Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

Joel Robinson

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

&nbsp;

Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more international and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

First look: Aqualand joins St Leonards apartment party

Sydney

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The site of Surry Hills restaurant FloCafe has sold at auction.
It traded for $1.8 million.
Nik Simonovic and Dillon Frain of Burgess Rawson marketed the storefront.
The property, at 481 Crown street, is currently fitted out as a 78 cover (20 external) restaurant called Flocafe.
It is just a three minute walk from Sydney's CBD.
It previously traded in 2005, when it sold for $1,155,000.
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wdavis-8cCN98p7xp

Crown Street, Sydney restaurant sold for $1.8 million

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EXPERT OBSERVER
Sydney is currently blanketed by smoke haze from severe bushfires that have burned through New South Wales.
Air pollution levels on Thursday reached <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-11-21/sydney-smoke-from-fires-unlikely-to-clear-today-authorities-warn/11723876" target="_blank">hazardous levels</a> for the second time in a week. The NSW Rural Fire Service has warned that haze could be around for days.
On Thursday, several locations in Sydney had air quality index levels above 1,000. Anything over 200 is considered hazardous. Health authorities in Sydney have asked children to stay indoors.
You might be surprised to hear that while air pollution is <a href="https://www.who.int/health-topics/air-pollution" target="_blank">bad for our health</a>, it can also be bad for the economy.
In our forthcoming study in the <a href="https://fbe.unimelb.edu.au/research/streams/decision-making-and-markets/market-impact-of-chinese-haze-events" target="_blank">Journal of Corporate Finance</a> we show that air pollution impairs forecasts by financial analysts. This has implications for our financial system, which relies on accurate and timely information.
Air pollution has been <a href="https://www.theguardian.com/environment/2016/may/12/air-pollution-rising-at-an-alarming-rate-in-worlds-cities" target="_blank">rising worldwide</a>. Currently, four in every five city dwellers are exposed to dangerous levels of outdoor pollution. We know that as well as harming physical health, it hurts <a href="https://www.aeaweb.org/articles?id=10.1257/aer.102.7.3652" target="_blank">worker productivity</a>.
We investigated whether it also harms the decision-making ability of financial analysts. This is important because their reports play a crucial role in the functioning of capital markets.
<a href="https://images.theconversation.com/files/302898/original/file-20191121-515-1iebhwu.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/302898/original/file-20191121-515-1iebhwu.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
Beijing smoke haze, November 2018. ROMAN PILIPEY/EPA
China is an ideal place to study it.
Over the past 20 years China has faced severe air pollution, including the infamous “<a href="https://qz.com/159105/2013-will-be-remembered-as-the-year-that-deadly-suffocating-smog-consumed-china/" target="_blank">airpocalypse</a>” which struck Bejing in 2013, when average air quality levels remained hazardous for much of the year.
Recently China has made headway in reducing air pollution, but it remains a significant issue.
China is not alone – emerging and developing nations such as Brazil, India and Iran face similar problems – so our study is useful for understanding the economic effects of pollution elsewhere.
We examined the pollution levels in different cities on the days Chinese companies announced their earnings.
<h2>The more hazy the location, the more hazy the thinking</h2>
Most Chinese companies are followed by analysts in a number of Chinese cities. On earnings days, some are experiencing haze and others are not.
We were able to examine more than 59,000 publicly available forecasts from more than 2,000 analysts. We used published phone numbers to identify their locations.
We found those that were exposed to haze produced less bold forecasts, less timely forecasts, and less accurate forecasts
Analysts exposed to pollution were
<ul>
<li>
4.8% less likely to differentiate their forecasts from those of other analysts
</li>
<li>
4% less likely to incorporate the new information from the announcements into their forecasts
</li>
<li>
14% less likely to revise their forecasts at all within two days the announcements.
</li>
</ul>
<h2>Hazy thinking matters</h2>
We are not sure why. We know that air pollution has negative effects on physical health and <a href="https://www.propertyobserver.com.au/https://www.ncbi.nlm.nih.gov/pubmed/25673816">mood</a> and we know that financial analysts are exposed to pollution not only when outside, but also at home and in the office, since filtering systems <a href="https://www.propertyobserver.com.au/https://www.tandfonline.com/doi/abs/10.1080/02786820117903" target="_blank">cannot completely clean the air</a>.
Investors rely on analysts to provide information. Earnings announcements are key information events. Poor forecasts resulting from those events are an indirect negative effect of high levels of pollution.
Those indirect negative effects might be widespread, extending as far as manufacturing, schools and services industries. They add to the case for cleaning up air.
<a href="https://theconversation.com/profiles/naomi-soderstrom-892532" target="_blank">Naomi Soderstrom</a>, Professor of Accounting and Deputy Head of Department, <a href="http://theconversation.com/institutions/university-of-melbourne-722" target="_blank">University of Melbourne</a> and <a href="https://theconversation.com/profiles/chao-kevin-li-892606" target="_blank">Chao Kevin Li</a>, Lecturer School of Accounting, <a href="http://theconversation.com/institutions/unsw-1414" target="_blank">UNSW</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/smoke-haze-hurts-financial-markets-as-well-as-the-environment-127511" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

Smoke haze hurts financial markets as well as the environment

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The iconic <a href="/new-apartments/sydney-house-194-204-pitt-street-sydney">City Tattersalls Club</a> in central Sydney has been given the seal of approval by the Central Sydney Planning Committee to undergo Stage 1 of redevelopment.

The building that is almost 125 years old, falls within a significant heritage overlay, meaning that the heritage façade will be thoughtfully preserved, with an additional modern tower planned to be seamlessly integrated within the site.

Developer <a href="/developers/icd-property">ICD Property</a> has worked closely with architecture firm <a href="/architects/fjmt">fjmt</a> to ensure the design carefully reflects the heritage of the site and surrounding area.

<blockquote>
“This is a site of great significance with three interconnected heritage buildings and a series of beautiful interiors which can be restored to their original grandeur. It has been a home to the club since 1891. Now after working closely with the City, ICD and the Club we have a vision that will restore and reinvigorate the heritage buildings and give new life to this historic club and this important place in our City.”
</blockquote>

Richard Francis-Jones, fjmt Design Director

After overcoming previous permit hurdles, the newly acquired approval has granted permission for the developer to rejuvenate the entire clubhouse – including retail, restaurants, hotel and club reception, as well as an including a brand-new events space, premium co-working space, health and wellbeing facilities, and more.

<blockquote>
“Not only will our work breathe life back into this site, but we hope that it will contribute heavily to the surrounding CBD streetscape, alongside the upcoming redevelopment of the neighbouring David Jones site by Scentre Group and CBUS and introduction of a new tram network on nearby George Street.”
</blockquote>

Matthew Khoo, ICD Property Managing Director

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/city_tattersalls_club_-_hero_-_rev_c_-_with_note.jpg" rel="gallery-all" title="City Tattersalls Club render"><img alt="" class="image-article-full-width-580px" height="850" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/city_tattersalls_club_-_hero_-_rev_c_-_with_note.jpg?itok=6sVctF0j" title="City Tattersalls Club render" width="580"></a>

<figcaption>City Tattersalls Club render</figcaption></figure>The plans also show scope for a new 49-storey tower comprising of around 246 residential apartments and a 100-room hotel above the historic site.

<blockquote>
“We are excited to be part of Sydney’s growth, contributing a development that will greatly enhance the CBD by including an activated ground floor, home to a number of businesses and amenities that will bring people together and give back to the local streetscape.”
</blockquote>

Located at 194-204 Pitt Street, the prime location makes this development a highly sought-after development project and is a very unique residential and hotel opportunity for all parties involved.

ICD Property is currently collaborating with fjmt to create an exciting design competition process which will commence in 2020. The competition will see a prestigious line-up of architects vying for the job to design the City Tattersalls Club.

<blockquote>
“City Tattersalls Club’s rejuvenated premises will be a modern multi-purpose facility for inner-city residents and a tremendous new base from which the Club can continue to serve the city and its many thousands of members well into a second century.”
</blockquote>

Patrick Campion, City Tattersalls Club Chairman
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Olivia Round

Sydney’s City Tattersalls Club gains approval for redevelopment

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City Tattersalls Club, one of the oldest clubs in Sydney, has had its plans for a $200-million mixed-use tower approved by Sydney City Council.
The club in conjunction with developers ICD Property will construct a new 100-room hotel plus 246 apartments at its 194 Pitt Street site.
The City of Sydney Central Sydney Planning Committee gave an envelope approval for the Stage 1 Concept Development Application at its Thursday night meeting.
<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/2019/11/15/City%20Tattersalls%20Club%201.jpg" alt="">
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Under the plans, the almost 125-year-old club's heritage site will have an angular feature to ensure it does not overshadow Hyde Park.
The process to redevelop the club and its airspace kicked off in mid-2013.
ICD developed the Eq Tower in Melbourne.
“It is a result that will safeguard the future of the City Tattersalls Club for another 125 years to come,” City Tattersalls Club chairman Patrick Campion said.
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$200-million mixed-use City Tattersalls Club tower approved by Sydney City Council

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The retail market in Sydney has seen moderate growth over the past twelve months as a result of increased demand for good investment assets, growth in rental income and generally lower vacancy rates, according to the latest report from valuation firm Herron Todd White (HTW).
They found that some retail precincts and shopping centres are working hard to keep up the levels of foot traffic and as such are adapting to changes in the market and demand. This has helped to retain vacancy in some areas.
The HTW report authors said, "we are of the opinion that those landlords who adapt to the changes in the market may fare best."
"Food and beverage outlets have certainly been popular this year. This part of the market has been driving tenant demand."
"As a result of adaptation and increase in demand from food and beverage retailers, we have seen rental rates remain generally stable this year following a general increase in 2018."
Despite the continued threat of online shopping and generally negative perception of the retail market, The Sydney CBD remains strong, as infrastructure improvements and new development continue and speculation about the impact of these continues to drive areas of the market.
Within the CBD, tenant demand originates from high end and luxury goods as well as food and beverage, with retailers keen to secure their positions within the CBD as infrastructure improvements, mainly the light rail, get closer to being completed and the pedestrian shopping areas of the CBD are revitalised.
Retail assets with good lease covenants have seen capital growth over the past twelve months.
Demand from investors was the driving force in the market this year.
The valuers noted, "properties with well-established retail tenants and those with underlying future development potential were the most popular."
"We saw an increase in capital values in the early part of the year and some strong sales with relatively low capitalisation rates."
"We caution however that from around July this year we have started seeing a decline in the fringe and secondary markets, in particular a slight increase in capitalisation rates, indicating that demand is slowing and that capital values are declining," they concluded.
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Sydney retail market continues to grow without peaking: HTW Retail

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Sydney has its second busiest auction week of the year, with vendors securing a preliminary clearance rate of 81 percent, according to CoreLogic.
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There were 931 homes taken to auction across Sydney over the week with some 600 plus on Saturday.
The previous week saw a final clearance rate of 74 percent across 843 auctions. 
One year ago, 844 auctions were held across Sydney returning a 42 percent clearance rate.
<img src="https://www.urban.com.au/images/2019/11/8/Clearance%20nov%208.JPG" alt="">
The top reported national sale was in Sydney's Strathfield at $4.85 million.
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The five bedroom <a href="https://www.belleproperty.com/listings/832374/8-cotswold-road-strathfield-nsw-2135/" target="_blank">8 Cotswold Road European style offering </a>(pictured below) through Belle was built in 2007 with 500 sqm internal living space.
It last sold at $2.85 million in 2013.
<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/2019/11/8/strathfield.jpg" alt="">
Adelaide had the cheapest sale across all the capitals at $275,000 at Kersbrook under instructions of the public trustee.
Primrose Cottage had an auction guide of $290,000 through Harcourts.
The two bedroom 1940s cottage sat on 2000 sqm at <a href="https://harcourtssergeant.com.au/1p10017/" target="_blank">22 Scott Street</a> (pictured below). 
<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/2019/11/8/kersbrook.jpg" alt="">
Sydney's cheapest auction sale was $410,000 for a Newtown studio, a 39 sqm second floor corner position overlooking King Street.
It was recently offered as a $430 a week rental, putting the sale at a 5.45 percent gross rental yield.
It had traded at $345,000 in 2014. 
There were 2,375 homes taken to auction across the combined capital cities this week," Kevin Brogan, CoreLogic auction analyst said.
It was up from 1,555 over the previous week.
Preliminary results show a national clearance rate of 72 per cent, after last week’s final clearance rate dropped to 68 percent.
"Once the remaining results are collected, the clearance rate will likely revise below 70 per cent for the second week in a row," Kevin Brogan said.
One year ago, 2,386 auctions were held across the combined capitals, with only 43.3 per cent returning a successful result.
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Melbourne saw 1,016 homes taken to auction this week, returning a preliminary clearance rate of 70.8 per cent.
Over the same week last year, a clearance rate of 46 per cent was recorded across 1,127 auctions.
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The dearest sale in Melbourne was in Malvern at $4.75 million.
The four bedroom <a href="https://www.rtedgar.com/property/30-elizabeth-street-malvern-vic-3144/37646/" target="_blank">30 Elizabeth Street house</a> (pictured below) sold, soon after its auction, through RT Edgar who had offered $4.6 million price guidance based on sales.
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Melbourne's cheapest sale was $292,000 at Newport.
The <a href="https://www.hockingstuart.com.au/property/4-29-schutt-street-newport-vic-3015-174190" target="_blank">4/29 Schutt Street offering</a> (pictured below) was a one bedroom garden apartment through Hocking Stuart.
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AMP Capital chief economist Shane Oliver noted Melbourne "looks to have cooled a bit from September, especially relative to Sydney."
He also said sales volumes was up from lows "but still well down from boom time highs."
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Across the smaller auction markets, Canberra and Perth saw an increase in auction volumes week-on-week while Adelaide, Brisbane and Tasmania saw fewer homes taken to auction over the week.
There was a big sale on the Gold Coast when<a href="https://www.propertyobserver.com.au/https://raywhitebroadbeach.com/properties/residential-for-sale/qld/benowa-waters-4217/house/2191120" target="_blank"> the Benowa Waters family home</a> (pictured below) of late developer Con Nikiforides has sold under the hammer for $2.728 million.
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The Gold Coast Bulletin reported that three of the four registered bidders got to bid at the auction.
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Sydney mid-November auctions far stronger than Melbourne

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GUEST OBSERVATION
The New South Wales Bureau of Crime Statistics and Research (BOCSAR) recently claimed Sydney’s alcohol licensing regulations, commonly known as lockout laws, reduced non-domestic assaults by 13% in the CBD.
Its calculation relied on a decision to allocate 1,837 of these offences to both Kings Cross and the CBD – that is, double-counting the data.
<a href="https://www.parliament.nsw.gov.au/ladocs/submissions/63631/Submission%20734%20-%20Centre%20for%20Translational%20Data%20Science,%20University%20of%20Sydney.pdf" target="_blank">Our analysis</a> found this decision was critical to the conclusion that assaults decreased in the CBD. For every other choice about the areas to which offences data were allocated and type of analysis we found no decrease.
<img src="https://images.theconversation.com/files/298452/original/file-20191024-119433-7qnb4k.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Map of Sydney and the entertainment precincts as used by BOCSAR in its analysis: blue – CBD entertainment precinct; red – Kings Cross entertainment precinct; green – nearby displacement areas; yellow – outer displacement areas.
<a href="https://www.parliament.nsw.gov.au/ladocs/submissions/63631/Submission%20734%20-%20Centre%20for%20Translational%20Data%20Science,%20University%20of%20Sydney.pdf%5D" target="_blank">Our findings</a> highlight an important question: how do the choices of data collection, pre-processing and analysis affect policy decisions?
The allocation of crimes to areas is just one of several choices made when using data to assess policy impacts. Other choices include how to measure violent crime, what time period to consider and the geographical extent of the areas to include. The question is: if other choices were made, would the results affect a <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-09-08/sydney-lockout-laws-rolled-back/11489806" target="_blank">decision to repeal or continue the laws</a>?
Our findings point to the need to follow a couple of principles when using data to inform policymaking. First, the institution that collects data and the institution that analyses the data should be independent of each other. Second, we need as much transparency about the data and its analysis as possible.
So what exactly did the analyses show?
BOCSAR chose to use monthly non-domestic assaults from 2009 onwards. There is nothing wrong with these choices, but others could have been made.
For instance, why from 2009 onwards, not from 2005? Why monthly, not daily? Why reported non-domestic assaults, not reported assaults causing grievous bodily harm? Why divide the area into the CBD and Kings Cross only?
One way of assessing the impact of such choices is to use different subsets of data, different types of data pre-processing and different statistical and/or machine-learning techniques. If the conclusion still remains the same, then our decision is robust to this source of variability. If not, we need to understand why.
For the Kings Cross precinct, the analysis by the Centre for Translational Data Science at the University of Sydney showed the conclusion remained unchanged irrespective of the frequency and period over which data were collected and the analysis performed. Non-domestic assaults had declined following the introduction of the lockout laws in 2014.
For the CBD the reverse was true. Only if we make exactly the same choices as BOCSAR, in particular allocating 1,837 crimes to both the CBD and King Cross, could we conclude non-domestic assaults had decreased very slightly.
Under all other variations of the analyses, including data, methodology and spatial allocation of that data, we found no decrease. Non-domestic assaults in the CBD had been decreasing since 2008 and, if anything, more slowly after the lockout laws took effect.
So why was the inclusion of 1,837 crimes so critical to the conclusions about the CBD?
Using data provided by BOCSAR, we plotted the most likely location of those 1,837 crimes. Figure 1 shows these crimes occurred mainly in Kings Cross, an area in which the crime rate had fallen since 2014. We say “most likely location” because we have yet to receive the additional data we requested from BOCSAR to help us locate exactly where these crimes occurred.
<a href="https://images.theconversation.com/files/298427/original/file-20191023-119429-qgf5xh.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/298427/original/file-20191023-119429-qgf5xh.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Counts of crimes (per SA1 region) that were assigned to both the CBD and Kings Cross. Centre for Translational Data Science, Author provided
With the removal of those 1,837 crimes from the CBD, we detected no decrease in non-domestic assaults. But BOCSAR apparently did. After removing those crimes from the CBD, BOCSAR released an <a href="https://www.bocsar.nsw.gov.au/Documents/BB/2019-Report-Effect-of-lockout-and-last-drinks-laws-on-assaults-BB142.pdf" target="_blank">updated report</a> to a <a href="https://www.parliament.nsw.gov.au/committees/listofcommittees/Pages/committee-details.aspx?pk=260" target="_blank">parliamentary inquiry into Sydney’s night-time economy</a>. This report claimed assaults in the CBD decreased by 4% (much less than the original 13%).
The committee then asked for our <a href="https://www.parliament.nsw.gov.au/ladocs/other/12591/Centre%20for%20Translational%20Data%20Science.pdf" target="_blank">comments</a>. We found the report did not provide a confidence interval for this decrease. Yet the report made a virtue of reporting uncertainty estimates for other quantities and elsewhere it claimed “statistically significant” results.
We replicated BOCSAR’s analysis and found the change in crime could have been as low as a 12% decrease and as high as a 6% increase. In other words, the result is “statistically insignificant”.
What are the implications for making policy?
Why does this matter? There are two reasons.
First, the danger in not explaining, quantifying and reporting uncertainty is that the public loses trust in data-driven policymaking. Only if conclusions acknowledge and explain the uncertainty inherent in inferring complex quantities from data can we make robust and explainable policy decisions that build trust with the public.
Second, if we don’t accept and report uncertainty we could stop looking for other explanations. We might then fail to achieve an outcome that everyone wants: a reduction in violence and a healthy night-time economy.
How do we proceed from here? We’d make two recommendations:
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The institution that collects and curates the data should be distinct, informed but independent from the institution/s that analyse the data.
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There should be as much data transparency as possible, which would enable different groups to perform different types of analyses, using different sources of data.
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We are almost certain these different groups would produce different findings, but the subsequent discussion could provide insights that move us closer to more robust and acceptable policy decisions.
To <a href="https://www.brainpickings.org/2012/08/27/richard-feynman-on-the-role-of-scientific-culture-in-modern-society/" target="_blank">quote</a> Nobel Prize-winning physicist Richard Feynman: "If we will only allow that, as we progress, we remain unsure, we will leave opportunities for alternatives … to make progress, one must leave the door to the unknown ajar."
The <a href="https://www.parliament.nsw.gov.au/ladocs/inquiries/2519/Report%20-%20Sydneys%20night%20time%20economy.pdf" target="_blank">parliamentary committee’s recommendation</a> that BOCSAR and the Centre for Translational Data Science work together more closely appears to do just that. We look forward to an ongoing collaboration to further our understanding of the drivers of violent crime.<img src="https://counter.theconversation.com/content/125227/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
Sally Cripps, Professor of Statistics, Director of Centre for Translational Data Science, <a href="http://theconversation.com/institutions/university-of-sydney-841" target="_blank">University of Sydney</a>.
Roman Marchant, Senior research fellow and lecturer, <a href="http://theconversation.com/institutions/university-of-sydney-841" target="_blank">University of Sydney</a>.
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/sydney-lockout-laws-review-highlights-vital-role-of-transparent-data-analysis-125227" target="_blank">original article</a>.
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Sydney lockout laws review highlights vital role of transparent data analysis

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Sydney’s housing market has started to emerge from its correction, according to the latest data from Moody's Analytics.
They found, Sydney apartment values began expanding from June, while house values enjoyed gains from July and, in both cases, modest improvement is forecast to continue.
House values will fall an average of 8.4% in 2019, before a 7.7% expansion in 2020. This follows a 5.5% decline in 2018.
Moody’s Analytics identified previous episodes of corrections over the last three decades (see Chart 11). This shows that the recent correction has been the longest and steepest on record for the Sydney market.
<img src="https://www.urban.com.au/images/2019/10/28/NSW%20Moodys%202.JPG" alt="">
The most recent peak in house and unit values was around mid-2017.
Although unit values have corrected, it has not been to the same extent as houses.
Unit values are on track to fall by an average of 5.9% in 2019 after a 3.1% drop in 2018. An improvement of 7.9% is expected in 2020, followed by an improvement of 8.4% by 2021.
Click <a href="https://www.propertyobserver.com.au/images/2019/10/28/NSW%20Moodys.JPG" target="_blank">here</a> to enlarge.
<img src="https://www.urban.com.au/images/2019/10/28/NSW%20Moodys.JPG" alt="">
According to Moody's Analytics economist Katrina Ell, "house values in the City and Inner South area have passed their trough after a sharp decline through 2018."
"The Inner South West is on track to see a 12.9% fall in 2019, after a 5.3% fall in 2018. A 6% expansion is forecast for the Inner South West in 2020."
"The correction in Sydney is forecast to have largely passed by 2020, but home value growth will be far from the lofty gains of recent years. Housing values are forecast to rise by an average of 7.7% for houses and 7.9% for apartments."
"Areas outside metropolitan Sydney are mostly on track to escape the bulk of the correction."
"As potential homebuyers’ incomes have not kept pace with the Sydney housing market, demand has increased for areas outside of Sydney, where affordability is better."
"Areas including the Hunter Valley, excluding Newcastle, have become attractive destinations for those still tied to Sydney for employment but for whom purchasing property would stretch the household budget too far.
"These areas have adequate transport links back to Sydney for frequent commuting."
"House values in the Hunter Valley are forecast to fall by 2.1% in 2019 and rise by 3.6% in 2020, after increasing 6.6% in 2018."
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Sydney housing market emerging from correction: Moody's Analytics

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Sydney house prices rebounded in the September quarter, with the median jumping almost five percent, according to Domain.
Domain's September House Price Report found the median house price rose 4.8 per cent to $1,079,491. 
The price correction was led by Sydney's North West, whose median house price rose 9.7 per cent, the best performer across the city.
Sydney's South (+7.1 per cent) and Inner West (6.9 per cent) were the only other regions over five per cent.
The Inner West's market rebound has seen it become on just three regions who have seen year on year house price gains (+4 per cent).
There was slow growth in the city's east which was hit hardest during the downturn. Their 1.4 per cent quarterly gains doesn't come close to offsetting the nine per cent declines year on year.
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<td colspan="4">Source: Domain House Price Report, September Qr 2019.</td>
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<td style="text-align: center;" colspan="4" width="341">Median house prices</td>
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<td>Region</td>
<td>Median</td>
<td>QoQ Change</td>
<td>YoY Change</td>
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<td>Blue Mountains</td>
<td style="width: 100px;">$650,000</td>
<td>-0.3%</td>
<td>-4.4%</td>
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<td>Canterbury Bankstown</td>
<td>$860,000</td>
<td>4.9%</td>
<td>-3.9%</td>
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<td>Central Coast</td>
<td>$616,500</td>
<td>2.8%</td>
<td>-2.1%</td>
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<td>City and East</td>
<td>$2,180,000</td>
<td>1.4%</td>
<td>-9.0%</td>
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<td>Inner West</td>
<td>$1,550,000</td>
<td>6.9%</td>
<td>4.0%</td>
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<td>Lower North Shore</td>
<td>$2,330,000</td>
<td>1.1%</td>
<td>1.3%</td>
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<td>North West</td>
<td>$1,250,000</td>
<td>9.7%</td>
<td>3.2%</td>
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<td>Northern Beaches</td>
<td>$1,696,000</td>
<td>4.7%</td>
<td>-0.6%</td>
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<td>South</td>
<td>$1,125,000</td>
<td>7.1%</td>
<td>-5.5%</td>
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<td>South West</td>
<td>$695,000</td>
<td>3.4%</td>
<td>0.0%</td>
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<td>Upper North Shore</td>
<td>$1,620,000</td>
<td>-0.3%</td>
<td>-1.8%</td>
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<td>West</td>
<td>$700,000</td>
<td>2.9%</td>
<td>-2.1%</td>
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<div class="table_source">Source: <a href="https://www.domain.com.au/news/sydney-property-market-records-fastest-rebound-in-decades-896383/" target="_blank">Domain</a>
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<div class="table_source">"Buyers have missed out on the bottom of the market, with prices reaching the bottom in the last quarter," Domain advised.</div>
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<div class="table_source">They suggested however buyers can still take advantage of improved affordability. 
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<div class="table_source">"House prices are 9.9 per cent below the mid-2017 peak, and units prices 10.6 per cent below," Domain stated.</div>
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The rapid housing recovery is four times greater than the next strongest quarterly rebound of 1.2 per cent following the 1994 market dip.
Domain senior research analyst Nicola Powell said the quicker-than-expected upswing could be attributed to the slight relaxation of lending standards, interest rate cuts, a post-election boost in buyer confidence and improved affordability.
<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/2019/10/24/House%20Price%20Downturns%20and%20Recovery%20Domain.jpg" alt="">
“We have seen a strong rise over the quarter,” Dr Powell said. “There is momentum gaining, so I do think next quarter we’re likely to see [a return to annual price gains].”
Houses have regained almost one-third of the price falls that occurred during the recent downturn, and units have regained roughly one-fifth of the price lost over the recent slump.
Despite this rebound, both house and unit prices remain lower than a year ago.
<h1>Unit Prices </h1>
The Northern Beaches led the apartment recovery, with unit prices across the city growing 2.6 per cent, the equivalent of $17,314, to a $694,840 median.
The apartment median price in the Northern Beaches jumped over 13 per cent over the September quarter to post 3.8 per cent year on year gains.
The Northern Beaches was the only region to post year on year gains.
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<td>Region</td>
<td>Sep-19</td>
<td>QoQ</td>
<td>YoY</td>
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<td>Canterbury Bankstown</td>
<td>$510,000</td>
<td>-1.0%</td>
<td>-7.9%</td>
</tr>
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<td>Central Coast</td>
<td>$426,500</td>
<td>-3.1%</td>
<td>-13.4%</td>
</tr>
<tr>
<td>City and East</td>
<td>$940,000</td>
<td>2.7%</td>
<td>-1.9%</td>
</tr>
<tr>
<td>Inner West</td>
<td>$762,000</td>
<td>3.3%</td>
<td>-1.3%</td>
</tr>
<tr>
<td>Lower North Shore</td>
<td>$920,000</td>
<td>5.4%</td>
<td>-2.3%</td>
</tr>
<tr>
<td>North West</td>
<td>$677,250</td>
<td>-0.4%</td>
<td>-1.6%</td>
</tr>
<tr>
<td>Northern Beaches</td>
<td>$885,000</td>
<td>13.2%</td>
<td>3.8%</td>
</tr>
<tr>
<td>South</td>
<td>$660,000</td>
<td>0.0%</td>
<td>-8.3%</td>
</tr>
<tr>
<td>South West</td>
<td>$455,000</td>
<td>2.3%</td>
<td>-5.2%</td>
</tr>
<tr>
<td>Upper North Shore</td>
<td>$745,500</td>
<td>2.1%</td>
<td>-0.6%</td>
</tr>
<tr>
<td>West</td>
<td>$544,000</td>
<td>-1.1%</td>
<td>-6.2%</td>
</tr>
</tbody>
</table>
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<div class="table_source">Source: <a href="https://www.domain.com.au/news/sydney-property-market-records-fastest-rebound-in-decades-896383/" target="_blank">Domain</a>
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<div class="table_source">There were quarterly gains in the Lower North Shore (+5.4 per cent), the Inner West (3.3 per cent) and the City and East (2.7 per cent).</div>
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The Central Coast unit market continued to decline, with a further 3.1 per cent decline taking its year on year median down 13.4 per cent. 
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Sydney records highest quarterly growth for two years: Domain

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The New South Wales Government has confirmed the location of 7 stations for the upcoming Sydney Metro West that will run between Sydney's CBD and Westmead, adding significant capacity to the rail network between Sydney and Parramatta.

The 7 confirmed station locations include Westmead, Parramatta, Sydney Olympic Park, North Strathfield, Burwood North, Five Dock, and The Bays Precinct.

Investigations are still ongoing for the Sydney CBD station and possibly adding two more stations - one in Rydalmere and the other in Pyrmont.

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="500" scrolling="no" src="https://www.youtube.com/embed/do_N9uHFzJI" width="100%"></iframe>

The station location confirmation announcement follows Transport for NSW representatives having begun door knocking on residents door's notifying them the state government intends to acquire their property to make way for components of the project.

Construction is set to begin in 2020 and according to the project's overview, will then be followed by the Sydney Metro Greater West (formerly known as the North-South Link) outer western metro line linking St. Mary's and the new Western Sydney Airport.

The 'aerotropolis' located south of the new Nancy-Bird Walton Airport will also be connected with the St. Mary's link and the Sydney Metro West line may at some stage run all the way out to the airport as well.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/1uf2199.jpg" rel="gallery-all" title="Confirmed and potential station locations for Sydney Metro West"><img alt="" class="image-article-full-width-580px" height="320" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/1uf2199.jpg?itok=DJqvsBUZ" title="Confirmed and potential station locations for Sydney Metro West" width="580"></a>

<figcaption>Confirmed and potential station locations for Sydney Metro West</figcaption></figure>The focus on speed rather than more stations on Sydney Metro West becomes more obvious when viewed in context of plans for the Sydney basin over the next few decades.

Preliminary costs reported in other media have put the price tag for the Sydney CBD to Westmead Sydney Metro West at $10billion and some reports have suggested the price could be as high as $20 billion.

The business case for the project has not been released at this stage and will eventually go a long way to informing the public of the project's cost.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/sydney_metro_west_context1.png" rel="gallery-all" title="Wider context of the new metro line. Sydney Metro West Project Overview, page 4"><img alt="" class="image-article-full-width-580px" height="345" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/sydney_metro_west_context1.png?itok=wYWD2hbR" title="Wider context of the new metro line. Sydney Metro West Project Overview, page 4" width="580"></a>

<figcaption>Wider context of the new metro line. <a href="https://www.sydneymetro.info/sites/default/files/document-library/Sydney_Metro_West_Project_Overview_Booklet_October_2019.pdf">Sydney Metro West Project Overview, page 4</a></figcaption></figure>Boom times for Australian railway building.
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