and lounge that can host up to 30 people, and a 24-hour concierge service.

As for the buyers, Rosenboom is fielding enquiry from everywhere: Sydneysiders and Melburnians looking at the new and off-the-plan market following the changes in the Federal Budget, as well as those looking to relocate, through to South East Queenslanders seeking either a permanent home or a weekender bolthole.

"The Gold Coast lifestyle continues to resonate with people relocating from the southern states, and when they see the views and the quality of what's been delivered at Chevron One, it becomes very easy for them to understand the appeal," Rosenboom says.

A diverse mix of one, two and three-bedroom apartments remain available, with each offering "something a little different", be it the orientation and views, configuration, or level, to suit a wide variety of buyers.

The remaining apartments are ready to inspect in person, by appointment.

[smartcode_project_cta:default project_id=6515]

A decade in the making: Residents to move into Chevron One as construction wraps up

A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> has taken the opposite approach.

Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.

The philosophy has reached its most ambitious expression at <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.

[smartcode_project:default project_id=150017 project_image_fid=374053]

"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."

[smartcode_project:default project_id=150017 project_image_fid=374052]

The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

[smartcode_project:default project_id=150017 project_image_fid=372547]

The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.

The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.

[smartcode_project:default project_id=150017 project_image_fid=374054]

Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.

Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

It began with <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.

Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.

[smartcode_project:default project_id=146527 project_image_fid=366550]

That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.

Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.

[smartcode_project_cta:default project_id=150017]

Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.

At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.

[smartcode_project:default project_id=426 project_image_fid=359199]

The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.

Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.

In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.

[smartcode_project:default project_id=426 project_image_fid=360299]

The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.

Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.

This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.

[smartcode_project:default project_id=426 project_image_fid=360300]

What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.

The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.

Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.

[smartcode_project_cta:default project_id=426]

Elevated amenity anchors daily life at Aeris, Melrose Park

Retail

Integrated with high-end retail, Amara City Gardens is the only private residences situated within the Garden City Perth precinct.

Located in the established suburb of Booragoon, residents can enjoy the neighbourhood&rsquo;s convenient mix of parks, reserves and commercial offerings.

Developed by Iris Residential, the project captures buyers&rsquo; increased interest in generous resident amenity, quality architecture and stylish finishes.

[smartcode_project:default project_id=8266 project_image_fid=158138]

&ldquo;We have captured the glamour and glitz of the retail environment with warm golds and lucrative textures, appealing to the discerning buyer&rdquo;, the developers said.

Upon completion, the project will home 124 one, two and three-bedroom apartments.

Inside the residences, high-quality finishes include large balconies, 2.7-metre ceilings, generous storage, and undercover secured car bays.

[smartcode_project:default project_id=8266 project_image_fid=158127]

The timber and marble-appointed main lobby completes the luxurious appointments that are exclusive to Amara City Gardens residents.

Designed by Cameron Chisholm Nicol, each apartment features open-plan living, mirrored robes and the choice between three contemporary colour schemes.

Some apartments boast sweeping vistas of the Perth skyline and Swan River, contributing to the elegance of the home.

[smartcode_project:default project_id=8266 project_image_fid=158128]

Among resident facilities include a large residents&rsquo; dining area, with fully-equipped kitchen and private wine cellar, an open-air barbeque and sunset veranda, a modern gym and a rooftop tai-chi and yoga deck.

With an array of solar PV cells, double-glazed windows and electric vehicle charging bays, Amara has been designed with the future in mind.

The development achieves a seven-star NatHERS rating, and includes secure bike racks, manicured gardens and an abundance of natural light.

[smartcode_project:default project_id=8266 project_image_fid=158135]

The sought-after Booragoon, which has recorded a quarterly growth of 4.4 per cent for two-bedroom apartments, according to SQM research, also boasts numerous health and medical facilities, schools and transport options within walking distance from the home.

Amara City Gardens has already sold 60 per cent of their stock, with only two and three-bedroom apartments remaining, reflecting the attractive investment opportunities the residences present.

It is expected to reach completion in mid-2022.

[smartcode_project:default project_id=8266 project_image_fid=158117]

About the developer

Iris Residential is a private Western Australian-based property developer with a strong and successful track record in delivering quality residences.

The company has undertaken over $1 billion of developments, with more than 1100 apartments purchased by local buyers.

[smartcode_project_cta: project_id=8266]

Developed by Iris Residential, the project captures buyers’ increased interest in generous resident amenity, quality architecture and stylish finishes. 

max.kwok_55688

Steps away from Perth’s finest retail: Discover Amara City Gardens in Booragoon

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EXPERT OBSERVER
Retail turnover missed expectations of a 0.3 per cent increase in October, instead recording a decline (although the result rounded to 0.0 per cent, after an increase of just 0.2 per cent in September). 
<img src="https://1.bp.blogspot.com/-fRlgDvETnfo/XejDNMrF7SI/AAAAAAAAzM4/WdfpBKe6ADcoogB09uIFwHT1xSL6eyW7wCNcBGAsYHQ/s640/RT1.jpg" width="640" height="352" data-original-height="815" data-original-width="1481">
The annual turnover increase continued to decline to a 2-year low of just 2.1 per cent.
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The monthly decline was driven by clothing and footwear (-0.8 per cent), department stores (-0.8 per cent), and household goods (-0.2 per cent). 
<img src="https://1.bp.blogspot.com/-poYDqyXkXWk/XejDMwanRrI/AAAAAAAAzM0/s0QdBarf6ecabeAK-Cpx53yWn3DnvjE0ACNcBGAsYHQ/s640/RT3.jpg" width="640" height="360" data-original-height="791" data-original-width="1403">
At the state level there were monthly declines in New South Wales and Victoria, as well as in South Australia, perhaps in line with the asymmetric wealth effect thesis. 
<img src="https://1.bp.blogspot.com/-I7RSCOh_YSg/XejDNa4522I/AAAAAAAAzM8/fFi9dFRtJOAW0QML8-TaElQCA8I2PLCvACNcBGAsYHQ/s640/RT4.jpg" width="640" height="360" data-original-height="785" data-original-width="1394">
For excellent analysis of online retail sales from data king James Foster, see here:
'Meanwhile, online retail spending lifted by a healthy 8.5% in October to $1.930bn according to the ABS's estimates to be up by 13.9% over the year. 
At 6.5% of total retail turnover, the online segment seems poised to rise to a record high next month on the back of Black Friday sales promotions.'
Overall, though, this was frankly another terrible result, with the only potential (if dubious) 'silver lining' argument being that some savings were being held back for Black Friday and Xmas shopping. 
Occam's Razor, but...
This calendar year began with the RBA still talking of the next move in interest rates being up, despite years of below-target inflation.
The experiment could have worked, but now that the central bank forecasts are being shredded the baying mob is growing increasingly restless.
Recent national accounts figures showed a healthy rise in government spending, but private demand sinking into the abyss. 
PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>. 
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pwargent-M4siyDbqQY

Retail turnover declines are woeful: Pete Wargent

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Meh.
Retail trade increased by a seasonally adjusted 0.1% in August, missing expectations of a solid 0.4% rise. The trend still looks a bit sticky.
<img src="/images/2014/10/8/RT1.jpg" alt="">
Although we got a nice result in July, August was once again fairly ordinary.
<img src="/images/2014/10/8/RT2.jpg" alt="">
We'll have to wait and see what the September data brings in order to assess the impact on the growth of the economy in Q3 in chain volume measures terms. In particular, care should be taken not to be head faked by retail trade data while forgetting to acknowledge household consumption of services, which is not well captured by this data series.
State versus state
The state level data shows that New South Wales continues to experience boom conditions for retailers.
Sydneysiders would be forgiven for wondering what the fuss is about when it comes to all the talk of a "weak economy". In Sydney, shoppers have simply been lapping it up thanks to low interest rates and the recognised "wealth effect" associated with rising house prices.
A look at other states shows a less than rosy picture. Retail trade has under-performed badly in South Australia over the past five years. Queensland has enjoyed a somewhat better run, but is now threatening to roll over, while the year-on-year trend in Western Australia is looking a bit flat to say the least.
<img src="/images/2014/10/8/RT3.jpg" alt="">
A look at the quarterly and annual data shows New South Wales miles out in front, but the mining states are now treading water somewhat.
<img src="/images/2014/10/8/RT4.jpg" alt="">
More pizzas
As for where Aussies are spending their money...well, yet more eating out, of course! The value of retail trade has almost doubled in this sector over the past decade...an extraordinary trend.
It does not follow that this is necessarily a great industry to get into to make money, though, since the barriers to entry are relatively low and therefore it is difficult for businesses to build an "economic moat". The scores of eating establishments in suburbs such as Newtown in Sydney bear ample testimony to that fact.
<img src="/images/2014/10/8/RT5.jpg" alt="">
Listed pizza takeaway companies in Britain have long opined that this trend towards takeaway food and eating out is a generational shift. And they're absolutely right.
Some of the increase is no doubt attributable to a rise in apartment-dwelling, where inhabitants look to spend more time out of their place of residence than was previously the case. But a big part of it is simply a generational change, which is reflected in the fact that the increases are also seen in regions where unit and apartment dwellers are in the minority.
For all of the seemingly zillions of cookery shows on television, a significant proportion of younger people have very little interest in cooking for themselves.
I can hardly claim to be exempt from the trend myself. Being from a family of five lads I can count the number of times we ate out as kids on the fingers of one hand - one family wedding, perhaps a birthday treat at a pizza house another time...not a lot else!
These days, eating out or going to a cafe is an almost daily occurrence.
Disposable incomes have increased again over the past decade, but - as is the nature of such things - as incomes increase so too does expenditure on what people begin to believe are "necessities".
Of course we have absolutely zero need to spend more money on dining out than any previous generation. The only thing that has really changed in this regard is an exponential rise in our own laziness and an equivalent increase in our own lifestyle expectations.
Then of course people complain that living costs are "too high" while simultaneously eating out for one meal in every four and in so many cases inevitably spending up to $200 per week on dining and drinking out - that's more than $10,000 per annum in after-tax dollars spent.
On that sombre note, off out for a coffee...
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An ordinary August as retail trade fails to reach expectations

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The sentiment around retail property is still the weakest in NAB's Q3 Commercial Property Survey.
Confidence in the retail market is still -71, followed by CBD hotels, -60, and office, -53.
And there doesn't look to be a big spike if Australia continues to control the COVID-19 pandemic as well as any other nation.
The 12 month confidence still has retail at -71, and it expects office to be -63.
The two year measure was also broadly unchanged at near record lows in both sectors (Retail -47; Office -40).
Over the next 12 months, rents are expected to fall -6.2 per cent in retail.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/NOV/26/Retail%20rents.jpg" alt="">
The South Australia and Northern Territory are set to suffer the most, with around -9 per cent declines.
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Over-supply is expected to persist in retail in all states in the next 1-5 years, bar VIC (“neutral” in 5 years). <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/NOV/26/retail%20cap%20values%20nab.jpg" alt="">
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Overall Retail vacancy remained at a near survey high at 8.8 per cent in Q3, despite improvement in NSW (7.7 per cent vs. 9.7 per cent in Q2). 
Overall vacancy is expected to climb to 9.3 per cent next year, before easing to 8.2 per cent in two years’ time, with all states passing through their expected peak. 
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Retail property value declines to slow in 2022: NAB

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A private investor has secured a prime retail investment, leased long-term to national retailer Cheap as Chips for $3.72 million on a yield of 7.4 per cent. 
Located in the heart of Colac Activity Centre at <a href="https://www.commercialrealestate.com.au/property/173-183-murray-street-colac-vic-3250-2016401443">173-183 Murray Street,</a> Cheap as Chips Colac is a well-established and proven ‘essentials’ retailer.
Its network of 42 stores nationally across SA, NSW and VIC has remained open and trading throughout Victoria’s Stage 4 restrictions.
Occupying a large site area of 2,460sqm with a gross floor area of 1,868sqm and 28 car spaces, the property offers exposure to major thoroughfare Murray Street (Princes Highway) with a street frontage of 30 metres. 
Colac, a lakefront regional centre and the largest township in the Colac-Ottway shire continues to grow in popularity with a strong population of 13,058 and an exceptional range of amenities.
The property was sold by Rick Silberman and Steven Lerche of Savills Australia who said this was the first time the property had been offered in 30 years.  
“It was previously a Coles Supermarket for many years until they outgrew the space and Cheap as Chips took over in 2017 on a new 10 year lease, plus additional options," Mr Silberman said.
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Victoria retail investment sold for $3.72 million despite stage 4 lockdown

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A landmark retail freehold in Chatswood will be offered to the market after more than three decades of private ownership.
The space, occupied by international retailer King Living for almost 20 years, is expected to sell within the early $7 millions.
Located at 216-18 Victoria Avenue, the 462sqm asset is positioned on the corner of Chatswood’s most exclusive retail strip.
The two-storey space offers five car parking spaces on the title and a further eight spaces adjacent to the property.
CI Australia’s Nick Lowry holds the listing, noting a space like this is a rare opportunity.
“With a prominent corner location, rental upside and recently upgraded major capital items, this is a triple threat opportunity for investors”, he said.
The auction will be held on Tuesday, September 29, in conjunction with Shead Property’s Rick Sombroek and Bill Gerooulis.  
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Chatswood retail space offered for the first time in over 35 years 

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Overall retail trading conditions remain challenging for many local traditional shop front businesses, particularly in the Wollongong CBD, according to the latest report from valuation firm Herron Todd White.
The property valuation firm has seen a decline in foot traffic due to the COVID-19 pandemic and associated work from home directives still in place for numerous commercial office tenants.
Suburban retailers, particularly in the food and beverage sector, have seemingly benefited from the change in work patterns, reporting improved customer visits since the April lockdown, while many of the large national bulky goods retailers that have an online ordering system have been reporting strong sales figures.
Despite some serious initial concerns, retail leasing activity has not fallen off a cliff with many landlords still coming to terms with tenants albeit with higher incentives that typically include a rent free or rental discount period over the initial six to 12 month period of the lease term.
The report authors said, "It is our view though that the real test is still to come with many of the government programs and schemes to be wound back over the coming months."
"Sales activity remains at a low level with several sales occurring over the past six months in the sub $1 million range to owner-occupiers and only a couple of retail investment sales in the higher price range."
"Investors during these periods are typically seeking defensive assets with strong long term lease covenants with the market predicting a long period of low inflation," they concluded.
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Local Wollongong retail property is struggling: HTW

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Like most other assets, transaction volumes for Sydney retail assets can be seasonal, however volumes are more likely to be a response to economic drivers, according to the latest report from valuation firm Herron Todd White.
The property valuation firm found, buyer activity for retail assets is typically a result of several factors. These include local businesses looking to purchase their existing tenancies, owneroccupiers wishing to secure their location, investors seeking retail assets with strong, long term lease covenants, and demand from developers wishing to secure and amalgamate sites.
Sales activity for retail is primarily driven by fluctuations in capital values.
In a strong market, investors typically look to capitalise on their investment and reinvest in other areas with greater growth prospects. In some instances we have also noted some businesses upsizing or expanding.
Conversely, some sellers are motivated by increasing vacancies and it is not uncommon to see a newly leased asset placed on the market for sale.
Increases in holding costs and perceived risks can also drive retail assets onto the market. The move to online shopping has forced some retailers to close storefronts thus increasing the sales volumes.
A driving factor of supply and demand for retail in some areas is the surge of residential property values which has coincided with an increase in the redevelopment of mixed use sites. This trend has been ongoing for some 10 years.
This surge in redevelopment has seen an increase in the supply of ground floor retail space, which is often required under the planning provisions. A good example of this trend can be seen across South Sydney, which saw a surge in retail supply when developments reached completion.
This has led to an oversupply of such stock, which has now been an issue in some areas for some five to ten years.
In other areas, adaptation to changing demands has resulted in renewed tenant demand. Examples of this can be seen in Redfern and Summer Hill. These two local retail precincts have traditionally been dominated by local businesses that service the local population and whilst this remains the case, both of these areas have seen an increase in demand as they become go to locations for small restaurants and bars.
HTW Valuers noted, "the COVID-19 pandemic continues to have implications for the Sydney retail property market. We are currently concerned about smaller retail precincts, particularly inner-city areas that rely heavily on food and beverage sales."
"Some areas have seen severe increases in vacancies. In other areas we are witnessing a slow return to normal with increases in trade leading to a revival and the slow reopening of some businesses."
"Overall, we are predicting rental reductions and an increase in required incentives in some areas, which we anticipate will result in a decline in capital values. Whilst there are currently few sales to demonstrate the impact the pandemic is having, some of those that have occurred have shown a decline in value."
"We have also noted an increase in properties available for both sale and rent in some areas and some difficulty with off the plan strata retail that is now coming up to settlement in a diminished market."
"We maintain the view that investment in retail assets will diminish as they are considered to be highly volatile and, as a result, we anticipate a decline in values. The retail market is facing a long recovery period for which we cannot know the full extent as yet", they concluded.
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Investment in Sydney retail assets will shrink: HTW

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The entire ground floor retail component of the new Silk development in Ascot has been sold to one of the Coffee Club founders, Emmanual Drivas for $6 million.
Silk at <a href="https://ecomms.raywhite.com/collect/click.aspx?u=OWFpWUxRYW1kY2dqaUE0aEpRNVRVTjRCS2drZkZzdHEvVUg2UmFFUGNOeWdTazRUYUlkckhaT3dYWTRReFltc1B0WE00TDd5Zk9kd2k0bVJqUERIWnRYN3Z6QmxqVTY4TnlNcVhhcjN5a3I2YXZvWmhFYUluZUNLbjJibGNUUDJDaUYvaDlSdlZBRWgvNG1OYU9TRjlLaEJwajN3RkNxdw==&amp;rh=ff0068e2421fea6fb8e87e3a7e4681e1bc9132ca" target="_blank">118 Racecourse Road</a> is the latest prestige creation of Brisbane’s Geocal Group and Loucas Zahos Architects.
Silk comprises 11 large residential apartments over the two top levels, two levels of car parking, almost 700sq m of first level commercial space and 600sq m of prime ground floor retail space.
The ground floor retail component was sold by Ray White Commercial QLD father and son duo Stephen and Elliot Kidd.
The duo have now completed the sales of the entire commercial floor with all seven assets now under contract or settled.
Mr Stephen Kidd said the Silk development was breathing life back into one of Brisbane’s most prestigious addresses.
“The building is certainly a stand-out landmark for the street, with the sophisticated architecture by local award-winning firm, Loucas Zahos,” Mr Stephen Kidd said.
“One of the real attractions to the building was the opportunity for local businesses to own their own tenancy vs rent, which has led to strong demand for the commercial space. Of the seven tenancies under contract or settled, all of them have been purchased by owner operators.
“The ground floor retail space will comprise a well-known and enhanced local café/restaurant, skin clinic (already trading), and a mix of food and services.”
“The project was officially completed in July and represents a vote of confidence in one of Brisbane’s wealthiest postcodes,” Mr Elliot Kidd said.
Mr Kidd said it showed that developers were still finding ways to create special projects that left a lasting impression and he was looking forward to seeing people at Silk soon.
 
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Coffee Club founder pays $6m for ground floor of Ascot's ‘Silk'

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EXPERT OBSERVER
The Australian Retailers Association (ARA) has welcomed the Victorian Government’s expanded financial support package for Small to Medium Size Businesses (SMBs) but cautioned it won’t be sufficient to prevent an avalanche of permanent retail closures due to protracted lockdown restrictions.
The immediate grants and tax relief would offer important survival funding for small retailers, but won’t address the fallout of jobs and store closures for medium or larger size retailers which employ the majority of Victorian retail staff.
We are pleased that smaller retailers with payroll of less than ten million dollars can access cash grants and deferred payroll tax. The CBD focus announced today is also critically important, with those retailers more affected than most due to the collapse of all forms of viable visitor numbers since early this year.
However, grants of $10,000 to $20,000 only represent a tiny percentage of the losses retailers are now carrying. Whilst the increased threshold for retailers with larger payrolls is valuable, this remains a very low bar for retail and means there is no support for many of the retailers that represent the household names Victorians know and love. Many of these retailers are unable to access JobKeeper and have no support to offset their considerable losses.
We are also concerned that deferred payroll tax creates yet more mounting debt for retailers already carrying significant deferred leasing costs.
Retailers are committed to the safety of Victorians, but the sector remains extremely concerned about the catastrophic impact of the proposed approach to retail reopening contained in the Roadmap. 
In its current form, we predict the Roadmap measures will mean the permanent loss of up to 50 per cent of Victorian small retail operations that might otherwise survive, leaving many thousands of people unemployed. Some areas of retail, such as CBD retail, will take up to a decade to recover.
The Roadmap means retailers will have been in lockdown for or many months ongoing, in addition to the previous round of lockdowns. And some have been in continuous lockdown since March, which is globally unprecedented and untenable on many levels.
Alternate Covid-safe measures
Covid-19 transmissions within retail remain extremely low, with an ARA members survey last week indicating that 93.4 percent of retailers have had no cases of Covid-19 transmissions in their stores or distribution centres.
We would like to see a much earlier reopening and believe an approach to reopening which is better aligned with successfully working examples, such as NSW, is reasonable to consider.
In addition to the existing Covid-safe measures, retailers would support broader measures, such as:
<ul>
<li>The restriction of people movement to one person per household in the same way we have for essential services and supermarkets in recent weeks. </li>
<li>Mandatory mask wearing by both customers and staff to help protect and mitigate any risk of transmission. </li>
<li>The introduction of Covid marshalls, consistent with the South Australian approach, would be another area our larger retailers would support.</li>
<li>Other Covid-safe measures identified by the Victorian Government which avoid strict lockdowns. </li>
</ul>
 Retailers are also actively undertaking the Government subsidised (accredited) infection control training, which the ARA provides, in the lead up to re-opening. 
Retailers will be relying on Christmas earnings to help offset their significant 2020 financial losses. With this financial outcome now also in jeopardy, many retailers will be considering permanent store closures.
Accruing leasing deferrals payments will push more businesses to bankruptcy. Whilst we applaud the extension of the national leasing code protections, the legislation requires 50 per cent of rent to be deferred and repaid later, in a protracted lockdown environment this is now a burden that may bankrupt many small businesses in Victoria and weigh heavily on their mental health,"he said. 
The ARA is pleased to see the easing of lockdown timings for beauty businesses, with those businesses now able to open a month earlier on 26 October, in line with hairdressers. This is a point ARA and our sister organisation Health and Beauty Industry Association (HBIA) have advocated for and also provides an important win for a sector which employs and services thousands of women.
ARA Recommended Retail Roadmap
Key recommendations provided to the Victorian Premier last week include the following measures:
<ol>
<li>Immediate increase in warehouse and distribution centre staffing.</li>
</ol>
A further six weeks of lockdown ahead for most retailers will place an untenable strain on supply chains not only in Victoria, but around the country. Distribution centres can not only provide an online offset against physical closures, but they take some of the strain off physical stores particularly as we get closer to the Christmas period. The flow on effect of this constraint is that it will mean unsafe levels of pent-up demand are in place by the time retail does reopen.
The ARA requests that warehouse teams, including those in retail distribution centres, and ‘dark stores’ are allowed to increase their staff numbers to full capacity. This can be achieved in two shifts to allow a safe workforce bubble to be maintained. 
These centres have been safely operating at a two thirds arrangement during the recent lockdowns to support online retailing. ‘Dark stores’ are important to include in this provision, as many retailers do not operate warehouse locations and they also help spread the distribution load safely allowing better distancing and workforce bubbles.
<ol start="2">
<li>Reassessment of case loads</li>
</ol>
The ARA is concerned that the target case-loads of less than five daily cases is unrealistic and inconsistent with the approach of other jurisdictions. New South Wales has been operating at case-loads in the double digits (generally between 8 - 18) for much of August and remained open successfully and without significant infection spikes. 
We believe that when Victoria reaches NSW levels of containment, retailers should be able to safely open. The ARA supports a nationally consistent approach in line with the <a href="https://email.retail.org.au/e2t/tc/VVFb0z1jBD0GW3WdX0Z5SZF3fW3S9mTt4fZc05N3ypqDr5nxG7V3Zsc37CgzZCW2hj3JY8t4Z6DW51nR1l7kfxkBW2123NY7Mnrf4W3HB5zG7mDSqgVRW9Vd2k1KSLW86TsSz5YWt2CW45gfPq8B--5tW8RKzwj1h0FSfN2MDhQYvd3JpW1slz-B6qQvLyN1-v0m0gZ666W4c4xYG2QgC8PVx9rQh8DXT_QW9gbdWP19kX-HW2gMn1V23M86bW2VsnNj9kp886W7Zsw4p2wYpG3W5XnCmF4PxBpVW972SBQ2WFBL3VJ-z1L2GvfZCW1fhW5b3Fjr3kW28SMPX5hZCjzW7cWt5r4g1Qd3W331dTm6KjjjmW8XsL7V55vC9zW1f4GQ58FpcS7W7c4WTt4wGZDSW72T2hS5v-lPcW7pXlf-6yB6B8W39VXkm232NDDN96XSbHsHWtNW4DCDsc49JMks3mj_1" target="_blank">nationally agreed trigger for hotspots</a> of a rolling three-day average of ten locally acquired cases per day – 30 over three consecutive days, in line with medical advice.
<ol start="3">
<li>Bring retail reopening dates forward for low-risk retailers</li>
</ol>
In light of all of the above considerations, we propose a progressive reopening, bringing the retail reopening dates forward by a number of weeks to allow a more even spread of retail activity prior to Christmas.  
<ol start="4">
<li>A gradual extension of trading hours</li>
</ol>
To help reduce the intensity of peak shopping, which will be based on pent up demand and the delayed start to Christmas shopping, we propose relaxed retail trading hours to allow for improved social distancing.
Retail is a broad church - from hairdressers to hardware, fashion to food. A one-size-fits-all model does not appropriately reflect the true safety considerations across the sector. We support prioritisation of opening for: the full staffing of distribution centres (as noted above), regional locations, large retail stores, stand alone and high street locations, and shopping centres, using a hot-spot approach.
 The retail industry is keen to work with the Victorian Government to support a safe and sensible retail reopening plan. We are asking the Victorian Government to consider a holistic view of health and safety considerations.
The stress created by lockdowns and complete financial collapse of the majority of small and medium retailers will have a health flow-on effect that is not currently being addressed or measured.
Many retailers may not only lose their life’s work, but face a legacy of permanent unemployment including many young people and women, with retail as a largely female workforce. 
With Victoria as Australia’s capital of freight and distribution, the lockdowns have also financially impacted retail operations around the country.
Paul Zahra is the CEO of The Australian Retailers Association.
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