<p data-end="184" data-start="92">Growing national developer Time &amp; Place has announced its fifth new apartment development.</p>

<p data-end="408" data-start="186">With two projects in Manly and two upcoming in Surry Hills and Potts Point, the developer, which expanded beyond Melbourne just a few years ago, is now heading to Mosman. It is planning 53 new apartments on Redan Street.</p>

<p data-end="553" data-start="410">The 3,233 sqm site, spanning <a href="https://www.apartments.com.au/new-apartments/40-48-redan-street-mosman-nsw-2088">40–48 Redan Street</a> with frontage to Redan Lane, is located just under 400 metres from Spit Junction Town Centre. It is reported the developer paid around $100 million for the five-site amalgamation.</p>

<p data-end="762" data-start="555">Time &amp; Place, founded by Tim Price and backed by James Packer’s private investment firm NPACT, has submitted the project as a State Significant Development through the NSW Government’s Housing Delivery Authority pathway.</p>

<p data-end="918" data-start="764">Of the 53 apartments, 42 will be released to the market, with the remaining 11 allocated as affordable housing in line with NSW Government requirements.</p>

<p data-end="1241" data-start="920">fjc Studio has designed the building. In its Design Report, the architect said the diverse mix of dwelling types and sizes, including 11 two-bedroom affordable housing units, 40 three-bedroom apartments, and two four-bedroom residences, will support a broad demographic, including families, downsizers, and key workers.</p>

<p data-end="1519" data-start="1243">The development will rise to nine levels, a height encouraged by the NSW Government due to the site’s proximity to Spit Junction, which has been identified as a low- to mid-rise centre. Developments within a certain proximity to these centres are permitted increased height.</p>

<p data-end="1830" data-start="1521">fjc said the project “achieves an appropriate density outcome for its setting by balancing increased housing supply with strong amenity performance,” adding that it “makes a measurable contribution to NSW housing supply targets through the delivery of additional dwellings and dedicated affordable housing.”</p>

<p data-end="1898" data-start="1832">The new development will replace five existing two-storey homes.</p>

<p data-end="2218" data-start="1900">“By aligning with the objectives of the Housing SEPP and applying careful architectural and urban design principles, the development provides high-quality residential accommodation that integrates sensitively within its established Mosman context and delivers enduring benefits to residents and the wider community.”</p>

<p data-end="2293" data-start="2220">Mosman has become increasingly popular with developers in recent years.</p>

<p data-end="2616" data-start="2295">Developer Abadeen has been particularly active, with Mosman Residences currently on the market and under construction on Clifford Street. It also has an upcoming Burran Avenue project, comprising just three apartments on the Balmoral Slopes, and recently secured the Midas and Honeysuckle nursery site on Military Road.</p>

<p data-end="2729" data-start="2618">Prosker Property has a project on Redan Lane, just a few doors down from Time &amp; Place’s proposed development.</p>

<p data-end="2948" data-start="2731">Developers including Toohey Miller, DARE Property Group, and WINIM also have projects underway in the area. In 2024, a five-year target was set for the Mosman LGA to increase housing supply by 500 dwellings by 2029.</p>

<p>Time &amp; Place entered the Sydney market with Two Tides, its under construction Manly development. Given its sales success, it has secured another development in the area, more boutique, facing the beach on North Steyne.</p>

<p>They are hoping to launch their redevelopment of The Chimes in Potts Point this year, and next year will look to take to market Marlborough House, an adaptive re-use of the landmark David Jones warehouse in Surry Hills.</p>


Joel Robinson

Time & Place to take on Mosman apartment market

<p>Brunswick’s civic heart continues to consolidate around the Merri-bek Arts and Culture Precinct, where a growing cluster of cultural institutions, recreation facilities, and public infrastructure has created one of the inner north’s most defined community hubs.&nbsp;</p>

<p>Within this evolving precinct, <a href="https://www.apartments.com.au/new-apartments/saxon-street-by-milieu-brunswick-31-saxon-street-brunswick-vic-3056">Saxon Street by Milieu</a> introduces new housing directly alongside the civic anchors that shape daily life in the suburb.</p>

<p>At 31 Saxon Street, the project sits immediately beside Brunswick Baths and within moments of Brunswick Library and Town Hall, longstanding institutions that support both community services and everyday amenity.&nbsp;</p>

<p>[smartcode_project:default project_id=136434 project_image_fid=348840]</p>

<p>Next door, the newly delivered Balam Balam Place arts precinct has emerged as a central piece of Merri-bek Council’s cultural strategy, bringing together creative studios, exhibition spaces, maternal and child health services, and community programming in a purpose-built civic facility. Together, these destinations have reinforced the surrounding blocks as a focal point for public life in Brunswick.</p>

<p>This part of <a href="https://www.apartments.com.au/developments/brunswick-vic-3056">Brunswick</a> forms a key pocket within the suburb’s designated Major Activity Centre, where long-term planning has prioritised walkability, civic investment, and increased housing supply close to transport and services. The surrounding street network reflects that strategy, with compact blocks, established retail corridors and active transport links supporting a lifestyle that is largely navigable on foot.</p>

<p>Within a few minutes’ walk, Sydney Road delivers one of Melbourne’s most recognisable streets, known for its long-running mix of independent retailers, international dining venues and everyday convenience. Tram routes along Sydney Road provide frequent connections south toward the CBD and north through Brunswick and Coburg, while Jewell Station on the Upfield line sits within roughly a ten-minute walk, offering direct train access into the city.</p>

<p>[smartcode_project:default project_id=136434 project_image_fid=348839]</p>

<p>Active transport also plays a significant role locally. The nearby Upfield Bike Path forms a key north–south cycling corridor linking Brunswick through Parkville and into the central city, reinforcing the area’s reputation as one of Melbourne’s most accessible inner-urban neighbourhoods for cyclists and pedestrians alike.</p>

<p>The surrounding civic cluster extends beyond cultural infrastructure. Siteworks, a nearby creative hub supporting artists and community organisations, adds to the concentration of cultural activity in the immediate area. Educational institutions such as Brunswick North Primary School, Brunswick Secondary College and RMIT’s Brunswick campus are also within easy reach, contributing to the suburb’s diverse resident base spanning families, students and professionals.&nbsp;</p>

<p>[smartcode_project:default project_id=136434 project_image_fid=348841]</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/jackson-clements-burrows-architects">Jackson Clements Burrows Architects</a> in collaboration with <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> and landscape architects <a href="https://www.apartments.com.au/landscape-architect/oculus">OCULUS</a>, the nine-level building has been shaped to respond to the surrounding streetscape, with lower levels aligning to the street and upper storeys stepping back to soften its scale and improve solar access.&nbsp;</p>

<p>Curved balcony forms reference nearby heritage architecture, while the development’s public realm improvements include a widened footpath along Saxon Street to strengthen pedestrian connections between the precinct’s civic sites.</p>

<p>Sustainability also underpins the project’s approach. The building is designed to operate entirely on electric infrastructure supported by rooftop solar, with an average 7.5-star NatHERS energy rating and EV-charging readiness across the development. Shared resident amenities will include a landscaped rooftop terrace with barbecue and covered dining areas intended to encourage informal interaction between residents.</p>

<p>Saxon Street marks developer Milieu's fifth project in Brunswick and continues its focus on design-led infill housing across Melbourne’s inner suburbs.&nbsp;</p>

<p>Construction has commenced through reputable builder Manresa, who will complete the project in 2027.</p>

<p>[smartcode_project_cta:default project_id=136434]</p>


Saxon Street by Milieu connects residents to Brunswick’s cultural and civic core

<p>Within <a href="https://www.apartments.com.au/new-apartments/candela-ivanhoe-40-upper-heidelberg-road-ivanhoe-vic-3079">Candela Ivanhoe</a>, <a href="https://www.apartments.com.au/developers/salter-brothers">Salter Brothers</a>&nbsp;takes a different approach to larger residences, moving away from the constraints of a single level.</p>

<p>In Grand Residence 3.05, known as the Lustre, plays out across two levels, with a mezzanine configuration that is uncommon in apartment living.</p>

<p>Lustre is a four-bathroom residence where the layout creates a clear distinction between shared and private zones, with uninterrupted views toward the Dandenong Ranges extending the sense of openness from the main living areas.</p>

<p>Entry is to the primary living level, where the kitchen, dining, and living areas are arranged as one continuous space. Timber flooring runs throughout, with a fireplace set within the living zone. Full-height glazing brings in natural light, supported by double glazing that improves thermal performance.</p>

<p>[smartcode_project:default project_id=342 project_image_fid=357506]</p>

<p>The kitchen is configured as both a working and social space. A large island bench provides seating, while a walk-in pantry extends storage beyond typical apartment expectations.</p>

<p>Gaggenau appliances, including a 900mm gas cooktop and 600mm oven, are integrated into a layout that connects directly to the adjacent dining and living areas, and outward to the terrace. This balcony includes a built-in BBQ, reinforcing the apartment’s capacity to accommodate larger gatherings without compromising internal space.</p>

<p>A dedicated laundry room, powder room, and a wine cellar area sit discreetly off the main living zone, ensuring that functional requirements are resolved without encroaching on primary living areas. The master suite is also located on this level, designed as a retreat with a walk-through wardrobe and an ensuite that includes double vanities, a bath, and a dedicated dressing table.</p>

<p>[smartcode_project:default project_id=342 project_image_fid=357508]</p>

<p>The mezzanine level introduces a second layer of living, rather than simply additional bedrooms. Two large bedrooms with built-in robes are positioned alongside a central bathroom, while a secondary lounge and study area create a self-contained zone suited to children, guests, or extended family. A large storage room further supports long-term usability, addressing a common shortfall in apartment design.</p>

<p>This separation of levels is central to how the residence functions day-to-day. It allows the lower level to operate as the primary entertaining and living space, while the upper level provides privacy and flexibility. The result is closer in feel to a townhouse or standalone home, but with the benefits of apartment living, security, and low maintenance.</p>

<p>[smartcode_project:default project_id=342 project_image_fid=364553]</p>

<p>Candela is close to 80 per cent complete, with Ironside delivering construction ahead of its expected October 2026 completion. The development comprises 58 residences, with a strong owner-occupier profile and a mix of one to four-bedroom apartments and loft-style townhouses.</p>

<p>Candela has exclusive access to private amenities, including a residential lounge and rooftop terrace. A charming café and a lifestyle wellness centre are located on the ground level, designed to foster community connection and extend the living experience beyond individual apartments without competing with the scale of homes like Lustre.</p>

<p>Candela, positioned in the heart of Ivanhoe Village, reinforces the practicality of the address. With a Walk Score of 90, residents are within immediate reach of cafés, retail, parklands, and Ivanhoe Station, while also benefiting from proximity to established schools and healthcare services.</p>

<p>[smartcode_project_cta:default project_id=342]</p>


Inside Lustre: Grand Residence 3.05 at Candela Ivanhoe

<p><a href="https://www.apartments.com.au/developers/milieu-property">Milieu</a>’s <a href="https://www.apartments.com.au/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick-vic-3185">Elsternwick Gardens</a> is being shaped around a simple but increasingly rare premise in apartment development: that the built environment should actively support residents’ wellbeing.&nbsp;</p>

<p>Located on the former ABC Studios site on Gordon Street in Melbourne’s south-east, the new neighbourhood sits on an expansive 11,740 sqm site neighbouring the heritage-listed Rippon Lea Estate, whose gardens date back more than 140 years.</p>

<p>Rather than positioning wellness as an add-on amenity, the development integrates it into the physical planning of the site. Architecture by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> is arranged across six low-rise buildings set within extensive landscaping designed by <a href="https://www.apartments.com.au/landscape-architect/oculus">OCULUS</a>, with more than 40 per cent of the land dedicated to gardens and green space. Walking trails, pocket gardens, and mature trees are threaded between buildings, creating a network of green corridors that encourage residents to move through the precinct on foot and spend more time outdoors.</p>

<p>[smartcode_project:default project_id=136535 project_image_fid=288420]</p>

<p>Milieu has intentionally framed these gardens as an extension of the neighbouring Rippon Lea Estate. More than 16,000 new plants will be introduced across the site, with species carefully selected to protect and complement the area’s ecological significance. The approach focuses on strengthening existing environmental conditions while establishing new habitats that support native wildlife, reinforcing the role of the landscape as both an active ecosystem and a defining element of daily life.</p>

<p>A private resident gate will provide direct access to the historic grounds during opening hours, allowing residents to move seamlessly between the development’s landscaped gardens and the estate’s expansive lawns, lakes, and mature trees. The project’s gardens will also be maintained by the same gardeners responsible for Rippon Lea, reinforcing the visual and ecological continuity between the two landscapes.</p>

<p>Complementing the landscape is a dedicated wellness hub designed to support everyday health and recovery. Residents will have access to a gym alongside yoga and Pilates studios, while mineral pools and infrared saunas provide spaces for relaxation and restorative wellbeing. Shared lounges, workshop spaces, and pet care facilities expand the concept of wellness beyond fitness, creating opportunities for social connection and community interaction within the precinct.</p>

<p>Environmental performance is another key component of the project’s wellbeing focus. Elsternwick Gardens will be entirely fossil-fuel-free, with homes designed to operate on renewable electricity rather than gas. Passive design strategies, including cross-flow ventilation, high-performance insulation, and thermally broken double glazing, are intended to maintain comfortable indoor temperatures while reducing energy demand. Solar photovoltaic systems will power common building services, while rainwater harvesting will help irrigate the extensive landscaping across the site.</p>

<p>[smartcode_project:default project_id=136535 project_image_fid=361030]</p>

<p>Milieu Founder and Managing Director Michael McCormack says the scale and setting of the project allowed the team to take a different approach to urban apartment living.</p>

<p>“This site represents a once-in-a-lifetime opportunity to build something truly special,” McCormack says.</p>

<p>“Through that process, we arrived at a design that centres on a fully realised natural landscape – a series of private, interconnected gardens that encircle the homes and extend seamlessly from Rippon Lea Estate.”</p>

<p>Elsternwick Gardens will comprise three residential offerings, Gordon Place, Ripponlea Terrace, and The Garden Pavilion, each designed for owner-occupiers and shaped around high-quality interior design by Woods Bagot, K.P.D.O., and Flack Studio. The first stage, Gordon Place, includes one-, two-, and three-bedroom apartments designed with a strong focus on indoor-outdoor living and sustainability.</p>

<p>[smartcode_project:default project_id=136535 project_image_fid=288412]</p>

<p>Milieu recently appointed <a href="https://www.apartments.com.au/builders/brady-constructions">Brady Constructions</a> to deliver the project, marking a key milestone for the development. The appointment follows the demolition of the former studio buildings on the Gordon Street site, with construction progressing toward the delivery of the nature-led community.</p>

<p>Situated between the established villages of Elsternwick and Ripponlea, the development balances its garden setting with strong urban connectivity. Residents will be within walking distance of cafés, restaurants, and local retail, while nearby train and tram connections provide quick access to Melbourne’s CBD and the beaches of Elwood and St Kilda.</p>

<p>With construction underway and the first residents expected to move in by early 2027, Elsternwick Gardens represents a growing shift in apartment development toward environments that prioritise wellbeing as much as density or location. By placing landscape, sustainability, and shared spaces at the centre of the design, Milieu is positioning the project as a residential neighbourhood where wellness is not just promoted, but built into the structure of everyday life.</p>

<p>[smartcode_project_cta:default project_id=136535]</p>


Elsternwick Gardens' wellness-first design strategy

<p>Brisbane-based developer <a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a> has made a striking debut on the Gold Coast, officially unveiling its $250 million COMO development in Varsity Lakes, a lifestyle-driven residential project anchored by an extensive rooftop wellness and activity precinct.</p>

<p>Having recently launched to market, construction has already been fast-tracked by <a href="https://www.apartments.com.au/builders/5point-projects">5Point Projects</a>, ensuring momentum continues on what is set to become a landmark residential address for the growing Varsity Lakes community.</p>

<p>Located at 22 Lake Street, Varsity Lakes, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO</a> will comprise 156 apartments across 16 levels, comprising one-, two- and three-bedroom residences designed for modern living. However, it is the project’s rooftop amenity offering that sets COMO apart.</p>

<p>[smartcode_project:default project_id=135546 project_image_fid=363510]</p>

<p>Designed as a dedicated wellness and recreation hub, the rooftop will feature a 25-metre lap pool, fully equipped gymnasium, and multiple pickleball and paddleball courts - amenities rarely seen in boutique apartment projects.</p>

<p>Residents will also have access to a sauna and plunge baths, while landscaped gardens and relaxation zones will provide tranquil spaces overlooking sweeping panoramic views across the Gold Coast skyline.</p>

<p>The rooftop precinct has been designed to function as the social and wellness heart of the development, encouraging residents to embrace an active, balanced lifestyle within their own building.</p>

<p>&nbsp;</p>

<p>[smartcode_project:default project_id=135546 project_image_fid=363512]</p>

<p>Red &amp; Co director David Laverty said the amenity offering was central to the project’s design from the outset.</p>

<p>“Amenities were at the forefront of our decisions,” Laverty said.</p>

<p>“Buyers today are looking for more than just an apartment - they want a lifestyle that promotes health, connection and balance.</p>

<p>“The rooftop at COMO has been designed to be the epicentre of that lifestyle, with a suite of wellness and recreation facilities that are quite unique for a boutique development of this scale.”</p>

<p>&nbsp;</p>

<p>[smartcode_project:default project_id=135546 project_image_fid=363514]</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, the residences prioritise liveability, featuring spacious layouts, 2.7-metre ceilings and high-quality finishes throughout.</p>

<p>The development sits beside Bond University, placing residents within walking distance of education, retail and dining options within the vibrant Varsity Lakes precinct, including Robina Town Centre, Varsity Lakes Train Station and a range of leading schools.</p>

<p>[smartcode_project:default project_id=135546 project_image_fid=363511]</p>

<p>Laverty said the location was a key driver behind Red &amp; Co’s decision to bring the project to the Gold Coast.</p>

<p>“<a href="https://www.apartments.com.au/developments/varsity-lakes-qld-4227">Varsity Lakes</a> was a clear choice for us to invest in as it’s a lifestyle hub that seamlessly blends lakeside living with urbanity,” he said.&nbsp;</p>

<p>“Como will capitalize on this great location, delivering a project that not only creates premium homes, but a lifestyle defined by community, wellbeing, and connectivity.”</p>

<p>Red &amp; Co has delivered more than 500 apartments and townhouses across 26 projects in Brisbane in recent years, with COMO marking the company’s first major Gold Coast development.</p>

<p>[smartcode_project_cta:default project_id=135546]</p>


Red & Co unveils amenity-rich Como development in Varsity Lakes

Construction Activity

<p>Construction have recently started on WOVA, the latest project from Geocon, Canberra&#39;s largest residential developer.</p>

<p>Following the recent decision to reopen large-scale construction in the ACT, which delayed works that were projected for mid-2021,&nbsp;the $400 million project is Geocon&#39;s main priority following the near completion of it&#39;s Republic precinct of which Nightfall is the latest and final release.</p>

<p>The&nbsp;multi-staged master-planned community will&nbsp;comprises 797 apartments built across four buildings.&nbsp;WOVA will include a signature 24-storey tower on Launceston Street, a 16-storey building behind it fronting Furzer Street, a 12-storey building next to that and a&nbsp;12-storey building on the corner of Launceston Street and Melrose Drive.</p>

<p>[smartcode_project:default project_id=7947 project_image_fid=186442]</p>

<p>Short for <strong>WO</strong>den Re<b>VA</b>mped, the first apartments on offer are for those in the signature tower,&nbsp;home to more than just 271 apartments. It has&nbsp;701 sqm of retail space and five floors of amenity for residents, including a resort-style lap pool, a movie theatre, and resident&rsquo;s lounge, complete with a cocktail bar.</p>

<p>There are also dozens of cafes and eateries surrounding WOVA, beyond its own commercial and residential ground floor featuring eateries, cafes, boutique retail and convenience stores. Residents and visitors can stroll the&nbsp;more than&nbsp;3,000 sqm of landscaped gardens across the precinct.</p>

<p>[smartcode_project:default project_id=7947 project_image_fid=186444]</p>

<p>Designed by the award-winning&nbsp;Fender Katsalidis&nbsp;and Oculus Urban Design, WOVA apartments will feature large terraces and functional living areas. Buyers&nbsp;can choose from three different colour schemes.</p>

<p>The one-bedroom apartments benefit&nbsp;from the ACT government&#39;s recent scrapping of stamp duty for homes under $500,000,&nbsp;with prices starting from as low as $319,900.</p>

<p>Two-bedroom apartments start from $513,900, while three bedroom apartments begin at $1.25 million.</p>

<p>[smartcode_project_cta: project_id=7947]</p>


WOVA is on track to meet it's schedule 2024 opening date following the ACT government's recent decision to re-open large scale construction

jordan_55689

Construction begins on Geocon's Canberra apartment development WOVA 

<p><strong>EXPERT OPINION</strong></p>

<p>Some good news for the property construction industry &ndash; urgent meetings with the most senior officials from Treasury, Infrastructure NSW, the Department of Planning and the Department of Premier and Cabinet have seen the first big steps towards correcting the construction industry closedown travesty.<br />
&nbsp;<br />
Each of the Peak industry representative has been involved and it is clear that the NSW Treasurer is keen to get things back on track. &nbsp;Hearing today that the Premier is also expecting to see the construction industry back into operation on July 31 is great news.<br />
&nbsp;<br />
Urban Taskforce has called for the government to follow some basic steps to avoid the mayhem that followed Saturday&rsquo;s knee-jerk closedown decision (which we now know was not recommended by Health officials):<br />
&nbsp;<br />
&middot; &nbsp; &nbsp; &nbsp; &nbsp; Set a firm plan for re-opening<br />
&middot; &nbsp; &nbsp; &nbsp; &nbsp; Give plenty of notice (this week if possible)<br />
&middot; &nbsp; &nbsp; &nbsp; &nbsp; Consider staged opening as early as next week (the Victorians called this a &ldquo;pilot light operation starting with 25% of the workforce on-site)<br />
&middot; &nbsp; &nbsp; &nbsp; &nbsp; Give health sector, cabinet and community confidence that what is being done is safe<br />
&middot; &nbsp; &nbsp; &nbsp; &nbsp; Ensure effective communication and plans for all sectors of the construction industry including all communities within the workforce<br />
&nbsp;<br />
It is great to see that the government is now preparing an overarching plan to progress towards a full re-opening of the construction industry by 31 July. Industry made clear that we would very much welcome any requirements for the re-opening of sites to be made available to us ASAP and be locked in.</p>

<p>[smartcode_project:default project_id=32227 project_image_fid=93950]<br />
&nbsp;<br />
Urban Taskforce stresses that the construction sector is not a &ldquo;tap&rdquo; which you can turn on and off at a whim.&nbsp;<br />
&nbsp;<br />
An early, staged opening would allow for:<br />
&nbsp;<br />
&middot; &nbsp; &nbsp; &nbsp; &nbsp; Site preparation<br />
&middot; &nbsp; &nbsp; &nbsp; &nbsp; Site safety and security associated with re-start<br />
&middot; &nbsp; &nbsp; &nbsp; &nbsp; Delivery of supplies (logistics firms, plant and equipment and material suppliers would all need to be brought into the loop here)<br />
&middot; &nbsp; &nbsp; &nbsp; &nbsp; Establishment of all new COVID safety measures including signs and site protocols<br />
&middot; &nbsp; &nbsp; &nbsp; &nbsp; On large infrastructure sites, PCR Covid testing for construction workers may be recommended for a once in 7 day test &ndash; pending health advice on the need and the capacity of the health system to cope (given the need for community and priority workforce testing)<br />
&nbsp;<br />
The government is considering the opening all construction industry sectors simultaneously. &nbsp;This is common sense and welcome. A staged set of opening requirements which are &ldquo;fit for purpose&rdquo; are being developed.<br />
&nbsp;<br />
Urban Taskforce remains concerned that some in the government appear to miss-understand the reason for the closedown. &nbsp;It was a clumsy effort to limit the mobility of people around the city &ndash; with zero reference to actual worksites being locations where COVID-19 has been transmitted or passed on.<br />
&nbsp;<br />
Government officials have acknowledged that construction sites are actually NOT a problem in relation to spreading COVID. This is backed up by the Health Exposure Web-site.<br />
&nbsp;<br />
The existing strict COVID-19 safety protocols that have served the construction industry so well to date will be strengthened and additional compliance measures will be applied.</p>

<p>[smartcode_project:default project_id=7317 project_image_fid=79239]<br />
&nbsp;<br />
The NSW government has responded to the community and industry backlash and is now listening to all the right people. &nbsp; We will continue to work with government to develop a balanced proposal for the re-opening of the industry. These measures will then be considered by Cabinet, in context and without panic.</p>

<p>Tom Forrest is CEO of the Urban Taskforce Australia is a property development industry group, representing Australia&rsquo;s most prominent property developers and equity financiers</p>


jonathan_55692

Urban Taskforce welcomes moves to re-open construction industry

<html><body>
<p>A boom in mixed-use or other sector projects has seen Melbourne record a lift of almost eight per cent in the Q1 2021, according to the latest RLB Crane Index.</p>

<p>Over the last six months there have been 15 cranes added, with four added to each of the $800 million Caulfield Village in Caulfield North and the $220 million Richmond Quarter.</p>

<p>Three cranes were added to the Elizabeth north project in Elizabeth Street, bringing their total number of cranes to four.</p>

<p><img alt="" height="779" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/rlb_crane_melbourne.jpg" width="1200"><br>
Melbourne's Crane Index. Source: RLB Crane Index Q1</p>

<p>West Side Place Stage two also has four cranes, while there are three cranes are located at QVM Residences, Sapphire by the Gardens and Union Quarter. These six projects account for 22 of the 39 mixed-use cranes in Melbourne, according to RLB.</p>

<p>The cranes came down at the now completed Docklands Residences in Docklands. Developed by Capital Alliance, Docklands Residences comprises 88 apartments which have been built above a 200 room Marriott Hotel, the first built in Australia for over two decades.</p>

<p>[smartcode_project:default project_id=3205]</p>

<p>Cranes in inner Melbourne fell by seven to 95, the lowest since Q2 2018. That was primarily caused by the completion or near completion of many residential projects which saw residential cranes fall by 16 to 28.</p>

<p>Melbourne's east saw their residential cranes drop to nine, the lowest on record. Residential projects still account for 50 per cent of total cranes in east.</p>

<p>Residential cranes were removed from Camberwell's Anderson Park, the Summit and Alpine Apartments in Doncaster and the Hawthorn East apartment development Hawthorn Park.</p>

<p>[smartcode_project:default project_id=3730]</p>

<p>Developer Dahua Group had Rothelowman create the $300 million Hawthorn Park development alongside landscape architect Jack Merlo, with the standout feature of the 368 apartment development its striking infinity pool linking two of buildings.</p>

<p>Cranes came down at the nearby Toorak Road, Hawthorn East development Brasshouse, Lilydale Grove in Hawthorn East and The Kent in Hawthorn. The East Central tower in Box Hill saw cranes removed, as did Ramsay Gardens in Vermont South.</p>

<p>New cranes were placed for Pace of Blackburn, the modern project from the recent Master Builders Victoria award winners Pace Development Group, as well as Grocon's Denmark Kew and Prospect and Panorama Apartments in Box Hill, among others.</p>

<p>Melbourne's north saw 22 new cranes added with the region hitting 27, just below the record high of 27 in Q2 2018. There were just six removals.</p>

<p>It was busy in Brunswick, with cranes being moved on to the sites of Pellicano's build-to-rent Solarino house, Lucent's The Stewart Collective and Balfe Park Lane Apartments.</p>

<p>[smartcode_project:default project_id=4513]</p>

<p>Home by Caydon in Alphington and the Capella Apartments in Reservoir, developed by Forte Group, each installed two cranes on their sites.</p>

<p>[smartcode_project:default project_id=24441]</p>

<p>Melbourne's north was the only region to see an increase in residential cranes, increasing by 16 cranes to 23.</p>

<p>The south saw an increase of four cranes mainly due to commencement of the Caulfield Village project.</p>

<p>Other new projects in the south include Pavillion on the Park, developed by Sydney One Investments in Armadale, Lowe Living's Azure in Aspendale and Olea Residences in Caulfield.</p>

<p>There's also the family Supportive housing in Dandenong, Prince Corporation's East village in Prahran, Sandringham's Trentham House to be delivered by Carpe and the Loreto old St Georges building in Toorak.</p>

<p>Cranes were removed from Sutherland and Alara in Armadale, Olivia and Brighton Collection in Brighton, Collins &amp; Bates in Chadstone, Eastwood Monash in Clayton and The Glen in Glen Waverley, among others.</p>

<p>[smartcode_project:default project_id=3950]</p>

<p>Melbourne's west grew by four cranes to now total 18 cranes. Footscray remains the central area of crane activity with eight cranes including three new cranes at the new mixed-use project at Union Quarter in Spotswood.</p>

<p>Cranes were also added to Liberty one, 21 Victoria and Riverfront in Footscray and Kings Village in Kingsville.</p>

<p>[smartcode_project:default project_id=709]</p>

<p>Liberty One, to be delivered by Bensons Property Group, has 350 one and two bedroom apartments across its Warde Street development.</p>
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Cranes in inner Melbourne fell by seven to 95, the lowest since Q2 2018

Mixed-use projects see crane levels rise across Melbourne

<html><body><p>The latest dwelling approval data reveals a big gap opening up between house and apartment construction.

IFM economist Alex Joiner advised there had been a "big pullback in building approvals."

Approvals for apartments and townhouses dropped by 22 per cent year on year, the lowest level approved since January 2012, in seasonally adjusted terms.

The approvals were down 39 percent month on month with $5bn of new residential builds committed in the month.

ABS construction statistician Daniel Rossi anticipates the HomeBuilder scheme would continue to support the residential construction sector for the next few months.

“The surge in HomeBuilder applications at the end of 2020, as well as the extension of the program to March, will continue to provide support for private house approvals in the coming months,” Mr Rossi said.

https://twitter.com/IFM_Economist/status/1366548452486705152

But the relative weakness in higher-density approvals compared with the detached segment reflects the headwinds of the pandemic, "particularly very weak migration flows," James Foster, the global macro analyst noted.

Foster suggested the migration restraints were "weighing on developer forecasts for demand."

Approvals need to rebound sharply to match forecast required commencements, UBS economist George Tharenou told The Australian Financial Review, however TD economist Stephen Koukoulas suggested the pullback "may go someway to alleviate the looming oversupply issue."

By contrast to high density approvals, approvals for private houses fell 12 per cent in January to 12,100, following their HomeBuilder-induced all-time December high, to be 38 per cent higher than in January 2020.

Approvals for houses also fell across all states in January.

The HomeBuilder stimulus measures had mostly been directed towards the detached segment of the market, Foster noted.   

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January dwelling approvals fell from their HomeBuilder high in December, but are still sit at elevated levels.

jchancellor

Big gap emerging between house and apartment construction

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<p>With construction commencing June, a $960,000 off the plan sale townhouse has been achieved in the four lot Ocean Grove complex, Iluka.</p>

<p>It has been designed with a relaxed ‘kick-your-shoes-off’ luxury in mind, with attention to detail and to light, outdoor integration and its finishes. </p>

<p>The single level contemporary space at 4/96 The Avenue will have two bedrooms, two bathrooms along with a private courtyard, plus a single lock-up garage with internal entry.</p>

<p>It is a collaborative build by MILA Development Group, Avery Constructions, Beers Interiors &amp; Design, Archsign and COS Design Landscaping.</p>

<p>Its finishes will include Hampton Grey timber floors along with soft toned 100% undyed 3 ply pure NZ Wool loop pile carpets. </p>

<p>The sale, at the upper end of its price guidance, was secured by Ben Roberts and Zoe Le Page at Bellarine Property who have listed just two of the four townhouse spaces.</p>

<p>Prices include a three bedroom, two bathroom two car garaging offering at 3/96 The Avenue with $1,295,000 hopes.</p>

<p>The 800 sqm holding with four bedroom 1950s house cost $975,000 in 2019.</p>
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A $960,000 off the plan sale townhouse has been achieved in the four lot Ocean Grove complex, Iluka

Sale secured with construction soon to commence on Ocean Grove complex, Iluka

<p>The number of loans for the construction of a new home saw record-breaking levels in November 2020, as the figure, tracked by the ABS, record its sixth consecutive rise.</p>

<p>New home loan commitments in November jumped a further 7.2&nbsp;per cent higher than the record-breaking levels in October 2020 to now be 99&nbsp;per cent higher over the year.</p>

<p>HIA&nbsp;economist&nbsp;Angela Lillicrap says HIA&#39;s new home sales data suggests the detached housing finance approvals will continue to be strong over the coming months.</p>

<p>&ldquo;It is evident in today&rsquo;s data that HomeBuilder has been successful in boosting confidence in the market and creating work on the ground,&rdquo; Ms Lillicrap says, adding that the extension of&nbsp;HomeBuilder will see the strength in housing finance data extend into 2021,&quot; Lillicrap says.</p>

<p>The value of construction loan commitments grew 5.6 per cent in November, rising 75 per cent since July. This follows the June implementation of the Government&rsquo;s HomeBuilder grant in response to COVID-19.&nbsp;</p>

<p>Loans for first home buyers also soared in November, with 13,905 loan commitments from first home buyers&nbsp;the highest since 2009. The number of loans accounted for&nbsp;42 per cent of the total number of owner occupier loans issued in November.</p>

<p><img alt="" height="866" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/record_home_lending_commsec.jpg" width="1200" /></p>

<p>CommSec economist Ryan Felsman says housing activity across Australia is buoyant, supported by record low mortgage rates and government policy initiatives.</p>

<p>&quot;Home prices are lifting, new home sales have hit decade highs and increasing numbers of young Aussies are committing to home ownership,&quot; Felsman says.</p>

<p>New housing loan approvals hit record highs in November with the easing of lockdown restrictions in Victoria (up 19.6 per cent) further driving up home loan demand.</p>

<h2>Am I eligible&nbsp;for HomeBuilder?</h2>

<p>Time is running out for prospective HomeBuilder applicants to to advantage of the&nbsp;$15,000 grant to construct a new home, with the government stimulus set to conclude on March 31. Applications however will now be taken until April 14 2021.</p>

<p>To be eligible for HomeBuilder, below are the criteria:</p>

<p>-&nbsp;Construction must commence within six months of the contract being signed.</p>

<p>- The property value cannot exceed $950,000 in NSW, $850,000 in Victoria or $750,000 in all other States and Territories.</p>

<p>-&nbsp;Applications must be submitted to the relevant State Revenue Office by April 14 2021.</p>

<h2>What can I buy?</h2>

<p>Urban has taken a look at some projects across the country which qualify for HomeBuilder grants.</p>

<p><a href="/buildings/haven-altona-north-278-288-blackshaws-road-altona-north-vic-3025">Haven, Altona Heights</a></p>

<p>Prices: From $605,000</p>

<p><a href="/buildings/haven-altona-north-278-288-blackshaws-road-altona-north-vic-3025"><img alt="" height="778" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/haven_altona.jpg" width="1200" /></a></p>

<p>The Stockland developed Haven in Altona North offers a collection of boutique townhouses, designed by the award-winning SJB Architects. They have two, three and four bedroom townhouses, with prices starting from $605,000 for the two bed, two bath townhouses with a parking spot.</p>

<p>The three bedroom townhouses, spanning nearly 200 sqm, start from $742,000 and the four bedroom townhouses start from $805,000, with 216 sqm of space.</p>

<p><a href="/new-townhouses/luma-sunshine-north-247-st-albans-road-sunshine-north-vic-3020">Luma, Sunshine North</a></p>

<p>Prices: From $545,000</p>

<p><a href="/new-townhouses/luma-sunshine-north-247-st-albans-road-sunshine-north-vic-3020"><img alt="" height="607" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/luma_st_albans.jpg" width="1200" /></a></p>

<p>Development Victoria have secured a prime site in Sunshine North, with a vision to create a brand new collection of 300 townhomes, comprising of two, three and four bedroom configurations.</p>

<p>Prices start from $545,000 for the two bedroom townhouses set in a master-planned community by RobertsDay, with plans for a new 3,600 sqm park.</p>

<p>Sixth Avenue, Chelsea Heights</p>

<p>Prices: From $599,000</p>

<p><img alt="" height="912" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/sixth_avenue_chelsea_heights.jpg" width="1200" /></p>

<p>Point Architects have designed the townhomes in the bayside Chelsea Heights, the development of the Aultun Group. They&#39;ve created 59 townhomes with prices starting at $599,000 for the two bedroom townhouses set over two stories. The three bedders start from $650,000 and the four bedroom townhouses from $820,000.</p>

<p>Sixth Ave. Chelsea Heights has already achieved&nbsp;a &lsquo;Best Practice&rsquo; rating for BESS (Built Environment Sustainability Scorecard) with many key sustainable design strategies including a 5 star gas hot water system, water efficient tapware and showerheads as well as bicycle parking provided within each home and recycled water for garden irrigation and toilet flushing. &nbsp;<br />
&nbsp;</p>

<p>&nbsp;</p>


New home loan commitments in November jumped a further 7.2 per cent higher than the record-breaking levels in October 2020.



HomeBuilder impact sees new home loan approvals continue to break record levels

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<p><span>I recently spent a bit of time charting the death throes of the resources construction boom. </span></p>
<p><span>As you can see below, although the Northern Territory has been offered a temporary reprieve by the massive $34 billion Ichthys LNG project, engineering construction activity has been hit extremely hard almost everywhere else, particularly so in Western Australia (down by 24 per cent over the past year), Queensland (-38 per cent) and South Australia (-25 per cent).</span><span style="line-height: 1.3em; font-weight: bold;"> </span></p>
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<span>Moreover, despite a year-on-year decline of </span>more than 20 per cent<span> the downturn has miles to run yet before construction activity even gets close to its historical norm. The value of work commenced points to an accelerating decline.</span>
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<div><span>Moreover, with the Commodity Price Index having continued to weaken, we could easily overshoot to the downside, which terms-of-trade booms in Australia have historically tended to do.</span></div>
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<div>Given that the construction stage tends to be comfortably the most labour-intensive phase of resources projects, this must inevitably result in sharply declining demand around many regional areas of Australia.<br><br><strong><span style="text-decoration: underline;">Vacancies rising in resources capitals</span></strong><br><br>On a related note <em>SQM Research</em> released its latest July 2015 Vacancy Rates and asking rents data yesterday.</div>
<div> </div>
<div>Vacancy rates nationally held steady at <strong>2.4 per cent</strong> but the figures revealed a significant divergence between the resources capital cities and the rest.</div>
<div> </div>
<div>As you can see in the chart below, moving from left to right vacancy rates remain relatively tight in Hobart (1.2 per cent), Sydney (1.8 per cent) and Adelaide (1.9 per cent).<br><br>Hobart's vacancy rates have tightened over the past year from 1.5 per cent to 1.2 per cent despite a near total dearth of population growth - if you think carefully about it, you may come to your own conclusions as to why - while Sydney's vacancy rate of 1.8 per cent is unchanged from one year ago.<br><br>Brisbane city-wide vacancy rate is now recorded as being 2.6 per cent, and in fact in a number of apartment construction hubs vacancy rates are already considerably higher than that. </div>
<div> </div>
<div>Shifting across towards the right hand edge of the chart Darwin is now tracking at an elevated 3.5 per cent having spiralled from just 1.4 per cent a year ago.<br><br>Meanwhile vacancy rates in Perth have blown all the way out from 2.5 per cent in July 2014 to 3.8 per cent.</div>
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<strong><span style="text-decoration: underline;">Asking rents follow vacancies</span></strong><br><br><span>Also reported in the </span><em>SQM</em> media release<span> was a massive 20.5 per cent fall in asking rents for houses in Darwin, as well as 15.2 per cent decline in asking rents for Darwin units.</span><br><br><span>Over the past year asking rents have also declined in Perth for both houses (-7.4 per cent) and units (-6.3 per cent), according to </span><em>SQM</em><span>'s index.</span><br><br><span>Of course, vacancy rates are expected to rise at this stage in the construction cycle, but it may take Perth and Darwin quite some time to absorb the excess stock.</span>
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<strong><span style="text-decoration: underline;">Mining towns crushed</span></strong><br><br><span>This capital city market action is of course small fry compared to what is playing out in resources regions.</span><br><br><span>Following on in sympathy from an epic property crash in the Pilbara, the </span><em>Australian Financial Review</em><span> </span>reported<span> that investors in the Bowen Basin heartland are being sent broke with dwelling prices continuing to collapse dramatically.</span><br><br><span>Property prices in Moranbah have reportedly crashed by up to 70 per cent over the past three years, while prices in Dysart prices have crashed by closer to 50 per cent over the same period.</span><br><br><span>Instead of linking back to articles which promised untold riches from investing in mining towns, it is worth considering the two golden rules which nearly all of the most successful investors follow religiously:</span><br><br><strong>Rule 1 - Don't lose money.</strong><br><strong><br></strong><strong>Rule 2 - See Rule 1.</strong><br><br><span>When it comes to property investment, there is no easy way back from a 50 per cent drawdown, particularly if leverage is used.</span><br><br><span>Remember that the promise of higher returns often comes with correspondingly higher risks. </span>
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<div><span> </span></div>
<div>
<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
</div>
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pwargent-M4siyDbqQY

SQM foreshadows mining downturn: Pete Wargent

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<p>EXPERT OBSERVER</p>
<p>Brisbane's once-rampant apartment construction has now righted itself, and indeed median unit prices were up a fraction over the past year in the Queensland capital. </p>
<div id="post-body-1517642067810614857" class="post-body entry-content">
<div>Victoria's apartment construction on the other hand has exploded to a record high (as expected from leading indicators), with the value of work done an astronomical 416 per cent higher than a decade earlier in chain volume measures terms. </div>
<div> </div>
<div>Sydney doesn't build so many houses, so a lot of activity is expected, but for Melbourne this is a boom-and-a-half!</div>
<div> </div>
<div class="separator"><a href="https://1.bp.blogspot.com/-j-L_Si8xu3M/W3zV5ZRFWuI/AAAAAAAArog/JQ9WfQ2ltJABfVf3KSePDeXcpAOZ8GZEQCLcBGAs/s1600/A1.jpg"><img src="https://1.bp.blogspot.com/-j-L_Si8xu3M/W3zV5ZRFWuI/AAAAAAAArog/JQ9WfQ2ltJABfVf3KSePDeXcpAOZ8GZEQCLcBGAs/s640/A1.jpg" width="640" height="376" data-original-height="800" data-original-width="1361"></a></div>
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<br><div class="separator"> </div>
<br>It's an everything boom for Victorian construction with public and engineering works also going on a tear. </div>
<div> </div>
<div>Queensland engineering construction is also finally on the rise again after the state's multi-year downturn. </div>
<br><div class="separator"><a href="https://3.bp.blogspot.com/-hFMjIc58GKQ/W3zV5oAN67I/AAAAAAAArok/mtjusxcoA6AQzd36njWtlrRemzlXTHvYQCLcBGAs/s1600/A2.jpg"><img src="https://3.bp.blogspot.com/-hFMjIc58GKQ/W3zV5oAN67I/AAAAAAAArok/mtjusxcoA6AQzd36njWtlrRemzlXTHvYQCLcBGAs/s640/A2.jpg" width="640" height="374" data-original-height="803" data-original-width="1368"></a></div>
<br><div>Adding in detached housing construction, Victoria's construction super-boom over 16 consecutive quarters and counting helped to increase total work done nationally in the second quarter by 1.6 per cent in seasonally adjusted terms. </div>
<div> </div>
<div>Eight consecutive quarterly increases in South Australia have also helped to offset the resources and housing construction weakness in Western Australia.<br><br>Construction work in New South Wales is set to top out now as apartment starts decline. </div>
<div> </div>
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<br><div><strong>Job ads stalling</strong></div>
<div> </div>
<div>In other news skilled job vacancies were up by 4.7 per cent from a year earlier to be 30.5 per cent above the October 2013 nadir in July 2018, according to the latest Department of Employment figures. </div>
<div> </div>
<div>The seasonally adjusted monthly result was up just a notch following three consecutive declines. </div>
<div> </div>
<div>Unsurprisingly Victoria scored well here too, with falling unemployment looking like a shoo-in for Melbourne. </div>
<br><div class="separator"><a href="https://3.bp.blogspot.com/-oDN5Lkggpdk/W3zV6M2hRaI/AAAAAAAAros/hdUwylmO0ccmBenJN0Gi8BlEILu59fHKQCLcBGAs/s1600/DoE.jpg"><img src="https://3.bp.blogspot.com/-oDN5Lkggpdk/W3zV6M2hRaI/AAAAAAAAros/hdUwylmO0ccmBenJN0Gi8BlEILu59fHKQCLcBGAs/s640/DoE.jpg" width="640" height="368" data-original-height="793" data-original-width="1374"></a></div>
<br><div>In Western Australia vacancies were up 16.3 per cent over the past year, pointing to brighter days ahead across the Nullarbor.<br><br>Nationally, though, the growth in job ads seems to have stalled, with an election to follow - and that rarely inspires confidence in employers.</div>
<div><em> </em></div>
<div><em>PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.</em></div>
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Victoria's everything boom: Pete Wargent

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<p>EXPERT OBSERVER</p>
<p>Fewer homes will be built over the coming year, and that is to be expected following the frenetic pace of building over 2014-2018.</p>
<p>But there will be no shortage of work for the broader building and construction sectors.</p>
<p>Over $140 billion of work is yet to be done.</p>
<p>Commercial building work to be completed is at record highs with engineering work near 4-year highs. And that doesn’t include the raft of new infrastructure planned by state and territory governments.</p>
<p>Rebuilding after the horrific bushfires will add to the work total as well in coming years.</p>
<p>While off the absolute peak levels in 2012 – a total driven by mining activity – work yet to be done on building and construction projects is up almost 4 per cent over the year and near the highest levels in 4½ years.</p>
<p>There is a perception that the economy is listing. But building and construction remains a bevy of activity and there is plenty of work to support building material providers, builders, tradespeople and professional services like architects. Outside the resources sector, a record amount of engineering work remains to be done.</p>
<p><strong>What do the figures show?</strong></p>
<p>The number of dwelling starts fell by 11.7 per cent in the September quarter after rising 1.5 per cent in the June quarter.</p>
<p>House starts fell by 4.8 per cent in the September quarter after a 9.4 per cent fall in the June quarter. Apartment starts fell by 21.9 per cent in the September quarter after a 20.3 per cent increase in the June quarter.</p>
<p>Work started on 180,972 new dwellings over the 12 months to September, down by 21.5 per cent on the year. Starts fell from the record high of 234,186 dwellings in the year to December 2016.</p>
<p>Across Australia, starts in the September quarter fell in six states/territories: NSW (down by 19.5 per cent); Victoria (down by 9.7 per cent); Queensland (up by 3.0 per cent); South Australia (up by 1.9 per cent); Western Australia (down by 14.8 per cent); Tasmania (down by 4.6 per cent); Northern Territory (down by 18.5 per cent); and the ACT (down by 3.1 per cent).</p>
<p>In the year to September, dwelling starts were higher than the decade average in only two of the states and territories: NSW (up 7.6 per cent) and Tasmania (up 17.0 per cent). Starts were below the decade average in: Victoria (down 0.2 per cent); Queensland (down 13.6 per cent); South Australia (down by 9.1 per cent); Western Australia (down by 35.4 per cent); Northern Territory (down 60.9 per cent); the ACT (down 7.6 per cent); and total Australia (down 5.9 per cent).</p>
<p>In the September quarter residential and commercial building work done fell by 0.5 per cent. New residential work fell 3.4 per cent with alterations &amp; additions down 0.3 per cent but commercial building rose by 3.8 per cent and engineering work rose by 0.5 per cent.</p>
<p>The value of residential and commercial building work in the pipeline stood at $89.6 billion at the end of September, down by 7.1 per cent on a year ago and below the record-high of $99.2 billion at the end of June 2018.</p>
<p>Across Australia, 201,317 homes are currently being built, down from a record 231,416 homes in March 2018.</p>
<p>In the September quarter residential and commercial building work yet to be done (completed), stood at $69.8 billion, down 7.9 per cent on a year ago. Engineering work to be done stood at $74.1 billion, up 18.1 per cent on a year ago. Total building and construction work to be done stood at $144 billion at the end of September, just off 4½-year highs but up 3.9 per cent on the year.</p>
<p><strong>What are the implications for interest rates and investors?</strong></p>
<p>Building and construction sectors face mixed prospects. Work to be done on commercial projects stands at record highs. Engineering work is near 5-year highs but dwelling construction is easing from unsustainable highs.</p>
<p>When the word ‘decline’ or ‘fall’ is used, the perception is negative. But always the base needs to be considered as well as history. While some construction work levels have eased, in many sectors the decline is from super-normal or unsustainable levels. In NSW at the peak more than 70,000 apartments were being built. Prior to the last five years, a number of 25,000 apartments being built was considered a high level of building.</p>
<p>The healthy levels of construction work to be done provides further complications for the Reserve Bank in its thinking about rates at the February 2020 Board meeting. The next two key events are the December job figures on January 23 and the Consumer Price Index (inflation) on January 29.</p>
<p><strong>CRAIG JAMES </strong><em>is the Chief Economist at CommSec</em></p>
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cjames-5S2v74qSNK

Record commercial building work to be done: CommSec's Craig James

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<p>Australia-wide residential construction activity fell in FY 2019 but is expected to recover through to 2022, according to a recent report released by WT Partnership Australia.</p>
<p>The report found that the current decline is more of a ‘trough’ and is expected to last the next two years, then stabilise through the end of a relatively ‘mild cycle’ over the seven years to 2026; activity is then expected to rise through to 2030.</p>
<p>Whilst the residential slow down comes off the back of all-time highs in the eastern states, demand for new housing will still be driven by continuing high population growth in Sydney, Melbourne and Southern QLD, despite cuts to immigration.</p>
<p>Construction and engineering will be driven by $100 billion of infrastructure investment announced by the Federal Government. This will be focused on “shovel ready” projects with relatively short completion windows. </p>
<p><strong>Challenges for the year</strong></p>
<p>1. The cladding issues has had a major impact on the selling and buying of apartments</p>
<p>2. There is more red tape and further policy measures that will decrease immigration leading to lower growth in demand for dwellings</p>
<p>3. The recent interest rate cuts have seen housing prices slightly strengthen</p>
<p>4. Building approvals for new apartments has dramatically dropped</p>
<p>5. Federal Government has flagged a ten-year $100 billion investment in transport infrastructure across Australia. While this is positive, it is absolutely vital that these infrastructure projects do not blow due to the growing population needing more transport options.</p>
<p>6. Biggest focus in terms of value is in bridges, railways and harbours, followed by electricity and pipelines</p>
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