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EXPERT OBSERVATION 
The proposed changes by APRA to its guidance on restrictions on borrowers repayment obligations will help the supply of new housing.
The Australian Prudential Regulation Authority (APRA) has proposed changes to its guidance to banks and Authorised Deposit-taking Institutions (ADIs) that will increase the maximum borrowing capacity for borrowers in relation to housing.
The regulator believes that the measures that were introduced at a time of heightened risk can now be reduced.
Rather than using an interest rate of 7% ADIs would be permitted to set their own minimum interest rate floor for use in serviceable assessments. APRA does still propose a buffer on interest rates and while stating that risk has reduced APRA is still concerned about high house prices, low interest rates, high household debt, and subdued income growth.
APRA also commented that there was too big a difference emerging between owner-occupier principal and interest loans compared to investor interest-only loans.
The Urban Taskforce is very supportive of APRA’s proposed changes as clearly house prices have dropped significantly in cities like Sydney and this is reducing confidence in the new housing market.
The re-election of the Morrison Government means negative gearing and capital gains tax will not change so more certainty is coming into the housing market. This greater certainty along with APRAs changes are positive signals for the housing sector.
To fully lift housing supply to the levels needed will also need support at state government level to ensure that levies on new homes are not excessive.
In Sydney the state government’s proposal to lift the cap on local infrastructure contributions from July 2020 could add $60,000 to the cost of each home or apartment. All levels of government must do their bit to ensure housing supply matches the need.
CHRIS JOHNSON is the Urban Taskforce CEO.
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APRA changes to mortgage lending good for housing supply: Chris Johnson

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EXPERT OBSERVATION
The announcement by the City of Sydney Council of new rules to support the night-time economy is good news for the many people living in urban apartments.
The character of inner city areas like Surry Hills, Glebe, Barangaroo, Green Square and Waterloo has changed significantly with the arrival of so many people living in apartments in these areas.
It is good that the City of Sydney has responded to this evolving urban lifestyle by relaxing trading hours to support a night time economy.
In the lead up to the recent New South Wales election there was significant concern raised by some politicians about the extent of apartment development, and that they did not seem to support the new lifestyle that comes with greater density.
Apartment dwellers, particularly millennials, are looking for a ‘sharing’ lifestyle where they live close to amenities and an exciting urban scene.
The moves by the City of Sydney, driven by Councillor Jess Scully, to reactivate the night time economy in the urban precincts will be strongly supported by the community.
The Urban Taskforce has developed a campaign to support young apartment dwellers and their more sharing lifestyle called ‘<a href="http://www.welcomehome.org.au" target="_blank">Welcome Home</a>’  where we profile the stories of younger apartment dwellers and their more urban and more sharinglifestyle.
One example is James who lives in an apartment in Summer Hill.
“I love the local music scene here in Summer Hill. I’m just a stone’s throw from my local bar that has live music every Thursday, everyone knows everyone.” says James.
The initiative by the City of Sydney will help many inner city residents get to interesting music venues and night time bars.
Sydney is a global city and an important part of our diverse community are the younger people who want a lively, creative music and arts scene.
The Urban Taskforce recommends other councils, like the City of Parramatta and North Sydney, should follow the initiatives of the City of Sydney and establish vibrant night time economies as more apartments are built in their centres which are occupied by young people wanting to explore the surrounding activities that come with a night time economy.
CHRIS JOHNSON is the Urban Taskforce CEO.
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A thriving night-time economy needs urban apartment density: Urban Taskforce's Chris Johnson 

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Statements by the NSW Planning Minister raising concerns about high rise apartment living for families are misplaced.
NSW Planning Minister, Rob Stokes, has recently raised concerns about both urban sprawl and high density apartments by preferring town houses and terrace houses for families as Sydney grows.
In an article in the Sun-Herald Minister Stokes said 'We have an ideology in favour of sprawl, which has proven wrong' and 'an ideology in favour of high-rise might lead to problems in 50 years' time'. But many Sydney families are preferring the more co-operative lifestyle of apartment living, where much bigger gardens are shared by a number of families.
The 2016 census demonstrated that 28 per cent of Sydney's apartments are occupied by families and the apartment market is responding to this trend by providing onsite child care, large gardens and parks, as well as playgrounds that mean children get much bigger and better facilities than the small back garden in a terrace house.
Shared swimming pools are also an asset in apartments while terrace house gardens cannot have space for a pool.
The Urban Taskforce has recently undertaken research on the growing trend towards family living in apartments, and has found many examples of successful lifestyles. The development, The Gallery, by Meriton at Roseberry has a day care centre right next to the front door with a large play area in the internal courtyard.
Resident Lauren, with her little boy Lucas, are thrilled with the apartment lifestyle having access to shared swimming pools, playgrounds and parks as well as to local schools. At Harold Park by Mirvac the apartments open directly onto a shared park with playground facilities for children of all ages.
While terrace houses are part of the solution to providing housing diversity for Sydney's growth the reality is that 50 councils petitioned the NSW Government against this code. The primary reason was that the so called 'missing middle' would change the character of Sydney’s leafy suburbs, and the concept of the detached house defining ownership.
A better approach may be to protect Sydney's suburbs and focus new development in more urban precincts around railway stations in apartments. 
The Urban Taskforce calls on Dr Stokes as planning minister to have an open mind about apartment living as a key component of managing Sydney's growth. During the recent NSW state election there was a lot of anti-apartment and anti-density rhetoric that was picked up by politicians.
We believe much of this came from older people wedded to the detached house as being the 'Aussie' way to live, but younger generations like the Millennials are demonstrating that they prefer apartment living, where they trade off house size for closeness to work and amenities, and are trading off excessive ownership of assets with a sharing lifestyle where access to amenities is more important.
The Urban Taskforce is developing a campaign to support apartment living as a vital part of the diversity of housing types Sydney needs into the future. Our "welcomehome.org.au" website is the beginning of this awareness campaign.
CHRIS JOHNSON is the Urban Taskforce CEO
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NSW Planning Minister must support apartments for families: Chris Johnson

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EXPERT OBSERVATION
The federal election must focus on the need to drive more housing growth in Australian cities with appropriate infrastructure. It will need to focus, more than ever before, on managing growth in Australia’s cities.
The housing market is collapsing in Sydney and Melbourne, with growing negative attitudes about the change occurring to the character of these cities. The recent swing to more urban living in apartments as an affordable way for younger people and retirees to live must continue despite concerns from suburban house dwellers.
This election is to some extent a debate about how Australian’s will live as our cities grow, and this inevitably raises issues about high density living, congestion, infrastructure provision and housing affordability.
The reality is that the suburban model works for cities up to around 4 million people, however, as Sydney and Melbourne are heading for 8 million people, strong political leadership is required on how to best manage the switch to more urban living that can co-exist with the suburbs.
The Urban Taskforce believes the federal government must help the states and councils manage the evolution of Australia’s cities into more urban structures. This is even more important now that the housing industry is going through a major contraction phase in terms of the supply of new homes.
The Urban Taskforce calls on all parties to support the following policy commitments:
1. HOUSING SUPPLY MUST BE REBOOTED The Australian Bureau of Statistics (ABS) indicates a dramatic fall in housing approvals across Australia, as does the Reserve Bank of Australia (RBA). The result of this slowdown will be a loss of jobs in the industry, and a reduced supply chain of new homes in future years. The federal government must look at policy levers that can reactivate the supply of new homes.
2. FREE UP CREDIT RESTRICTIONS ON HOUSING LOANS Many ordinary Australians are finding it impossible to get a loan to purchase a new or existing home. The builders of new homes are also finding it more difficult to secure Page 2 of 2 finance for new projects due to credit restrictions. The federal government must not instigate policies that make credit harder to get, but must work to free up the flow of loans into the housing industry.
3. SUPPORT A ROBUST IMMIGRATION PROGRAM Recent concerns about the changing character of our cities has led to knee-jerk reactions that big reductions in immigration can keep Australian cities from changing. But with the large number of baby boomers moving into retirement Australia needs young, skilled, income earning tax payers to fund government programs. This population growth will maintain Australia’s competiveness economically and the shape of our cities can be managed in a way that supports diverse living styles.
4. PROVIDE STRONG LEADERSHIP IN SHAPING OUR URBAN CITIES Rather than fuelling community concerns about change, Australia’s politicians must take a lead role to help shape the future of our cities. Global cities that contribute to the world’s economy will grow and can do this in a positive way with political leadership.
5. REDUCE EXCESSIVE TAXES ON NEW HOUSING All levels of government seem to want to add taxes to new housing to cover the cost of infrastructure, affordable housing and public transport. This feeding frenzy of governments desperate for funds is increasing housing costs to excessive levels. The Federal Government must ensure that taxes on housing do not drive unaffordability for ordinary Australians.
6. SUPPORT URBAN INFRASTRUCTURE PARTICULARLY METRO RAIL The Federal Government has a specific role in funding major infrastructure projects. The most important ‘game changer’ for Australian cities is the roll out of metro rail projects. The federal government must be a major funder of these projects and they must require bold densities for development next to metro rail stations.
7. ENCOURAGE LONG TERM RENTAL HOUSING While home ownership has long been an aspiration of Australians, it is clear that there are a growing number of people who prefer to rent. This requires an investment market to provide rental homes, and the federal government must support this investment - including long term rental in the Build-to-Rent model.
8. REQUIRE EFFICIENT PLANNING SYSTEMS ACROSS AUSTRALIA Many state planning systems are overly complex and slow. This is having a negative impact on the productivity of the property development industry and this adds costs to the end product. Australia’s planning systems must support the swing to a mixed use, cosmopolitan lifestyle that is preferred by many people. A national review that drives a more up to date planning system, particularly for cities, is needed.
CHRIS JOHNSON is the Urban Taskforce CEO 
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Federal Election must focus on housing growth and infrastructure: Urban Taskforce's Chris Johnson

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EXPERT OBSERVATION
The February Australian Bureau of Statistics (ABS) figures for NSW housing approvals indicate a slight rise of 5.4%.
The ABS data in trend terms shows a slight increase in housing approvals between November 2018 and February 2019.
In February there were 5,001 housing approvals which is 5.4% more than the 4,745 approvals in November 2018.
The jump is driven by a surge in higher density apartment approvals which rose by 17.3% between last November and February this year.
This was offset, however, by a reduction of 6% in house approvals over the same time span.
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Source: RBA
The spike in apartment approvals may be a sign of more confidence, or more likely it represents projects submitted some time ago that were held up over the Christmas holiday break.
It is clear that many approvals are not translating into real commencements, as the pre sales rate of apartments has dropped significantly.
The Saturday Domain publication that advertises homes for sale or auction a year ago was dominated by apartments, with around 70% of the pages featuring apartments.
Recent editions have only about 10% of advertisements for apartments in a publication that has far less homes for sale overall.
The Urban Taskforce believes the new Planning Minister, Rob Stokes, and his Secretary of Planning must organise a Housing Supply Summit to assess how the current market is performing, so that policy levers could be pulled to ensure the appropriate supply for future years is maintained.
CHRIS JOHNSON is the Urban Taskforce CEO.
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Green shoots in NSW housing approvals but more needs to be done: Chris Johnson

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EXPERT OBSERVER
The new Minister for Planning and Public Spaces, Rob Stokes, must kick start Sydney’s falling housing supply as his first priority.
Rob Stokes is a good choice as NSW Planning Minister as he clearly understands the portfolio and is a good advocate for quality urban growth.
Rob has previously been Planning Minister but the portfolio has become much more complex and is even more significant for the state’s economy than when he left the portfolio. Housing approvals have collapsed in Sydney, as have housing pre sales, which will lead to a big drop in the supply chain of new homes over the next few years.
Part of the reason for the big drop in approvals over the last year has been the very negative rhetoric about over development across Sydney that has even included terrace houses as being too dense for suburban streets. The Ryde council area has put all new planning proposals on hold, and 50 councils have been given a moratorium on allowing town houses and terrace houses in their areas.
There is also significant confusion about the role of the Greater Sydney Commission (GSC) with its planning Assurance Reviews, related to the role of the Department of Planning particularly with policy and strategic planning issues. The Minister will need to clarify the roles of these two organisations.
When Premier Berejiklian first took on the role of Premier she stated her first priority was to increase housing supply, but the opposite is now occurring with a dramatic slowdown in supply. It is essential that the State Government must make the increase of housing supply its first priority.
Compounding the slowdown in housing approvals is the increasing cost for infrastructure levies; with the government’s cap now removed and confusion over policies for affordable housing, and the use of old industrial land where the GSC seems to have a different position to the Department of Planning.
The Urban Taskforce believes that Minister Stokes must instigate a Housing Supply Summit soon, so that all parties can understand what is likely to happen over coming years if no policy changes are made. It will be important to involve NSW Treasury in the Summit, as stamp duty levies will dramatically reduce NSW Government income unless the industry is stimulated.
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We also acknowledge the appointment of Andrew Constance in the important role of Minister for Transport and Roads, as this infrastructure is the critical determinant of where new growth should be located.
Clearly the Treasurer, Dominic Perrottet, will have a critical input into the housing and property industry, as any slowdown will have a negative impact on the state’s economic performance. We believe the Treasurer will need to get his Productivity Commissioner and Chief Economist to take a critical look at the housing industry.
The Urban Taskforce is keen for the new Minister for Property and Housing, to continue the Communities Plus program of renewing social housing estates across Sydney.
A major priority is to ensure that the Minister for Planning has up to date information on housing approvals and commencements as the Department of Planning’s Housing Monitor has not been updated since October 2018. It is essential that transparent information on housing supply is available for all stakeholders.
CHRIS JOHNSON is the Urban Taskforce CEO.
 
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Rob Stokes must kick start Sydney's falling house supply: Urban Taskforce

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EXPERT OBSERVATION
The announcement by the Federal Labor Party of their support for a build-to-rent model through tax relief is good news.
There is a big swing to rental accommodation in Australian cities, but tenants are unable to have long term security of tenure.
In America and Britain long term rental is available through build-to-rent models, but this approach has not worked in Australia due to excessive taxes.
The announcement by the Federal Labor Party that they will cut the managed investment trust withholding rate in half would make build-to-rent economically viable.
The build-to-rent model works with apartment precincts that have shared amenities where residents can have a comfortable lifestyle while having the security of tenure in their own rental home.
It is likely that the larger developers of apartments will be encouraged to move into this new long term rental market.
Hopefully the current Federal Government will also support tax incentives to encourage a swing to long term rental across Australia’s cities.
There are 2.7 million renters of homes across Australia. Urban areas in Sydney have very high percentages of renters with Parramatta having 70%, Surry Hills 64% and Newtown 62%.
It is clear that younger people in particular, are swinging towards rental accommodation in bustling inner city urban areas where they are close to amenities and work.
With housing approvals dropping fast in Australian cities the industry will need a stimulus to boost housing supply. A viable build-to-rent approach will encourage the development of more homes across the country.
The Urban Taskforce is a strong supporter of Australia having a viable long term rental approach.
It is clear that many millennials now prefer an urban lifestyle, and many prefer this to be through a rental model in apartments.
This is clearly a different lifestyle to the suburban home and it needs to be supported as part of our diverse approach to how Australians want to live.
CHRIS JOHNSON is the Urban Taskforce CEO.
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Labor's build-to-rent support is good news: Chris Johnson

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EXPERT OBSERVER
The long delay of two and a half years by the NSW Government in processing the Central Sydney Planning Strategy does not send a good signal about the state’s planning system.
The City of Sydney Council, after waiting almost three years for the NSW Department of Planning to put the Central Sydney Planning Strategy on exhibition, is now organising its own exhibition. There is something wrong with our planning system ifthe key council for the Sydney CBD and the state government’s planning department are unable to agree on plans for the city since July 2016.
The City of Sydney plan included some positive elements in relation to taller buildings in the city, but the plan was negative in relation to encouraging a mixture of uses in the city that wouldi nclude residential towers.
The City Council as well as putting their plan on exhibition have also released a Draft Guideline for Site Specific Planning Proposals where sites can get additional height and floor space. The sites that get this uplift cannot contain residential or serviced apartment floor space and sites are encourage to be amalgamated. So only employment generating buildings can access the additional floor space. Clearly the City is trying to swing the pendulum away from residential development towards commercial development but most world cities are encouraging a mixture of uses so that they become active over 24 hours and 7 days a week.”
The Urban Taskforce supports a mixed-use approach to urban areas as many younger people are preferring an urban cosmopolitan life style where they live close to work. The same work / liveapproach should occur across all of Sydney’s urban areas and town centres. Major international cities are building mixed use precincts like Hudson Yards in New York and Battersea Power Station renewal in London. The success of projects like Barangaroo which mixes residential and commercial uses demonstrates that Sydney also wants this type of development.
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The long delay of two and a half years by the NSW Government in processing the Central Sydney Planning Strategy does not send a good signal about the state’s planning system says the UrbanTaskforce.
The City of Sydney Council, after waiting almost three years for the NSW Department of Planning to put the Central Sydney Planning Strategy on exhibition, is now organising its own exhibition.” Says Urban Taskforce CEO Chris Johnson “There is something wrong with our planning system if the key council for the Sydney CBD and the state government’s planning department are unable to agree on plans for the city since July 2016.
The City of Sydney plan included some positive elements in relation to taller buildings in the city, but the plan was negative in relation to encouraging a mixture of uses in the city that would include residential towers.
The City Council as well as putting their plan on exhibition have also released a Draft Guideline for Site Specific Planning Proposals where sites can get additional height and floor space. The sites that get this uplift cannot contain residential or serviced apartment floor space and sites are encourage to be amalgamated. So only employment generating buildings can access the additional floor space. Clearly the City is trying to swing the pendulum away from residential development towards commercial development but most world cities are encouraging a mixture of uses so that they become active over 24 hours and 7 days a week.
The Urban Taskforce supports a mixed-use approach to urban areas as many younger people are preferring an urban cosmopolitan life style where they live close to work. The same work / live approach should occur across all of Sydney’s urban areas and town centres. Major international cities are building mixed use precincts like Hudson Yards in New York and Battersea Power Station renewal in London. The success of projects like Barangaroo which mixes residential and commercial uses demonstrates that Sydney also wants this type of development.
CHRIS JOHNSON is the Urban Taskforce CEO
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City of Sydney planning strategy delay by Government is bad: Chris Johnson

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EXPERT OBSERVATION
The Australian Bureau of Statistics (ABS) data out today indicates significant reductions in the amount of lending for new homes.
The value of lending by dwelling investors in NSW has dropped by 30 percent between January 2018 and January 2019.
Over the same time span the number of owner occupier loans has dropped by 19 percent. These significant falls are clearly leading to a big slow-down in the supply of new homes in New South Wales.
When the investment slow-down is added to the big drop in housing approvals in NSW, where apartment approvals have dropped by 41 percent between January 2018 and January 2019, there is clearly a growing concern about the pipeline of new homes in the state.
APRA must now take action to help the flow of loans back to both owner occupiers and investors so the housing supply across Australia does not slow down to unsustainable levels.
It appears that the slow-down is even bigger in metropolitan Sydney but the NSW Department of Planning data is only up to September 2018. The Department indicates that in September 2018 the year to date approvals were 48,435 - well down on the 58,000 approvals at March 2017.
Whoever wins government in NSW on March 23 will need to look seriously at the likely pipeline of housing supply for the state and particularly for metropolitan Sydney. In the lead up to the election a number of politicians have raised concerns about over development with the result that planning has been suspended in a number of areas across Sydney. To stop planning for another year of so will have a dramatic impact of housing supply for Sydney’s growing population.
The Urban Taskforce believes that the next NSW Government must tackle the negative issues around the planning system and other economic constraints so that the new housing industry, and the 300,000 direct jobs that normally flow from the construction activities, are supported.
CHRIS JOHNSON is the Urban Taskforce CEO
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Lack of credit is slowing housing supply: Chris Johnson

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EXPERT OBSERVER
The NSW Government slipped a number of planning documents into the public realm about local character the day before caretaker mode.
There have been no announcements about proposed new policies on Local Character that are now exhibited on the NSW Department of Planning website.
We are concerned about the addition of new requirements on Local Character that seem to focus only on low scale existing environments with little advocacy for how new development can create a quality urban character.
The government has issued a ‘Discussion Paper - Local Character Overlays’ and a ‘Local Character and Place Guideline’, but 75 pages of material are totally focussed on existing low density examples.
A new ‘Local Character Overlay’ will require applicants to conform to the statement of the local character.
While the term ‘future local character’ is mentioned there is virtually no guidance on what this means and how communities could understand options for growth.
The guideline seems to want change as well as support for the existing local character when it states, ‘The NSW planning system contains levers to encourage change and development that supports local character.
The tallest building in the whole guideline is 3 storeys high.
The only example for a change of local character is the Thornton Housing Estate in north Penrith on a greenfield site (p31) which is described as having ‘a villagestyle character’.
A section of the Guideline is allocated to ‘Local Character in infill versus greenfield areas’ (p 15) but the text only covers greenfield areas with no mention of the more sensitive infill areas where new development will impact on the existing local character.
The Urban Taskforce supports local character as being important to communities but believes the Guideline and the Discussion Paper on Local Character will add another layer to the planning system and will encourage communities to argue against new development.
What the government should be doing is producing guidelines on the range of new development options that will be required to build 725,000 new homes in Sydney over the next 20 years. The guidelines should cover the range of built form types from 2 floors to 6 floors, 12 floors, 20 floors up to 40 floors and outline appropriate locations and describe the urban character of each option.
To help the NSW Government in this task the Urban Taskforce has produced a website www.ecodencity.com.au which has an interactive Density Simulator to demonstrate how density, height and open space variables can produce quality places.
A range of case studies are presented from 100 people per hectare (Oran Park) to 1,000 people per hectare (Central Park).
Communities need planning tools on how change is managed to create quality built environments rather than new planning layers that encourage the protection of the existing local character.
CHRIS JOHNSON is the Urban Taskforce CEO
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Local guidelines must support quality property development: Chris Johnson

Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

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"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

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After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

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Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

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Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

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Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

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ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

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For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

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Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

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Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

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The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Chris Johnson

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