New research from JLL has pointed to a shortage of all-electric buildings to meet rising demands from the market in general and from corporates needing to meet Australian Sustainability Reporting Standards for their scopes 1, 2 and 3 emissions by 2028.
And so far it looks like the market is pricing in value differentials for buildings that meet better environmental standards. All-electric offices across Australia are achieving 23 per cent higher rents, 7.8 per cent lower vacancy rates and 55 basis points tighter yields, compared with conventional stock, the agency said this week.
“This trend is aided by the fact all-electric office stock is weighted to recently completed projects that are new or refurbished with amenity upgrades. However, the findings demonstrate that electrification is directly linked to stronger asset performance and long term value creation.”
The SMH reports that a planning official in New South Wales’ Housing Delivery Authority “has been placed on forced leave after it emerged she allowed AI software developed by her husband [a former Atlassian employee] to be used on assessments”.
The report says that hundreds of fast tracked approvals made by the agency will now be reviewed. The agency said only publicly available information was used to assess the development approval.
“While there is no indication of errors or inaccuracies in those summaries, the program is no longer being used and out of caution, the minister for planning and public spaces has requested for an independent review to be undertaken,” a department spokesperson said.
In a video/podcast on Thursday (coming soon) with Bentley System’s senior vice president, Asia Pacific, Kaushik Chakraborty the conversation ranged across the big trends underway globally – among them de-urbanisation, with key infrastructure investment now targeting ways to service these expanding regional areas.
Australia is right on trend, judging by the new price data emerging in regional areas.
Over the past five years prices nearly double in regional areas in Victoria and NSW.
In NSW this includes the Tweed region on the Far North Coast, where the local airport is being expanded and improvements on shopping centres are under way, at Muswellbrook and the Snowy Monaro region in the south-east of the state, KPMG’s Terry Rawnsley told The SMH.
Anna Martaki of Warburton Estate Agents said places such as Muswellbrook offered “plenty of work” in the renewable energy sector, (as well as, still, in mining) and in the new Sydney Rum Distillery and the Scone Equine Group.
At Tweed, the Gold Coast Airport is undergoing an expansion, there’s the new Tweed Valley Hospital, and shopping centres are being rejuvenated with expanding retail and professional services,”
Cotality told The Age that median house prices also rose nearly double in Beechworth, Mansfield and Alpine regions, and that prices in Mildura, Greater Shepparton and Horsham, also rose strongly over the past five years.