A landmark former orphanage site in Surrey Hills could be transformed into a new residential community under plans lodged by <a href="https://www.apartments.com.au/developers/antipodean-land-developments">Antipodean Land Developments</a> that would deliver 76 apartments and townhouses while restoring some of the suburb's most significant heritage buildings.

The burgeoninng Melbourne-based developer has submitted plans for the 9,158 sqm site at 1 Kent Road and 24 Durham Road, home to the former St Joseph's Home for Destitute Children, a historic institutional complex dating back to the late 19th century. The proposal seeks to adaptively reuse several heritage buildings while introducing two new four-storey residential buildings set within extensive landscaped grounds.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> and Kerstin Thompson Architects, the project has been conceived as a contemporary residential village embedded within a restored heritage precinct. The development team describes the design approach as "The Village in the Garden," with new buildings positioned among mature landscaping by OCULUS and significant heritage structures.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="44ec8c1b-c0b6-44ae-859e-5811b3e6a023" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%281%29.png?VersionId=p.p1_KFh4iQoV4nisdnPfQBAsWNi7m79" />

The proposal would deliver 76 dwellings comprising a mix of apartments and duplex-style residences, significantly increasing housing supply on one of the largest privately held residential landholdings in Surrey Hills. The development includes 127 car spaces, 24 bicycle spaces and more than 1,000 sqm of communal amenity, with the existing chapel building earmarked for conversion into resident facilities.

According to the planning submission, the project centres on the restoration and adaptive reuse of the site's most significant heritage assets, including the original c.1889 St Joseph's building, the chapel designed by architect Augustus Andrew Fritsch, and the historic brick perimeter walls and entry gates. The proposal also incorporates the retention of other contributory buildings including the former infirmary and school building.

Tract Consultants, in the planning report accompanying the application, said the scheme had been shaped through extensive heritage analysis and design development.

"The shared vision for the Site by the project team has culminated in a scheme which successfully breathes life back into a historic site while delivering upon the objectives of Victoria's Housing Statement in a carefully curated and contextually responsive manner."

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="7263b7d8-95ea-400f-9531-6ca7d22c3c33" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%282%29.png?VersionId=4cR1tiWOsDpgxEOwZi5vVFcyvvOsYkIE" />

The proposal is being assessed under Victoria's Significant Residential Development with Affordable Housing pathway. As part of the application, three per cent of the project's residential development cost would be contributed to the Social Housing Growth Fund. The development would also provide a diverse mix of one, two and three-bedroom residences targeting a broader range of buyers than typically found in Surrey Hills' detached housing market.

Sustainability initiatives include an anticipated 66 per cent BESS score, natural cross-ventilation to 80 per cent of apartments, 28 per cent deep soil landscaping and a canopy cover outcome exceeding local planning requirements. The proposal also sets aside more than 1,083 sqm for communal indoor and outdoor resident amenity spaces.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="33fad46f-fe26-4d0a-acfd-6b776e1c6a3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design.png?VersionId=D9F6WVSyYCtGvSUmith35LRp6R7PQkw_" />

Planning documents describe the property as one of the largest underutilised residential sites in Surrey Hills, arguing it presents a rare opportunity to introduce "missing middle" housing in an established inner-eastern suburb while preserving and revitalising a significant heritage precinct.

Antipodean Land Developments has built a reputation for design-focused residential projects across Melbourne, particularly in the medium-density sector. Previous developments include Neighbourhood in Brunswick East, delivered with Breathe Architecture, and Balfe Park Lane, designed by Kerstin Thompson Architects.

They've been very active in site acquisition as they build out their future development pipeline. They recently launched Thornubury House, 45 apartments above a mix of commercial, retail, and food and beverage tenancies, and have plans for a boutique project in Fitzroy and another <a href="https://www.apartments.com.au/news/vic/antipodean-plan-apartments-for-deepdenes-missing-middle-on-whitehorse-road">"missing middle" project</a> on Deepdene's Whitehorse Road.

Joel Robinson

First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills

Developer <a href="https://www.apartments.com.au/developers/auyin-property-development">Auyin</a> is the latest to turn to the Victorian Government's Development Facilitation Program in an effort to secure approval for its long-planned, mixed-use project in Elsternwick.

In 2018, Auyin lodged plans with Glen Eira City Council for a 14-storey building, however Council approved a reduced eight-storey scheme. A subsequent VCAT appeal in 2019 upheld the eight-storey height limit.

The project was later amended to nine storeys, but Auyin is now seeking to revive something closer to its original vision. The developer argues that the planning context has evolved significantly over the past decade, particularly within the Elsternwick Activity Centre, where higher-density development has increasingly been encouraged along Glen Huntly Road.

The proposal would transform the 1,239 sqm site at <a href="https://www.apartments.com.au/new-apartments/7-12-horne-street-elsternwick-vic-3185">7-15 Horne Street</a>, opposite Elsternwick Railway Station, into a 13-storey residential and retail development designed by CBG Architects, with 40 apartments

The site currently comprises three commercial properties.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="5f465dd4-509b-4082-a669-0253b313914b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20podium.png?VersionId=72frWi0SmQ5AVJ3ARRhX5ILUYObhTm7x" />

The proposed apartment mix comprises 25 two-bedroom and 15 three-bedroom residences above 200 sqm of retail space at ground level. Residents would have access to a 90 sqm wellness facility, a 351 sqm communal indoor and outdoor terrace on the third level, and extensive landscaped areas throughout the development. A publicly accessible 135 sqm plaza would be created on the north-east corner of the site, providing seating, landscaping, and a new gathering space adjoining Horne Street.

The design adopts a four-storey podium that references the finer-grain character of the surrounding streetscape, with the upper tower recessed behind generous setbacks on all boundaries.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="e637e763-2abc-4c34-a0aa-5c7ad36fae18" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20open.png?VersionId=J1AoOpZgTyaF.KeeFSX6lMjEScX8KKRi" />

A key element of the proposal is the reconfiguration and widening of the surrounding laneways. Vehicle access would be retained from Lois Lane, with upgraded pedestrian connections linking Ross Street and Horne Street. The development would provide 58 residential car spaces, two retail car spaces, and 52 bicycle spaces across two basement levels and ground-floor facilities.

Architecturally, the building draws inspiration from the established character of Elsternwick Village. The façade combines dark charcoal brickwork, textured concrete, bronze-toned metal detailing, and extensive planting integrated into podium and tower levels. The design also incorporates a chamfered corner treatment and publicly accessible plaza intended to strengthen pedestrian activity around the station precinct.

Elsternwick's last new development completion was&nbsp;EVA Elsternwick by Pitard late last year. <a href="https://www.apartments.com.au/developers/milieu-property">Milieu</a> is working away on its nature-led neighbourhood, <a href="https://www.apartments.com.au/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick-vic-3185">Elsternwick Gardens</a>, on Gordon Street, with its first stage expected to complete next year.

First look: Auyin seeks mixed-use apartment project in growing Elsternwick Activity Centre

<a href="https://www.apartments.com.au/new-apartments/otium-parkdale-123-125-como-parade-east-parkdale-vic-3195">Otium Parkdale</a>, the 13-residence boutique development by&nbsp;<a href="https://www.apartments.com.au/developers/huxtable-property">Huxtable Property</a>, has entered its final stages of delivery, with completion expected within the coming month and more than half of the residences sold.

The Como Parade East project is nearing the finish line at a time when opportunities to purchase new apartments in <a href="https://www.apartments.com.au/developments/parkdale-vic-3195">Parkdale</a> remain exceptionally limited. Fewer than 10 per cent of dwellings in the bayside suburb are apartments, making developments like Otium a relatively rare addition to a market traditionally dominated by detached housing.

[smartcode_project:default project_id=134974 project_image_fid=5427]

The three-level development comprises 13 residences, including ten two-bedroom apartments and three larger three-bedroom homes, all positioned above a secure basement car park.

Designed by <a href="https://www.apartments.com.au/architects/almeida-architects">Almeida Architects</a> with a strong connection to its coastal surroundings, Otium combines red brick, exposed concrete and dark metal detailing with integrated landscaping and greenery. Expansive glazing, generous balconies and terraces have been incorporated throughout the design to maximise natural light and reinforce indoor-outdoor living.

Inside, the residences feature engineered European oak flooring, natural and reconstituted stone benchtops, Bosch kitchen appliances, ducted heating and cooling, lift access and secure entry systems. The larger three-bedroom residences on the upper level have been designed with house-like proportions, while the two-bedroom apartments prioritise functionality, flexibility and low-maintenance living.

[smartcode_project:default project_id=134974 project_image_fid=5421]

The project is now in its final stages, with <a href="https://www.apartments.com.au/builders/labco">Labco</a> completing the remaining landscaping and external finishing works following the completion of the residences' interiors.

Otium's location within the heart of Parkdale continues to underpin its appeal. Residents will be just steps from local cafés, restaurants, shops and the newly elevated Parkdale Station, while the beach is less than a kilometre away.

With the project tracking ahead of schedule, buyers can currently secure a residence with a five per cent deposit and benefit from settlement terms of up to eight months. The advanced stage of construction also provides buyers with the opportunity to walk through the near-complete residences and experience the quality and finishes firsthand ahead of completion.

[smartcode_project_cta:default project_id=134974]

Otium Parkdale enters final month before completion as rare apartment opportunity nears sellout

A new boutique apartment development is entering the market in <a href="https://www.apartments.com.au/developments/chermside-qld-4032">Chermside</a>, with Brisbane-based developer <a href="https://www.apartments.com.au/developers/ausdev">Ausdev</a> bringing 33 residences to a well-connected pocket of Brisbane's north.

<a href="https://www.apartments.com.au/new-apartments/parkdrive-apartments-chermside-25-sammells-drive-chermside-qld-4032">Parkdrive Apartments</a>, at 25 Sammells Drive, will comprise a mix of one- and two-bedroom residences positioned within walking distance of Westfield Chermside, The Prince Charles Hospital, and Bradbury Park.

Established in 1989, Ausdev has a long-standing presence across both development and construction, with Parkdrive Apartments representing its latest residential project in Brisbane's northern suburbs.

[smartcode_project:default project_id=152125 project_image_fid=363778]

The development has been designed around open-plan living and natural light, with residences featuring stone benchtops, timber cabinetry, BOSCH appliances, and private balconies that extend the living areas outdoors.

Kitchens are positioned as the centrepiece of the homes, incorporating natural material palettes and integrated appliances, while bathrooms have been designed with a focus on functionality and understated finishes.

Residents will have access to a communal barbecue and entertaining area on Level 3, providing shared outdoor space within the development. Secure parking and lift access are also incorporated into the building.

The project will deliver a limited collection of 33 apartments, with one-bedroom residences priced from $749,000.

[smartcode_project:default project_id=152125 project_image_fid=363782]

Beyond the building itself, the location places residents within easy reach of several of Chermside's key amenities. Bradbury Park is around 350 metres away, while Westfield Chermside is approximately 1.3 kilometres from the site. The Prince Charles Hospital is located within 750 metres, and the Chermside Bus Interchange is around 1.5 kilometres away, providing connections across Brisbane.

Parkdrive Apartments adds to the growing residential pipeline in Chermside, a suburb that continues to evolve as a major retail, healthcare, and transport hub for Brisbane's north.

[smartcode_project_cta:default project_id=152125]

Ausdev introduces boutique Parkdrive Apartments to Chermside's growing centre

<a href="https://www.apartments.com.au/developers/skymark-group">Skymark</a>'s boutique Cronulla development Solis has secured a 10-year Latent Defects Insurance policy through Resilience Insurance, providing buyers of the 16-residence building on Ewos Parade with structural and waterproofing protection that extends a decade beyond the building's completion.

Currently under construction and due for completion in late 2027, <a href="https://www.apartments.com.au/new-apartments/solis-cronulla-8-ewos-parade-cronulla-nsw-2230">Solis</a> is one of a small number of new developments in the Sutherland Shire to carry Resilience LDI coverage, a distinction that carries increasing weight as buyer confidence in the off-the-plan sector continues to be shaped by how developers stand behind their product.

Latent Defects Insurance, which entered the Australian market in 2022 when Resilience Insurance was approved to offer the cover, protects buyers against major structural or waterproofing defects for ten years post-completion. Unlike traditional statutory warranties, it operates as a first-resort policy, if a covered defect arises, the insurer responds directly, without the buyer needing to pursue the builder or developer through a lengthy claims process.

Resilience Insurance CEO Corey Nugent has noted that the product addresses something fundamental to the new apartment market.

"The overarching feedback from prospective buyers in the new development space is that they want more confidence and assurances around the quality of the build," Nugent says.

"Resilience Insurance Latent Defects Insurance not only gives them complete peace of mind for 10 years, but it shows the developer they are buying from is standing by their product."

[smartcode_project:default project_id=150499 project_image_fid=370898]

For Solis, the Resilience LDI policy adds a meaningful layer of accountability to an already considered project. The development comprises nine two-bedroom and seven three-bedroom residences, including one dual-level three-bedroom apartment, across a five-storey building on Ewos Parade, positioned between Shelly Beach and South Cronulla.

Garden apartments connect directly to private landscaped courtyards, while upper-level homes capture beach views to the east from level four and above.&nbsp;

All 16 residences include at least one balcony or courtyard, and select apartments on the upper floors feature bar areas and secondary flexible living spaces.

Hiba Sander, Managing Director of Skymark, says Solis offers a rare balance, nestled between the quiet beauty of secluded beaches and the lively charm of South Cronulla's esplanade.

"It's a place to choose your pace and live gracefully, seaside'," Sander says.

[smartcode_project:default project_id=150499 project_image_fid=370900]

The architecture, designed by <a href="https://www.apartments.com.au/architects/ida-design-group">IDA Design Group</a>'s Michael Trinh, draws from the natural erosion patterns of <a href="https://www.apartments.com.au/developments/cronulla-nsw-2230">Cronulla</a>'s sandstone headlands, translating the organic forms of the coastline into soft curves, pavilion-style massing, and a material palette chosen for longevity in a salt-tinged environment.&nbsp;

Textured natural stone, soft renders, and timber-look battens reference the tones of the surrounding cliffs, while the building has been oriented to maximise natural light and passive ventilation, with primary living spaces facing north and east to capture morning sun and sea breezes.

"At Solis, our aim was to create architecture that feels quietly confident, grounded in natural materials like stone and timber, and elevated by light and landscape," Trinh says.&nbsp;

"The buildings are designed to sit gently within their coastal surrounds, with expansive glazing and abundant greenery creating a seamless dialogue between inside and out."

[smartcode_project:default project_id=150499 project_image_fid=370897]

Interiors by <a href="https://www.apartments.com.au/architects/hot-black">Hot Black</a> carry the same material language through to every room. Kitchens feature integrated Gaggenau appliances, sculpted stone benchtops, and Lo &amp; Co joinery, while bathrooms feature natural stone, timber, and brushed metal finishes.&nbsp;

Hot Black Founder and Design Director Sophie Safrin describes the intent as one of considered restraint: "At Solis, every detail has been thoughtfully considered to create a timeless coastal retreat, calm, refined, and effortlessly liveable. From natural finishes to seamless indoor-outdoor flow, Solis offers a quiet elegance that's deeply connected to its surroundings.

The landscape, designed by Julian Brady of <a href="https://www.apartments.com.au/landscape-architect/sitedesignstudios">Site Design Studios</a>, treats green space as an integral part of the resident experience rather than an afterthought.&nbsp;

"Gentle curves and layered native plantings mirror the ebb and flow of the ocean," Julian Brady says, "creating a serene connection between architecture and place."&nbsp;

Coco Republic has provided bespoke furniture packages tailored to the project's coastal palette.

[smartcode_project:default project_id=150499 project_image_fid=370899]

Skymark has an established track record in the Sutherland Shire, with a portfolio spanning Cronulla, Woolooware and Burraneer that includes Isla, Sylva, Bask, Shells, Sula and Mist. Securing LDI on Solis reflects a broader shift in how the developer is positioning its buildings to buyers, at a time when Resilience Insurance expects the policy to become mandatory in New South Wales by 2028.

Sales at Solis are launching soon through Ray White Projects, with an official event scheduled for 11 June. Enquire for more information.

[smartcode_project_cta:default project_id=150499]

Skymark takes out 10-year Resilience Insurance LDI at Solis Cronulla

Job Vacancy

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EXPERT OBSERVER
Job vacancies had barely begin their decline by the end of February, holding up at about 227,000.
Vacancies were lower than a year earlier due to the bushfires, but not by much.
Click <a href="https://1.bp.blogspot.com/-KNa301clF_4/XoVRp1y5JiI/AAAAAAAA1DM/Oc-nvFUNd0Yj1oiu6d41CR0KXGHCg2XbQCNcBGAsYHQ/s640/A1.jpg" target="_blank">here</a> to enlarge.
<img src="https://1.bp.blogspot.com/-KNa301clF_4/XoVRp1y5JiI/AAAAAAAA1DM/Oc-nvFUNd0Yj1oiu6d41CR0KXGHCg2XbQCNcBGAsYHQ/s640/A1.jpg" width="640" height="384" style="font-size: 12.16px;" data-original-height="816" data-original-width="1359">
<div class="separator"> </div>
<div>There were about 700,000 unemployed persons at the end of the last month, so there never was any tight labour market in this cycle. </div>
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<div>We simply never got low or tight enough to see stronger wages growth. </div>
<div> </div>
<div class="separator"><img src="https://1.bp.blogspot.com/-D28blnXsgiw/XoVRp2NX0DI/AAAAAAAA1DI/e6kSJ5tag6QHcqB-Cc5JlpCHJ-5qPwktwCNcBGAsYHQ/s640/A3.jpg" width="640" height="376" data-original-height="824" data-original-width="1398"></div>
And full employment has remained elusive throughout the full cycle.
Click <a href="https://1.bp.blogspot.com/-d5OcMFYxtOs/XoVRprnURdI/AAAAAAAA1DE/VuLDAE0OyWoQ8tVThGIyatv2iax8ATpiACNcBGAsYHQ/s640/A2.jpg" target="_blank">here</a> to enlarge.
<div class="separator"><img src="https://1.bp.blogspot.com/-d5OcMFYxtOs/XoVRprnURdI/AAAAAAAA1DE/VuLDAE0OyWoQ8tVThGIyatv2iax8ATpiACNcBGAsYHQ/s640/A2.jpg" width="640" height="370" data-original-height="814" data-original-width="1408"></div>
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<div>Looking at the most timely available data from private data sets on job vacancies and other reads, it seems likely that unemployment is probably heading to about 10 per cent, although the situation is very fluid right now. </div>
<div> </div>
<div>At the state level, the resources states were tracking a bit better, as Sydney and Melbourne have moved beyond their respective peaks. </div>
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<div>Click here to enlarge.</div>
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<div class="separator"><a href="https://1.bp.blogspot.com/--rUsZxjmY2U/XoVRq0743RI/AAAAAAAA1DQ/0A7rMqDZHeM1ShxtFwsnDL6Px5T_8HbygCNcBGAsYHQ/s640/A4.jpg" target="_blank"><img src="https://1.bp.blogspot.com/--rUsZxjmY2U/XoVRq0743RI/AAAAAAAA1DQ/0A7rMqDZHeM1ShxtFwsnDL6Px5T_8HbygCNcBGAsYHQ/s640/A4.jpg" width="640" height="370" data-original-height="811" data-original-width="1400"></a></div>
Challenging times ahead.
PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.
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pwargent-M4siyDbqQY

Job vacancies are getting set for a plunge: Pete Wargent

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<div>
EXPERT OBSERVER
In trend terms, the Internet Vacancy Index decreased by 0.1 per cent in August. The index is 6 per cent lower than a year ago, but it is 9.4 per cent above the level recorded five years ago.
As widely expected, the RBNZ has left the official cash rate unchanged at a record low of 1.00 per cent at its meeting today
Governor Lowe delivered a speech titled “Economic Update.”
The internet job vacancies data is a leading indicator of the job market and therefore important for consumer-focussed stocks and companies. Speeches from the Reserve Bank Governor can provide guidance on interest rate settings. Changes in New Zealand monetary policy settings can affect rates in Australia as well as the sharemarket and currency.
</div>
<div>
What does it all mean?
The Reserve Bank Governor wouldn’t be drawn on the timing of the next rate cut. The rate cut may well be delivered on Tuesday. But if the Bank believes that the economy is indeed turning higher (it has reached a ‘gentle turning point’), the Bank may end up deciding that rate stability is the best source of action in the current environment.
The Governor adopted his usual ‘glass half-full’ approach rather than ‘glass half-empty’. In fact Philip Lowe believes we have a tendency to focus on what could go wrong rather than focus on the ‘tremendous opportunities’. The main concern is that consumers are not spending like they have in the past. And the other area of worry is the fact that investors are choosing to sit on the sidelines. There are plenty of savings but investors are not tapping those funds and investing.
No surprises from Reserve Bank New Zealand. The easing bias still exists. But clearly the ‘jumbo’ or ‘super-sized’ rate cut in August provided the Bank with more time before deciding the next move. Commonwealth Bank Group economists expect the next rate cut in November.
It’s steady as you go on job vacancies. There was little change in vacancies in the past month but the loss of momentum in Sydney and Melbourne gives the Reserve Bank additional scope to cut rates next week. Construction job vacancies continue to ease, reflecting slower home construction. But significant job vacancies continue to exist in Health, Education and personal/community services.
What do the figures show? 
<a href="https://www.propertyobserver.com.au/images/2019/9/25/job%20vacancy%201.jpg" target="_blank">Click here</a> 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/2019/9/25/job%20vacancy%201.jpg" alt="">
Skilled Job Vacancies
The Department of Employment Internet Vacancy Index fell by 0.1 per cent in August. The index is 6 per cent lower than a year ago although it is up 9.4 per cent above the level recorded five years ago.
In August 2019: “Job advertisements decreased in four of the eight occupational groups, and remained steady in two. Job advertisements increased for Labourers as well as Community and Personal Service Workers (both up 0.4 per cent).” 
Over the year to August 2019: “Job advertisements fell in six of the eight occupational groups, with the strongest falls recorded for Machinery Operators and Drivers (down by 16 per cent), Sales Workers (down by 12 per cent) and Technicians and Trades Workers (down by 10.7 per cent). Increases were recorded for Community and Personal Service Workers (up by 5.2 per cent) and Professionals (up by 0.3 per cent).
Over the year to August 2019, 12 of the 48 detailed occupational groups recorded increases in job advertisements. “The largest increases were recorded for a range of education and health related occupations such as Education Professionals (up by 1270 job advertisements), followed by Health Diagnostic and Therapy Professionals (570), Medical Practitioners and Nurses (500) and Carers and Aides (480).”
“The largest decrease was recorded for General-Inquiry Clerks, Call Centre Workers, and Receptionists (down by 1220 job advertisements), followed by Sales Assistants and Salespersons (1060), Corporate Managers (1010), Construction, Production and Distribution Managers (860) and Engineering, ICT and Science Technicians (840).”  
 Job vacancies increased in four states and two territories in August: NSW (down 0.7 per cent), Victoria (down 0.2 per cent); Queensland (up 0.2 per cent); South Australia (up 0.6 per cent); Western Australia (up 0.7 per cent); Tasmania (up 1.1 per cent); Northern Territory (up 0.6 per cent); and ACT (up 0.9 per cent).
Over the year to August 2019, job vacancies rose in three states and one territory: NSW (down 12.1 per cent), Victoria (down 7.4 per cent); Queensland (down 2.5 per cent); South Australia (up 3.0 per cent); Western Australia (up 1.6 per cent); Tasmania (up 11.3 per cent); Northern Territory (down 4.3 per cent); and ACT (up 11.9 per cent).
Over the year to August 2019, in three month moving average terms, job advertisements decreased in 19 of 37 regions. “The strongest decreases in job advertisements were recorded in Sydney (down by 15.4 per cent), followed by Gosford &amp; Central Coast NSW (down 11.2 per cent), NSW North Coast (down 10.9 per cent), Melbourne (down 9.4 per cent) and Gold Coast (down 8.3 per cent).”
“The strongest increases were recorded in Port Augusta &amp; Eyre Peninsula, SA (up 32.5 per cent), Yorke Peninsula &amp; Clare Valley, SA (up 30.2 per cent), Fleurieu Peninsula &amp; Murray Mallee, SA (up 18.9 per cent), Hobart &amp; Southeast Tasmania (up 15.6 per cent) and South West WA (up 15.3 per cent).”
Reserve Bank Governor Speech
The speech can be found here: <a href="https://www.rba.gov.au/speeches/2019/sp-gov-2019-09-24" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">https://www.rba.gov.au/speeches/2019/sp-gov-2019-09-24.html</a>
Interest rates: “Further monetary easing may well be required. While we are at a gentle turning point and expect growth to pick up, the strength and durability of this pick-up remains to be seen.”
Interest rates: “At our Board meeting next week, we will again take stock of the evidence. It is nevertheless likely that an extended period of low interest rates will be required in Australia to make progress in reducing unemployment and achieving more assured progress towards the inflation target. The Board is prepared to ease monetary policy further if needed to support sustainable growth in the economy, make further progress towards full employment, and achieve the inflation target over time.”
In the Question &amp; Answer segment, the Governor said that ‘nirvana’ would be inflation near 2.5 per cent, wage growth near 3.5 per cent, the job market at ‘full employment’ (near 4.5 per cent) and the economy displaying ‘decent’ productivity growth. 
Reserve Bank of New Zealand interest rate decision 
<a href="https://www.propertyobserver.com.au/images/2019/9/25/job%20vacancy%202.jpg" target="_blank">Click here</a> 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/2019/9/25/job%20vacancy%202.jpg" alt="">
 
<a href="https://www.propertyobserver.com.au/images/2019/9/25/job%20vacancy%203.png" target="_blank">Click here </a>to enlarge: 
 
<img src="https://www.urban.com.au/images/2019/9/25/job%20vacancy%203.png" alt="">
RBNZ has held the official cash rate at a record low of 1.00 per cent at its meeting today, as widely anticipated by economists.  
The Monetary Policy Committee “agreed that new information since the August Monetary Policy Statement did not warrant a significant change to the monetary policy outlook.”
On jobs and inflation: “Keeping the OCR at low levels is needed to ensure inflation increases to the mid-point of the target range, and employment remains around its maximum sustainable level.”
On the outlook for monetary policy: “There remains scope for more fiscal and monetary stimulus, if necessary, to support the economy and maintain our inflation and employment objectives.”
Commonwealth Bank Group economists expect another 25 basis point rate cut in November.
What is the importance of the economic data?
The Department of Employment releases a monthly Internet Vacancy Index. The index is based on a count of online job advertisements newly lodged on three main job boards (SEEK, CareerOne and Australian JobSearch) during the month. The index is the only publicly available source of detailed data for online vacancies, including around 350 occupations (at all skill levels), as well as for all states/territories and 37 regions.
Reserve Bank Governor speeches give a guide to policymaker thinking on interest rate settings. 
What are the implications for interest rates and investors?
Financial markets believe that rates will be cut next Tuesday. But whether its Tuesday or a month or two later, the Reserve Bank Governor believes that is reasonable to assume that further rate cuts lie ahead given that inflation is below the 2-3 per cent target band.
Lower interest rates will keep the Aussie dollar near US67-68 cents. And that lower Aussie dollar is good news for Australian businesses, especially exporters. Lower interest rates will also provide support for consumer-focussed stocks on the sharemarket.
The lack of momentum on job vacancies points to slower employment ahead and thus giving the Reserve Bank further reason to be cutting interest rates.
<a href="https://www.propertyobserver.com.au/images/2019/9/25/job%20vacancy%204.jpg" target="_blank">Click here</a> 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/2019/9/25/job%20vacancy%204.jpg" alt="">
<a href="https://www.propertyobserver.com.au/images/2019/9/25/job%20vacancy%205.jpg" target="_blank">Click here</a> 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/2019/9/25/job%20vacancy%205.jpg" alt="">
Ryan Felsman is a senior economist at CommSec
Craig James is the chief economist at CommSec.
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