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EXPERT OBSERVER
The backdown by the NSW Government on it’s Planned Precincts along the Sydenham to Bankstown corridor is yet another pre-election move that will put new housing on hold.
For some years the NSW Government has been promoting the redevelopment of land around proposed new metro stations along the Sydenham to Bankstown line as the correct approach to provide new housing for Sydney's booming population.
The government committed to Priority Precincts around rail stations which sent signals to the private sector that these precincts were where new development should occur.
Many private developers purchased land to help realise the government's vision.
We now hear from the media that the government has done a backflip (to use the media's term) and is handing the planning powers back to the local councils.
The media comments from representatives of the Canterbury Bankstown and Inner West councils are now saying that the decision puts an end to high rise development around the stations.
The same councils also complained about the NSW Government's new Housing code for town houses and terrace houses and the NSW Government quickly allowed the two councils to delay the code for over a year.
Clearly the NSW Government is spooked by community concerns about the extent of development that the government's own planning rules proposed.
Rather than taking an advocacy role to explain to the community that 725,000 new homes will be required over the next 20 years in Sydney, and that development around stations on a new metro rail line is good planning, the government seems to be moving away from its leadership role.
With an election 9 months away it is clear that the government is happy to put the planning for new housing on hold.
This will only lead to a collapse in housing supply in a few years’ time which will push house prices up again.
The Premier's rhetoric that the solution to housing affordability is for more supply has clearly been replaced by putting supply on hold.
What were called Priority Precincts to help with supply then became Planned Precincts at the end of last year and are now seen by the suppliers of new housing as being 'Paused Precincts'.
On 25 June 2017 Anthony Roberts, NSW Planning Minister, issued a Media Release on the Sydenham to Bankstown corridor where he said: 'It is fundamental that we harness the benefits of the Sydney Metro.Supply was the key to tackling housing affordability in Sydney and growth strategies such as the Sydenham to Bankstown corridor will make a positive impact.'
He also announced that Canterbury, Campsie, Lakemba and Belmore have been made priority precincts. A year later it seems that the benefits of the metro have been diminished and that supply of new housing is not the key to housing affordability.
The Urban Taskforce is keen to work with the councils along the Sydenham to Bankstown line to ensure that development opportunities for new housing are still available.
Chris Johnson is the CEO of Urban Taskforce
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Sydenham to Bankstown planning backdown will be bad for future housing supply: Chris Johnson

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The proposed development of the Tallawong Station Precinct by Landcom and the Sydney Metro demonstrates how a new diverse community can be planned.
The concept plan for 1,100 new apartments with 5 percent as rental affordable housing along with a park and retail uses has the ingredients for a quality outcome.
It is good to see that Landom’s approach to providing affordable housing is based on NSW Government’s Affordable Rental Housing SEPP of 2009 that provides the affordable housing for a 10 year period.
The Urban Taskforce has promoted the use of the Affordable Rental Housing SEPP approach with reasonable uplift to fund the affordable component.
In the Landcom proposal there is no uplift as the cost will be reflected in the value of the land and the normal SEPP requirement of 20 percent affordable units has been reduced to 5 percent.
This is a reasonable economic approach to the delivery of affordable housing and signals government support for a 10 year rental approach.
The Urban Taskforce supports this flexible, sensible and pragmatic approach to the provision of affordable housing which takes into account the sensitivity of the property market.
The overall scale of development at Tallawong appears to be reasonable for the location at the end of the North West Metro line (pictured above).
The Urban Taskforce is supportive of large scale developments with a number of buildings, mixed uses and the provision of a park as this gives a sense of community and balances shared amenities with 1,100 apartments in this case.
When the concept plan has been approved we assume Landcom will call for expressions of interest from the private sector to undertake the project.
Urban Taskforce members will be interested in becoming involved.
Chris Johnson is the CEO of Urban Taskforce
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Tallawong Station development has created a diverse new community: Chris Johnson

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EXPERT OBSERVER
The Draft Affordable Housing Policy to be considered by the City of Parramatta Council at tonight’s Council meeting, needs to better understand market conditions.
The City of Parramatta Council recently deferred it’s Draft Planning Agreements Policy to an independent panel for review and the same should occur for its Draft Affordable Housing Policy due to be considered at its meeting tonight.
The Planning Agreements Policy included mandatory affordable housing contributions as a significant component so if the council was concerned about the impact on the market of the Draft Planning Agreements Policy and deferred this to an independent panel then clearly the same should occur for the Affordable Housing Policy.
The two policies are clearly intrinsically linked and should be reviewed together.
The draft policy for Affordable Housing includes a proposal to phase affordable housing contributions out of the Planning Agreement process and to replace this with an Inclusionary Zoning approach that requires developers to give 10 percent of new housing projects back to council for affordable housing.
Presumably the Planning Agreement Policy will still have the 50% of uplift to be given to council so developers will be contributing even more back to council.
In the current environment where the feasibility of new housing projects is diminishing as prices are dropping across Sydney the Affordable Housing Policy will only make projects less feasible and potentially stop them from going ahead.
It is vital that the City of Parramatta Council get input from the risk taking real world of the development industry before locking in this Affordable Housing Policy.
The independent panel already appointed by council should involve industry in the review of these new policies.
The opportunity to also involve two recent appointments by the NSW Government should also be taken by the independent panel.
The appointment of a NSW Productivity Commissioner and of a NSW Chief Economist includes a brief for both to look at housing affordability from an economic system perspective.
Their input into the approach proposed by the City of Parramatta Council would benefit the potential roll out of affordable housing policies to all of Sydney’s councils that could flow from Parramatta’s leadership.
The Urban Taskforce is keen to be involved in discussion with all parties involved in Affordable Housing Policy to ensure that a sustainable, market based, approach occurs.
Chris Johnson is Urban Taskforce CEO.
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Parramatta Council affordable housing policy needs to understand the market: Chris Johnson

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EXPERT OBSERVER
The baffling exemption of 47 NSW Councils from the adoption of a new law to encourage terrace housing until July 2019 demonstrates that these councils are shirking their responsibility to promote a diverse range of housing types.
This is a sad day for future generations looking to live an affordable lifestyle in a diverse range of housing types.
All the ‘Missing Middle’ Low-Rise Medium Density Housing Code did was provide a faster approval process for medium density housing types where councils already permitted this type of development in their local government area. To see this over reaction and backlash against two storey town houses and terrace houses by councils demonstrates just how out of touch they are with young families and other demographic groups looking for somewhere to live.
The publishing today of the amendment to the Low Rise Medium Density Housing Code in the NSW Government Gazette includes at clause 3B.63 a list of 47 councils that are in a deferred area until 1 July 2019. The councils include Bayside, Burwood, Campbelltown, Canada Bay, Canterbury-Bankstown, Cumberland, Georges River, Hornsby, Inner West, Lane Cove, Mosman, Northern Beaches, Parramatta, City of Sydney, Willoughby and Woollahra. These are all areas where terrace houses should be part of the diverse mix of homes to accommodate our growing population.
These 47 councils are clearly bowing to small activist groups who are desperate to keep Sydney as a 1950s suburban structure with detached houses. It is fine for many people to live this way but there are other people who want to live in more urban ways and they should not be denied this opportunity.
It is unfortunate that the NSW Government has permitted this large number of councils to signal that they are against growth. The Urban Taskforce believes the Missing Middle Housing Code is an important pathway to Sydney's future. The approach to encouraging smaller, terrace house layouts like those in Paddington is an important component of the provision of a diverse range of housing types. We support the code and the housing types it encourages as a vital part of the mix to house Sydney's population growth.
The NSW Government must not allow councils to remove the potential for terrace houses from their LEPs during the deferral period but they must ensure that there are appropriate areas for this building type.
The result of the council rejection of two storey terrace houses is likely to be the need for many more high-rise towers of apartments. Those councils that reject low rise density should be forced to allocate larger precincts for high rise residential towers to make up for the loss of new housing.
The Urban Taskforce is keen to work with the 47 councils to make sure they are providing a diverse and affordable range of homes for the children and grandchildren of their current ratepayers.
CHRIS JOHNSON is CEO of the Urban Taskforce.
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Housing diversity exemption for NSW councils marks a sad day for future generations: Urban Taskforce

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EXPERT OBSERVER
Recent data from the Australian Bureau of Statistics (ABS) indicates flat housing approvals in NSW but falling non-residential approvals.
The non-residential building approvals in NSW have dropped by 25% between December 2017 and May 2018 which is of concern.
In December 2017 non-residential approvals were valued at $1,272,944,000 but six months later this has dropped to $957,551,000 according to the latest release of ABS building approval data.
<img src="https://www.urban.com.au/images/2018/7/4/UBT%20CJ%20Graph%201.JPG" alt="">
Over the six months from December 2017 to May 2018 the high density residential approvals were flat with 3,221 approvals in December rising slightly to 3,256 in May 2018.
Overall NSW housing approvals were also flat with 5,691 approvals in December 2017 and 5,860 approvals in May 2018.
<img src="https://www.urban.com.au/images/2018/7/4/UBT%20CJ%20graph%202.JPG" alt="">
The signals in the industry are that there is a slow-down building up in the housing market that will carry on for some time but that the slow-down will not be dramatic.
Normally the nonresidential building sector balances a slow-down in residential construction but it appears this is not happening.
Sydney still has a need for large numbers of new homes so the NSW Government will need to carefully monitor the trends ahead to ensure new housing supply continues at a steady rate.
We at the Urban Taskforce are concerned that the lifting of caps on infrastructure contributions and potential value capture and affordable housing levies could add costs to housing development at a time when the industry is slowing.
This would lead to even less housing projects going ahead.
We are also concerned that in the lead up to the next NSW election in March 2019 there is a significant amount of anti-development discussion in the media and a number of politicians are using the concerns in the community to put planning for new housing on hold.
A pre-election slow-down in development approvals could lead to a more difficult post-election environment where housing supply went backwards.
Chris Johnson is Urban Taskforce CEO.
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Housing approval rates flat and non-residential falling in NSW: Chris Johnson

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EXPERT OBSERVER
The NSW Labor Party targets announced by Shadow Minister for Social Housing, Tania Mihailuk, that 15 to 25 percent of housing on privately owned land would be mandated to be affordable would make most housing projects economically unviable.
A heavy handed policy that simply adds an excessive tax to housing supply will mean many housing projects do not proceed.
The current housing supply market is slowing down through restrictions on lending from banks and from the uncertain climate of potential levies from councils.
To add another tax of 15 to 25 percent to a market that is slowing down will have a very negative impact on the number of new homes that will be built in future years.
The NSW Government is removing the cap on local infrastructure levies that could add around $40,000 to the cost of an average home.
On top of this councils like the City of Parramatta are proposing to apply excessive value capture taxes on all development.
The recent Reserve Bank research on the impacts of restrictive zoning in Sydney indicated that this has added $489,000 to the cost of an average house and around $400,000 to the cost of an average apartment.
The clear message from the RBA research is that interference in the market place by government and council regulations will increase the cost of housing.
Those well-meaning politicians and community housing providers who believe the developers of new housing can give away a significant percentage of their new homes must understand how the economics of the complex supply system works.
The banks will not fund the 15 to 25 percent proportion that Labor wants to give away and developers will find it very difficult to make a project viable without some incentive.
The report on housing affordability for the NSW Government by the former Governor of the Reserve Bank of Australia, Glenn Stevens, made it clear that housing affordability was linked to housing supply and that the planning system in NSW was too slow and complex and that standards that add to housing costs should be reviewed.
Claims by the Community Housing sector that England and America provide massive percentages of affordable housing must be moderated by an understanding of the tax systems and incentives applied in these countries.
We have proposed an incentive based policy for affordable housing that could provide 40,000 new affordable rental homes over a 10 year period.
The policy is based on the NSW Government’s Affordable Rental Housing SEPP and could provide 20 percent of a project as affordable housing for a 10 year period with a 20 percent floor space uplift.
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Housing projects will be unviable under NSW Labor mandated housing affordability targets: Urban Taskforce

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The report for the South Sydney Regional Organisation of councils on the Affordable Rental Housing SEPP is missing opportunities to improve the policy.
The City Futures report on the Affordable Rental Housing State Environmental Planning Policy (ARHSEPP) for the South Sydney Regional Organisation of Councils recommends that this policy document be replaced but all it needs is modifications to make it more useful.
The report says the infill affordable housing section has had little impact in South Sydney but this is because the incentives are too low.
Currently the ARHSEPP requires at least 20 percent of a project to be affordable rental housing but only gives a bonus uplift of around 8 percent.
Clearly the economics are not working to encourage developers to use this formula.
Rather than replacing the whole policy all that is required is to match the 20 percent affordable housing component with a 20 percent uplift in floor space.
This will make the provision of affordable rental housing much more viable for the 10 year rental period the policy requires.
The report also criticises the Boarding Houses component of the ARHSEPP yet it does indicate that these have rentals that are 20-40 percent cheaper than equivalent apartments in areas away from universities.
The City Futures report raises concerns that the boarding houses do not conform to the strict rules required for apartments through the Apartment Design Guide (ADG).
The boarding house model is a different model with shared communal spaces that provide a different approach to amenity.
Recent changes made to car parking requirements also makes boarding house developments unfeasible in many inner areas of Sydney, where there is a critical under supply of affordable accommodation.
The Urban Taskforce believes the intent of the Affordable Rental Housing SEPP is good but that the details are stopping successful implementation of the policy.
Discussion with the industry that produces housing would lead to improvements to the ARHSEPP that would help provide significant numbers of new affordable homes across Sydney.
It would have been useful if the City Futures report had made positive suggestions about where changes could be made to achieve the intended outcomes.
CHRIS JOHNSON is the Urban Taskforce CEO.
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Incentives too low to create affordable housing: Urban Taskforce

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EXPERT OBSERVATION
The recent announcement of a draft State Environmental Planning Policy (SEPP) for the revitalisation of the Gosford City Centre demonstrates the value of state leadership in planning.
The draft SEPP for the Gosford City Centre appoints the Department of Planning and Environment asthe assessment authority for all projects over a value of $10 million.
This allocation of most projects to the state government planning department will ensure local politics is removed from decision making and that the importance of the revitalisation of Gosford as a state significant project is reinforced.
It is good to see the state government taking a stronger role in ensuring new development occurs by taking over planning powers for projects over $10 million.
The same approach could occur for many of the priority and planned precincts across urban areas in New South Wales.
The government’s funding of infrastructure with $42 million and an upgrade of parks with a further $10 million demonstrates a strong commitment to Gosford City Centre.
The use of the NSW Government Architect in developing plans for the revitalisation of the public realm including connections to the waterfront and the hospital are positive contributions to the future of Gosford.
It is of concern that the Central Coast Council has collected $8.1 million in contributions for local infrastructure that has not been committed to projects.
The development industry must make contributions for infrastructure on all projects and they expect this to lead to public domainimprovements in a timely manner.
The Urban Taskforce supports the measures introduced in the Gosford City Centre SEPP and the associated packages with this.
The current market across metropolitan Sydney is slowing down and it is important that the NSW Government considers similar interventions to those being applied in Gosford to planned precincts across Sydney.
Chris Johnson is the Urban Taskforce CEO.
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Gosford City Centre planning policy demonstrates state leadership: Urban Taskforce

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EXPERT OBSERVER
The major commitment to fund infrastructure, particularly for Sydney, in the NSW Budget will underpin the state’s growth.
The ongoing funding of major infrastructure by the NSW Government will future proof the state as the population grows.
The commitment to funding Metro West with $3 billion is an example of the forward thinking required to ensure Sydney grows in a sustainable manner.
This connection between the Harbour City and the River City of Parramatta will enhance both cities and generate significant development between the two cities
The allocation over the forward estimates of $8 billion to health infrastructure and $6 billion to schools infrastructure is a further support for the states strong growth.
The NSW Generation Fund (NGF) with $3 billion seed funds is a good way to plan ahead for Sydney's rapid growth.
The allocation of $27.5 million from the NGF for the ‘My Community Dividend’ is clearly a sweetener to communities to support growth. The funds will allow communities to vote for projects up to $200,000 that add value to their neighbourhood.
The Urban Taskforce, however, is concerned that last year's focus on housing affordability has not been repeated. Last year there was a strong commitment to the Premier’s priority to drive housing supply and the report by the former Governor of the Reserve Bank, Glenn Stevens, raised important issues about housing affordability and supply. We now have a slow-down in housing supply as evidenced by the budget's acknowledgement that $6 billion of income from stamp duty will be eliminated from the forward estimates.
Clearly the supply of housing is slowing down and we would have expected some actions in the budget to ensure a continuous supply of much needed housing. In particular a hold on the removal of the cap on council infrastructure levies would help the housing industry as would a hold on potential affordable housing levies by councils.
The recently announced NSW Productivity Commission is an opportunity to remove red tape from the planning system to help with housing affordability.
The funds allocated to Sydney's Third City in Western Sydney including the $439.4 million for infrastructure is positive as is the $258 million allocated to the Parramatta Light Rail project.
While the focus on infrastructure is the strength of this budget there does seem to be a missed opportunity to encourage Sydney communities to be part of the massive change that is occurring to the city's structure and form.
The Treasurer, Dominic Perrottet's speech titled 'Building for Tomorrow, Delivering for Today' sets the tone for the government's long term commitment to delivering essential infrastructure for the growth of the state. Many of the budget commitments help families including, increases to apprentice numbers, employing more teachers and health professionals and these are positive contributions.
The missing element is more support for new housing that is needed particularly in Sydney. The NSW planning system is still very complex and the delegation to councils to manage population growth is leading to an increase in community concerns about growth.
Overall this is a good budget for setting the framework for growth in urban areas of the state. The commitment to metro rail projects is the key to underpinning growth and the government deserves credit for driving this.
The Urban Taskforce is keen to work with the NSW government, including the NSW Productivity Commission, to find ways to help with housing supply and affordability particularly by reducing red tape in the planning system.
Chris Johnson is chief executive officer of property development industry group Urban Taskforce and can be contacted <a href="https://www.urbantaskforce.com.au/index.php?option=com_content&amp;view=article&amp;id=97&amp;Itemid=126#.Vdaart55dFI" target="_blank">here</a>.
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Infrastructure budget does little for housing: Urban Taskforce

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EXPERT OBSERVATION
The proposal for a high level control of infrastructure delivery for Western Sydney by former NSW Premier John Fahey is needed for efficient delivery.
Currently the developers providing new housing in greenfield areas of Western Sydney find that there is little coordination of the multiple state government agencies who deliver infrastructure.
It seems to be left to each developer to coordinate with the agencies that deliver roads, sewers, water and electricity rather than having a single agency ensuring all of this infrastructure delivery is managed efficiently.
Former Premier Fahey has stated that multiple authorities should answer to a single boss through a coordinator general working for the Premier.
Fahey is reported as saying that Western Sydney needs ‘a coordinator general with wide-ranging powers to go around councils and various agencies and to bring them to the party, without delays’.
The Urban Taskforce agrees completely with this proposition and that it is required immediately as the current system is at the mercy of different infrastructure agencies.
The coordination role for the City Deal announced by the NSW Premier at the recentAerotropolis Conference, where Geoff Roberts will take on this role, may be what Mr Fahey is considering but it needs to relate to a broad range of greenfield land release areas for housing as well as a jobs focus.
The Aerotropolis seems to be mainly about jobs for Western Sydney that are very much needed but the delivery of new housing is equally important.
A stronger state government role that ensures efficient delivery of infrastructure like roads, sewer, water and electricity is desperately needed.
The Queensland Government has established the State Assessment and Referral Authority (SARA) to give a single point of contact for those developing new housing to ensure all infrastructure is coordinated properly.
The NSW Government should look at this example in its response to former Premier Fahey’s proposals.
Chris Johnson is the Urban Taskforce CEO.
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John Fahey’s proposal for Western Sydney infrastructure coordination is essential: 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.

[smartcode_project:default project_id=135096 project_image_fid=356818]

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."

[smartcode_project:default project_id=135096 project_image_fid=356828]

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."

[smartcode_project:default project_id=135096 project_image_fid=356829]

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."

[smartcode_project:default project_id=135096 project_image_fid=351104]

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.

[smartcode_project:default project_id=135096 project_image_fid=356822]

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.

[smartcode_project:default project_id=135096 project_image_fid=356826]

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.

[smartcode_project:default project_id=135096 project_image_fid=351102]

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.

[smartcode_project_cta:default project_id=135096]

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."

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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.

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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."

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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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