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

Joel Robinson

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

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

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

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

Bottega House secures landmark riverfront site in St Lucia 

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

SIERA kicks off construction at Northcliffe tower Exhale

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

[smartcode_project_cta:default project_id=112343]

Eastern Suburbs buyers snap up ESTE Little Bay apartments

Residential Market

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Townsville in the north-eastern coast of Queensland was at the bottom of the market in Herron Todd White’s latest property clock, a simple broad brush means to indicate where property prices are and where they are going.
The HTW report also discusses gentrification in the area, which can help investors stay curve can prove profitable to property investors, say HTW.
Traditionally, the suburbs of Oonoonba and Garbutt bring images of older style timber-framed homes on traditional lots generally of a modest to average quality. 
<a href="/images/2016/03/16/Screen%20Shot%202016-03-16%20at%209.27.30%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/16/Screen%20Shot%202016-03-16%20at%209.27.30%20AM.png" alt="">
In 2012, a new infill land estate known as The Village commenced development in Oonoonba with another new infill land estate known as Haven recently commencing construction in Garbutt. 
While these developments are not gentrification in its purest form, they are changing the landscape of these suburbs.
Both these estates are within four kilometres of the CBD, making them locationally desirable and have a high concentration of small lot sizes. Due to the higher density of these estates, construction includes a mix of single and double-storey masonry block homes. Within The Village there have also been some small complex unit developments. 
The appeal of these developments is very much price point driven with entry in the high $200,000s to low $300,000s. The major benefit of this style of development is the ability to have a unit-sized home on a small low maintenance allotment close to the City and The Strand without the costs associated with body corporate fees. 
Predominantly small lot, higher density land estates are a relatively new concept in the Townsville marketplace and how these estates present in the long term is yet to be tested.
The median unit price at the end of 2015 was $434,000, according to RP Data. There was no matching data for houses.
<img src="/images/2016/03/29/main.jpg" alt="">
As an illustration, a three-bedroom apartment at <a href="https://www.realestate.com.au/property-apartment-qld-townsville+city-121323246">41/51 Stanley Street Townsville City</a> sold for $349,000 recently.
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prateek24-ezbwHMbNAk

Queensland's Townsville appeal lies in entry price point of new developments: HTW 

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Chinese developer Yuhu Group is considering an early release of second stage sales after its first project in Sydney - The Miller at North Sydney - saw all four top-floor penthouses being snapped up last weekend in stage one. 
All stage one contracts have so far exchanged hands, with sold prices for the four top-floor penthouses starting at $3 million and all going to local buyers. A 72 sqm two-bedroom north-east facing apartment sold for $1.5million, also to a local buyer, said a media release.
The $200-million residential project at 221 Miller Street was launched by Yuhu Group on March 19. The tower will have 21-storeys comprising 183 apartments and 100 serviced apartments.  
Ray White Projects is marketing the release of apartments.
Ray White Projects director Eddie Mansour said this was a strong sign for the Sydney market.
“Although there is a lot of speculation that the market is slowing, the quick sell out of our first release shows that there is still significant strength in the Sydney market, and high demand for quality apartments within the city,” he said.
“Interest in The Miller has been from a combination of both offshore and local buyers, with the first release of marketing material generating notable interest.”
The second release of apartments is scheduled for May, but the group may consider an earlier release after the response it got over the weekend.
Construction will commence mid-2016 with an expected completion date in 2018.
For more information, <a href="https://yuhugroup.com.au/221MILLER" target="_blank">click here</a>.
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jonathanchancellor-7SQnKwU6yx

Yuhu's The Miller residential tower in North Sydney secures stage one sell out 

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SPONSORED POST
Sydney developer Longton Property Group has started construction on its $300 million Avantra apartment development in Mascot.
Delivered by construction company Built, Avantra covers an 8,762 square metre site, and will consist of 328 apartments along with ground floor retail. 
The development comprises two multi-storey buildings surrounding a courtyard garden. 
The project, in its final release, will herald smart apartments along with its own social media called iCommunity. 
The aim is all residents are part of a virtual neighbourhood that allows them to share information. 
This system will post regular updates on news, weather or finance, which residents can access either on their phones or iPads, or on an electronic noticeboard in each lobby.  
Each Avantra apartment will also have a home automation system managed by an iPad, with which residents can control lighting (standard package), open and close blinds and other features (upgrade package). Entry will be via fingerprint locks. 
Services such as shopping and house cleaners can be managed from within the apartments with the myiButler app.
Internal size of studios in Avantra are 60m² by 61m², one-bedroom plus MPR units are 75 m² by 82m², two-bedroom plus MPR units are 100m² by 127m² while three-bedroom plus MPR unit is 154 m². 
The interior designer behind Avantra, Richard Archer of Archer + Wright, said a crucial factor in the design is that residents feel connected to their building. 
“You don’t want it to feel as if you’re going back to this massive building that you have no connection with,” he said. 
Avantra is near to Mascot Station, close to shopping areas and just kilometres from Sydney CBD.  
Residents are expected to move in by December 2017. The project is now open for further registration of buying interest.  
Historically an industrial area, Mascot has benefited from its proximity to Sydney Airport and CBD, as well as Sydney’s beaches, to become a hub of residential and commercial activity. The rapid replacement of 1950s terraced houses with multi-unit dwellings is fast transforming this area. 
Longton Property Group director Winnie Pi said Avantra “sees the perfect blend of an iconic industrial past with contemporary city living."
"The exterior of the residential buildings portray an urban aesthetic that works in sync with the already established suburb of Mascot," she added.
Longton Property Group is an Australian subsidiary of a Chinese company, and has developments around Sydney worth up to $500 million.
Its two earlier projects Futra, a 55-apartment block in Mascot, and The Uptown in Roseville, a $200 million joint venture with Chinese developer Chiwayland, also incorporated integrated technology.
For more information, <a href="https://www.avantra.com.au" target="_blank">click here</a>.
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Construction starts on smart Avantra apartments in Sydney's Mascot

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Buyer advocate Greville Pabst, of the WBP Group noted a new suburb price record in Thornbury was set at weekend auction.
It was when the <a href="https://www.realestate.com.au/property-house-vic-thornbury-122000234" target="_blank">renovated four-bedroom period residence</a> at 13 Shaftesbury Parade sold for $1,945,000 through Nelson Alexander.
Quite some renovation as above was how it appeared before when sold in 2011 at almost a third of the price at $685,000.
<img src="/images/2016/03/23/thorn.jpg" alt="" width="570" height="428">
<img src="/images/2016/03/23/image15.jpg" alt="" width="567" height="425">
<img src="/images/2016/03/23/new.jpg" alt="">
The previous house price record was an Edwardian home sold at $1.75 million last year on Streetle Street.
 
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jchancellor-FAypfDUnLy

New Thornbury house price record

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GUEST OBSERVER
Brisbane has outperformed Sydney and Melbourne in a new Australian index that measures innovation performance at a suburb level.
The index is designed to help policymakers better understand the characteristics that make some locations more innovative than others.
Brisbane has five areas in the top 10 of the innovation index in 2014, substantially more than the much larger state capitals of Sydney (three) and Melbourne (two). At the same time, areas in the other states capital cities don’t even feature until position 28.
<a href="/images/2016/03/23/image-20160322-32291-1fxszd5.jpg" target="_blank"> Click to enlarge</a>
<img src="/images/2016/03/23/image-20160322-32291-1fxszd5.jpg" alt="">
<h4>Figure 1. BCEC Innovation index for Australia: 2014, by SA3 regions</h4>
The index is a composite of a number of indicators for both inputs to and outputs from innovation. Measures include patents, trademarks, new business entry and business R&amp;D investment (all relative to the size of the workforce), as well as the share of postgraduate qualified graduates and the ratio of research institutes to the resident population. Each of these measures either a direct innovation activity or a factor that supports innovation activities.
The index highlights the importance of location and agglomeration. The most innovative regions are usually in the largest cities and are typically near other innovative regions and relevant infrastructure that supports innovation such as business districts, universities and research institutes, as can be seen in Figure 1 above.
<h2>Proximity matters</h2>
Innovation is embedded in places. The co-location of the right mix of people, physical capital and infrastructure is key to developing new ideas and transforming them into commercial successes.
A new report from the Bankwest Curtin Economics Centre finds innovation is a local phenomenon where for a host of complex and interacting reasons, certain places and regions are doing better than others.
Innovations build on existing knowledge. Cities are the mechanism which facilitates the creation and dissemination of knowledge leading to better innovation performance. Universities increase the innovation performance of surrounding areas through direct research and innovation outputs and by improving the human capital of workers. Similarly, city centres and surrounding areas attract highly-skilled graduates.
While internet-based communication connects people in even the most remote locations with the rest of the world, when developing an innovation, these communication technologies largely complement regular face-to-face interaction rather than replacing it. It is easier to connect, share ideas and build trust with a neighbour than a person or business who is far away.
Other countries have recognised how important location is for innovation and developed place-based innovation policies.
EU countries and regions are required to have national or regional “Research and Innovation Strategies for Smart Specialisation” in order to access European structural and investment funds to support research and innovation. EU cohesion policy involves a process for tailoring innovation policies to local regions, including policies for scientific R&amp;D, practice-based innovation and adoption and diffusion of knowledge and innovations.
Australia is almost twice the area of the European Union. Place-based policies are particularly important in Australia with its large distances between cities and larger distances to the rest of the world.
Place-based innovation policies are not completely new in Australia. Queensland’s “Smart State” strategy between 1998 and 2007 attempted to boost knowledge-based industries through investment in infrastructure, education and training, research programs and industry incentives. While it is difficult to measure the success of these policies the strategy may help explain the high ranking of areas in Brisbane in BCEC’s innovation index (See Table 1).
<a href="/images/2016/03/23/image-20160322-32309-veax6t.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/23/image-20160322-32309-veax6t.jpg" alt="">
<h4>
Table 1. Ranking of SA3 regions by 2014 BCEC Innovation index for Australia 
</h4>
<h2>International collaboration and innovation</h2>
While innovation is a local phenomenon, international collaborations can bring benefits to businesses in the form of greater exposure to new ideas, world leading advances in technology, and commercialisation opportunities.
Yet OECD comparisons show that only 7.7 percent of innovation-active businesses in Australia engage in collaborations with international partners in the United States, Asia or Europe - well below the OECD average of 17.9 percent (Figure 2).
<a href="/images/2016/03/23/image-20160322-32300-1bushko.jpg" target="_blank">Click to enlarge</a>
 <img src="/images/2016/03/23/image-20160322-32300-1bushko.jpg" alt="">
<h4>Figure 2. Share of innovation-active firms engaged in international collaborations: OECD, 2012-13</h4>
Australia is a long way from innovation centres such as London, Tokyo, Shanghai and the Silicon Valley, of course. Australia is also far away from large cities in countries that are (relatively at least) closer to home, like Singapore or Auckland. And Australian cities are also far away from each other.
This means the knowledge inputs crucial to innovation do not diffuse easily within and to Australia, something that may be a particular constraint to innovation in Western Australia given its relative isolation.
Yet paradoxically, no more than 3.6% of Australian businesses cite access to knowledge as a barrier to innovation. This suggests - rightly or wrongly – that the majority of businesses rely on national knowledge partnerships for research and development activities.
It is difficult to square this circle, other than to speculate that some businesses in Australia perhaps “don’t know what they don’t know” – in other words, it is difficult for firms to recognise knowledge gaps as a barrier to innovation, because they simply don’t know what they haven’t learned or invented yet.
Successfully positioning Australia for an “ideas boom” may require a policy approach that addresses the unique constraints of Australia’s economic geography. In absence of such a tailored policy approach, innovation may be more expensive and difficult to achieve in Australia, discouraging R&amp;D investment and limiting the potential for an “ideas boom”.
 
Alan Duncan is director, Bankwest Curtin Economics Centre and Bankwest Research Chair in Economic Policy, Curtin University and can be contacted <a href="https://theconversation.com/profiles/alan-duncan-100759" target="_blank">here</a>.
Rebecca Cassells is associate professor, Bankwest Curtin Economics Centre, Curtin University and can be contacted <a href="https://theconversation.com/profiles/rebecca-cassells-127690" target="_blank">here</a>.
Steven Bond-Smith is research fellow, Bankwest-Curtin Economics Centre, Curtin University and can be contacted <a href="https://theconversation.com/profiles/steven-bond-smith-243423" target="_blank">here</a>.
All are authors for The Conversation
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Location, location, location: what’s holding back an Australian ideas boom

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Racing couple Gai and Robbie Waterhouse have now a $5.4 million asking price on their longtime Mosman family home after pulling the home from auction just a few weeks ago.
The four bedroom property, which has been in the Waterhouse family for 32 years, was listed with an initial price guide of $6 million through 2088 Realty listing agent Sally-Anne Lawlor.
Most of the buyer interest has come from developers who are not known to be as emotional in their outlays as home buyers.
The racing couple are still set to make a tidy gain from the Clifton Gardens home having paid $457,500 in 1983.
They now prefer Balmoral and their Mittagong trophy estate, Dunsinea.
The <a href="https://www.realestate.com.au/property-house-nsw-mosman-121723666" target="_blank">Burrawong Avenue</a> property (above) was designed with wall to wall windows highlighting the harbour views over Shark Island and beyond.
The master bedroom suite comes with an impressive hat display cabinet filled with Gai's hats and fascinators from past race days.
Elsewhere in Mosman the home of horse breeder Carl Holt is under offer. The former London financial markets trader and his wife Lorraine had $9 million plus hopes through <a href="https://www.domain.com.au/3-balmoral-avenue-mosman-nsw-2088-2012635591" target="_blank">Brendan Warner, of Raine &amp; Horne.</a> The Phil Corben designed home was last traded by former Qantas chief Geoff Dixon and his wife Dawn in 2010 at $8 million.
The most recent Gai Waterhouse-Carl Holt linked was Northern Fire, a Snitzel colt from the Scenic mare Pure Fire, bred by Holt. However the two year old bay colt last raced at Rosehill Gardens in January finishing unplaced, behind the winner Scarlet Rain.
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jrobinson-rf4aSBido9

Robbie, Gai Waterhouse asking $5.4 million for Mosman family home

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GUEST OBSERVER
Between January 2011 and December 2015, 512 houses and townhouses were bought and sold in Fitzroy. 
A simple comparison between average prices in 2011 and 2015 reveals that these have increased by about 9.4 percent per year (Table 1).
<a href="/images/2016/03/17/Screen%20Shot%202016-03-17%20at%201.11.45%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/17/Screen%20Shot%202016-03-17%20at%201.11.45%20PM.png" alt="">
That’s the only thing this tells us: people spent more money on each house in 2015 than they did in 2011. As a statistic, averages can be very misleading. They ignore any changes to the mix of properties being put on the market.
For example, each time a property is refurbished, extended or renovated, the value of the property increases. While this increase in value is reflected in an increased average price, this is not true capital growth, as additional investments had to be made. Also, with only about 100 properties being sold each year, the sale of a very few, very large houses would have a significant impact on the average price in that period.
If we break this down into individual years (Table 2), we can see that average prices fluctuate, which again highlights the limitation of using averages as indicators of capital growth.
<a href="/images/2016/03/17/Screen%20Shot%202016-03-17%20at%201.11.50%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/17/Screen%20Shot%202016-03-17%20at%201.11.50%20PM.png" alt="">
A better way to track capital growth is to track individual houses that were bought and then sold again at a later time, while remaining physically unchanged. This eliminates the other factors mentioned earlier that plague averages.
Using selected properties that were sold twice or more since 2011, Table 3 shows the year-on-year capital growth of houses and townhouses in Fitzroy, while Figure 1 shows the growth of a housing investment made in 2011 visually.
<a href="/images/2016/03/17/Screen%20Shot%202016-03-17%20at%201.15.40%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/17/Screen%20Shot%202016-03-17%20at%201.15.40%20PM.png" alt="">
A house that was bought in Fitzroy in 2011 would sell for 25% more in 2015, given it remained in the same condition.
<a href="/images/2016/03/17/Screen%20Shot%202016-03-17%20at%201.18.27%20PM.png">Click to enlarge</a>
<img src="/images/2016/03/17/Screen%20Shot%202016-03-17%20at%201.18.27%20PM.png" alt="">
The only limitation of this methodology is that it can become inaccurate if the sample of properties is small. For example, in Fitzroy only 29 property sales were deemed eligible for the index above. This can be improved by extending the time range to earlier than 2011, which would show longer term growth trends.
For more information, <a href="https://secretagent.com.au/" target="_blank">click here</a>.
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Fitzroy's true property price growth: Secret Agent

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Sydney's residential prices have dropped 1.6 percent in the December 2015 quarter, according to the ABS recent Residential property prices index release.
They are still 13.9 percent up however annually.
Canberra saw the biggest increase over the quarter, with a 2.8 percent increase, with Hobart increasing by 2.5 percent.
Melbourne and Brisbane increased by 1.6 percent each.
<a href="/images/2016/03/22/Screen%20Shot%202016-03-22%20at%2011.43.47%20am.png" target="_blank">Click here to enlarge</a>
<img src="/images/2016/03/22/Screen%20Shot%202016-03-22%20at%2011.43.47%20am.png" alt="" width="536" height="178">
<a href="https://twitter.com/PeteWargent" target="_blank">Pete Wargent</a> was one of the first to take to Twitter, highlighting the changes since 2008.
The Sydney price drop news quickly travelled the world, and was picked up by US-based <a href="https://twitter.com/autoforexalerts" target="_blank">@autoforexalerts</a> 
<a href="/images/2016/03/22/CeHNmOHW0AQ9BkI.jpg-large.jpg" target="_blank">Click here to see the enlarged chart</a>
<img src="/images/2016/03/22/Screen%20Shot%202016-03-22%20at%2011.50.19%20am.png" alt="" width="383" height="342">
 
DECEMBER KEY POINTS
 CHANGES TO RESIDENTIAL PROPERTY PRICE INDEX
<ul>
<li type="square">The price index for residential properties for the weighted average of the eight capital cities rose 0.2% in the December quarter 2015. The index rose 8.7% through the year to the December quarter 2015.</li>
<li type="square">The capital city residential property price indexes rose in Melbourne (+1.6%), Brisbane (+1.6%), Adelaide (+0.9%), Canberra (+2.8%), Perth (+0.5%) and Hobart (+2.5%) and fell in Sydney (-1.6%) and Darwin (-1.8%). </li>
<li type="square">Annually, residential property prices rose in Sydney (+13.9%), Melbourne (+9.6%), Canberra (+6.0%), Brisbane (+4.2%), Hobart (+3.5%) and Adelaide (+3.3%) and fell in Darwin (-3.2%) and Perth (-2.9%). </li>
</ul>
 TOTAL VALUE OF THE DWELLING STOCK
<ul>
<li type="square">The total value of residential dwellings in Australia was $5,885,967.2m at the end of December quarter 2015, rising $31,557.1m over the quarter. </li>
<li type="square">The mean price of residential dwellings rose $800 to $612,100 and the number of residential dwellings rose by 38,700 to 9,615,800 in the December quarter 2015.</li>
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Sydney house prices fall: ABS

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The coastal city of Hervey Bay in Queensland is a rising market and expected to deliver steady market conditions for residential property in 2016, according to Herron Todd White's property clock for March, which also discusses gentrification. 
Staying ahead of the gentrification curve can prove profitable to property investors, say HTW.  
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The year ahead will see stable supply and demand across the region. Sub $300,000 stock is predicted to firm with the lack of housing in this price range and improved rental returns driving prices slightly higher. The move towards smaller lots sizes (in the range of 350 square metres to 500 square metres) is now encouraged by Council with many new estates currently being developed adopting this higher density format.
Unit development is considered to be imminent in the short to medium term, with very little new stock being offered to the market after absorption of an oversupply of units. The most popular unit style which has shown to be well received by buyers in recent times is the villa and townhouse unit, as opposed to high rise development.
Building activity has significantly increased over the past six to twelve months in Hervey Bay. There are currently over eight new estates being developed, mainly next stages of existing estates, with some new estates. 
Suburbs of Urangan, Wondunna, Kawungan, Urraween and Pialba have absorbed most of this activity, with many developers selling their proposed turn-key dwellings off the plan to southern interstate investors. Prices range between $330,000 and $400,000 for most properties, with the majority of lot sizes between 350 and 700 square metres. 
Features typically encompass an above average standard and include stone bench tops, split system air-conditioning and landscaping. Higher density living with smaller lot sizes (up to 500 square metres) is now accepted (and perhaps encouraged) by local council and has been well received by the market. 
The Hervey Bay Housing Affordability Project is an initiative by Council and Federal Government which offers $12,000 grants for new land or new house and land packages. The incentive is reported to expire on June 30, 2016 which could result in a slowing of sales to first buyers. It is hoped the project may be extended to stimulate economic growth and support local employment in the construction industry.
The prestige property market has improved over the past 12 months with more sales in the higher price range (above $700,000) than previous years. While property prices are not considered to rise in this market in the short term, sales are expected to continue at this rate with more medical staff moving to the area due to a new private hospital and supporting medical industries. There is currently an abundance of higher priced stock on the market and vendors have to be flexible in order to finalise a sale.  
The steady rise in rental return over the past eighteen months has been stimulated by the ongoing influx of personnel for the new medical facilities in Urraween. A tenant can now expect to pay between $360 and $440 for a new four-bedroom, two-bathroom dwelling with double lock-up garage.
To date, there has been no significant rise in values for older existing stock, however, higher priced property up to $700,000 has been selling within shorter selling periods. The absorption of excess unit stock has now concluded, with new unit development foreseeable and welcomed in the near future.  
To illustrate the point, here's an example picked by Property Observer.
 <img src="/images/2016/03/22/main-2.jpg" alt="">
A three-bedroom apartment at <a href="https://www.realestate.com.au/property-unit-qld-urangan-120379417" target="_blank">506/569 Charlton Esplanade Urangan</a> sold recently for $470,000.
 
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Hervey Bay is a rising market: HTW

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Melbourne's Inner, North East and Inner East recorded the strongest preliminary clearance rates for the week ending 20 March, according to CoreLogic RP Data at 78.6 percent, 74.7 percent and 74.5 percent respectively.
 Melbourne’s Inner region was also the busiest auction market this week (390 auctions), followed by Inner South (291 auctions) and Inner East (283).
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