Apartment Boom

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<p>There's no slowing down property prices all across the nation, with data house CoreLogic reporting prices nationally jumped 2.8 per cent over March, the highest increase since October 1988.</p>

<p>It was also the first time in 12 months that capital city values outpaced the regional markets, music to the ears of the departed investor market who will be monitoring price levels.</p>

<p>CoreLogic's head of research Tim Lawless says they expect housing values to continue to rise throughout 2021 and well in to next year, but it is reasonable to expect the pace of growth will slow.</p>

<p>Sydney led the way over March, with dwelling values jumping 3.7 per cent to be 6.7 per cent up over the quarter. The last time Sydney posted such strong quarterly gains was in June/July 2015, before a rapid slow in growth when limits on investors kicked in to slow the market, which isn't a stumbling block in the current property climate.</p>

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<p>The Harbour City was only bettered by Hobart's strong 7.6 per cent quarterly gains after dwelling growth of 3.3 per cent over March.</p>

<p>Canberra saw the third best dwelling value growth across the capitals, up 2.8 per cent, followed by Melbourne and Brisbane who both saw 2.4 per cent gains. Darwin posted 2.3 per cent growth.</p>

<p>Adelaide (+1.5 per cent) and Perth (+1.8 per cent), trailed the pack.</p>

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<p><img alt="" height="705" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/april_dwelling_cl.jpg" width="1200"></p>

<p>"As the housing market hits record high values, speculation is mounting as to what will trigger the next downswing phase of the cycle", Lawless says.</p>

<p>"The upswing in buyer demand has not been met with the same level of increase in inventory," Lawless says.</p>

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<p>"This has resulted in strong selling conditions, amidst a palpable sense of urgency amongst buyers, putting upwards pressure on housing prices."</p>

<p>Lawless suggested the substantially less fiscal support will likely contribute to a tapering of demand, as will the prospect of tighter credit policies, however APRA says lending standards remain healthy enough to keep any credit intervention at bay for now.</p>

<p><strong>Houses v Units</strong></p>

<p>Houses continued to outstrip units for price growth in most capitals, however units are now steadily back on the upswing.</p>

<p>“Despite the underperformance, unit markets have turned a corner, with Sydney recording two consecutive months of rising values, while the Melbourne unit market has seen values consistently rising since October last year, with the trend accelerating over recent months," Lawless says.</p>

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<p>Sydney houses jumped 4.3 per cent over March to be 8.2 per cent higher over the first quarter of the year. Units still saw strong growth, up 2.1 per cent over March to be 3.2 per cent up over the quarter.</p>

<p>Melbourne units were close behind, posting 1.7 per cent gains over March and three per cent over the quarter. Houses were up 2.6 per cent in March and 5.6 per cent over the quarter.</p>

<p>The only areas where units outperformed houses was in Hobart and Darwin. Hobart units were up 4.9 per cent, the best performance of any market across March, while houses rose three per cent.</p>
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Sydney led the way over March, with dwelling values jumping 3.7 per cent to be 6.7 per cent up over the quarter

Joel Robinson

When will the property boom slow down? Property prices see highest monthly gains in 32 years

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<div>A range of factors have come together to kill the apartment construction boom in its tracks.</div>
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<div>These have included:<br><br>-tighter capital controls in China<br>-a stamp duty surcharge for non-resident buyers<br>-a 'vacancy tax' for unoccupied dwellings not made available for rent<br>-changes to the foreign resident capital gains tax regime<br>-significant limits to depreciation deductions<br>-travel costs for landlords being disallowed as a deduction<br>-changes to the CGT main residence exemption for foreign buyers &amp; temporary residents<br>-considerably tighter lending criteria Down Under</div>
<div> </div>
<div>And some other stuff.<br><br>The truth is Australian residents finance the purchase of relatively few new apartments in the larger developments, so if investors aren't buying then it's difficult for developers to secure enough pre-sales to get projects off the ground.</div>
<div> </div>
<div>At the last official count we saw that there were still around 152,000 attached dwellings under construction for the July to September 2017 period.</div>
<div> </div>
<div>But that was months ago, and this is now.<br><br>By today in February 2018 the number of apartments under construction might already have nosedived by about 20 per cent, as a swathe of Sydney completions has hit the market. </div>
<div> </div>
<div>And the latest building approvals figures suggest the downtrend is now locked in.</div>
<div> </div>
<div>This may prove to be a plus for landlords as rental markets tighten, while Alex Joiner of IFM Investors notes an eyebrow-raisi<span>ng <span>~</span>45,000 Airbnb</span> listings in Melbourne and its surrounds, representing huge growth, which may in turn help to explain vacancy rates in the Victorian capital having nudged multi-year lows in 2017. </div>
<div> </div>
<div>Meanwhile macroprudential measures may well mean that interest rates stay lower for longer (if construction employment begins to fall hard, the next move in rates may even be down, for the Reserve Bank of Australia is already missing both its inflation target - for more than two years now - and its full employment mandate). </div>
<div> </div>
<div>Let's look briefly at the latest building approvals trends. </div>
<div> </div>
<div><strong><span style="text-decoration: underline;">Apartment construction to slow</span></strong></div>
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<div>Attached dwelling approvals dropped sharply by 39 per cent in seasonally adjusted terms in December 2017, from 11,247 to just 6,849, although this was partly a reversal of a record spike in Melbourne in the preceding month. </div>
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<p> </p>
<div>While Melbourne and Sydney apartment approvals will likely continue a downtrend from here, confidence in the maligned Brisbane apartment sector finally seems to have found a more sustainable base. </div>
<div> </div>
<div>Melbourne attached dwelling approvals fell from a manic 6,304 in November to 2,766 in December, overwhelmingly accounting for the monthly decline. </div>
<div> </div>
<div>Across calendar year 2017 Sydney and Melbourne accounted for the strong result in attached dwelling approvals at just under 36,000 and 32,000 respectively.</div>
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<div>Meanwhile the trend in Brisbane house approvals is now the strongest in the country, alongside sprightly Hobart.</div>
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<div>Hobart's housing market has been booming, and an overdue supply response is now reluctantly taking shape.</div>
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<div><strong><span style="text-decoration: underline;">The wrap</span></strong></div>
<div> </div>
<div>Overall 2017 was a stronger than expected year for approvals with more than 219,000 dwellings awarded a green tick, but the trend in high-rise approvals may well now resume its slide.</div>
<div> </div>
<div>The townhouse sector of the market looks to be an increasingly solid performer, on the other hand.</div>
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<div>Despite the fall in residential building approvals, the impact on the economy may not be as great as once feared, with the trend in monthly non-residential approvals for New South Wales hitting its highest ever level at $1.3 billion in December, while Victoria's result was even higher still. </div>
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<p> </p>
<div>Non-residential approvals have been tracking at record levels, then, overwhelmingly driven by Sydney and Melbourne.</div>
<div> </div>
<div>Nevertheless, the apartment construction slowdown will be the real trend to watch this year. </div>
<div> </div>
<div>PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.</div>
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pwargent-M4siyDbqQY

Eight factors kill the apartment construction boom in its tracks: Pete Wargent

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<p>The apartment boom is over but it’s not a disaster, according to realestate.com.au economist Nerida Conisbee.</p>
<p>Despite some experts predicting a ‘bloodbath’ resulting from an oversupply of apartments in Melbourne and Brisbane, Conisbee suggests the reality is that there has been minimal fall out from the declining levels of construction.</p>
<p>"Building approvals are now trending downwards and although some apartments have lost value, the state of the market is pretty stable," she said.</p>
<p>Conisbee added that the level of building approvals for apartments will continue to decline in 2018 mainly because there are fewer investors in the market, but also because offshore developers, particularly from China, will be less active.</p>
<p>She tweeted a graph (below), highlighting the investor pullback.</p>
<p>She wrote "<span>Investors are pulling back and this started to hit apartment demand in Sydney late last year. It is now extending to Adelaide. Meanwhile Perth seems to have turned a corner </span><a class="twitter-hashtag pretty-link js-nav" href="https://twitter.com/hashtag/housing?src=hash" data-query-source="hashtag_click">#housing</a><a class="twitter-hashtag pretty-link js-nav" href="https://twitter.com/hashtag/demand?src=hash" data-query-source="hashtag_click">#demand</a><a class="twitter-hashtag pretty-link js-nav" href="https://twitter.com/hashtag/property?src=hash" data-query-source="hashtag_click">#property</a>."</p>
<p>Click here <a href="https://www.propertyobserver.com.au/images/2018/1/9/rea.jpg" target="_blank">to enlarge.</a></p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/1/9/rea.jpg" alt=""></p>
<p>Envisaging a quieter housing market in 2018, there were four other key forecasts made by Conisbee.</p>
<p>1. US rate rises will make Australian mortgages more expensive, although the Reserve Bank of Australia is unlikely to budge on rates any time soon.</p>
<p>2. Sydney’s excessive housing price growth may soon be a thing of the past with demand decreasing and prices finally slowing down.</p>
<p>"In 2018 it’s unlikely we will see a big drop in prices in Sydney, but cooling demand will continue to affect house prices which are likely to be flat this year."</p>
<p>3. Look for the Hobart market to continue to rise in 2018.<br><br>4. Regional areas within commuting distance of Melbourne and Sydney have seen increasing buyer demand over the past 12 months on realestate.com.au.<br>The most active have been Central Coast and Wollongong, with many suburbs appealing to Sydney buyers on the basis of affordability if they’re prepared to do a big commute.</p>
<p>In Melbourne, Geelong has been the big winner of price pressures in Melbourne, however suburbs of Ballarat are now starting to appeal to first-home buyers from Melbourne as well.</p>
<p>This year, these areas will continue to see buyer demand grow as they offer not just affordable homes but also the lifestyle that people want.</p>
<p><span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;"> </span></p>
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j.ballantyne1990-6AQqhLzZaK

The apartment boom is over, but not a bloodbath: Nerida Conisbee 

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<p>The Inner Melbourne Apartment (IMA) market has undergone a boom in new residential activity since 2012/13, being underpinned by the upturn in off-the-plan sales that commenced in 2009/10 following the Global Financial Crisis, according to BIS Shrapnel's Inner Melbourne Apartment Market Brief. </p>
<p>In particular, development in Inner Melbourne has been dominated by large scale and high rise development in the following locations: Melbourne CBD; Southbank; Docklands; St Kilda Rd/Queens Rd; Carlton; Port Melbourne; St Kilda and South Yarra.</p>
<p>APARTMENT PROFILE DEMAND PROFILE</p>
<p>Private rental apartments account for 58% of all apartments in the IMA area, considerably higher than the 25% share across all Greater Melbourne. This highlights the preference of investors to purchase properties close to good transport links and major commercial, retail and entertainment centres, where tenant demand is likely to be greatest.</p>
<p>Owner occupied dwellings represented only 28% of IMA area apartments, with both fully owned and being purchased dwellings in lower proportions than the Greater Melbourne average. Unoccupied dwellings— those that are held as second homes or kept empty as a speculative investment—comprise a high 14% of total apartment stock in the IMA area, (9% in Greater Melbourne). This level may have even increased since 2011, given the higher incidence of overseas buyers and expectation that many will not find their way to the rental market.</p>
<p><img src="/images/2016/03/31/Screen%20Shot%202016-03-31%20at%209.29.00%20AM.png" alt="" width="318" height="245"></p>
<p>DEMAND PROFILE</p>
<p>The age profile of apartment residents suggests that people first rent when moving into the IMA area (52% of occupants in rental households aged 20 to 29 years old). There is a higher propensity to purchase an apartment for those aged beyond 30 years of age.</p>
<p>Households with a mortgage are mostly younger, with 51% of people occupying an apartment being purchased aged 30 to 54 years old. Within fully occupied apartments, the largest age cohorts are 55 to 69 years old and 20 to 24 years old.</p>
<p>The high prevalence of 20 to 24 years olds suggests that the older households are likely to contain adult children. Alternatively, these young adults may be living by themselves in fully owned apartments – i.e. perhaps in a dwelling owned by their parents or other family.</p>
<p><span style="font-size: 12.16px; line-height: 1.3em;"><img src="/images/2016/03/31/Screen%20Shot%202016-03-31%20at%209.31.50%20AM.png" alt="" width="354" height="302"></span></p>
<p>DEMAND DRIVERS </p>
<p>The age profile of apartment residents suggests three main groups driving occupier demand: students, young adults, and older empty nesters.</p>
<p>Students account for 21% of the Inner Melbourne Apartment population, with 85% being overseas students. Overseas students create instant demand, typically opting to reside close to their place of study. The decline in overseas student enrolments from their 2009–2010 peak was not felt as greatly in Inner Melbourne, as most (around 80%) were in higher education courses, where enrolments had not dropped as far as other education sectors. Moreover, after beginning to recover in 2013, growth in overseas student enrolment has been strong in 2014 and 2015, which should lead to stronger tenant demand.</p>
<p>The young adult apartment population is typified by those in white collar management or professional positions working in the inner city. This segment comprised 74% of the non-student demand for apartments in the IMA area at the 2011 Census.</p>
<p>Empty nesters are classified as those aged 45 years old and over, being either singles or couples without children. Empty nesters comprised 26% of the non-student adult population in the IMA area at 2011 Census.</p>
<p><span style="font-size: 12.16px; line-height: 1.3em;"><img src="/images/2016/03/31/Screen%20Shot%202016-03-31%20at%209.52.07%20AM.png" alt="" width="351" height="300"></span></p>
<p><img src="/images/2016/03/31/Screen%20Shot%202016-03-31%20at%209.54.10%20AM.png" alt="" width="348" height="337"> </p>
<p>INVESTMENT</p>
<p>Rental Vacancy Rates</p>
<p>Vacancy rates in Inner Melbourne (indicated by a six month average which is used to iron out monthly variations due to lumpy stock additions) have steadily risen since bottoming out at 1% in 2008.</p>
<p>Vacancies rose above the balanced 3% rate over 2012/13, with the rate in the Inner Melbourne 0-4km area increasing to 3.8% (and remaining relatively high at 3.5% since). This reflects the rise in apartment completions in this time and time required for the market to digest. With the apartment supply to remain around peak levels in the medium term, vacancy rates in the Inner Melbourne 0-4km area are likely to remain above the balanced rate of 3% for some time, restraining both rental and price growth.</p>
<p><img src="/images/2016/03/31/Screen%20Shot%202016-03-31%20at%209.56.59%20AM.png" alt="" width="409" height="360"></p>
<p>Rents, Prices and Yields</p>
<p>Table 1 (main picture) outlines the weighted median two bedroom (the most common type of unit) rent and weighted median unit price of the IMA area post codes, along with an indicative yield representing the rent divided by the price.</p>
<p>Unit rental yields peaked at 5.55% at June 2009 after strong rent growth over the prior three years outpaced price rises. Together with low interest rates, this helped to trigger the 17% post–GFC rebound in median prices over 2009/10, causing yields to fall below 5%, although remaining above the levels of the early 2000s.</p>
<p>A correction in prices in 2011/12 saw yields rise to 5.35%. This level of yield supported the modest price growth in 2012/13 and 2013/14, which was also underpinned by the low interest rate environment during this period. Since then median prices have corrected downwards in 2014/15, continuing in 2015/16.</p>
<p>Competition from new apartments has also negatively impacted rents, with median rents showing almost no change over the last four years. In light of the fall in prices, the indicative yield for a two bedroom apartment in the IMA area is expected to have risen slightly to 5.1% at June 2016.</p>
<p>SUPPLY PIPELINE</p>
<p>New apartment supply in the IMA area is at record levels, averaging around 6,000 apartments per annum in the four years to 2015/16. Off-the-plan investor demand has been strong since 2009/10, buoyed by attractive yields, low interest rates and uncertainty in other investment markets.</p>
<p>Although rent and price growth has been flat in this period, any weakening in domestic investors in response to the rising new supply has been offset by elevated demand from overseas investors (primarily from Asia), who have sustained another round of apartment pre–sales and construction activity since 2011. Overseas buyer demand is being supported by low borrowing costs, relatively buoyant economic conditions in their home country, and a preference to invest in a more transparent and stable political environment.</p>
<p>Demand for apartments by overseas investors shows little signs of abating despite further increases to supply. A lower Australian dollar is making apartment prices attractive to overseas buyers despite the fundamentals becoming more adverse. Over 24,000 apartments, or nearly 8,000 per annum, are on track to be completed within the IMA area over the three years to 2018/19—more than triple the long term average of 2,563 apartments per annum in the sixteen years to 2011/12. Around 15,700 apartments are in projects already ‘locked in’ and under construction, with many currently marketing also likely to go ahead.</p>
<p>The Melbourne CBD precinct will be the main source of new apartments in the IMA area over the three years to 2018/19, accounting for 40% of total new apartment supply. Apartment completions as a proportion of the total IMA area is expected to be next greatest in the Docklands (18%) and Southbank</p>
<p>(15%).The Carlton, South Yarra and St Kilda Rd precincts are projected to account for 9%, 8% and 8%, respectively, of new apartment supply in the IMA area, while minimal new apartment supply is expected in both the St Kilda and Port Melbourne precincts.</p>
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jonathanchancellor-7SQnKwU6yx

New apartment supply in Inner Melbourne at record levels: BIS Shrapnel report

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<p style="text-align: left;" align="center">GUEST OBSERVER</p>
<p>Sydney buyers looking for a freestanding home are starting to be frozen out with the infiltration of apartments, and property experts are widely talking about unit prices dropping due to oversupply - but is this the only issue? This is just one problem but many others are being ignored. </p>
<p>Exceptional market conditions in Sydney meant that apartments were significantly more affordable than houses for many buyers – last year especially – and as a result, many development applications were submitted for new apartment high rises. As a result, Sydney took over from Melbourne as the leading capital for apartment development and in July alone last year, the City of Sydney received more than 2,400 development applications, in what was quoted as a record high.</p>
<p>By 2018, the City of Sydney expects 8,000 new dwellings to be completed, while Green Square is expected to house more than 54,000 people by 2030<a name="x__ftnref3" href="https://outlook.office.com/OWA/?realm=propertyobserver.com.au#x__ftn3" title=""><span><span><span>[3]</span></span></span></a>. Looking north of the bridge, St Leonards will have more than 500 new apartments by 2020.</p>
<p>“here’s an apartment boom but where is the foundation? If we look at supply and demand a year ago, apartments were in demand mainly because of the investor boom and many owner-occupiers were priced out of purchasing a family home. What I want to know is are we building the right course for the right horse?</p>
<p>Think about housing diversity five years ago and look at where we are heading by 2020, we’ll have a remarkable number of apartments by then. The size and scale of this issue is much bigger than we even realise and there’s a real lack of research around the implications on infrastructure, mental health and other future ramifications. </p>
<p>This year, it’s been estimated that almost 45,000 apartments will be completed and settled in Sydney, Melbourne and Brisbane, with an additional 53,000 due for completion in 2017.</p>
<p>We are reverse engineering the supply and demand process and changing the behaviours of people as a result.</p>
<p>We are forcing buyers into considering apartments because the reality is that they have very little other option in a semi-affordable price range. We are starting to see some ill-effects from an oversupply of apartments such as rents falling for the first time in three years, as well as vacancy rates rising. A number of reports show that this is already happening but this is not the only issue. There are also huge socioeconomic issues that will arise from this boom.</p>
<p>A report on housing demand from NSW Planning and Environment predicted that Sydney will have an extra 1.6 million people by 2031, and more than 664,000 homes will be needed. It claims that the rise in single-person and couple-only households as well as an ageing population is driving the need for smaller dwellings. This report also revealed how the government would create housing diversity, which included studio flats (self-contained studio apartments that are established with a main house), smaller lot sizes (standard minimum lot size for high and low density areas), townhouses and terraces, and manor homes (four separately titled units within the same building). </p>
<p>Although I acknowledge the findings in the report, I still believe that a lot of these apartments are being built to feed the investor boom as opposed to a spike in people looking for low maintenance properties. How are freestanding, detached homes not part of a housing diversity plan? We need to have more dialogue on this and think of more creative ways to build more townhouses or single house dwellings for a similar price as apartments – in a way that doesn’t skimp on build quality. Increasing population is a problem for everyone. Let’s not just build tower blocks at extortionate prices, let’s build dwellings that Australians are happy to come home to.</p>
<p><strong>Five solutions for housing diversity that meets demand:</strong></p>
<p><strong>1. Increase ‘stepping stone’ homes. </strong>Currently, there is a very small pool of stepping stone properties available for buyers. I don’t understand how we expect people to go straight from a unit into a four-bedroom home if things continue on the same trajectory. Town planners really need to focus on building a bridge for buyers from their first property to their second property because the type of supply is not readily there. Terrace houses take up a lot of space and that’s why they’re not being built as much – but they’re a good example of a stepping stone property.</p>
<p>Likewise, if you look at people downsizing, which many baby boomers are in the midst of doing or considering, they might want something in between their four-to-five-bedroom family home and an apartment. Generally, at the end of the day, younger people live in tower blocks. After the kids have flown the nest, downsizers are usually only open to moving into a 16<sup>th</sup> floor shoebox with shared walls when it also comes with something as spectacular as harbour views.</p>
<p>Sydney’s Leppington is planning to introduce a contemporary equivalent to the Paddington and Surry Hills terrace-style houses as part of its redevelopment masterplan and I think this is a great example of forward thinking. Sure, the suburb is very much a blank canvas so they have the luxury of planning really thoughtfully and building for the future, but there’s no reason why other suburbs can’t plan for the future – they just have to be more creative about it.</p>
<p><strong>2. An in-depth, socioeconomic study. </strong></p>
<p>A number of studies have been carried out to determine the happiness of people living in high rise apartment blocks, with one study in the UK revealing some alarming results, including that apartment living can increase your susceptibility to stress and your risk of developing mental health issues, and could even cause a relationship break-up. Furthermore, the study revealed that there are serious concerns for children brought up in apartments; children can suffer from hyperactivity, hostility and juvenile delinquency as a result. Not enough socioeconomic studies have gone into this on a local level and it’s absolutely something we need to explore.</p>
<p>Size is one thing but we also need to consider the emotional impact of living high up in the air. I understand the economics of the situation but I don’t think enough research goes into it. Yes, there’s demand but I think we should start building dwellings that people want to live in – not just because it’s the only option, price-wise. We have a responsibility for future generations to preserve the integrity and ambience of certain areas, and need to take a step back and look logically at this because the mental wellbeing of our community is also very important.</p>
<p><strong>3. More emphasis on planning for the future of our city.</strong> </p>
<p>You can’t just rezone an area for fun. While it’s true that people work longer hours, are information rich and have fewer children, that can’t be translated directly into them wanting smaller dwellings. Residents of family-centric areas are getting together to oppose the rezoning of their suburbs, and we saw just one example of this in the inner-west suburb of Hurlstone Park earlier this year. </p>
<p>You have to ask why units are being built in family-belt areas to create more diversity from a demographic point of view. People often move to these suburbs for a more peaceful or quieter life, so why are some councils now trying to entice youth into the area? Most young people want to live in a vibrant suburb with all the trimmings, which makes living away from inner-city areas less appealing to them. I think the Federal Government is putting pressure on the NSW State Government to meet various quotas which trickles down to the councils and that’s how we arrived here – building for today but not for tomorrow. </p>
<p><strong>4. Assess implications on surrounding infrastructure. </strong></p>
<p>I applaud the government for getting the big ticket items right such as public transport and widening of motorways, but they need to work further on local transport and roads, as well as schools, shops and other infrastructure essential for these new high-density communities. What new apartment developments are going to do is put a lot of stress on small intersections and I’m not sure if we are looking at the full impact on society. Are we still surveying roads and measuring traffic flow like we used to in soon-to-be affected intersections every morning and afternoon? If we’re not, we certainly should be. </p>
<p><strong>5. Incorporating vertical forests into more developments.</strong> </p>
<p>My concern with apartments is how the lack of greenery negatively impacts residents’ wellbeing. It’s been scientifically proven that green is a calming colour and nature is a calming influence and I think it’s crucial for apartment blocks. Large-scale, inner-city urban renewal projects are really thinking creatively about how they can incorporate plant life. Central Park in Chippendale is a great example, with vertical gardens and surrounding parkland, and developments at Green Square as well as Barangaroo are also focused on incorporating greenery. The developers aren’t doing it just because it looks good, they’re doing it because it’s essential to keeping residents happy.</p>
<p><em><span>DOUGLAS DRISCOLL</span> is CEO of real estate agency <a href="https://www.starrpartners.com.au/" target="_blank">Starr Partners</a>.</em></p>
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