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<p>Transaction volumes have slumped as valuation corrections wash through the office market and listed funds write down assets.&nbsp;</p><p>MSCI Real Capital Analytics head of real assets research Ben Martin-Henry says he is expecting an increase in transaction activity at the end of 2023, but a gap between buyer and seller price expectations is throwing a spanner in the works.&nbsp;</p><p>MSCI’s price expectations gap indicator data shows the gap in Sydney office is 30 per cent, between what buyers want to pay, and what asset owners are willing to sell for.&nbsp;</p><p>Martin-Henry says it’s likely that they will meet in the middle at around 15 per cent discount, well below the forecast 20 per cent mooted earlier this year.&nbsp;</p><p>“We’re not seeing a lot of transactions as a result of that gap,” Martin-Henry said.&nbsp;</p><p>“I do expect to see more transactions at the end of the year.</p><p>“Australia has been lagging other markets, it will be interesting to see the recovery profile in the next six months.”</p><p>Martin-Henry says transaction volumes are significantly down on previous years across the board.&nbsp;</p><p>“We’ve seen a bit more movement in the market in terms of transactions, some good, some bad,” he says.&nbsp;</p><p>“Transaction volumes are down 50 per cent on the five-year average. It’s the worst results since 2011. Over the last three years as a property economist it’s been a nightmare.</p><p>“It’s taking a lot of time to get deals through, between 9 and 12 months, particularly in office.&nbsp;</p><p>“Office values really started declining in September last year. Sydney CBD office and secondary office are the worst performing markets. Prime office is holding on reasonably well.”</p><p>MSCI Real Capital Analytics data shows the top 10 office transactions for the last financial year were predominantly in Sydney.&nbsp;</p><p>Canberra’s resilient office sector also featured in the top 10, with just one asset in Melbourne, and another in Perth.&nbsp;<br></p><p>Colliers’ senior executive, capital markets, Lucy Mallick says there are some emerging green shoots in the office market.&nbsp;</p><p>“Australia’s relatively stable economy and population growth has secured the nation’s position as a target for foreign capital targeting long-term growth prospects,” Mallick said.</p><p>“Unlike historical patterns during times of economic turbulence, office leasing and capital values are not currently aligned, and occupier demand for prime quality office spaces will support recovery of capital values.”</p><p><br></p><hr><h2><br>1. 60 Margaret Street, March 2023<br><br></h2><div id="3b9Xc8TdIvRt3IXKb1o3z0"><picture><img src="//images.ctfassets.net/8pr762qjocl3/pXojtcbTBtH5jhE4S4Y8X/3a07fb83a591afbd7d9a72fe128dcfdf/60_Margaret_Street.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/pXojtcbTBtH5jhE4S4Y8X/3a07fb83a591afbd7d9a72fe128dcfdf/60_Margaret_Street.jpg"></picture><div><br></div></div><p><strong>&nbsp; &nbsp;Address: </strong>60 Margaret Street, Sydney<br>&nbsp; <strong>&nbsp;Building: </strong>39-storey tower, 46,324sq m<br><strong>&nbsp; &nbsp;Buyer: </strong>Ashe Morgan JV with Mitsubishi Estate<br>&nbsp; &nbsp;<strong>Seller:</strong> Mirvac and Blackstone<br>&nbsp; &nbsp;<strong>Price: </strong>$820 million<br>&nbsp; &nbsp;<strong>Price per square metre:</strong> $17,702<br>&nbsp; &nbsp;<strong>Cap rate:</strong> 5 per cent<br><strong>&nbsp; &nbsp;Agent:</strong> Cushman &amp; Wakefield, JLL<br><br></p><hr><h2><br>2.&nbsp; 367 Collins Street, April 2023<br><br></h2><div id="19e3bqIQ4Uu5lOBmlR8K9F"><picture><img src="//images.ctfassets.net/8pr762qjocl3/2wsZkY8jCIYHbCpYDxnyiN/c4354d31c8aabe11d5b6fb267571d153/367_Collins.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/2wsZkY8jCIYHbCpYDxnyiN/c4354d31c8aabe11d5b6fb267571d153/367_Collins.jpg"></picture><div><br></div></div><p>&nbsp; <strong>&nbsp; Address:</strong> 367 Collins Street, Melbourne<br>&nbsp;<strong> &nbsp; Building:</strong> 33-storey tower, 37,162sq m<br><strong>&nbsp; &nbsp; Buyer: </strong>Not listed<br>&nbsp;<strong> &nbsp; Seller: </strong>Mirvac<br>&nbsp;<strong> &nbsp; Price:</strong> $400 million<br><strong>&nbsp; &nbsp; Price per square metre:</strong> $10,674<br><strong>&nbsp; &nbsp; Cap rate: </strong>6.6 per cent<br>&nbsp;<strong> &nbsp; Agent:</strong> Cushman &amp; Wakefield, CBRE<br><br></p><hr><h2><br>3. Hunter and Pitt, March 2023<br><br></h2><div id="2tGGX21OJvTgKwW9KeBY8S"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6f3tBXte1xyRtVxQGase04/822f7ba0b76c01c55c3b1744b871a7da/Hunter_and_Pitt.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/6f3tBXte1xyRtVxQGase04/822f7ba0b76c01c55c3b1744b871a7da/Hunter_and_Pitt.jpg"></picture><div><br></div></div><p><strong>&nbsp; &nbsp; Address: </strong>Hunter and Pitt St, Sydney<br><strong>&nbsp; &nbsp; Building: </strong>5 buildings up to 10 storeys, 12,000sq m<br><strong>&nbsp; &nbsp; Buyer:</strong> Milligan Group<br>&nbsp; &nbsp; <strong>Seller: -</strong><br><strong>&nbsp; &nbsp; Price: </strong>$400 million<br><strong>&nbsp; &nbsp; Price per square metre:</strong> $33,334<br><strong>&nbsp; &nbsp; Cap rate:</strong> -<br><strong>&nbsp; &nbsp; Agent:</strong> Cushman &amp; Wakefield<br><br></p><hr><h2><br>4.&nbsp; 73 Miller Street, September 2022<br><br></h2><div id="51SPr3N35z97jFgk9ejdaH"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6fhH4TJeLTRQFrpDp1t6jK/762fc88454b209bae4ffec400d680db5/73_Miller.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/6fhH4TJeLTRQFrpDp1t6jK/762fc88454b209bae4ffec400d680db5/73_Miller.jpg"></picture><div><br></div></div><p><br>&nbsp; <strong>&nbsp; Address: </strong>73 Miller Street, Sydney<br><strong>&nbsp; &nbsp; Building: </strong>13-storey tower, 19,114sq m<br>&nbsp; &nbsp;<strong> Buyer: </strong>UBS<br><strong>&nbsp; &nbsp; Seller: </strong>Partners Goup JV ESR Cayman<br><strong>&nbsp; &nbsp; Price: </strong>$400 million<br><strong>&nbsp; &nbsp; Price per square metre:</strong> $20,928<br>&nbsp; &nbsp;<strong> Cap rate: </strong>4.7 per cent<br>&nbsp; &nbsp;<strong> Agent: </strong>JLL, Knight Frank<br><br></p><hr><h2><br>5.&nbsp; 383 Kent Street, July 2022<br><br></h2><div id="7HOxCWbLO6NRbJ8enlkpj0"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6GIyGkcpPZbNTE5H6bLym0/6d8b3976394b235704ec34db9f370130/383_Kent_St.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/6GIyGkcpPZbNTE5H6bLym0/6d8b3976394b235704ec34db9f370130/383_Kent_St.jpg"></picture><div><br></div></div><p><br><strong>&nbsp; &nbsp; Address: </strong>383-395 Kent Street, Sydney<br><strong>&nbsp; &nbsp; Building: </strong>12-storey tower, 17,982sq m<br><strong>&nbsp; &nbsp; Buyer: </strong>Charter Hall Group<br>&nbsp;<strong> &nbsp; Seller: </strong>Dexus<br>&nbsp; <strong>&nbsp; Price: </strong>$385 million<br><strong>&nbsp; &nbsp; Price per square metre: </strong>$21,411<br><strong>&nbsp; &nbsp; Cap rate: </strong>5.3 per cent<br><strong>&nbsp; &nbsp; Agent: </strong>McVay Real Estate, Cushman &amp; Wakefield<br><br></p><hr><h2><br>6. 23 National Circuit, September 2022<br><br></h2><div id="PslfMFJh8HcoTqp8ewiuU"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1Ls2GnNBdP2kqj6C1fxQT3/7a7bf6d2ed801740802f9b1fb53078b5/23_National_Circuit.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/1Ls2GnNBdP2kqj6C1fxQT3/7a7bf6d2ed801740802f9b1fb53078b5/23_National_Circuit.jpg"></picture><div><br></div></div><p><br>&nbsp; &nbsp;<strong> Address:</strong> 23 National Circuit, Canberra<br><strong>&nbsp; &nbsp; Building: </strong>6-storey building, 32,999sq m<br><strong>&nbsp; &nbsp; Buyer:</strong> Charter Hall Group<br>&nbsp; <strong>&nbsp; Seller: </strong>Doma Group JV Goodwin &amp; Kenyon<br><strong>&nbsp; &nbsp; Price: </strong>$370 million<br><strong>&nbsp; &nbsp; Price per square metre: </strong>$11,212<br><strong>&nbsp; &nbsp; Cap rate: </strong>4.2 per cent<br><strong>&nbsp; &nbsp; Agent: </strong>Colliers International<br><br></p><hr><h2><br>7.&nbsp; Geoscience Complex, October 2022<br><br></h2><div id="5oYTW9pvq7u8xWs0bdnlRW"><picture><img src="//images.ctfassets.net/8pr762qjocl3/64CH8KRvKp0saCoU1QWJ5g/20a9c9856774bb179baed2146ad85024/Geosciences.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/64CH8KRvKp0saCoU1QWJ5g/20a9c9856774bb179baed2146ad85024/Geosciences.jpg"></picture><div><br></div></div><p><br><strong>&nbsp; &nbsp; Address: </strong>Geoscience Complex, Canberra<br><strong>&nbsp; &nbsp; Building:</strong> 3 buildings, 32,658sq m<br><strong>&nbsp; &nbsp; Buyer: </strong>Charter Hall Long Wale REIT, Charter Hall Infrastructure REIT Charter Hall Group JV<br><strong>&nbsp; &nbsp; Seller:</strong> Real IS AG<br><strong>&nbsp; &nbsp; Price: </strong>$363.5 million<br><strong>&nbsp; &nbsp; Price per square metre: </strong>$11,130<br>&nbsp; &nbsp;<strong> Cap rate:</strong> 7.4 per cent<br><strong>&nbsp; &nbsp; Agent: </strong>JLL, Colliers International<br><br></p><hr><h2><br>8. Arthur Young Building, December 2022<br><br></h2><div id="6cfFuqseQ97RbokLlWms2M"><picture><img src="//images.ctfassets.net/8pr762qjocl3/2hVoG33CCInQBPmAfu5R6z/9d9d7a7ce15a41f5746ad94194b5f586/23_Young_St.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/2hVoG33CCInQBPmAfu5R6z/9d9d7a7ce15a41f5746ad94194b5f586/23_Young_St.jpg"></picture><div><br></div></div><p><br><strong>&nbsp; &nbsp; Address: </strong>83-95 Clarence Street, Sydney<br><strong>&nbsp; &nbsp; Building:</strong> 19-storey tower<br><strong>&nbsp; &nbsp; Buyer: </strong>NSW government<br><strong>&nbsp; &nbsp; Seller:</strong> State Super<br><strong>&nbsp; &nbsp; Price: </strong>$362 million<br><strong>&nbsp; &nbsp; Price per square metre: </strong>$19,053<br>&nbsp; &nbsp;<strong> Cap rate:</strong> -<br><strong>&nbsp; &nbsp; Agent: </strong>-<br><br></p><hr><h2><br>9. BankWest Tower, December 2022<br><br></h2><div id="5a2jzDOvcBGBx0oZ43RU3o"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1RUwK3gHDqEi7TWJIJtfdL/ef12f99ed8fda0822b1fcd7c892fa0b7/Bankwest_Tower.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/1RUwK3gHDqEi7TWJIJtfdL/ef12f99ed8fda0822b1fcd7c892fa0b7/Bankwest_Tower.jpg"></picture><div><br></div></div><p><br><strong>&nbsp; &nbsp; Address: </strong>108 St Georges Terrace, Perth<br><strong>&nbsp; &nbsp; Building: </strong>52-storey tower, 39,358sq m<br><strong>&nbsp; &nbsp; Buyer: </strong>Lendlease JV Realside<br><strong>&nbsp; &nbsp; Seller: </strong>Brookfield AM<br><strong>&nbsp; &nbsp; Price:</strong> $339.8 million<br><strong>&nbsp; &nbsp; Price per square metre: </strong>$8632<br><strong>&nbsp; &nbsp; Cap rate:</strong> 7.4 per cent<br>&nbsp;<strong> &nbsp; Agent: </strong>JLL, CBRE<br><br></p><hr><h2><br>10. ATO HQ, January 2023<br><br></h2><div id="2M25jvyO3Wnl2phVrFj6MP"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1ktunRDnJ6PqJcN0JomZfb/12346484f9639ad99bbcb5af447b4694/ATO_HQ.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/1ktunRDnJ6PqJcN0JomZfb/12346484f9639ad99bbcb5af447b4694/ATO_HQ.jpg"></picture><div><br></div></div><p><br><strong>&nbsp; &nbsp; Address: </strong>21 Genge Street, Canberra<br><strong>&nbsp; &nbsp; Building: </strong>Two 10-storey buildings<br><strong>&nbsp; &nbsp; Buyer:</strong> Charter Hall Group<br><strong>&nbsp; &nbsp; Seller: </strong>Real IS AG<br><strong>&nbsp; &nbsp; Price: </strong>$290 million<br><strong>&nbsp; &nbsp; Price per square metre: </strong>$6744<br><strong>&nbsp; &nbsp; Cap rate: </strong>7.3 per cent<br><strong>&nbsp; &nbsp; Agent:</strong> Knight Frank, Cushman &amp; Wakefield</p><p>* Multiple asset office portfolio transactions were also recorded during this period.&nbsp;<br><br></p><hr><p><strong><br>You are currently experiencing&nbsp;<em>The Urban Developer</em>&nbsp;Plus (TUD+), our premium membership for property professionals.&nbsp;</strong><a href="https://www.theurbandeveloper.com/membership-plans" target="_blank" rel="noopener" data-mce-href="https://www.theurbandeveloper.com/membership-plans"><strong>Click here to learn more.</strong></a></p><div id="2GhuueZl01Zwo2aFfjNVi2"><picture><img src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg" alt="TUD + Banner" data-mce-src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg"></picture></div>

While the office sector’s fortunes have been tied to the evolution of the hybridised workplace, The Urban Developer reveals the Top 10 office transactions in the last financial year. 

Melbourne Moves Ahead to Become Australia’s Biggest City by 2030 despite slow growth during the pandemic.

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Melbourne will become the nation’s fastest-growing city next year and will overtake Sydney to become the biggest capital in Australia by 2030, according to the federal government.</p><p></p><p>The Centre for Population’s latest projections show population growth will take a while to heat up, with 2022 set for just 0.3 per cent growth, hampered by net overseas migration of 41,000 outgoing.</p><p></p><p>This was up from a net outflow of 100,000 last year, marking the first time population net overseas migration had dropped in Australia since World War II.</p><p></p><p>Federal minister for housing Michael Sukkar said capital cities were forecast to return to higher growth rates than the rest of their states from 2022‑2023 as overseas migration returned.</p><p></p><p>“While the outlook remains uncertain due to the unpredictability of Covid, population growth is projected to increase to around 1.4 per cent by 2024-2025 as overseas migration recovers,” Sukkar said.</p><p></p><p>“Melbourne is projected to be the fastest-growing capital city from 2023‑2024 on, overtaking Sydney to become the nation’s largest city in 2029‑2030 at just over 5.9 million people.”</p><p></p><p><strong>Population predictions for Australia</strong></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/8938d5f4-da2b-4e73-989d-fe460e5ff808.jpg" width="800"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><sup><sub>^Source: Australian Government 2021 Population Statement</sub></sup></p><p>This is in contrast to internal migration during the pandemic which saw Queensland take the lion’s share of new residents, followed by South Australia, with people moving from Melbourne and Sydney in the wake of lockdowns.</p><p></p><p>Australia’s population is expected to grow from 25.7 million in 2020-2021 to 29.3 million by 2031-2032. This is a drop of 1.5 million, or 4.9 per cent, on pre-pandemic predictions.</p><p></p><p>Lower fertility and international migration will have the biggest impact on population growth, which is predicted to increase from 0.3 per cent to 1.4 per cent in 2024-2025 before slowing to 1.2 per cent in 10 years.</p><p></p><p>While population growth was non-existent during 2020-2021 it did little to curb the housing market, which reached new highs. </p><p></p><p>Home values have <a href="https://www.theurbandeveloper.com/articles/brisbane-adelaide-house-prices-corelogic">increased 22.1 per cent in the past 12 months</a>, with the highest number of approvals in November in Victoria for  apartments and homes.</p><p></p><p>Australian Bureau of Statistics director of construction statistics Daniel Rossi said the latest data showed nationally approvals for apartments increased 9.7 per cent while house approvals levelled off at 1.4 per cent.</p><p></p><p>“The series has been at historically elevated levels over the past year, largely driven by government stimulus and record low interest rates,” Rossi said.</p><p></p><p>“While private house approvals are no longer at record highs, the November result remains 25.8 per cent higher than the pre-pandemic level in November, 2019, indicating on-going strength in the detached housing market.”</p><p></p><p>However, the housing boom is expected to settle in the coming years, constrained by affordability along with <a href="https://www.theurbandeveloper.com/articles/brisbane-catches-up-to-sydney-melbourne-property-prices">potential inflation and interest rate changes</a>.</p></div></div></div></div></div>

Melbourne will become the fastest growing city next year and will overtake Sydney to become the biggest capital city in Australia by 2030...

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<p>Demand for office space is dropping into negative territory as an uptick in new supply skews the latest results from the Property Council of Australia.</p><p>Vacancy rates increased from 12.6 per cent to 12.8 per cent nationally, however this was a better result than non-CBD areas which increased from 15.2 per cent to 17.3 per cent in the six months to July.</p><p>Supply had a large impact on the results, and has exceeded the historical average in metro areas in five of the past seven reports, confounded by flexible working models, the report said.&nbsp;</p><p>Even more office space is expected to become available in the second half of 2023 before new projects ease up giving a more positive outlook for the office market beyond 2025. &nbsp;</p><p><strong>PCA office vacancies: first half of 2023&nbsp;</strong></p><table style="width: 100%; font-family: Panton-Bold, Helvetica, Arial, sans-serif; font-size: 14px; color: rgba(0, 0, 0, 0.87); border: unset;" border="1" data-mce-style="width: 100%; font-family: Panton-Bold, Helvetica, Arial, sans-serif; font-size: 14px; color: rgba(0, 0, 0, 0.87); border: unset;"><tbody><tr><td style="width: 33.1614%;" data-mce-style="width: 33.1614%;">Location</td><td style="width: 33.6715%;" data-mce-style="width: 33.6715%;">January 2023</td><td style="width: 33.1672%;" data-mce-style="width: 33.1672%;">July 2023</td></tr><tr><td style="width: 33.1614%;" data-mce-style="width: 33.1614%;">National</td><td style="width: 33.6715%;" data-mce-style="width: 33.6715%;">12.6</td><td style="width: 33.1672%;" data-mce-style="width: 33.1672%;">12.8</td></tr><tr><td style="width: 33.1614%;" data-mce-style="width: 33.1614%;">Sydney</td><td style="width: 33.6715%;" data-mce-style="width: 33.6715%;">11.3</td><td style="width: 33.1672%;" data-mce-style="width: 33.1672%;">11.5</td></tr><tr><td style="width: 33.1614%;" data-mce-style="width: 33.1614%;">Melbourne</td><td style="width: 33.6715%;" data-mce-style="width: 33.6715%;">14.1</td><td style="width: 33.1672%;" data-mce-style="width: 33.1672%;">15</td></tr><tr><td style="width: 33.1614%;" data-mce-style="width: 33.1614%;">Brisbane</td><td style="width: 33.6715%;" data-mce-style="width: 33.6715%;">12.9</td><td style="width: 33.1672%;" data-mce-style="width: 33.1672%;">11.6</td></tr><tr><td style="width: 33.1614%;" data-mce-style="width: 33.1614%;">Adelaide</td><td style="width: 33.6715%;" data-mce-style="width: 33.6715%;">16.1</td><td style="width: 33.1672%;" data-mce-style="width: 33.1672%;">17</td></tr><tr><td style="width: 33.1614%;" data-mce-style="width: 33.1614%;">Canberra</td><td style="width: 33.6715%;" data-mce-style="width: 33.6715%;">8.9</td><td style="width: 33.1672%;" data-mce-style="width: 33.1672%;">8.2</td></tr><tr><td style="width: 33.1614%;" data-mce-style="width: 33.1614%;">Perth</td><td style="width: 33.6715%;" data-mce-style="width: 33.6715%;">15.7</td><td style="width: 33.1672%;" data-mce-style="width: 33.1672%;">15.9</td></tr></tbody></table><p><sup>^July 2023 PCA Office Market Report<br><br></sup></p><p>Property Council chief executive Mike Zorbas said demand remained strong in four of the six capital cities captured in the survey, but it had subsided across the big two.</p><p>“Sydney and Melbourne experienced slight vacancy rate increases with more than 200,000sq m of new office space planned in the next three years,” Zorbas said.</p><p>“However, pre-commitment rates are lower than Brisbane, with only 42 per cent in Sydney and 17.4 per cent in Melbourne already secured by tenants.”</p><p>Colliers Victoria head of office leasing Andrew Beasley said they expected an improvement in the demand-supply balance during the coming 6 to 12 months.</p><p>“This is supported by the number of leases struck in the first half of this year, which is 27 per cent higher than the first half of 2022,” Beasley said.</p><p>“We also had stronger enquiry levels than previous years, particularly now at the larger end of the market—more than 5000 square metres.”</p><p>JLL NSW head of office leasing Will Hamilton said they were seeing good levels of face rental growth, particularly in high rise rents in premium and better A-grade assets.</p><p>“There will be a low of office development activity this year with only around 11,000 sqm of office stock projected to complete,” Hamilton said.</p><p>“While a larger supply wave is anticipated to hit the market next year, 63 per cent is already committed. Beyond that, the next office development is scheduled to complete in 2027.”</p>

Demand for office space is dropping into negative territory as an uptick in new supply skews the latest results from the Property Council of Australia.

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<p>The third stage of the $146-million redevelopment of Canberra’s Greek club, with a hotel at its heart, in Woden Valley has been approved.</p><p>The approval of the latest stage of the Hellenic Club of Canberra’s redevelopment clears the way for a 12-storey hotel comprising 151 hotel rooms and ground-floor restaurants with a bar.&nbsp;</p><p>The hotel will also include an auditorium on levels one and two, plus an indoor activities space, guest service and a gym.&nbsp;</p><p>The approvals means all three stages of the development have now been greenlit by the ACT’s Environment, Planning and Sustainable Development Directorate.</p><div id="1Xw2x3iJtcatsbXGBMsQHI"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1G3FGhQKAll2waaTwcjJWi/7e4c8039ddf42dde15d2d1b584f33cd7/Hellenic_Club_Existing_MID..png" alt="The existing Hellenic Club of Canberra is home to Greek Restaurant, Woden Bistro." data-mce-src="//images.ctfassets.net/8pr762qjocl3/1G3FGhQKAll2waaTwcjJWi/7e4c8039ddf42dde15d2d1b584f33cd7/Hellenic_Club_Existing_MID..png"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ The Hellenic Club of Canberra.</span></div><div><br></div></div><p>Stage one will include the development of a 757-space multi-level basement carpark. Work is due to begin early next year.</p><p>Existing carpark structures will be partially demolished under the scheme for stage three.</p><p>Stage two includes a 16-storey office building with a sky terrace and a podium.</p><p>Hellenic Club board president Andrew Satsias said the club had&nbsp;“held true to our focus on a non-residential development and identified multiple commercial anchors to drive foot traffic and visitation to our site and the broader town centre”.</p><div id="4ef0qFQBAx3Ht3QKgGXy3F"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3HyeJIHTatf1I4HIGna5rP/66c93980b626342043d85218afa99c28/Hellenic_Club_POOL_MID.png" alt="A render of the infinity pool set for the Hellenic Club hotel. " data-mce-src="//images.ctfassets.net/8pr762qjocl3/3HyeJIHTatf1I4HIGna5rP/66c93980b626342043d85218afa99c28/Hellenic_Club_POOL_MID.png"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ A render of the infinity pool set for the Hellenic Club hotel. </span></div><div><br></div></div><p>Canberra’s Hellenic Club&nbsp; was established more than 40 years and has oer its history had more than 50,000 members.&nbsp;</p><p>Close to Canberra’s Northbourne Avenue, the club neighbours the site of <a data-mce-href="https://www.theurbandeveloper.com/articles/canberra-braddon-liedke-co-mixed-use-tower" href="https://www.theurbandeveloper.com/articles/canberra-braddon-liedke-co-mixed-use-tower" target="_blank" rel="noopener">Liebke and Co’s eight-storey residential tower dubbed Ahlei.&nbsp;</a></p><p>Construction on it is slated to begin mid-2024 ahead of an expected finish in 2026.</p>

Stage three of a $146 million redevelopment for a Greek-life club is set for Canberra’s Woden Valley following it’s approval.

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<p>Developer JWLand has filed plans for its next project, a $500-million residential precinct on Northbourne Avenue at Braddon in Canberra.&nbsp;</p><p>The 15,607sq m site sits between the Rex Hotel and Haig Park on Northbourne Avenue.&nbsp;</p><p>JWLand bought the site from the ACT’s Suburban Land Agency in 2020 for $28 million. Construction cost for the project has been estimated at $158.2 million with an estimated end value of $500 million.&nbsp;</p><p>The COX Architect-designed plans include six buildings, three with frontages on to Northbourne Avenue and three with frontages to Henty Street.</p><p>Buildings 1, 3 and 5 on Northbourne Avenue will each have nine storeys while buildings 3 and 5 will also have a hotel or serviced apartments component.</p><p>Buildings 2, 4, and 6 will face Henty Street and will each have six storeys.&nbsp;</p><p>There will be 600 one, two and three-bedroom apartments across all the buildings with 239 hotel rooms across the corner sections of buildings 3 and 5. Both hotels will also have space for for a restaurant.&nbsp;</p><p>There will be 908 carparking spaces within the project across two basement levels.</p><div id="2Yvf2ij2uLdchijd3hYmaE"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3P11VtrQMJ0c4Z3c8pmCif/3276da585e376fa0029fa9facc728eec/Braddon_Place_mid_.jpg" alt="One of the hotels planned for JWLand's Braddon Place project along Canberra's Northbourne Avenue which will have 600 apartments and 239 hotel rooms. " data-mce-src="//images.ctfassets.net/8pr762qjocl3/3P11VtrQMJ0c4Z3c8pmCif/3276da585e376fa0029fa9facc728eec/Braddon_Place_mid_.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ A render of the hotels planned for JWLand’s Braddon Place project on Canberra's Northbourne Avenue.<br><br></span></div></div><p><a data-mce-href="https://www.theurbandeveloper.com/articles/property-prices-power-canberra-developments" href="https://www.theurbandeveloper.com/articles/property-prices-power-canberra-developments" target="_blank" rel="noopener">JWLand has other projects along Northbourne Avenue</a> with the plans for stage 3 of the Northbourne Village awaiting approval and Stage 4 plans due to be lodged soon.&nbsp;</p><p>JWLand ACT development head Michael Prendergast said that the size of projects that the developer undertook meant they often followed where the government released land.</p><p>“At the scales of development that we do, which is precinct scales, the majority of the land that is released and is available for sale is sold by the ACT government,” Prendergast said.</p><p>“So it’s either residual land being earmarked for future development or they were community or social housing at very low density so they demolish the housing, relocate the residents and they sell off these large parcels of land in auctions or expressions of interest processes.</p><p>“The ACT government has focused on releasing land along Northbourne Avenue over the last few years due to the introduction of the light rail line that they have put down the avenue running to the city.”</p><p>When the block including the Braddon Place site was divided up and sold, the ACT government relocated residents from 1288 units in low-density social housing projects.&nbsp;</p><p><a data-mce-href="https://www.theurbandeveloper.com/articles/jwland-enters-victorian-market" href="https://www.theurbandeveloper.com/articles/jwland-enters-victorian-market" target="_blank" rel="noopener">The developer is also scheduled to complete The Grounds project in Ivanhoe East in Victoria,</a> a high-end residential project with 100 units and 10 townhouses, by the end of the year.&nbsp;</p><p>JWLand has singalled it will lodge plans for a project at Belconnen in Canberra next to a major bus interchange on a former carpark with 168 spaces.&nbsp;</p><p>The project will be a mix of 550 build-to-sell and 350 build-to-rent apartments.&nbsp;</p>

Developer JWLand has filed plans for its next project, a $500-million residential precinct on Northbourne Avenue at Braddon in Canberra. 

The 15,607sq m site sits between the Rex Hotel and Haig Park along Northbourne Avenue. 

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<p>The number of so-called millionaire suburbs in Australia has declined.</p><p>A record number of suburbs had a median house price of $1 million this time last year, but many of the new entrants on the list have dipped back below the magic mark, according to CoreLogic.</p><p>In 2022, 28 per cent of suburbs—1243 across Australia—had joined the million-dollar club—but in May of this year that had dropped to 988 suburbs—22.3 per cent of those analysed.&nbsp;</p><p>Only one new suburb recorded a $1 million median—Burns Beach, a coastal suburb 34km north of Perth CBD.</p><p>Sydney had the most with 62 suburbs coming in below the seven-figure mark. CoreLogic economist Kaytlin Ezzy said it was “unsurprising”.</p><p>“While declines across Sydney’s more expensive markets were some of the greatest across the country, many of these markets had a relatively high starting point allowing them to retain the seven-figure price tags,” she said.</p><p>“The trend among the suburbs where values have fallen below $1 million is in the more affordable locations on Sydney’s outer mortgage belt and fringe areas. Despite recording smaller declines it’s these suburbs where median values have dropped [below the] million-dollar threshold.”</p><p>Castle Hill, Fairfield, Granville and Liverpool were among suburbs to leave the milion-dollar-median club.</p><p>Regional New South Wales and Brisbane, where seachange and treechange trends had buoyed markets during and after the pandemic, were just behind Sydney.</p><p>During the year, the number of million-dollar markets in the Central Coast halved from 33 to 17, for instance. while 41 neighbourhoods in Brisbane dipped below the $1-million mark, as did the Sunshine Coast, down 13; and the Gold Coast, where 10 suburbs dropped below the line.</p><p>These included Wellington Point, Murrarriw, Aspley and Everton Park, as well as Maroochydore and Noosaville on the Sunshine Coast, and Helensvale and Burleigh Heads on the Gold Coast.</p><p><strong><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">Net change in $1-million house and unit markets, 2022 to 2023</span></strong></p><div id="6lig7taoANgLf2bFoMH9Zb"><picture><img src="//images.ctfassets.net/8pr762qjocl3/2k0eCyiIzon1XCnCI3TwoH/1305c03973c96e5ace634c14c6c4f190/In-article__4_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/2k0eCyiIzon1XCnCI3TwoH/1305c03973c96e5ace634c14c6c4f190/In-article__4_.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Source:CoreLogic </span></div></div><p><br>In Melbourne, 30 suburbs, including Footscray and Chelsea Heights, dropped back while 15 suburbs in Canberra were under the mark.&nbsp;</p><p>“These regions benefited greatly through the Covid upswing, with flexible working arrangements, lifestyle benefits, and relative affordability, all of which made them attractive option for buyers,” Ezzy said.</p><p>“However, the Covid surge in values also made these markets more sensitive to the rising cost of debt, with many recently minted million-dollar suburbs falling below the seven-figure mark.”</p><p>CoreLogic said its national Home Value Index experienced the sharpest decline on record, falling 9.1 per cent in 10 months.&nbsp;</p><p>National home values have recovered 2.3 per cent over the past three months, it said, but they remain below the recent peak by 6.9 per cent, and many markets are still recording home values significantly higher than the start of the pandemic.</p><p>Unit prices, however, remained more steady across the board, except in Sydney where apartment prices in16 suburbs fell below the $1-million mark.</p><p>With interest rises expected to continue, at least in the short term, it will also impact home value buoyancy.</p><p>“Historically, increases in the cash rate have put downward pressure on market values and many economists and banks have lifted their forecast for where rates might peak following June’s increase,” said Ezzy.</p>

A record number of suburbs had a median house price of $1 million this time last year, but some surprising suburbs have dipped back below the milestone…

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<p>Capital Estate Developments, the real estate arm of Canberra Airport, has filed plans for the first stage of its build-to-rent project in Denman Prospect.</p><p>The project, The Borough, on Holborow Avenue is expected to comprise around 700 apartments.&nbsp;</p><p>A mix of residential and mixed-use buildings to provide amenity for future residents would make up the precinct.</p><p>Capital Estate Developments will partner with local builder Jega to deliver the project.</p><p>Plans filed for the first stage acomprise two six-storey towers with 162 residential apartments to be builts on a 10,531sq m section of the site.</p><p>There will be carparking spaces on the lower ground floor and the ground floor.</p><p>The plans show that one of the towers has six units on the lower ground floor, 15 units on the ground floor, 16 on each of the first, second and third floors, 13 on the fourth floor and seven on the fifth floor; while the second tower has seven units on the lower ground floor, 13 on the ground floor, 14 on each of the first and second floors, 12 on the third floor, eight on the fourth floor and five on the fifth floor.</p><div id="uge4KCBpRAAdXFLJhskAB"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6uqRe055wNORW2qdJvpkho/fbdbc3f5a99111ceaccb1f5fa5d32b2e/canberra_DA_btr_mid.jpg" alt="Building D, part of the first stage of The Borough, a build-to-rent project in Canberra's Denman Prospect by Canberra Airport's property arm, Capital Estate Developments." data-mce-src="//images.ctfassets.net/8pr762qjocl3/6uqRe055wNORW2qdJvpkho/fbdbc3f5a99111ceaccb1f5fa5d32b2e/canberra_DA_btr_mid.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Building D, one of the two tower proposed for the first stage of The Borough.<br><br></span></div></div><p>The Borough project will have solar panels, electric vehicle charging points, drone delivery zones, community gardens, workspaces, quiet rooms, pop up shops, cafes, gyms and resident-only communal rooftop spaces.</p><p>While four architect firms will be used throughout the project, DKO Architects has designed the plans for the first stage. The other architects are DNA, AMC and Oztal.&nbsp;</p><p>Planning records show a total development cost for the stage of $45.4 million.</p><p>There will be 17 accessible units with 17 DDA carparking spaces.&nbsp;</p><p>Stage 2 of the project is expected to have 208 units across three further towers.</p><p>Elevated Living and Capital Estate Developments have also lodged separate plans for a $3.3-million project on the same street.</p><p>The plans by Mather Architecture showeight two-storey townhouses on a 1784sq m site.</p>

Capital Estate Developments, the real estate arm of Canberra Airport, has filed plans for the first stage of its build-to-rent project in Denman Prospect.
The project is titled ‘The Borough’ and is on Holborow Avenue and is expected to have around 700 units in total when completed. 


Female and Homeless: Australia’s Housing Crisis

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Australia’s ageing population, high cost of housing, and significant <a href="https://theurbandeveloper.com/articles/women-property-market-australia">gap</a> in wealth accumulation between men and women across their lifetimes is leading to increasing inequality. </p><p>Data from the Australian Institute of Health and Welfare (AIHW) reveals that women comprised more than two-thirds of all people seeking homelessness support and were not able to be helped last year.</p><p>And without solutions, this crisis will continue to snowball.</p><p>“[The] data shows that women continue to bear the brunt of any crisis, whether it be fires, a pandemic, or an economic recession,” Chair of Homelessness Australia Jenny Smith says.</p><p>The AIHW December figures show that in 2019 to 2020, 260 people each day seeking homelessness support missed out. And more than two-thirds, or 67 per cent, of this group were women or girls.</p><p>“This includes many women who were presenting to homelessness services with young children,&quot; Smith says. “Last year, there were 11,201 children under ten who missed out on support.”</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><strong>More than 400,000 women over 45 are at risk</strong></h2></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>As demand for homelessness services continually exceeds capacity, women over the age of 45 are one of the fastest-growing groups of people who are homeless in Australia.</p><p>An estimated 405,000 women over the age of 45 were at risk of housing affordability stress and subsequently becoming homeless, reveals the &quot;At Risk&quot; policy report from Housing For the Aged Action Group (HAAG), and Social Ventures Australia.</p><p>And census figures show, there was an estimated near 7000 women over the age of 50 who were homeless in 2016, this figure reflecting a 31 per cent increase since 2011.</p><p>Kobi Maglen of HAAG national older persons homelessness prevention says this represents the “tip of the iceberg” as older women don&#x27;t tend to present at homelessness services.</p><p>“But instead make do by missing meals or medication, staying with friends, or housesitting,” she says.</p><p>Women retire with lower average superannuation balances than men due to a range of social and economic factors including the gender wage gap and time taken out of the workforce to care for children or family members. </p><p>Female-dominated industries are more likely to be low paid, casual or part-time, while experiences of family violence, gender and age discrimination more likely to impact their work.</p><p>Maglen says this problem is exacerbated by Australia’s lack of appropriate and affordable housing. </p><p>“And this means that increasing numbers of older women are left with nowhere to go,” she says.</p><p>“This is an unfolding crisis compounded by the economic, social and health impacts of Covid-19. It also highlights the critical link between safe, secure and affordable housing and good health and wellbeing, particularly in older age.”</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>The number of people unable to be assisted in 2020</strong></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><table><thead><tr><th></th><th>Male</th><th></th><th>Female</th><th></th><th>Total Number</th></tr></thead><tbody><tr><th>Age group</th><th>Number</th><th>Per cent</th><th>Number</th><th>Per cent</th><th></th></tr><tr><th>0-9</th><th>5,479</th><th>24.9</th><th>5,722</th><th>12.8</th><th>11,201</th></tr><tr><th>10-14</th><th>1,951</th><th>8.9</th><th>2,467</th><th>5.5</th><th>4,418</th></tr><tr><th>15-17</th><th>2,133</th><th>9.7</th><th>3,255</th><th>7.3</th><th>5,388</th></tr><tr><th>18-24</th><th>2,830</th><th>12.9</th><th>7,311</th><th>16.3</th><th>10,141</th></tr><tr><th>25-34</th><th>3,124</th><th>14.2</th><th>10,843</th><th>24.2</th><th>13,967</th></tr><tr><th>35-44</th><th>3,195</th><th>14.5</th><th>9,020</th><th>20.1</th><th>12,215</th></tr><tr><th>45-54</th><th>2,232</th><th>10.2</th><th>4,306</th><th>9.6</th><th>6,538</th></tr><tr><th>55-64</th><th>699</th><th>3.2</th><th>1,383</th><th>3.1</th><th>2,082</th></tr><tr><th>65+</th><th>324</th><th>1.5</th><th>476</th><th>1.1</th><th>800</th></tr><tr><th>Total</th><th>21,967</th><th>100</th><th>44,783</th><th>100</th><th>66,750</th></tr></tbody></table></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><sup>^Australian Institute of Health and Welfare (AIHW) December 2020 data</sup></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><strong>Australia&#x27;s homeless women are our mothers, aunties, neighbours, sisters: ‘Like you or me’</strong></h2></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/58461d42-2dbf-4a26-a8eb-dbcc5eb51765.jpg" width="800"/></picture><div><span style="align-content:center;opacity:0.8">▲ Marie* was 55 when she first faced homelessness. More than 400,000 women over 45 are at risk of homelessness. *Not her real name. Image: Getty.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>“I never ever imagined I would find myself in this situation. Ever,” Marie says.</p><p>“Everything changed when my husband and I separated. I had to stop work for health reasons and my relationship could not stand the strain as I was the main earner,” she says. </p><p>At the time, Marie was 55 when she faced homelessness. She had owned homes in the UK and Australia. </p><p>The majority of women that homeless services are in contact with are like “you or me”. They have led “conventional lives”. Marie is educated and has typically worked in management roles.  </p><p>“I had $30,000 in superannuation. My share of our matrimonial home settlement was not enough for me to buy anything, so I put it into my superannuation,” she says.</p><p>“I had been a stay-at-home Mum, which is rarer these days, but my main earning period was between the age of 40-53, hence the low Super.</p><p>“Then followed three years of temporary, insecure housing situations including housesitting, informal “rentals”, living with friends, staying with my son, and a spell in a caravan park. </p><p>“I made 18 moves and the toll on both my physical and mental health was huge.” </p><p>Womens&#x27; Housing Company chief executive Debbie Georgopoulos says access to safe and secure housing is a fundamental human right.</p><p>“Homeless women in Australia are the women we know. They are our Mothers, our aunties, our neighbours, our sisters,” Georgopoulos says. </p><p>“It can happen to anyone.” </p><p>“The solution to homelessness is more housing, it is as simple as that.” </p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><strong>Tackling the housing crisis?</strong></h2><p>Minimal construction for most of the past 25 years means that national social housing supply has effectively halved since the 1990s.</p><p>A UNSW City Futures Centre study, commissioned by the Housing Productivity Research Consortium, found that among the best ways to broaden Australia’s economic recovery strategy would be a large-scale national social housing program.</p><p>“A seven billion-dollar investment in social and affordable housing would unlock more than $18 billion in economic expansion, creating more than 18,000 jobs a year over four years, and making a serious dent in homelessness,” Kate Colvin, national spokesperson for Everybody’s Home, says.</p><p>Colvin says the federal government would need to build 12,000 homes a year to help cover the shortfall for over 65s and that&#x27;s not including the support needed for younger Australians.</p><p>“This is a great time for the federal government to be building social housing because every dollar they spend on that construction activity, generates a $1.50 for the economy. So while the economy is still struggling this is something that delivers a double benefit.”</p><p>“A better-balanced housing system is the right thing to do. It also happens to be the smart thing to do.”</p></div></div></div></div></div>

Australia's housing crisis: Women comprised more than two-thirds of all people seeking homelessness support last year...

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<p>Strong rental conditions are continuing across the country with vacancy rates steady despite price increases easing.&nbsp;</p><p>The latest data from SQM Research revealed that across the country vacancy rates remained at 1.2 per cent in May with the tightest markets held in Perth, Adelaide and Darwin.</p><p>Meanwhile, the pace of rental price growth eased, up 0.8 per cent in May compared to 0.9 per cent and 1 per cent increases in the previous months, according to Corelogic.</p><p>However, the ease in recent conditions was buoyed by an annual rental increase of almost 10 per cent.</p><p><strong>Rental vacancy rates</strong></p><table style="width: 100%; font-family: Panton-Bold, Helvetica, Arial, sans-serif; font-size: 14px; color: rgba(0, 0, 0, 0.87); border: unset;" border="1" data-mce-style="width: 100%; font-family: Panton-Bold, Helvetica, Arial, sans-serif; font-size: 14px; color: rgba(0, 0, 0, 0.87); border: unset;"><tbody><tr><td style="width: 24.8081%;" data-mce-style="width: 24.8081%;">City</td><td style="width: 25.1906%;" data-mce-style="width: 25.1906%;">May 2023</td><td style="width: 25.1906%;" data-mce-style="width: 25.1906%;">April 2023</td><td style="width: 24.8109%;" data-mce-style="width: 24.8109%;">May 2022</td></tr><tr><td style="width: 24.8081%;" data-mce-style="width: 24.8081%;">Sydney</td><td style="width: 25.1906%;" data-mce-style="width: 25.1906%;">1.5%</td><td style="width: 25.1906%;" data-mce-style="width: 25.1906%;">1.4%</td><td style="width: 24.8109%;" data-mce-style="width: 24.8109%;">1.7%</td></tr><tr><td style="width: 24.8081%;" data-mce-style="width: 24.8081%;">Melbourne</td><td style="width: 25.1906%;" data-mce-style="width: 25.1906%;">1.2%</td><td style="width: 25.1906%;" data-mce-style="width: 25.1906%;">1.2%</td><td style="width: 24.8109%;" data-mce-style="width: 24.8109%;">2.2%</td></tr><tr><td style="width: 24.8081%;" data-mce-style="width: 24.8081%;">Brisbane</td><td style="width: 25.1906%;" data-mce-style="width: 25.1906%;">1.0%</td><td style="width: 25.1906%;" data-mce-style="width: 25.1906%;">1.0%</td><td style="width: 24.8109%;" data-mce-style="width: 24.8109%;">0.7%</td></tr><tr><td style="width: 24.8081%;" data-mce-style="width: 24.8081%;">Perth</td><td style="width: 25.1906%;" data-mce-style="width: 25.1906%;">0.6%</td><td style="width: 25.1906%;" data-mce-style="width: 25.1906%;">0.6%</td><td style="width: 24.8109%;" data-mce-style="width: 24.8109%;">0.7%</td></tr><tr><td style="width: 24.8081%;" data-mce-style="width: 24.8081%;">Adelaide&nbsp;</td><td style="width: 25.1906%;" data-mce-style="width: 25.1906%;">0.6%</td><td style="width: 25.1906%;" data-mce-style="width: 25.1906%;">0.6%</td><td style="width: 24.8109%;" data-mce-style="width: 24.8109%;">0.4%</td></tr><tr><td style="width: 24.8081%;" data-mce-style="width: 24.8081%;">Canberra</td><td style="width: 25.1906%;" data-mce-style="width: 25.1906%;">2.0%</td><td style="width: 25.1906%;" data-mce-style="width: 25.1906%;">2.0%</td><td style="width: 24.8109%;" data-mce-style="width: 24.8109%;">0.9%</td></tr><tr><td style="width: 24.8081%;" data-mce-style="width: 24.8081%;">Darwin</td><td style="width: 25.1906%;" data-mce-style="width: 25.1906%;">0.9%</td><td style="width: 25.1906%;" data-mce-style="width: 25.1906%;">1.1%</td><td style="width: 24.8109%;" data-mce-style="width: 24.8109%;">0.7%</td></tr><tr><td style="width: 24.8081%;" data-mce-style="width: 24.8081%;">Hobart</td><td style="width: 25.1906%;" data-mce-style="width: 25.1906%;">1.6%</td><td style="width: 25.1906%;" data-mce-style="width: 25.1906%;">1.6%</td><td style="width: 24.8109%;" data-mce-style="width: 24.8109%;">0.5%</td></tr><tr><td style="width: 24.8081%;" data-mce-style="width: 24.8081%;">National</td><td style="width: 25.1906%;" data-mce-style="width: 25.1906%;">1.2%</td><td style="width: 25.1906%;" data-mce-style="width: 25.1906%;">1.2%</td><td style="width: 24.8109%;" data-mce-style="width: 24.8109%;">1.2%</td></tr></tbody></table><p><sup>^Source: SQM Research<br><br></sup></p><p>SQM Research managing director Louis Christopher said rental vacancy rates were largely steady for the month, notwithstanding another rise in Sydney and Hobart.&nbsp;</p><p>“While there has been some easing in rental conditions especially in regional Australia, it is still very much a landlord’s market for most capital cities,” Christopher said.</p><p>“We note though, the recent increases in CBD rental vacancy rates. Especially for the Sydney CBD.”</p><p><strong>Median rent prices</strong></p><table style="width: 100%; font-family: Panton-Bold, Helvetica, Arial, sans-serif; font-size: 14px; color: rgba(0, 0, 0, 0.87); border: unset;" border="1" data-mce-style="width: 100%; font-family: Panton-Bold, Helvetica, Arial, sans-serif; font-size: 14px; color: rgba(0, 0, 0, 0.87); border: unset;"><tbody><tr><td style="width: 19.8171%;" data-mce-style="width: 19.8171%;">City</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;"><p>Houses Rent</p></td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">Monthly change</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">Units Rent</td><td style="width: 19.8171%;" data-mce-style="width: 19.8171%;">Monthly Change</td></tr><tr><td style="width: 19.8171%;" data-mce-style="width: 19.8171%;">Sydney</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">$766</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">1.0%</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">$677</td><td style="width: 19.8171%;" data-mce-style="width: 19.8171%;">1.5%</td></tr><tr><td style="width: 19.8171%;" data-mce-style="width: 19.8171%;">Melbourne</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">$560</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">1.3%</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">$524</td><td style="width: 19.8171%;" data-mce-style="width: 19.8171%;">1.6%</td></tr><tr><td style="width: 19.8171%;" data-mce-style="width: 19.8171%;">Brisbane</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">$636</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">0.4%</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">$539</td><td style="width: 19.8171%;" data-mce-style="width: 19.8171%;">1.2%</td></tr><tr><td style="width: 19.8171%;" data-mce-style="width: 19.8171%;">Adelaide</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">$561</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">0.6%</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">$451</td><td style="width: 19.8171%;" data-mce-style="width: 19.8171%;">0.9%</td></tr><tr><td style="width: 19.8171%;" data-mce-style="width: 19.8171%;">Perth</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">$602</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">1.0%</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">$525</td><td style="width: 19.8171%;" data-mce-style="width: 19.8171%;">1.7%</td></tr><tr><td style="width: 19.8171%;" data-mce-style="width: 19.8171%;">Hobart</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">$573</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">-0.8%</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">$490</td><td style="width: 19.8171%;" data-mce-style="width: 19.8171%;">-0.4%</td></tr><tr><td style="width: 19.8171%;" data-mce-style="width: 19.8171%;">Darwin</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">$658</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">0.7%</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">$505</td><td style="width: 19.8171%;" data-mce-style="width: 19.8171%;">0.3%</td></tr><tr><td style="width: 19.8171%;" data-mce-style="width: 19.8171%;">Canberra</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">$709</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">-0.4%</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">$584</td><td style="width: 19.8171%;" data-mce-style="width: 19.8171%;">-0.4%</td></tr><tr><td style="width: 19.8171%;" data-mce-style="width: 19.8171%;">National</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">$594</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">0.7%</td><td style="width: 20.122%;" data-mce-style="width: 20.122%;">$558</td><td style="width: 19.8171%;" data-mce-style="width: 19.8171%;">1.3%</td></tr></tbody></table><p><sup>^Source: Corelogic<br><br></sup></p><p>Corelogic economist Kaytlin Ezzy said the slowdown in the monthly growth rate for rental prices had contributed to a fall in the annual trend, which dipped below double digits for the first time in 10 months.</p><p>However, this was largely being driven by a slowdown in regional markets, where rents increased 0.3 per cent over the month, down from a record monthly growth rate of 1.2 per cent in March 2022.</p><p>“Regional rental growth has slowed dramatically from a year ago while capital city rents were up 1.0 per cent in May,” Ezzy said.</p><p>“When you break that figure down further by property type, we can see the unit sector is under the greatest pressure, with rents increasing at a faster rate than houses due to their relative affordability.”</p><p>Capital city house rents increased 0.9 per cent in May compared to a 1.4 per cent lift for units.</p>

Strong rental conditions are continuing across the country despite price increases and vacancy rates slowing. 

<p>Following a wave of construction business collapses across the country, national firm PBS Building is the latest to have stopped work onsite.</p><p>In a shock move, PBS Building sites were closed over the weekend and did not reopen this morning.</p><p>There are no current insolvency notices for PBS Building but it is understood that the builder had been struggling for some time.</p><p>Keylin Developments confirmed that work being undertaken by PBS had ceased on its townhouse development, Serenity Reserve, on the Gold Coast at the weekend.&nbsp;</p><p>“As yet, Keylin has not received any formal advice from PBS, however we are aware of media reports indicating that other sites have also ceased operations,” Keylin managing director Louis Cheung told <em>The Urban Developer.</em></p><p>“This is of course incredibly disappointing news.</p><p>“PBS is an established and respected operator and it’s a tough day for our industry when a leading builder with such a long and celebrated history finds itself in this situation.”&nbsp;</p><p>The 86 houses of Serenity Reserve are being delivered in partnership with Kinstone Group, with two stages already completed in late 2022.&nbsp;</p><p>It is not the only development impacted by the sudden cessation of work by PBS. It is also supposed to be working on the 19-storey Shoreline development by Marquee Developments.</p><p>But according to Keylin, PBS had been experiencing similar problems which have been faced by construction firms in recent months.</p><p>These issues have led to a wave of administrations this year alone, including those of <a data-mce-href="https://www.theurbandeveloper.com/articles/sydney-builder-administration-defect-investigation-eq-construction" href="https://www.theurbandeveloper.com/articles/sydney-builder-administration-defect-investigation-eq-construction" target="_blank" rel="noopener">Sydney builder EQ Projects</a>, Queensland <a data-mce-href="https://www.theurbandeveloper.com/articles/luxury-housebuilder-ldc-queensland-liquidators-called-in" href="https://www.theurbandeveloper.com/articles/luxury-housebuilder-ldc-queensland-liquidators-called-in" target="_blank" rel="noopener">housebuilder LDC</a>, and <a data-mce-href="https://www.theurbandeveloper.com/articles/delco-building-group-victoria-collapse" href="https://www.theurbandeveloper.com/articles/delco-building-group-victoria-collapse" target="_blank" rel="noopener">Delco Building Group</a> in Victoria, among others.</p><p>“We became aware that PBS was experiencing challenges in January as a result of the sustained impact of cost, supply, and labour pressures resulting from the Covid-19 pandemic and extreme weather events,” Cheung said.</p><p>“Since then, we’ve been working in close collaboration with their Gold Coast team to safeguard the project, including revised delivery strategies.</p><p>“Our focus now is on our project and our purchasers.</p><p>“We have sought legal advice and will assess all our options to navigate a way forward.”</p><div id="4X1onbRqs7lsHnglBRU70R"><div id="4X1onbRqs7lsHnglBRU70R"><picture><img src="//images.ctfassets.net/8pr762qjocl3/7irqE211t81GuDBLkW66sn/6f066cf7388259f0095c0892470d780f/In-article__4_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/7irqE211t81GuDBLkW66sn/6f066cf7388259f0095c0892470d780f/In-article__4_.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Keylin’s Serenity Reserve is a sold-out development in Helensvale on the Gold Coast. </span></div></div><br></div><p>National builder PBS was founded as Prestige Building Services in 1989 by brothers Peter and Ian Carter in Canberra.</p><p>It went on to deliver a large section of the Sydney Olympic Village and open offices in Sydney and Brisbane.</p><p>“Today, we are one of Australia’s most insightful, reputable and collaborative construction companies and our team culture and client loyalty are the greatest measures of our success,” it said on its now-defunct website.</p><p>PBS has worked on projects as diverse as Latitude25 in Queensland, a retirement living building, St George Community Housing in Liverpool and the $115m Goodwin Farrer Aged Care facility, amongst many others.</p><p>In addition to awards for Goodwin Village, last year it also won the 2022 Master Builders ACT and Asset Construction hire excellence awards.</p><p>Calls to PBS Building’s offices went unanswered.</p><p>Concerns about insolvencies in the construction sector, which are impacting developments and costing people their jobs, has led to <a data-mce-href="https://www.theurbandeveloper.com/articles/contractors-collapse-construction-australia-contracts-clough-group" href="https://www.theurbandeveloper.com/articles/contractors-collapse-construction-australia-contracts-clough-group" target="_blank" rel="noopener">calls for flexible rather than fixed-price contracts</a>.&nbsp;</p>

National construction firm PBS Building is the latest to have stopped work on-site at its development projects after a wave of construction insolvencies hit the industry...

Doma Group.jpg

<p>Canberra developer Doma Group has lodged plans for the final stage of its 600-apartment masterplan in Canberra’s southwest.</p><p>The application forms part of the developer’s four stage The Melrose development, planned for a 1.1ha island site at the western edge of the Woden Town Centre in Philip—a once thriving hub of public service and retail activity.</p><p>Doma Group purchased the site in mid-2020 for $12.5 million from the ACT government. The site was previously a car park but was decommissioned after the multi-storey Skypark Carpark was built adjacent to the site.&nbsp;</p><p>The site was targeted due to its location near to Parliamentary Triangle and Canberra’s largest hospital as well as the city’s most exclusive southside suburbs and one of its major shopping centres.&nbsp;</p><p>The masterplanned apartment and commercial precinct, which features four ranging in size from 12 to 20 storeys, will hold frontages to Melrose Drive, Furzer Street, Corinna Street and Garth Close.</p><p>It is opposite Doma Group’s previous project A&amp;A—a redevelopment that transformed two dilapidated, mid-1960s, former government buildings into 200 apartments.</p><div id="3nBHL18IqeguuhUxJ7GJUm"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1LI9DGuQznjSBQkXpp5rpU/a223940e7d24fbd9717aa2afd833fd81/The_site_where_The_Melrose_will_be_located_in_yellow_vtneda.jpeg" alt="A new gym, pub, small offices, restaurants, childcare centre and personal services businesses have recently been opened in Woden which has traditionally only been an office and employment core.

" data-mce-src="//images.ctfassets.net/8pr762qjocl3/1LI9DGuQznjSBQkXpp5rpU/a223940e7d24fbd9717aa2afd833fd81/The_site_where_The_Melrose_will_be_located_in_yellow_vtneda.jpeg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ A new gym, pub, small offices, restaurants, childcare centre and personal services businesses have recently been opened in Woden which has traditionally only been an office and employment core.<br><br></span></div></div><p>As part of the masterplan, the developer is already pressing ahead with its 20-storey project comprising 183 one, two and three-bedroom apartments as well as outdoor communal amenities, including a ground-floor outdoor heated pool, podium leisure terrace and an exclusive rooftop eatery area.</p><p>Earlier this year lodged plans for a further 207 apartments above two ground-floor commercial tenancies and podium and basement parking for 282 vehicles.</p><p>The final stage, designed by Stewart Architecture, will add two buildings of 16 and 18 storeys on the corner of Garth Close and Furzer Street.&nbsp;</p><p>The buildings, which will be split by a shared concourse, will comprise 200 apartments above basement and podium level car parking as well as new communal areas and a pool.</p><p>Doma Group managing director Jure Domazet said the $50-million development would continue its approach to creating the best amenity in Woden—an area that had traditionally only been a strong office and employment core.</p><div id="hmCc95TobKL2iyblmgkaU"><div id="hmCc95TobKL2iyblmgkaU"></div><p><picture>“We have a strong connection with Woden Town Centre having developed a significant amount of office at Aviation House, the Department of Health Building and A&amp;A, along with apartments and retail,” Domazet said.</picture></p><p>“Greater residential development in this area adds people and activity, enlivening the area seven days a week and consolidating Woden as a must-visit destination.”</p><div><picture><img src="//images.ctfassets.net/8pr762qjocl3/2WULJMW0MiqyHcBzwexxWK/e0a51f3fdd951931bbaf792b1c3e073b/Screen_Shot_2022-11-21_at_2.16.20_pm.png" alt="Doma Group said its masterplan enabled a central open space as well as generous and considered separation of buildings providing all apartments with light, outlook and privacy. Image: Stewart Architecture " data-mce-src="//images.ctfassets.net/8pr762qjocl3/2WULJMW0MiqyHcBzwexxWK/e0a51f3fdd951931bbaf792b1c3e073b/Screen_Shot_2022-11-21_at_2.16.20_pm.png"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Many new large apartment buildings are planned for the town centre to accommodate thousands of new residents. Image: Stewart Architecture<br><br></span></div></div></div><p>The population of Phillip—in which the town centre lies—almost doubled from 2016 to 2021, with most of the extra residents living in newly built apartment blocks. The main catalyst for development in the area has been the light rail stage 2B.</p><p>One of the biggest and most public-facing changes to Woden Town Centre is the new 12-storey, 150-guest room Hellenic Club.</p><p>Construction giant Geocon is also building its four-tower, 20-plus-storey Wova development, which will include hundreds of apartments on the old Woden Tradies club site.</p><p>The state government also plans to continue to release more sites for development in the area, including a prime 1.4ha block in the next 12 months.</p><p>For Canberra-based Doma Group, which is behind developments including The Parks in Red Hill and Hotel Realm, The Melrose is just one of a slew of large-scale mixed-use developments it is currently overseeing.</p><p>The developer also has big plans in NSW after being greenlit to build <a data-mce-href="https://www.theurbandeveloper.com/articles/doma-s-dual-tower-newcastle-project-gets-nod" href="https://www.theurbandeveloper.com/articles/doma-s-dual-tower-newcastle-project-gets-nod" target="_blank" rel="noopener">Newcastle’s tallest building</a>.</p><p>The Store Residences will be the final stage in a $350-million transformation of the 8700sq m site at 854 Hunter Street. The former Newcastle and Suburban Co-operative Society Limited site was purchased by the NSW government in 2015.&nbsp;</p><p>It was taken to the market two years later with a vision to deliver “true multi-modal transport infrastructure … while also realising the true opportunity of the site, including its significant building heights”. Doma was awarded the tender for its proposal following a competitive process.</p>

[+] Why Maxcap is Eyeing NSW Opportunities

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Real estate investment manager MaxCap Group is doubling down on the New South Wales market.</p><p>In this TUD+ Briefing, MaxCap’s state director, NSW David Oudshoorn explains why the non-bank lender is eyeing opportunities in the state, and where those opportunities lie, now and into the future. </p><p>Oudshoorn said that the group has had a national presence—skewed to Victoria, but that was changing.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><iframe sandbox="allow-forms allow-scripts allow-pointer-lock allow-same-origin allow-top-navigation allow-presentation" class="embed-responsive-item" allowfullscreen="" frameBorder="0" style="max-width:574px" width="100%" height="323" src="https://www.youtube.com/embed/7oggoZZRM6g?rel=0"></iframe></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>He said MaxCap’s institutional partners were looking to deploy capital and that they wanted exposure to the gateway city of Sydney.</p><p>“Rising house prices make apartments more compelling and that’s where a lot of our funding tends to be directed towards,” Oudshoorn said. </p><p>“There is a strong push from our partners and within MaxCap to take advantage of those conditions to push into this market, as well as outside Sydney, such as Newcastle and Canberra.”</p><p>He said that putting Covid to one side, the house prices in Sydney were creating a move away from the city to those centres, and that MaxCap saw a real opportunity from that growth.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>You are currently experiencing </strong><em><strong>The Urban Developer</strong></em><strong> Plus (TUD+), our premium membership for property professionals. </strong><a href="https://www.theurbandeveloper.com/membership-plans"><strong><u>Click here</u></strong><strong> to learn more.</strong></a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/4fb872c4-2507-449c-af93-4c928c2ed849.png" width="800"/></picture><div></div></div></div></div></div></div></div>

In this TUD+ Briefing, NSW director David Oudshoorn outlines why Maxcap sees Sydney as a market of opportunity…

CANBERRA