One of my favorite YouTube channels is the B1M. Apparently it is the most subscribed-to channel focused on construction. If you don't already subscribe, you can do that over here.
Below is a recent video about Australia 108 in Melbourne. It's still under construction, but it is topped out and it is now the tallest building in the country at over 300m. That makes it a "supertall."
When you're building this tall, it can make a lot of sense to segment and occupy portions of the building before construction is fully complete. Among other things, it helps to manage risk. And that's exactly what they've done here.
The contractor building Australia 108 is Multiplex. They also happen to be our construction management partner on Junction House. Except our project is a bit more boutique than Australia 108.
One of my favorite YouTube channels is the B1M. Apparently it is the most subscribed-to channel focused on construction. If you don't already subscribe, you can do that over here.
Below is a recent video about Australia 108 in Melbourne. It's still under construction, but it is topped out and it is now the tallest building in the country at over 300m. That makes it a "supertall."
When you're building this tall, it can make a lot of sense to segment and occupy portions of the building before construction is fully complete. Among other things, it helps to manage risk. And that's exactly what they've done here.
The contractor building Australia 108 is Multiplex. They also happen to be our construction management partner on Junction House. Except our project is a bit more boutique than Australia 108.
I’m on a flight right now reading the latest issue of Monocle Magazine in a seat that barely accommodates the length of my femur. This month’s issue has their annual ranking of the top 25 cities in the world.
Munich is first, which is not unusual for their ranking methodology. It generally scores well. Quality of life is high. Crime is low. The economy is strong. Beer gardens are fun. And you’re close to the Alps for snowboarding.
One stat that caught my attention — and it’s not included for all of the cities — is the number of homes built in the past year. Presumably this is all housing units in the metro area — for sale, for rent, subsidized and so on.
Here are their (clearly rounded) numbers. The order is as they appeared in the ranking, but again, not ever city included this stat.
Munich: 8,300
Tokyo: 150,000
Copenhagen: 5,000
Berlin: 11,000
Madrid: 1,600
Hamburg: 7,000
Melbourne: 5,100
Helsinki 4,400
Stockholm: 7,000 (18,000 in Greater Stockholm)
Sydney: 39,000
Hong Kong 17,000
Vancouver 22,600
Amsterdam 5,100
Kyoto 8,900
Dusseldorf 2,600
Barcelona 1,000
Some of these numbers appear to stand out, such as the counts for Tokyo, Sydney and maybe Vancouver. But it’s hard to draw any conclusions around housing supply and housing affordability.
Melbourne and Amsterdam allegedly have the same number of homes built over the past year, but according to Monocle the metro areas of Melbourne and Amsterdam have populations of 4.85 million and 2.4 million, respectively. This also says nothing about their growth rates.
So which one is doing a better job of addressing housing demand? I’m not sure.
But it was still interesting to see that Tokyo delivers somewhere around 150,000 homes a year. Tokyo is somewhat unique globally in that it’s a big city — one of the biggest — that somehow manages to gracefully balance both scale and quality of life.
I’ve never been to Australia, so take everything I’m about to say in this post for what it’s worth. I also don’t know much about Sydney and Melbourne, other than the fact that I’ve studied the latter’s laneways and the tremendous impact they’ve had on revitalizing the CBD.
However, recently I’ve had a few close friends visit these cities for the first time and, since then, I have started noticing a trend. All of them come back and tell me the same thing, that they prefer Melbourne to Sydney. They say: “Yeah, Sydney is nice and beautiful and all, but it’s not all that exciting. Melbourne feels way more dynamic. Oh, and have you seen their laneways? You would love them.” That’s what they tell me.
So that’s what I have in my head when I read that Melbourne is now the fastest growing city in Australia; that it’s one of the most liveable cities in the world; and that by as early as 2031 it could take Sydney’s place as the biggest city in the country. Below is a chart from The Australian. If you can’t see it, click here.
Some argue that this is happening because housing is cheaper in Melbourne (median dwelling price of ~$700,000 versus ~$1 million). And some argue it’s because the jobs are there and the city has become a cultural and sporting destination. Whatever the case may be, net migration is estimated to be somewhere around 100,000 people per year.
My own view – and I’ve made this argument before on the blog – is that we shouldn’t underestimate the importance of cool shit when it comes to cities. People vote with their feet more than ever today. And for a growing segment of the population, cities are a consumer good.
Indeed, in 2001, Edward Glaeser, Jed Kolko, and Albert Saiz penned a research paper called the Consumer city, where they argued precisely that. The premise was that historically we have tended to think of cities as being centers of production, but we should also be thinking about them as places of consumption.
Here’s an excerpt:
“But we believe that too little attention has been paid to the role of cities as centers of consumption. In the next century, as human beings continue to get richer, quality of life will become increasingly critical in determining the attractiveness of particular areas. After all, choosing a pleasant place to live is among the most natural ways to spend one’s money.”
This is why those coffee shops and cool laneways matter. Some cities have unfair natural advantages. Los Angeles has weather. Vancouver has mountains. Montreal has poutine. But for the rest of us, the amenities typically form part of the built environment. They are a product of our choices.
I’m on a flight right now reading the latest issue of Monocle Magazine in a seat that barely accommodates the length of my femur. This month’s issue has their annual ranking of the top 25 cities in the world.
Munich is first, which is not unusual for their ranking methodology. It generally scores well. Quality of life is high. Crime is low. The economy is strong. Beer gardens are fun. And you’re close to the Alps for snowboarding.
One stat that caught my attention — and it’s not included for all of the cities — is the number of homes built in the past year. Presumably this is all housing units in the metro area — for sale, for rent, subsidized and so on.
Here are their (clearly rounded) numbers. The order is as they appeared in the ranking, but again, not ever city included this stat.
Munich: 8,300
Tokyo: 150,000
Copenhagen: 5,000
Berlin: 11,000
Madrid: 1,600
Hamburg: 7,000
Melbourne: 5,100
Helsinki 4,400
Stockholm: 7,000 (18,000 in Greater Stockholm)
Sydney: 39,000
Hong Kong 17,000
Vancouver 22,600
Amsterdam 5,100
Kyoto 8,900
Dusseldorf 2,600
Barcelona 1,000
Some of these numbers appear to stand out, such as the counts for Tokyo, Sydney and maybe Vancouver. But it’s hard to draw any conclusions around housing supply and housing affordability.
Melbourne and Amsterdam allegedly have the same number of homes built over the past year, but according to Monocle the metro areas of Melbourne and Amsterdam have populations of 4.85 million and 2.4 million, respectively. This also says nothing about their growth rates.
So which one is doing a better job of addressing housing demand? I’m not sure.
But it was still interesting to see that Tokyo delivers somewhere around 150,000 homes a year. Tokyo is somewhat unique globally in that it’s a big city — one of the biggest — that somehow manages to gracefully balance both scale and quality of life.
I’ve never been to Australia, so take everything I’m about to say in this post for what it’s worth. I also don’t know much about Sydney and Melbourne, other than the fact that I’ve studied the latter’s laneways and the tremendous impact they’ve had on revitalizing the CBD.
However, recently I’ve had a few close friends visit these cities for the first time and, since then, I have started noticing a trend. All of them come back and tell me the same thing, that they prefer Melbourne to Sydney. They say: “Yeah, Sydney is nice and beautiful and all, but it’s not all that exciting. Melbourne feels way more dynamic. Oh, and have you seen their laneways? You would love them.” That’s what they tell me.
So that’s what I have in my head when I read that Melbourne is now the fastest growing city in Australia; that it’s one of the most liveable cities in the world; and that by as early as 2031 it could take Sydney’s place as the biggest city in the country. Below is a chart from The Australian. If you can’t see it, click here.
Some argue that this is happening because housing is cheaper in Melbourne (median dwelling price of ~$700,000 versus ~$1 million). And some argue it’s because the jobs are there and the city has become a cultural and sporting destination. Whatever the case may be, net migration is estimated to be somewhere around 100,000 people per year.
My own view – and I’ve made this argument before on the blog – is that we shouldn’t underestimate the importance of cool shit when it comes to cities. People vote with their feet more than ever today. And for a growing segment of the population, cities are a consumer good.
Indeed, in 2001, Edward Glaeser, Jed Kolko, and Albert Saiz penned a research paper called the Consumer city, where they argued precisely that. The premise was that historically we have tended to think of cities as being centers of production, but we should also be thinking about them as places of consumption.
Here’s an excerpt:
“But we believe that too little attention has been paid to the role of cities as centers of consumption. In the next century, as human beings continue to get richer, quality of life will become increasingly critical in determining the attractiveness of particular areas. After all, choosing a pleasant place to live is among the most natural ways to spend one’s money.”
This is why those coffee shops and cool laneways matter. Some cities have unfair natural advantages. Los Angeles has weather. Vancouver has mountains. Montreal has poutine. But for the rest of us, the amenities typically form part of the built environment. They are a product of our choices.
