The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Victoria

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Local government areas (LGAs) are struggling to accommodate the <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-11-22/victoria-public-social-housing-build-local-council-rules/12907336">growing demand for housing in Victoria</a> – a problem which the Victorian Government are planning to address with an investment boost of $5.4 billion.

The Government's plan is to replace obsolete properties and construct 12,000 new homes, providing more social and affordable housing. This funding will, in turn, provide 10,000 jobs each year over four years. 

<h2>Current projects underway</h2>

Bills Street, Hawthorn - The site is prepped and ready for new developments to commence construction once the planning application is approved.

Dunlop Avenue, Ascot Vale - Planning permit has been issued earlier this year.

Elizabeth Street, North Richmond - The new buildings to be established in the vicinity of 147 - 161 Elizabeth Street in Richmond will deliver well designed, safe, secure and modern social and affordable housing. 

Markham Avenue, Ashburton - The site is prepped and ready for development to begin. The new homes will be located next to existing parklands.

Tarakan Street, West Heidelberg - Redevelopment for improved open space is planned for this site.

Victoria Street, Flemington - A new residential development will offer affordable homes due to demand.

<h2>21 LGAs the Government is requesting submissions for:</h2>

<ol>
<li>
	Bendigo
	</li>
	<li>
	Macedon
	</li>
	<li>
	Ballarat
	</li>
	<li>
	Moorabool
	</li>
	<li>
	Melton
	</li>
	<li>
	Wyndham
	</li>
	<li>
	Geelong
	</li>
	<li>
	Shepparton
	</li>
	<li>
	Mitchell
	</li>
	<li>
	Whittlesea
	</li>
	<li>
	Maroondah
	</li>
	<li>
	Casey
	</li>
	<li>
	Cardinia
	</li>
	<li>
	Hume
	</li>
	<li>
	Brimbank
	</li>
	<li>
	Maribyrnong
	</li>
	<li>
	Port Phillip
	</li>
	<li>
	Moreland
	</li>
	<li>
	Darebin
	</li>
	<li>
	Whitehorse
	</li>
	<li>
	Boroondara
	</li>
</ol>
The new initiative will complement the $500 million building works programme, which aims to give the construction industry extra employment security post-COVID-19.
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Olivia Round

Fast-start project: Victoria's $5.4 billion Big Housing Build

j.ballantyne1990-6AQqhLzZaK

Victorian homes are being snapped up in record time: REIV

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EXPERT OBSERVER
Victoria’s virus flare up and subsequent lockdown has hit the south-eastern state’s economy hard. The implementation of level 4 restrictions in Melbourne and level 3 constraints in regional Victoria – including curfews – led to the shutdown of 90 per cent of Victoria’s shopping centres and retail stores in August, according to Kepler Analytics. So it’s no surprise that retail spending in Victoria fell by whopping 12.6 per cent in the month. According to Commonwealth Bank card spending data, Victorian credit and debit card spending plunged by 14.8 per cent in the week to August 14 from a year ago after being down just 0.8 per cent in the prior week.
The damage to Victorian businesses and workers from the two COVID-19 lockdowns is evident in the latest Statistical Area 4 (SA4) weekly payroll jobs data. Since March 14 (the week Australia recorded its 100th confirmed COVID-19 case) payroll jobs have decreased most in Melbourne’s Inner (-9.8 per cent), North-Western (-9.3 per cent) and Western (-8.7 per cent) suburbs. And regional Victoria hasn’t been spared with payrolls down 8.8 per cent in North-Western Victoria and the Mornington Peninsula (-8.5 per cent). Job losses also exceed 7 per cent across Geelong, Ballarat, Bendigo and Latrobe-Gippsland.
Victoria’s labour market scarring is likely to persist in the near term with skilled job vacancies falling 7.5 per cent in August – the only state or territory to post a decline in ads during the month. In Greater Melbourne job vacancies are down 44.6 per cent over the year to August.
Australia’s manufacturers have weathered the coronavirus shock better than most sectors of the economy. Despite manufacturing’s share of Aussie economic output declining from peaks of just under 30 per cent of GDP in the early 1960s to 5.6 per cent of GDP in 2019, its importance has been underlined by global supply disruptions (freight delays and import restrictions) during the pandemic.
Australia is making more hi-tech manufactured goods than ever before, including the manufacture of food, wine, beverages, vitamins, baby formula, building materials, mining machinery and medical equipment. In fact, the latest survey of purchasing managers shows that manufacturing activity rose to the highest level in 29 months in September, supported by a pick-up in production, sales, export orders and building capacity pressures.
Importantly, IHS Markit report that manufacturers employed more factory workers for the first time since November 2019. This is good news given that manufacturing is Australia’s sixth largest employer, employing around 852,800 (or 7 per cent of the total workforce).
What do the figures show?
‘Preliminary’ retail trade – August
‘Preliminary’ retail trade fell by 4.2 per cent in August after rising by 3.2 per cent in July. Retail spending is still up 6.9 per cent on the year and 6 per cent above pre-COVID-19 levels in February. The final August data is scheduled for October 2.
According to the ABS, “Victoria led the falls, down 12.6 per cent compared to July 2020. Stage-4 restrictions in Melbourne, and Stage-3 restrictions in Regional Victoria, restricted trading for non-essential retail businesses.
“Excluding Victoria, the rest of Australia fell 1.5 per cent from July 2020 to August 2020.
All industries fell, primarily driven by the Victorian result, although there were falls in most states and territories.
At the industry level, Household goods retailing led the falls, although sales in this industry remain 20 per cent above the levels of August 2019.
Clothing, footwear and personal accessory retailing, Department stores, and Cafes, restaurants and takeaway food services, also saw large monthly falls, with the largest falls recorded in Victoria. New South Wales saw a large fall in Cafes, restaurants and takeaway food services.
Food retailing saw a small fall, with mixed results amongst the states and territories.”
Regional payrolls – Week ending September 5
The Australian Bureau of Statistics (ABS) has released the regional (SA4) payroll indexes.
Between March 14 (date of 100th case of COVID-19) and September 5, payrolls fell most in Melbourne - Inner (-9.8 per cent). Thirteen of the 15 regions with the biggest declines in payrolls can be found in Victoria. Sydney’s City and Inner South also feature with payrolls down 8.3 per cent for the period.
Of the 15 regions with the smallest declines in payrolls over the period, seven can be found in Western Australia. Perth’s South-West recorded just a 1 per cent fall in payrolls from March 14 to September 5. But the New England and North-West region of NSW performed best with payrolls down just 0.9 per cent over the period.
Skilled job vacancies – August
In seasonally adjusted terms, the Internet Vacancy Index (IVI) increased by 1.3 per cent (or 1,700 job advertisements) in August to stand at 133,400. Despite this increase, job advertisements are 19.5 per cent (or 32,400 advertisements) below the level recorded a year ago.
In August, job advertisements increased in three of the eight occupational groups. The strongest gains were recorded for Professionals (up 2,300 or 5.8 per cent), followed by Clerical and Administrative Workers (up 350 or 1.9 per cent); and Managers (up 120 or 0.9 per cent). But ads fell most for Labourers (down 420 or 4.1 per cent).
Over the year to August, job vacancies for Machinery Operators and Drivers (up 480 or 6.5 per cent) and Labourers (up 180 or 1.9 per cent) lifted most and now exceed pre COVID-19 levels. But vacancies fell for the other six occupational groups, led by declines for Managers (down 7,300 or 34.4 per cent) and Clerical and Administrative Workers (down 8,700 or 31.4 per cent).
All states and both territories recorded an increase in job advertisements in August, except Victoria. NSW (up 2.4 per cent); Victoria (down 7.5 per cent); Queensland (up 0.4 per cent); South Australia (up 7.4 per cent); Western Australia (up 8.7 per cent); Tasmania (up 8.1 per cent); Northern Territory (up 6.8 per cent); ACT (up 8.3 per cent).
Over the year to August, job ads increased in Western Australia (up 1,700 or 10.6 per cent), South Australia (up 760 or 10.2 per cent) and Tasmania (up 30 or 1.9 per cent). All remaining states and both territories recorded falls in job advertisements over the year with the biggest falls in Victoria (down 21,200 or 45.7 per cent) and NSW (down 11,500 or 20 per cent).
Over the year to August, in three-month moving average terms, job ads increased in 20 of the 37 IVI regions. Dubbo &amp; Western NSW posted the strongest increase in vacancies (up 50.7 per cent), followed by Southern Highlands &amp; Snowy NSW (up 34.6 per cent), South-West Western Australia (up 32.5 per cent), Yorke Peninsula &amp; Clare Valley South Australia (up 26 per cent) and Fleurieu Peninsula &amp; Murray Mallee South Australia (up 24.2 per cent). But Melbourne recorded the biggest decline (down 44.6 per cent), followed by Sydney (down 38.4 per cent), Geelong &amp; Surf Coast Victoria (down 32.0 per cent), Ballarat &amp; Central Highlands Victoria (down 23.4 per cent) and Brisbane (down 20.7 per cent).
‘Flash’ IHS Markit Purchasing Managers’ Indexes (PMI) - September
The IHS Markit ‘flash’ PMI for manufacturing rose from 53.6 in August to a 29-month high of 55.5 in September. The services PMI lifted from 49 in August to 50 in September. The composite PMI rose from 49.4 in August to 50.5 in September. A reading above 50 indicates an expansion in activity.
According to IHS Markit economists, “The latest PMI data showed signs of stabilisation in Australia's private sector business conditions during September, with activity and sales increasing marginally after falling in August amid tightening containment measures to contain a surge in new infection cases. However, other survey indicators suggest that the rebound may lack legs going forward. The absence of capacity pressure led to a further and sharper decline in workforce numbers, highlighting the prospect of rising unemployment.
The survey also showed a divergence in the sectors participating in the economic recovery. Services business activity remained subdued, coinciding with weak sales as the sector was more adversely hit by COVID-19 restrictions. Meanwhile, manufacturing output continued to increase, supported by renewed growth in export sales.
Government spending on public works and expectations of an eventual easing of containment measures, including crossborder restrictions, boosted business sentiment, which rose to the highest for just over two years."
What are the implications for investors?
Yet another central bank has provided an update on its policy ‘tool kit’ – this time the Reserve Bank of New Zealand. Kiwi monetary policy makers have made it abundantly clear that they will implement negative interest rates if more stimulus is required to prop up the economy after Auckland’s virus setback.
As excitable Aussie investors reacted to Reserve Bank of Australia Deputy Governor Guy Debelle’s ‘monetary policy approaches’ speech yesterday by aggressively pricing in a rate cut to 0.1 per cent on October 6, Reserve Bank of New Zealand Governor Adrian Orr calmly reiterated that the Bank intends to hold the official cash rate at 0.25 per cent until March 2021 - as communicated on March 16. Governor Orr also suggested that instruments including a Funding for Lending Programme (FLP) and purchases of foreign assets are additional policy options, along with a negative official cash rate.
The divergence between Victoria and the rest of Australia continues. The re-opening of the NSW-South Australian border is encouraging with border closures - and associated restrictions - inhibiting the economic recovery. What is also positive is that recruitment activity in South Australia and Western Australia is now above pre-COVID-19 levels with Tasmania just 1 per cent below these levels in August. Regional areas outside of Victoria are performing better than their city peers with lower unemployment, more job vacancies and more stable housing markets.
The next few weeks are critical to the economic outlook. The Reserve Bank’s monetary policy meeting and Federal Government’s Budget are both delivered on October 6. Expectations for a co-ordinated policy response to Victoria’s health and economic crisis are growing. It appears that the Morrison Government will announce more infrastructure spending and bring forward personal income tax cuts at a time when the JobKeeper wage subsidy and JobKeeper government payments are reduced. But as yesterday’s weekly payrolls jobs data shows, a continued targeted approach in supporting small and medium sized enterprises (SMEs) is equally, if not more important. The acceleration of payroll losses (-1.9 per cent) for businesses with 20 or fewer employees between August 22 and September 5 will trouble policymakers.
Ryan Felsman is a Senior Economist at CommSec
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Victoria has dominated job losses as retail trade tumbles: CommSec's Ryan Felsman

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A petition has been launched by citizens in Victoria to resume the real estate industry under Stage 4 lockdown.
"The requirement to find a home is unquestionably essential", the petition advisees.
"Agents and consumers would like to see the resumption of one-on-one private appointments which would be conducted safely according to COVID safe guidelines.
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<div id="pov_ep_council_petition___grievance_ro" class="fabrikElementReadOnly">"We are asking the Andrews Government, along with the Real Estate Institute of Victoria, to re-open the real estate industry with the implementation of a COVID-19 Safe Plan.</div>
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<div class="fabrikElementReadOnly">"These practices may include a record of attendees at one-on-one appointments, open house permits, limited attendance of open house, temperature checks upon arrival, no-touch inspection, social distancing and sanitising of door handles and surfaces. Contact tracing data would be lodged with the Department of Health and Human Services."</div>
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<div class="fabrikElementReadOnly">The petition says that waiting until October 26 to reopen the industry will "cripple people financially", adding that waiting until November 23 for 'COVID normal' will leave people under "significant financial pressure".</div>
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<div class="fabrikElementReadOnly">"Those who have purchased and need to sell and those who’ve been evicted due to landlords returning to occupy and cannot inspect a new rental home have been burdened by the COVID-19 restrictions.</div>
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<div class="fabrikElementReadOnly">"Over the last 6 months, sacrifices have been made by everyone over a truly testing period. We must look forward and discuss our ability to offer a safe and considered service for those who require it. 
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<div class="fabrikElementReadOnly">The petition, which can <a href="https://www.propertyobserver.com.au/https://www.parliament.vic.gov.au/council/petitions/electronic-petitions/view-e-petitions/details/12/243" target="_blank">be found here</a>, will close October 10.</div>
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jrobinson-rf4aSBido9

Petition launched to open real estate up in Victoria

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Victorian land buyers continue to lock in purchases despite the State’s strict lockdowns, with developer and government incentives encouraging many to push ahead despite being unable to visit most estate.
The State’s leading project marketing group Oliver Hume has achieved an average of 70 reservations per week over the last six weeks as a result of new innovative processes for selling land as well as a sales and marketing team that have lead the way in educating buyers virtually.
Oliver Hume has also launched a new $25,000 initiative which matches the Federal Government’s $25,000 Home Builder grant. The $25,000 Perfect Match campaign is available at selected projects marketed by Oliver Hume. Buyers can also utilise Oliver Hume’s new online deposit system which has experienced strong demand during lockdowns.
Oliver Hume Chief Executive Officer Julian Coppini said the new bonus had been in high demand since it was launched in late August.
“While buyer demand has been impacted by the lockdown we are still seeing strong levels of enquiry and sustained sales which has our current sales rate still higher than March, April and May before the HomeBuilder grant was announced,” he said.
“Many buyers have understood the new processes due to being in a lockdown and are happy to rely much more on digital presentations, inspections and communication as part of their purchase decision.”
“Buyers understand the extraordinary nature of the current market and appreciate the opportunity to utilise the support measures and grants from the state and federal governments in conjunction to developers providing attractive offers in market”
“The incentives and grants combined with low interest rates have generated some of the best buying conditions in a generation.”
Mr Coppini said the industry was quickly adapting to managing sales through the lockdowns with buyers becoming more confident navigating the purchase decision in a fully digital environment.
“Oliver Hume is thankful for the ongoing digital transformation it started on years ago as it has been a major benefit to our vendors and purchasers over the last six months. Many of the systems and processes we have put in place will become permanent features in the land buying process,” he said.
Earlier this year, Oliver Hume launched a new digital deposit platform that allows buyers to secure and pay a deposit on their new block of land, without ever visiting a sales office or meeting in-person with a developer representative.
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Victorian land sales are holding up as grants kick in: Oliver Hume

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The largest real estate group in Victoria holds great concern for many of its customers following the announcement by the Victorian Government that private inspections of properties will not be allowed until 26 October, 2020.
As managing director of the Ray White Group, I am asking the Victorian Government to reconsider its ban on private inspections.
Private inspections alone will enable the industry to safely serve its customers and ensure that the most important financial transactions of their lives can be undertaken without further delays.
It has been a devastating day. Many of our customers often need to move properties for fundamental reasons - be it illness, divorce or other hardships like unemployment. It’s been distressing to listen to the feedback from customers now facing significant financial consequences as a result of these restrictions.
It makes absolutely no sense to forbid private inspections when you compare the safe environment we can create compared to the activities that are being allowed.
Despite many customers needing to buy and sell, yesterday’s decision means that many customers will be racing the clock to achieve a settlement before Christmas, given the time required to market property and the usual settlement period. It also applies significant pressure to those searching for a rental property or trying to lease their property.
Our leading group has been inundated with calls from customers who are distraught at the prospect of further significant delays in the marketing and sales of their properties.
Distraught customers include 70-year-old Brenda Hemphill, of Ringwood, who has bone marrow cancer and just needs to find a rental property to move into on September 25.
"I have to be out of the house by September 25 as my husband’s business went bankrupt and forced the sale,” said Mrs Hemphill, who recently sold her unit at auction through Ray White Ringwood.
“I have bone marrow cancer and need to stay close to the hospital for treatments. We have had to sell our forever home and there’s no chance of delaying the settlement as my husband went bankrupt but the house was in both names,” Mrs Hemphill said.
“I cannot go and view any rental properties. I am imploring Dan Andrew to make life a bit easier for us as not everything is around the corner to get the things we need.”
Another distressed client named Judy, who has her home on the market with Ray White Chelsea, simply wants to move to Queensland to help support her daughter.
“My son-in-law is a pilot and due to COVID-19, he has been relocated to Sydney to fly freight planes and my daughter is a working mum trying to juggle work around their two year old child. I’m a nurse and I’m incredibly disappointed that real estate activity hasn’t been reinstated because with the correct COVID procedures in place, the risk to the public is absolutely minimal when privately inspecting a property,” Judy said.
“I’m all alone down here and my daughter is all alone up there, and she’s had her own emergencies. All I want is to be in a financial position to sell soon and go to her when the borders finally reopens.”
Based on the people we have spoken to, there would be thousands of Victorians in distress as a result of the announcement.
The Big Four Australian banks have all spoken at length about the size and extent of mortgage deferrals. While they confirmed that loan deferrals will be extended on a case-by-case basis to March 2021, the message is clear: “the property market is holding up well, you may want to make the decision to sell and put yourself on a stronger footing”. Unfortunately for our Victorian customers with mortgage deferrals in place, they will be unable to do so.
In collaboration with the industry, Ray White has developed a detailed set of operating protocols for conducting private inspections to keep our customers safe.
These include a single buyer and agent inspecting for less than 15 minutes, without touching surfaces and observing social distancing.
We are not aware of any community transmission occurring in Australia as a result of real estate activity, and we estimate that nearly 180,000 properties were listed and marketed across Australia since April. That includes conducting open homes and auctions throughout Sydney throughout July and August and private inspections in the lead up to the Stage 4 Melbourne lockdown, when community outbreaks were occurring in both cities.
We note that physical on-site meetings will be permitted from 13 September in the construction industry and display homes will be open by appointment only from 28 September. We see no difference between these settings (particularly for many properties that are vacant) and believe the same settings can be achieved in the real estate industry.
We call on the government to review its decision and would welcome any opportunity to work collaboratively, for the good of the Victorian community.
Dan White is the Ray White Group Managing Director
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Victorian real estate customers stuck in limbo: Dan White

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The Real Estate Institute of Victoria (REIV) has called for an independent review of the roadmap announced by the Andrews government when it comes to real estate listings. 
It labelled the Victorian government’s response as disproportionate, alarmist and short sighted. 
"There is no dispute that health and safety of the community is a priority and the roadmap out of the lockdown must ensure safety of all Victorians," the REIV advised.
"However, the path proposed jeopardises livelihoods and assets of hard-working Victorians who have abided by the rules and restrictions for over six months.
"Pushing the Victorian economy to the brink of collapse cannot be the only method of preventing the spread of coronavirus."
The REIV has criticised the lack of genuine consultation by government with business.  
"The irreversible impact of these decisions on the mental and financial well-being of ordinary people is being ignored.
"People who have saved and invested in an asset like property are unable to sell it to tide over these difficult times. 
The REIV urged the Federal government to immediately initiate an independent review of the roadmap, every Victorian is being impacted by the lack of vision and planning shown by the Andrews government.
The REIV president Leah Calnan said the decisions compounded the financial stress on Victorians and the Victorian economy. 
“We have cases being reported every day where people need to sell their property to get through these financial challenging times, and they can’t do so because the government won’t allow even a one-on-one inspection.” 
 
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REIV calls for an independent review of Victoria’s real estate roadmap

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GUEST OBSERVATION
The Victorian government today announced the eagerly anticipated roadmap out of COVID-19 lockdown. It features several steps that reflect a much slower relaxing of restrictions than last time around.
While the government has provided a provisional time frame for the various steps, it is data, not dates, that will determine when restrictions are actually eased.
We applaud this strategy. The virus does not obey a timeline. Rather, we have to beat it down to a level at which easing of restrictions is safer.
What was announced?
Metropolitan Melbourne’s current stage 4 restrictions will be extended for two weeks, to September 27. But from 11:59pm on September 13, there will be a few key changes.
The nightly curfew will be shortened by one hour, and will be in place from 9pm to 5am. Also, two people or a single household can meet outdoors for two hours maximum, up from the previous one hour, for exercise or recreation.
For people living alone, and single parents with children under 18, there will be a “single person bubble” policy that allows them to designate one other person who can visit their home.
Regional Victoria is already faring better than Melbourne, and will have a faster timeline.
Premier Daniel Andrews wants to maximise the chance of getting to Christmas in something like stage 1, while minimising the chance of a third wave of infection that sends the state back into lockdown. This means staying in strict restrictions for longer, and easing out more gradually.
How did data influence the decision?
The Victorian government’s decision was based in part on the output of a model developed by researchers at the University of Melbourne and the University of New England. It simulates population movements in a simplified world, based on parameters that describe the spread of COVID-19 and people’s interactions with each other.
In the real world, these patterns are highly random. So the researchers ran the model 1,000 times, with thresholds for relaxing (or tightening) restrictions set at an average of 25, 10, and 5 cases per day on a fortnightly basis. The model could then report the probability, under a given set of policy settings, of having to lock Victoria down again before Christmas.
 
Opening up too soon is likely to cause a third wave. In simulations in which restrictions were eased once average daily cases dipped below 25 per day, there was a 62% likelihood of new lockdowns. But with restrictions retained until daily cases dropped below 5 daily cases, the lockdown likelihood was just 3%.
Viewed in that light, it is easy to see why the Andrews government opted to set strict criteria for lifting restrictions, knowing that short-term pain is better than the economic ravages of another lockdown in the long term.
What might hold Victoria back?
First, there’s the elephant in the room — the quality of Victorian contact tracing (especially in comparison to New South Wales). Living with the virus requires high-quality contact tracing. There’s no doubt contact tracing in Victoria has improved since June when our second wave started. There is therefore a real possibility that we may get the case numbers down faster, and hold off resurgences of case numbers more effectively or for longer than the modelling suggests.
Second, infection disease control in health care and aged care has not been up to scratch in Victoria (compared with, dare we say it again, New South Wales). These represent particularly dangerous settings. Older adults are much more likely to become severely ill with COVID-19, whereas health-care workers who become infected with the coronavirus risk infecting the most vulnerable and reduce health capacity when it is most needed.
And of course, health and aged care workers live in the community too, and if community restrictions are relaxed the virus will leak back out through family members and surge again. The Victorian government decided to deal with both community and health-care transmission simultaneously. We think that it is the right approach.
Is elimination still possible?
There were strong arguments for an explicit <a href="https://www.mja.com.au/journal/2020/probability-6-week-lockdown-victoria-commencing-9-july-2020-achieving-elimination">elimination strategy back in early July</a>, requiring “going hard” for a six-week lockdown. Unfortunately, Victoria didn’t go hard early enough. The government waited three weeks, numbers got out of control, and then we went into stage 4. With the benefit of hindsight, it was a huge missed opportunity.
The Grattan Institute is also <a href="https://grattan.edu.au/report/how-australia-can-get-to-zero-covid-19-cases/">arguing strongly</a> for an explicit elimination strategy and much longer hard lockdowns. It argues this will result in better economic outcomes in the long run. An <a href="https://www.medrxiv.org/content/10.1101/2020.08.31.20185587v1">impressive modelling paper</a> by Australian National University researchers also supports the theory that elimination is better for both health and the economy in the long run (although this paper has not yet been peer-reviewed).
However, things have changed in the past two months. First, we are now closer to a vaccine, so in theory the long-term payoff for short-term pain will arrive sooner. Second, New Zealand (and Queensland) have taught us that elimination can be lost. Third, NSW has taught us you can live with the virus at low levels (so far). Fourth, the imminent border openings and hotspot strategy are not really consistent with the hard border controls needed to defend elimination in places that achieve it.
Andrews aptly termed the state’s strategy “aggressive suppression”. It may even achieve elimination, as the first wave effort so nearly did. We hope it does – but do not bank on it.
It’s in our hands now, both the government and citizens. With some good luck – and few would begrudge Victorians a little of that – the roadmap will pan out as planned.<img src="https://counter.theconversation.com/content/145558/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
<a href="https://theconversation.com/profiles/laxman-bablani-1153311">Laxman Bablani</a>, Research Fellow, Population Interventions Unit, Centre for Epidemiology and Biostatistics, Melbourne School of Population and Global Health, <a href="https://theconversation.com/institutions/university-of-melbourne-722">University of Melbourne</a> and <a href="https://theconversation.com/profiles/driss-ait-ouakrim-1153309">Driss Ait Ouakrim</a>, Research Fellow, Population Interventions Unit, Centre for Epidemiology and Biostatistics, Melbourne School of Population and Global Health, <a href="https://theconversation.com/institutions/university-of-melbourne-722">University of Melbourne</a>
This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/slow-and-steady-exit-from-lockdown-as-victorian-government-sets-sights-on-covid-normal-christmas-145558">original article</a>.
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Victorian government has set its sights on a 'COVID-normal' Christmas

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Just as COVID-19 hit, inspectors from Consumer Affairs Victoria indicated will be checking more estate agent trust accounts, more often, for discrepancies.  
Victorian estate agents held 5,188 trust accounts worth $2.43 billion at the end of 2019. 
Inspectors were conducting random desktop inspections of estate agents’ trust accounts, searching for inconsistencies that may point to misuse of trust money, in addition to their usual on-site inspections.  
These desktop checks will significantly increase the amount of trust account inspections undertaken each year.  
During 2018-19, Consumer Affairs Victoria conducted 425 trust account inspections for compliance with relevant laws and processed more than 4,300 trust account audits.  
Increasing the number of trust account inspections will allow Consumer Affairs Victoria to act faster to identify estate agents who have broken the law.  
Estate agents will be required to produce documents to prove trust money is being handled appropriately, with inspections conducted on top of the yearly trust account audits. 
There are strict laws surrounding how estate agents should keep and file money they receive.  
Advance funds must be deposited into an estate agent’s trust account, and records must be kept showing details of each trust money transaction.  
Acting Director of Consumer Affairs Victoria Michelle Osborne said failing to handle trust account money appropriately may result in the delay or failure of property purchases, causing emotional and financial stress for those involved.  
“Consumer Affairs Victoria takes the misuse of trust account money seriously and has zero tolerance for estate agents who do so,” said Ms Osborne.  
“Good agents who have done nothing wrong have nothing to fear from the new approach.”  
Failing to appropriately manage trust money is a significant offence, with estate agents facing fines of up to $82,000, or 10 years’ imprisonment. 
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Consumer Affairs Victoria increasing the number of trust account inspections

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Consumer Affairs Victoria has commenced criminal action against Thomas Aloysius, 47, of Hallam, for alleged breaches of the Estate Agents Act 1980 (the Act) and its Regulations. 
It is alleged that, while working as an estate agent’s representative between May and June 2017, Mr Aloysius: 
<ul>
<li>advised a vendor that he had received an offer of $600,000 to purchase the vendor’s property, when the offer made by the purchaser was $620,000, and</li>
<li>accepted a $20,000 partial deposit from the purchaser into his personal bank account, instead of the required trust account. </li>
</ul>
Mr Aloysius faces six charges: 
<ul>
<li>Three relate to his alleged misuse of the $20,000, in breach of the Act. </li>
<li>Three relate to alleged breaches of the Estate Agents (Professional Conduct) Regulations 2008; these include that Mr Aloysius:
<ul>
<li>did not act in his principal’s best interests; and </li>
<li>engaged in conduct detrimental to the industry’s interests and reputation. </li>
</ul>
</li>
</ul>
The matter was brought to our attention through a consumer complaint. 
Estate agents or agent’s representatives who misuse trust funds can face penalties including fines, or jail for more serious breaches under the Act. 
The matter will be heard in the Dandenong Magistrates’ Court.
 
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