Growing national developer Time &amp; Place has announced its fifth new apartment development.

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.

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.

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.

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.

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.

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.

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.”

The new development will replace five existing two-storey homes.

“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.”

Mosman has become increasingly popular with developers in recent years.

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.

Prosker Property has a project on Redan Lane, just a few doors down from Time &amp; Place’s proposed development.

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.

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.

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.

Joel Robinson

Time & Place to take on Mosman apartment market

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;

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.

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;

[smartcode_project:default project_id=136434 project_image_fid=348840]

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.

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.

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.

[smartcode_project:default project_id=136434 project_image_fid=348839]

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.

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;

[smartcode_project:default project_id=136434 project_image_fid=348841]

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;

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.

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.

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;

Construction has commenced through reputable builder Manresa, who will complete the project in 2027.

[smartcode_project_cta:default project_id=136434]

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

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.

In Grand Residence 3.05, known as the Lustre, plays out across two levels, with a mezzanine configuration that is uncommon in apartment living.

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.

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.

[smartcode_project:default project_id=342 project_image_fid=357506]

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.

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.

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.

[smartcode_project:default project_id=342 project_image_fid=357508]

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.

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.

[smartcode_project:default project_id=342 project_image_fid=364553]

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.

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.

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.

[smartcode_project_cta:default project_id=342]

Inside Lustre: Grand Residence 3.05 at Candela Ivanhoe

<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;

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.

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.

[smartcode_project:default project_id=136535 project_image_fid=288420]

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.

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.

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.

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.

[smartcode_project:default project_id=136535 project_image_fid=361030]

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.

“This site represents a once-in-a-lifetime opportunity to build something truly special,” McCormack says.

“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.”

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.

[smartcode_project:default project_id=136535 project_image_fid=288412]

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.

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.

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.

[smartcode_project_cta:default project_id=136535]

Elsternwick Gardens' wellness-first design strategy

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.

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.

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.

[smartcode_project:default project_id=135546 project_image_fid=363510]

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.

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.

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.

&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363512]

Red &amp; Co director David Laverty said the amenity offering was central to the project’s design from the outset.

“Amenities were at the forefront of our decisions,” Laverty said.

“Buyers today are looking for more than just an apartment - they want a lifestyle that promotes health, connection and balance.

“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.”

&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363514]

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.

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.

[smartcode_project:default project_id=135546 project_image_fid=363511]

Laverty said the location was a key driver behind Red &amp; Co’s decision to bring the project to the Gold Coast.

“<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;

“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.”

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.

[smartcode_project_cta:default project_id=135546]

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

Global Ranking

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The 2021 Demographia International Housing Affordability Survey ranks Australia as having two of the most expensive housing markets in the world.

This year’s report assesses 92 major metropolitan markets in eight nations in the third quarter of 2020 with 36 severely unaffordable major housing markets.

The 10 least affordable were ranked as Hong Kong, Vancouver, Sydney, Auckland, Toronto, Melbourne, San Jose, San Francisco, Honolulu and London.

It is presented by the Urban Reform Institute and the Frontier Centre for Public Policy who work on a price to income ratio.

"It is not surprising that housing affordability — given the large influx of new buyers, particularly in suburban and outlying areas — has continued to deteriorate," institute president Charles Blain advised.

"As a result many low-income and middle-income households who already have suffered the worst consequences from housing inflation will see their standards of living further decline."

The report noted virtually all of the markets with severely unaffordable housing have urban containment policies that severely restrict building on their periphery.

It noted by 2004, all of the major markets of Australia had become severely unaffordable. "National price-to-income ratios were 3.0 or less in Australia, Canada, Ireland, New Zealand, the United Kingdom and the United States until the late 1980s or 1990s.

"However since that time, housing affordability has deteriorated significantly and by 2019 national median multiples had increased to 4.0 in the United States and Canada, nearly 6.0 in Australia and 7.0 in New Zealand," it noted.

<h2>Recently listed properties:</h2>

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[smartcode_project:default project_id=3730]

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The report assesses 92 major markets in metropolitan areas across eight nations

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2021 Demographia International survey ranks Australia among the most expensive housing markets

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Australia slipped to 19th in the world for house price growth for the year to June 2020, according to the Knight Frank Global House Price Index Q2 2020.
In the same report for Q1, Australia had ranked 10th.
But it was still up 37 places from one year ago, when we were 56th, with negative growth over the previous 12 months of -7.4 per cent.
Over the last quarter, Australia was down -2 per cent, which made the house price growth 6.1 per cent higher for the year to date.
Topping the charts was turkey, whose 12 months change was up 25.7 per cent, with 11.2 per cent over the last quarter.
New Zealand was the best performing country in Asia Pacific, with growth of 9.1% over the past year, but it slipped in the rankings from 2 to 11 between March and June.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/9/8/Global%20Top%2020.jpg" alt="">
 
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<div>Knight Frank’s head of residential research Australia Michelle Ciesielski said the data in the most recently released Knight Frank Global House Price Index Q2 2020 was backward-looking, covering the year up to June 30, when the COVID-19 pandemic had hit most global markets.</div>
<div> </div>
<div>“It is not unusual for official house price indices to be published with a two or three month time lag, but this quarter 29* of the 56 countries and territories we track have yet to report their figures for Q2 2020, no doubt as a direct result of Covid-19 and operational challenges,” she said.</div>
<div> </div>
<div>“Despite this the data still offers a glimpse into the impact of COVID-19, with the number of countries and territories seeing a decline in prices increasing again. In total nine per cent of the areas tracked registered annual price declines in Q2 2020.</div>
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“While annual price growth in Australia has fallen slightly from the previous quarter, growth is still positive and 1.4 per cent higher than the average annual price change of 4.7% across the 56 countries and territories tracked in the index. 
“Australia has dealt with the COVID-19 pandemic better than some other countries and territories around the world, with the length and severity of the lockdown not as strong, which partly explains its stable performance. 
“However, it can also be attributable to the state of the housing market prior to the pandemic, with Australia’s market strong heading into 2020 with demand high and stock levels low.” 
Knight Frank national head of residential Shayne Harris said Australia’s housing market has seen continued demand throughout the pandemic, but fewer transactions due to sellers choosing to ‘wait and see’ how the pandemic would play out. 
“In Sydney the market continues to be underpinned by a severe shortage of stock for sale by both auction and private treaty,” he said. 
“Whilst in the past eight weeks the difficulties around obtaining finance have seen the number of registered bidders thin out at auction, the clearance rate remains stable as do prices across the inner and middle rings of metropolitan Sydney. 
“In Melbourne market conditions have been in steady decline for the past four months, with volumes and prices heading gradually south, although there was a very slight uptick in August. 
“The cities second lockdown, combined with reliance on overseas immigration and education to support the market, could see these conditions continue beyond the other capital cities who are ahead of the curve in relation to recovery. 
“In Brisbane quicker recovery from the pandemic than expected, combined with a tight apartment supply pipeline, has seen the Brisbane market emerge in a very strong position for 2021 and beyond. 
“Coming off an extended period of low price growth Brisbane’s affordability is the best capital city side by side with Perth in the short to medium term.”
 
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Australia drops down rankings in Knight Frank's Global House Price Growth Index

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How do Australian house prices compare to the rest of the world? REA's Nerida Conisbee

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Sydney has been ranked in top six of ultra-prime cities globally for number of residential sales above US $25 million, according to Knight Frank's assessment of the global ultra-prime residential market.
Hong Kong is the city with the highest number of ultra-prime sales, with New York and London ranked in second and third place.
Sarah Harding, Knight Frank partner for head of residential, said in a global market, Sydney remains the destination of choice for high net worth individuals due to a number of factors including the lifestyle and relative political stability.
“All ultra-prime transactions in Sydney over the past three years occurred in the Eastern Suburbs and all were for houses," Harding said.
"However, this is based on completed properties and we expect that off-plan sales will further increase these numbers when further prestige apartment buildings in Sydney are completed.
“In the 12 months ending August 2018, the total value of ultra-prime properties (over US $25 million) sold in Sydney was US $219 million across five transactions.
“Whilst Sydney is one of the smallest city markets in regard to transaction levels, it has some of the most spacious properties with the typical transaction encompassing plots of land, and an average saleable area of 1,976 square metres.
“Not only do the properties cover large areas, but the majority have waterfront views and a private swimming pool." 
The 12 month period to August 2018 shows a slight decline in Sydney from last year, but well up on the total value of transactions from 2015 and 2016.
The number of transactions in Sydney has been steady since 2015.
Click here to enlarge.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/12/11/Knight-Frank.jpg" alt="">
Knight Frank partner, Crown Residences at One Barangaroo, Erin van Tuil, said Sydney is now established as one of the world’s top ultra-prime city markets. 
"We have seen the reality of this in the market response to Crown Residences at One Barangaroo. Crown Residences has now offered UHNWIs a viable alternative to the traditional, free-standing harbour-side home in Sydney. 
“In Crown Residences, Sydney now has apartments that actually respond to the needs of UHNWIs; space, views, location, stunning design and of course the impeccable service of Crown Resorts. 
"I would expect to see transactions over US$25m increase over the coming years in Sydney.” 
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Sydney ranks in top six of ultra-prime cities globally for amount of prestige sales

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Australia continues to lead the world’s green building sector with further growth predicted over the next three years, according to a new global report.
The <a href="https://www.construction.com/toolkit/reports/world-green-building-trends-2018" target="_blank">World Green Building Trends 2018 SmartMarket Report</a>, released by Dodge Data and Analytics today, indicates support for the green building sector is growing globally, with organisations across the construction industry shifting towards more sustainable materials and practices.
It noted third-party certification systems such as the Green Building Council of Australia’s (GBCA) Green Star rating system were being used to make buildings perform more efficiently yielding both commercial and environmental gains.
“The drivers for green building in Australia are noted as market demand, client demand and improving occupant health and wellbeing.” the report states.
“Australia is also notably higher than the global average for each of these factors, demonstrating the sway they have on encouraging the green building market in this country.”
More than 2000 industry stakeholders across 86 countries, including architects, engineers, contractors, owners, consultants and investors, were surveyed for the report, including GBCA members.
It found 94% of Australian respondents are involved in green building projects, and a two-third majority (67%) report at least a moderate level of green activity, with 30% share or more of their work in the sector. Notably, 46% of respondents reported more than 60% of their projects were in the green building space, the highest of any country, and 64% expected by 2021 the majority of their work would be in green building.
GBCA Chief Executive Officer Romilly Madew said the results were a testament to the continued commitment and leadership of the Australian property sector to sustainably transform the built environment.
“Australia’s green building sector is continuing to innovate and is leading the world,” Madew said.
“The GBCA and its Green Star rating system continue to support the industry to set and maintain ambitious sustainability standards and provide guidance in the delivery of better outcomes on the ground for building owners, tenants, users and the broader community. 
“2018 has been monumental for the GBCA and just last month we certified our 2000th Green Star project.
“Understandably, commercial property continues to perform strongly in the adoption of green building in Australia driven by world-leading investor and market demand. Thirty-seven percent of Australia’s office space is now Green Star certified. 
“As green building expands we see huge growth opportunities in social infrastructure, led through government procurement, and in the residential sector.
“Investor demand to effectively manage climate risk and meet ambitious carbon reduction targets continues to be a major driver for green building. Increasingly though, there is a realisation of the wider social and economic benefits from a holistic approach to sustainability, for example improvements in health and well-being, amenity and liveability.
“The GBCA will continue to work with government and industry to ensure Australia continues to realise the benefits of its global leadership as evidenced in this report.”
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Australia leading the way as green building booms globally

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GUEST OBSERVATION
Melbourne lost its “most liveable city” title and is confronting being runner-up to Vienna after seven years at the top. These rankings are based on The Economist Intelligence Unit’s Global Liveability Index, which “assesses which locations around the world provide the best or the worst living conditions”.
But the tool was actually designed to help companies decide how much “hardship” allowance they would need to pay employees who relocate. So, The Economist suggests that none of the top cities – including Melbourne, Vienna and other Australian cities – need a hardship allowance at all. But it recommends a 20% allowance for cities at the bottom of the ranking like Port Moresby, Tripoli and Karachi.
Despite the hype, the Global Liveability Index focuses on things that matter to expats, not citizens. This is different to what is important to the average person living in Vienna, Melbourne or any other city – such as housing affordability, walkability, access to public transport and education, and the number of bike paths.
What the index measures
The Economist’s Global Liveability Index uses 30 indicators to measure five categories of liveability: stability (safety), health care, culture and environment, education, and infrastructure. And 26 of the indicators are based on the “judgement of in-house expert country analysts and a field correspondent based in each city”.
These unknown critics score the performance of a city as acceptable, tolerable, uncomfortable, undesirable or intolerable.
There is no freely available information about the qualifications of these judges, why the categories were chosen to represent liveability, or how indicators in a category are weighted. While the summary report is free, a more detailed report will set you back US$620 and the actual data sets a smooth US$9,210, which we didn’t purchase. Our comments are based on the freely available information.
It appears that, beyond the well-designed league tables and flurry of media attention, The Economist’s Global Liveability Index is a mostly subjective rating with opaque methods for comparing cities.
Take for example the stability category. This includes crime, terror attacks and civil unrest, and makes up 25% of the total liveability score. Out of 100, Melbourne, Sydney and Adelaide are judged to be five points less “stable” than Vienna, Osaka and Toronto. But there is no information on how The Economist’s experts came up with this conclusion.
Some of the indicators could be objectively measured, such as the prevalence of violent and petty crime, but they are still given a rating by The Economist’s experts. It isn’t clear what types of crime are included in this decision or how they are weighted.
Two indicators rate the availability and quality of private education, but there are no equivalent indicators for public education. Most students (65.6%) in Australia are enrolled in government schools. So, for the average family in Australia the availability and quality of the public education system is more important than private.
And, most importantly, the index seems to miss the things that affect the lived experience of city residents. Although housing “quality” and the availability and quality of private education are included, housing affordability, traffic congestion, walkability and lack of public transport, bike paths and essential services don’t appear to be in the index.
Yet these are some of the real problems facing Australians.
What it doesn’t measure
Both Sydney and Melbourne got full points in the “infrastructure” category. This includes the quality of public transport and roads, international links and quality of water provision and telecommunications.
While this may be true for inner-city residents, our research has found that some suburbs – particularly those on the urban fringe – are less lucky. Public transport in particular is often missing in outer suburbs. The index doesn’t consider how liveability is distributed across a city and if some people are missing out.
It also doesn’t take into account the environmental sustainability of cities. One study, which compared the liveability score of cities with their ecological footprint, found that Vienna’s is almost half that of Sydney, Melbourne and Brisbane. However, none of these cities was found to be sustainable.
Better measures of liveability
If we really want to create liveable cities that promote the quality of life of citizens, we need transparent and objective measurements.
Our team has previously defined the key ingredients of a liveable city. These include safety, environmental sustainability and affordable and diverse housing linked by public transport, walking and cycling infrastructure to employment and the amenities needed for daily living.
These measures are based on our research of what affects the health and well-being of communities.

Chasing the hollow crown of the Global Liveability Index will not make Melbourne or any other city a better place to live. Instead, all levels of government should focus on creating and implementing policies that improve the liveability of cities for their residents.
Julianna Rozek, Research Officer, Healthy Liveable Cities Group, Centre for Urban Research, RMIT University
Billie Giles-Corti, Director, Urban Futures Enabling Capability Platform and Director, Healthy Liveable Cities Group, RMIT University
Lucy Gunn, Research Fellow, Centre for Urban Research, RMIT University
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/the-worlds-most-liveable-city-title-isnt-a-measure-of-the-things-most-of-us-actually-care-about-101525" target="_blank">original article</a>.
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The ‘most liveable city’ title doesn't mean what you probably think it does

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The main story from this quarter’s data is of slowing growth. 
Overall, the index increased by 5.1% year-on-year compared with 6.3% last quarter, so the index’s lowest rate of annual growth since the start of 2016. 
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Although nearly nine in every ten of the countries tracked by our index recorded positive annual price growth in the year to September 2017, almost half saw their rate of annual growth decline compared with the previous quarter. 
The shift was most evident at the top of the rankings table. Thirteen of the 15 strongest- performing housing markets around the world registered a slowdown in their rate of annual growth in the year to September.
But Australia was placed seventh in Knight Frank’s Global House Price Index for the September quarter, surging 25 places from 2016.  
The global index tracks housing market performance across 56 countries worldwide.
Click here <a href="https://www.propertyobserver.com.au/images/2017/12/7/figure1.jpg" target="_blank">to enlarge.</a>
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Iceland leads our annual rankings with average prices ending the year to September 20.4% higher, down from 23.2% last quarter. Iceland has now topped our annual rankings for four consecutive quarters. 
Hong Kong has clung on to second place but data from the Hong Kong Ratings and Valuation Department shows price growth equated to only 1.7% in the three months to September. 
Estonia, Hungary and New Zealand have dropped out of the top ten this quarter. New Zealand slipped from 10th place to 27th as annualised price growth declined from 10.4% to 5.2%. Tighter lending conditions and plans to introduce a ban on foreign investors in 2018 have potentially reduced some of the speculative activity in the market.
Click here <a href="https://www.propertyobserver.com.au/images/2017/12/7/Figure2.jpg" target="_blank">to enlarge.</a>
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This quarter marks the inclusion of Saudi Arabia within the index for the first time. Latest data shows prices slipped 5.4% on an annual basis meaning it is second only to Ukraine as the weakest-performing market. The oil-dependent Saudi economy is struggling to gain traction, which along with the recent introduction of a levy on expatriate workers is stifling housing demand.
The US and the UK are following different trajectories, mirroring their economic performance. Average prices in the US accelerated 6.2% over the 12-month period, up from 5.8% last quarter whilst the UK has incurred a marginal dip from 2.8% to 2.6%. The UK market remains highly localised with affordability a key concern in many markets.
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Click here <a href="https://www.propertyobserver.com.au/images/2017/12/7/Figure3.jpg" target="_blank">to enlarge.</a>
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China has slipped from 12th to 19th position in our rankings. House prices are now rising at their slowest rate for five quarters, up by 6.5% on an annual basis according to the National Bureau of Statistics.
European housing markets are firmly back in the spotlight. On average, the region recorded 5.6% annual price growth in the year to September, up from 2.3% three years ago. The good news for Europe doesn’t end there. Greece (0.7%) may finally see price growth reach positive territory over the next quarter after nine years of negative annual growth.
Despite Europe’s recent recovery, analysis over a five and 10-year period underlines the extent to which countries within Asia Pacific still rank amongst the highest performers. (Figure 4).
Click here <a href="https://www.propertyobserver.com.au/images/2017/12/7/Figure4.jpg" target="_blank">to enlarge.</a>
<a href="https://www.propertyobserver.com.au/images/2017/12/7/Figure4.jpg" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/7/Figure4.jpg" alt=""></a>
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The Knight Frank Global House Price Index, established in 2006, allows investors and developers to monitor and compare the performance of mainstream residential markets around the world. The index is compiled on a quarterly basis using official government statistics or central bank data where available. The index’s overall performance is weighted by GDP on a Purchasing Power Parity basis and the latest quarter’s data is provisional pending the release of all the countries’ results. 
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Australia surges to 7th place in weakening Global House Price Index: Knight Frank

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Knight Frank’s Global House Price Index: Q3 2017, which tracks housing market performance across 56 countries worldwide, has found that Australia defied the global trend by moving up to 7th position, maintaining 10.2 percent growth over the past quarter.
They move from 11th in the last quarter, also with a growth of 10.2 percent.
Overall, global house prices have increased by 5.1 percent in the year to September 2017. This is down from 6.3 percent growth the previous quarter.
The 5.1 percent growth represents the index's lowest rate of annual growth since the beginning of 2016.
Iceland leads the index for the 4th consecutive quarter, but its rate of growth has slowed.
European housing markets averaged 5.6% price growth in the year to September, up from 2.3% three years ago, while China has slipped from 12th to 19th position in the rankings as tighter macro-prudential regulations bite.
Knight Frank Australia's head of residential research Michelle Ciesielski noted Australia's strengthened position.
“The Global House Price Index has weakened, and now represents the lowest increase since the start of 2016. However, Australia’s annual price growth has been maintained at 10.2% in Q3 2017," she said.
“Interestingly, with weaker growth across the global marketplace, our ranking has moved up four spots to seventh place – we are also one of just seven cities tracked globally still performing with double-digit growth.
“Over the past five years to Q3 2017 the Asia Pacific region has dominated price growth led by India (76.1%), Hong Kong (60.1%) and New Zealand (56%).
“Australia was fifth in the region over this time, with total growth of 45.9%.” (See figure 4 below).
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/7/Figure4.jpg" alt="">
Sarah Harding, Head of Residential at Knight Frank Australia said that other capitals are making up for the Sydney drop.
"Although some of the heat has been taken out of the Sydney residential market of late, Melbourne, Hobart and Canberra are thriving – driving up total annual growth," Harding said.
“Additionally, the worst appears to be behind Perth’s residential markets and this is also contributing positively to the overall Australian performance.
“As investors find it increasingly harder to obtain finance, we’re experiencing more enquiries from owner-occupiers, including those looking to downsize, and we’re starting to see the return of first-time buyers to the market."
 
 
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Australia defies global trend in Global House Price Index: Knight Frank

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Sydney and Melbourne have again topped the global list for office rental performance, taking out the 2 top spots for annual prime office rental growth in the third quarter.
JLL’s latest <a href="http://www.jll.com/gmp/Global-Office-Index" target="_blank" style="font-size: 12.16px;">Global Office Index for Q3</a> shows Sydney way out in front globally in number one spot for annual growth between Q3 2016 and Q3 2017.  Sydney recorded 30.1% annual growth in prime rents.  Melbourne recorded 17.3% year-on-year growth for the same period, pushing it to the second global spot.
US cities came in next, with San Francisco Peninsula in third at 12.9% annual rental growth, New Jersey at 12.2% and Portland in 5th spot at 10.4%.
Click here <a href="https://www.propertyobserver.com.au/images/2017/11/29/Global%20office%20index.jpg" target="_blank">to enlarge.</a>
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JLL’s Head of Office Leasing – Australia, Tim O’Connor said, “Sydney has consistently featured in the Top 10 Global performers rankings for the past 5 years and Melbourne for the past 2 years.
“Two years ago, Sydney ranked number one, while Melbourne was ranked fifth. While the Sydney story has continued on the back of centralisation, stock withdrawals and growth from the technology sector in particular, Melbourne is now following hot on the heels.
“The sharp reduction in vacancy that precipitated the upward pressure in Sydney and Melbourne rents has been amplified by the lack of available new supply coming on line in the short term. The number of options for larger space users in existing stock now means demand will be expressed through additional pre-commitment activity,” said Mr O’Connor.
JLL Charts below showing global rental performance over the past 2 and 5 years for comparison of Sydney and Melbourne rankings two and five years ago:
Two year global rental performance. Click here <a href="https://www.propertyobserver.com.au/images/2017/11/29/2%20year%20global%20rental%20performance.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/29/2%20year%20global%20rental%20performance.jpg" alt="">
Five year global rental performance. Click here <a href="https://www.propertyobserver.com.au/images/2017/11/29/5%20year%20global%20rental%20performance.jpg" target="_blank">to enlarge.</a>
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/29/5%20year%20global%20rental%20performance.jpg" alt="">
 
JLL’s Q3 <a href="http://www.jll.com/gmp/Global-Office-Index" target="_blank">Global Office Index</a> states that rental growth for prime offices across the 125 major markets covered by the JLL Global Office Index continued to pick up pace in Q3 2017, rising by 2.7% year-on-year. 
This was significantly above the 10-year average growth of 1.6%.
Momentum is expected to continue with above-average increases in 2018, with a projected uplift of 3% for the full year 2017 and 2.3% globally next year. 
JLL Head of Research – Australia, Andrew Ballantyne said, “Sydney and Melbourne effective rental growth was in double digit territory over 2016 and 2017. We expect that effective rental growth will ease back from this rate in 2018. 
“Nevertheless, Sydney and Melbourne effective rental growth is projected to remain above 7% in 2018 with the potential to be even higher if the competition for space exerts further downward pressure on leasing incentives,” said Mr Ballantyne. 
JLL’s Victorian Managing Director, David Bowden said, “Melbourne’s rental growth story has been strengthening since mid-2016. 
“Limited new supply and strong office sector demand have combined to put significant upward pressure on face rents. Asset owners took a while to adjust their incentive expectations however these started coming down at the end of 2016. 
“Melbourne’s CBD office market is benefiting from strong population growth which is fuelling business expansion in a diverse range of sectors. In 2016, the leasing market had the highest net absorption since 1978 and has remained strong in 2017, dominated by small business expansion which has accounted for over 63% of office sector demand. 
“New rental benchmarks have been set this year for both existing assets and for the new stock due to come to the market over 2018 – 2020,” Bowden said.
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Sydney and Melbourne rank top two globally for office rents growth: JLL

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Australia ranks above Taiwan and below Switzerland in the Global Property Guide with a price per square metre of $7,250 and annual yield at 4.39%.
<table style="height: 1624px; width: 326px;" border="1">
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<col>
<col>
<col>
<col>
</colgroup>
<tbody>
<tr>
<td class="s0" colspan="4">GLOBAL PROPERTY GUIDE</td>
</tr>
<tr>
<td class="s1" colspan="4">RENTAL YIELDS GLOBAL PROPERTY GUIDE</td>
</tr>
<tr>
<td class="s2"> </td>
<td class="s2"> </td>
<td class="s2"> </td>
<td class="s2"> </td>
</tr>
<tr>
<td class="s3">Apartments in</td>
<td class="s4">Price/sq. m</td>
<td class="s4">Rent/mo.</td>
<td class="s5">Yield/ p.a</td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
</tr>
<tr>
<td class="s7">UK</td>
<td class="s8">€25,575.00</td>
<td class="s8">€8,213.00</td>
<td class="s8">3.21%</td>
</tr>
<tr>
<td class="s7">Hong Kong</td>
<td class="s8">$22,814</td>
<td class="s8">$6,431</td>
<td class="s8">2.82%</td>
</tr>
<tr>
<td class="s7">USA</td>
<td class="s8">$18,499</td>
<td class="s8">$7,225</td>
<td class="s8">3.91%</td>
</tr>
<tr>
<td class="s7">Singapore</td>
<td class="s8">$15,251</td>
<td class="s8">$4,332</td>
<td class="s8">2.83%</td>
</tr>
<tr>
<td class="s7">Japan</td>
<td class="s8">$14,409</td>
<td class="s8">$5,393</td>
<td class="s8">3.74%</td>
</tr>
<tr>
<td class="s7">France</td>
<td class="s8">€13,639.00</td>
<td class="s8">€3,938.00</td>
<td class="s8">2.89%</td>
</tr>
<tr>
<td class="s7">Russia</td>
<td class="s8">€11,866.00</td>
<td class="s8">€3,820.00</td>
<td class="s8">3.22%</td>
</tr>
<tr>
<td class="s7">India</td>
<td class="s8">$11,455</td>
<td class="s8">$2,540</td>
<td class="s8">2.22%</td>
</tr>
<tr>
<td class="s7">Austria</td>
<td class="s8">€10,807.00</td>
<td class="s8">€2,351.00</td>
<td class="s8">2.18%</td>
</tr>
<tr>
<td class="s7">Israel</td>
<td class="s8">$10,166</td>
<td class="s8">$2,318</td>
<td class="s8">2.28%</td>
</tr>
<tr>
<td class="s7">Switzerland</td>
<td class="s8">€10,020.00</td>
<td class="s8">€3,816.00</td>
<td class="s8">3.81%</td>
</tr>
<tr>
<td class="s7">Australia</td>
<td class="s8">$7,250</td>
<td class="s8">$3,182</td>
<td class="s8">4.39%</td>
</tr>
<tr>
<td class="s7">Taiwan</td>
<td class="s8">$7,112</td>
<td class="s8">$1,117</td>
<td class="s8">1.57%</td>
</tr>
<tr>
<td class="s7">Bermuda</td>
<td class="s8">$7,056</td>
<td class="s8">$5,597</td>
<td class="s8">4.76%</td>
</tr>
<tr>
<td class="s7">BVI</td>
<td class="s8">$6,469</td>
<td class="s8">$3,071</td>
<td class="s8">2.85%</td>
</tr>
<tr>
<td class="s7">Canada</td>
<td class="s8">$6,399</td>
<td class="s8">$2,672</td>
<td class="s8">4.18%</td>
</tr>
<tr>
<td class="s7">Finland</td>
<td class="s8">€6,214.00</td>
<td class="s8">€2,254.00</td>
<td class="s8">3.63%</td>
</tr>
<tr>
<td class="s7">Italy</td>
<td class="s8">€5,930.00</td>
<td class="s8">€2,288.00</td>
<td class="s8">3.86%</td>
</tr>
<tr>
<td class="s7">Luxembourg</td>
<td class="s8">€5,669.00</td>
<td class="s8">€2,180.00</td>
<td class="s8">3.85%</td>
</tr>
<tr>
<td class="s7">UAE</td>
<td class="s8">$5,538</td>
<td class="s8">$3,340</td>
<td class="s8">6.03%</td>
</tr>
<tr>
<td class="s7">New Zealand</td>
<td class="s8">$4,964</td>
<td class="s8">$1,765</td>
<td class="s8">6.09%</td>
</tr>
<tr>
<td class="s7">Netherlands</td>
<td class="s8">€4,907.00</td>
<td class="s8">€2,675.00</td>
<td class="s8">5.45%</td>
</tr>
<tr>
<td class="s7">Denmark</td>
<td class="s8">€4,279.00</td>
<td class="s8">€2,071.00</td>
<td class="s8">4.84%</td>
</tr>
<tr>
<td class="s7">South Africa</td>
<td class="s8">$4,214</td>
<td class="s8">$1,636</td>
<td class="s8">3.88%</td>
</tr>
<tr>
<td class="s7">Cayman Is.</td>
<td class="s8">$4,163</td>
<td class="s8">$3,018</td>
<td class="s8">7.25%</td>
</tr>
<tr>
<td class="s7">Germany</td>
<td class="s8">€4,078.00</td>
<td class="s8">€1,362.00</td>
<td class="s8">3.34%</td>
</tr>
<tr>
<td class="s7">Brazil</td>
<td class="s8">$3,751</td>
<td class="s8">$1,765</td>
<td class="s8">4.71%</td>
</tr>
<tr>
<td class="s7">Lebanon</td>
<td class="s8">$3,693</td>
<td class="s8">$2,082</td>
<td class="s8">4.51%</td>
</tr>
<tr>
<td class="s7">Thailand</td>
<td class="s8">$3,638</td>
<td class="s8">$1,837</td>
<td class="s8">5.05%</td>
</tr>
<tr>
<td class="s7">Bahamas</td>
<td class="s8">$3,632</td>
<td class="s8">$2,964</td>
<td class="s8">8.16%</td>
</tr>
<tr>
<td class="s7">St Kitts and Nevis</td>
<td class="s8">$3,496</td>
<td class="s8">$1,712</td>
<td class="s8">4.90%</td>
</tr>
<tr>
<td class="s7">Spain</td>
<td class="s8">€3,442.00</td>
<td class="s8">€1,345.00</td>
<td class="s8">3.91%</td>
</tr>
<tr>
<td class="s7">Czech Rep.</td>
<td class="s8">€3,384.00</td>
<td class="s8">€1,415.00</td>
<td class="s8">4.18%</td>
</tr>
<tr>
<td class="s7">Turkey</td>
<td class="s8">€3,324.00</td>
<td class="s8">€1,346.00</td>
<td class="s8">4.05%</td>
</tr>
<tr>
<td class="s7">St Martin</td>
<td class="s8">$3,267</td>
<td class="s8">$4,000</td>
<td class="s8">4.90%</td>
</tr>
<tr>
<td class="s7">Philippines</td>
<td class="s8">$3,156</td>
<td class="s8">$2,369</td>
<td class="s8">7.51%</td>
</tr>
<tr>
<td class="s7">Martinique</td>
<td class="s8">$2,979</td>
<td class="s8">$1,524</td>
<td class="s8">5.12%</td>
</tr>
<tr>
<td class="s7">Guadeloupe</td>
<td class="s8">$2,925</td>
<td class="s8">$1,445</td>
<td class="s8">4.94%</td>
</tr>
<tr>
<td class="s7">Cambodia</td>
<td class="s8">$2,913</td>
<td class="s8">$1,553</td>
<td class="s8">5.33%</td>
</tr>
<tr>
<td class="s7">Malaysia</td>
<td class="s8">$2,873</td>
<td class="s8">$1,004</td>
<td class="s8">3.50%</td>
</tr>
<tr>
<td class="s7">Slovenia</td>
<td class="s8">€2,843.00</td>
<td class="s8">€1,268.00</td>
<td class="s8">4.46%</td>
</tr>
<tr>
<td class="s7">Ukraine</td>
<td class="s8">€2,807.00</td>
<td class="s8">€2,550.00</td>
<td class="s8">9.09%</td>
</tr>
<tr>
<td class="s7">Andorra</td>
<td class="s8">€2,761.00</td>
<td class="s8">€942.00</td>
<td class="s8">3.41%</td>
</tr>
<tr>
<td class="s7">Chile</td>
<td class="s8">$2,749</td>
<td class="s8">$1,714</td>
<td class="s8">6.23%</td>
</tr>
<tr>
<td class="s7">Malta</td>
<td class="s8">€2,748.00</td>
<td class="s8">€888.00</td>
<td class="s8">3.23%</td>
</tr>
<tr>
<td class="s7">Indonesia</td>
<td class="s8">$2,692</td>
<td class="s8">$2,395</td>
<td class="s8">8.90%</td>
</tr>
<tr>
<td class="s7">Mexico</td>
<td class="s8">$2,635</td>
<td class="s8">$2,045</td>
<td class="s8">7.76%</td>
</tr>
<tr>
<td class="s7">Argentina</td>
<td class="s8">$2,632</td>
<td class="s8">$2,032</td>
<td class="s8">7.72%</td>
</tr>
<tr>
<td class="s7">Latvia</td>
<td class="s8">€2,618.00</td>
<td class="s8">€1,228.00</td>
<td class="s8">4.92%</td>
</tr>
<tr>
<td class="s7">Greece</td>
<td class="s8">€2,572.00</td>
<td class="s8">€984.00</td>
<td class="s8">3.83%</td>
</tr>
<tr>
<td class="s7">Poland</td>
<td class="s8">€2,482.00</td>
<td class="s8">€1,666.00</td>
<td class="s8">6.71%</td>
</tr>
<tr>
<td class="s7">Belgium</td>
<td class="s8">€2,420.00</td>
<td class="s8">€1,338.00</td>
<td class="s8">5.53%</td>
</tr>
<tr>
<td class="s7">Estonia</td>
<td class="s8">€2,373.00</td>
<td class="s8">€1,016.00</td>
<td class="s8">4.28%</td>
</tr>
<tr>
<td class="s7">Trinidad &amp; T.</td>
<td class="s8">$2,334</td>
<td class="s8">$1,607</td>
<td class="s8">6.88%</td>
</tr>
<tr>
<td class="s7">Serbia</td>
<td class="s8">€2,239.00</td>
<td class="s8">€994.00</td>
<td class="s8">4.44%</td>
</tr>
<tr>
<td class="s7">Peru</td>
<td class="s8">$2,074</td>
<td class="s8">$1,206</td>
<td class="s8">5.81%</td>
</tr>
<tr>
<td class="s7">Morocco</td>
<td class="s8">$2,015</td>
<td class="s8">$1,217</td>
<td class="s8">6.04%</td>
</tr>
<tr>
<td class="s7">Panama</td>
<td class="s8">$2,001</td>
<td class="s8">$1,799</td>
<td class="s8">8.99%</td>
</tr>
<tr>
<td class="s7">Lithuania</td>
<td class="s8">€1,998.00</td>
<td class="s8">€1,195.00</td>
<td class="s8">5.98%</td>
</tr>
<tr>
<td class="s7">Slovak Rep.</td>
<td class="s8">€1,982.00</td>
<td class="s8">€1,110.00</td>
<td class="s8">5.60%</td>
</tr>
<tr>
<td class="s7">Colombia</td>
<td class="s8">$1,893</td>
<td class="s8">$1,213</td>
<td class="s8">6.41%</td>
</tr>
<tr>
<td class="s7">St Lucia</td>
<td class="s8">$1,860</td>
<td class="s8">$1,108</td>
<td class="s8">3.57%</td>
</tr>
<tr>
<td class="s7">Cyprus</td>
<td class="s8">€1,790.00</td>
<td class="s8">€757.00</td>
<td class="s8">4.23%</td>
</tr>
<tr>
<td class="s7">Portugal</td>
<td class="s8">€1,771.00</td>
<td class="s8">€1,022.00</td>
<td class="s8">5.77%</td>
</tr>
<tr>
<td class="s7">Croatia</td>
<td class="s8">€1,764.00</td>
<td class="s8">€1,072.00</td>
<td class="s8">6.07%</td>
</tr>
<tr>
<td class="s7">Costa Rica</td>
<td class="s8">$1,642</td>
<td class="s8">$1,147</td>
<td class="s8">8.38%</td>
</tr>
<tr>
<td class="s7">Romania</td>
<td class="s8">€1,537.00</td>
<td class="s8">€1,193.00</td>
<td class="s8">7.76%</td>
</tr>
<tr>
<td class="s7">Hungary</td>
<td class="s8">€1,528.00</td>
<td class="s8">€1,154.00</td>
<td class="s8">7.55%</td>
</tr>
<tr>
<td class="s7">Aruba</td>
<td class="s8">$1,455</td>
<td class="s8">$1,774</td>
<td class="s8">7.32%</td>
</tr>
<tr>
<td class="s7">Jamaica</td>
<td class="s8">$1,404</td>
<td class="s8">$1,369</td>
<td class="s8">9.75%</td>
</tr>
<tr>
<td class="s7">Montenegro</td>
<td class="s8">€1,400.00</td>
<td class="s8">€1,055.00</td>
<td class="s8">7.53%</td>
</tr>
<tr>
<td class="s7">Nicaragua</td>
<td class="s8">$1,342</td>
<td class="s8">$1,596</td>
<td class="s8">7.13%</td>
</tr>
<tr>
<td class="s7">Ecuador</td>
<td class="s8">$1,278</td>
<td class="s8">$1,027</td>
<td class="s8">8.04%</td>
</tr>
<tr>
<td class="s7">Bulgaria</td>
<td class="s8">€1,222.00</td>
<td class="s8">€566.00</td>
<td class="s8">4.64%</td>
</tr>
<tr>
<td class="s7">Jordan</td>
<td class="s8">$1,211</td>
<td class="s8">$1,290</td>
<td class="s8">10.65%</td>
</tr>
<tr>
<td class="s7">El Salvador</td>
<td class="s8">$1,193</td>
<td class="s8">$1,013</td>
<td class="s8">8.49%</td>
</tr>
<tr>
<td class="s7">Kenya</td>
<td class="s8">$1,188</td>
<td class="s8">$820</td>
<td class="s8">6.90%</td>
</tr>
<tr>
<td class="s7">Macedonia</td>
<td class="s8">€1,134.00</td>
<td class="s8">€565.00</td>
<td class="s8">4.98%</td>
</tr>
<tr>
<td class="s7">Puerto Rico</td>
<td class="s8">$1,103</td>
<td class="s8">$801</td>
<td class="s8">7.26%</td>
</tr>
<tr>
<td class="s7">Moldova</td>
<td class="s8">€965.00</td>
<td class="s8">€965.00</td>
<td class="s8">10.00%</td>
</tr>
<tr>
<td class="s7">Egypt</td>
<td class="s8">$831</td>
<td class="s8">$977</td>
<td class="s8">9.40%</td>
</tr>
<tr>
<td class="s7">Tanzania</td>
<td class="s8">$700</td>
<td class="s8">$500</td>
<td class="s8">8.57%</td>
</tr>
<tr>
<td class="s7">Gambia</td>
<td class="s8">$667</td>
<td class="s8">$330</td>
<td class="s8">5.94%</td>
</tr>
<tr>
<td class="s7">Madagascar</td>
<td class="s8">$520</td>
<td class="s8">$320</td>
<td class="s8">7.38%</td>
</tr>
<tr>
<td height="15"> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td class="s9" colspan="4">SOURCE: globalpropertyguide.com with mixed pricing</td>
</tr>
</tbody>
</table>
</body></html>

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