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The Real Estate Institute of Western Australia reported recently that housing affordability has improved over the last year and that median rents have climbed by 12%.

So, for many people renting a question they are asking themselves is: “would we be better off to buy?”
Current data shows that in Perth, the median purchase price for first-home buyers is around $420,000 while metropolitan rents are around $470 per week.
Not everyone is in a position to borrow and meet loan repayments, but for those singles and couples who can afford around $580 a week at current variable interest rates, a mortgage of $373,000 will buy a very suitable unit, villa or house with its own land.
(In this example I am assuming a deposit of $20,000 and eligibility for the $7,000 first-home owners grant, so the purchase price would be $400,000.
However, there are many cheaper properties throughout WA including the metropolitan area. Some house and land packages are accessible at $300,000 or less and fixed rates can be more affordable than variable rates).
In other words, by paying around $100 more each week on a mortgage as opposed to paying rent, many tenants could transition to home ownership if that suited them and banks approved the loan.
Naturally, the bigger the deposit the smaller the loan and it’s important to keep in mind that renters don’t pay council rates, annual utility charges, building insurance and maintenance which home owners do. Buyers need to factor in about $50 per week to cover this.
The real cost of renting is not the fortnightly payments, but the loss in savings compared to accumulating equity in a home.
There are also good financial reasons to support ownership, but two key factors illustrate its benefit.
First, home ownership can be a stepping stone to increased wealth and long term financial security. Property is highly regarded by financial institutions as security for borrowing to fund a property investment, a business venture or a holiday.
It’s more difficult to borrow against other assets.
Second, home ownership opens up lifestyle opportunities. With your own place you can design and mature the garden, paint and decorate as you wish, have pets (with some strata exceptions) and generally create a home with the liberty and security that can bring.
Households which experience financial difficulty in retirement years are more likely to be living in rental properties, so investing in a home can be a better way to secure your retirement circumstances.
The early decisions you make around real estate can affect your long term outlook, but it’s strongly advisable that you discuss your plans with competent financial advisers, banks and lenders before making a decision and then approaching an agent.
David Airey is president of the <a href="https://reiwa.com.au/home/default.aspx" rel="nofollow" target="_blank">Real Estate Institute of Western Australia.</a> This article was originally published on <a href="https://reiwa.com.au/Faq/Pages/Feature.aspx" rel="nofollow" target="_blank">reiwa.com</a>.
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Is it always better to buy than rent?

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The delay in changes to the first-home owners grant (FHOG) is good news for many buyers.
Legislative changes to the distribution of the FHOG were anticipated to take effect last Sunday, however, the Western Australian parliament has not yet passed the necessary bill.
The state government announced changes to the FHOG in the August budget and was aiming for 15 September as the change-over date, but parliament has not yet fully processed this legislation so the change now looks like happening in October.
This is good news for the 70% of first-home buyers who preferred to purchase existing, older homes rather than building new.
Currently first-home buyers are eligible for a grant of $7,000 whether they buy an established home or build a new one. However, once the FHOG change takes effect the grant will drop to $3,000 for established homes and lift to $10,000 for new-builds.
The current delay in the change means that first-home buyers looking for an established property have a few more weeks to access the higher grant and, conversely, those who want to buy a block and build will be likely tohold back until the grant lifts to $10,000.

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David Airey is president of the <a href="https://reiwa.com.au/home/default.aspx" target="_blank" rel="nofollow">Real Estate Institute of Western Australia.</a> This article was originally published on <a href="https://reiwa.com.au/Faq/Pages/Feature.aspx" rel="nofollow" target="_blank">reiwa.com</a>.
 
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Good news comes in the shape of delays to FHOG changes: David Airey

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The Real Estate Institute of Western Australia has urged the state government not to consider ending the universal application of the first-home owners' grant in its upcoming midyear budget review.
Currently, the state distributes the $7,000 grant to first-home buyers irrespective of whether they are purchasing an established property or building a new one.
Some premiers in the eastern states have changed the rules for eligibility and will now only provide funds to first-home buyers who build a home or purchase a newly built one.
The New South Wales and Queensland governments recently scrapped the first-home buyers' grant for people who buy a previously lived-in property as a means to stimulate their flagging construction industry.
However, that stimulus is not needed in WA, especially when 75% of first-home buyers in this state purchase a second-hand home, not a new one.
WA is presently experiencing the strongest non-stimulatory growth in first home buyer activity in both the established and new housing sectors since FHOG was introduced in July 2000.
Now is not the time to distort the healthy recovery in the WA housing market.
First home buyer activity  is currently very strong in WA, constituting up to 30 per cent of all turnover around the state.
We are also starting to see a healthy recovery in new building activity, which has partly been led by first-home buyers now representing 25% of this new activity.
Meddling with the application of the first-home owners' grant now would greatly distort this healthy sector of the market and disadvantage three-quarters of people trying to own their first homes.
The Commonwealth introduced this grant with the purpose of it having universal application to all first-home buyers. This universality must continue in WA to keep this section of the market stable and to ensure fairness for all new buyers.
REIWA is also encouraging the state government to maintain its transfer duty exemption for first home buyers in the forthcoming midyear budget review.
David Airey is president of the <a href="https://reiwa.com.au/home/default.aspx" target="_blank">Real Estate Institute of Western Australia.</a> This article was originally published on <a href="https://reiwa.com.au/Faq/Pages/Feature.aspx">reiwa.com</a>. 
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The WA government should leave the first-home owners' grant as it is: David Airey

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Recently there has been some national media commentary about an apparent slump in the number of first home buyers, with commentators saying this is due to unaffordable prices and competition from investors.
It’s important to note that this speculation is very east coast based and bears little resemblance to what’s happening here in Western Australia. Let’s look at the facts.
When the First Home Owners Grant (FHOG) was introduced in July 2000, this mechanism became a good way to record this demographic in the market. There were 1,430 FHOG applications across WA in July 2000 and the median purchase price for established homes among entry level buyers back then was $122,000.
Thirteen years later in June 2013, there were 1,840 first home buyers paying a median price of $430,000 on established property.
After more than a decade the numbers are steadily growing despite the accompanying price growth for dwellings.
For the last couple of years first home buyers have benefited from historically low interest rates, a stable and recovering housing market and the ongoing exemption from stamp duty for homes under $500,000. They are also eligible for a $3,000 grant when buying an existing property or $10,000 if building a new one.
This combination of factors has prompted very strong first home activity, particularly through 2013.
In recent years the number of first home buyers each month has been fairly steady at around 1,500 each month. For the past year however, it was trending up with monthly figures closer to 1,600 and 1,700 applicants. In October last year there were 1,969 applicants seeking to enter the first home buyer market and in December there were 1,573.
Around 20,000 first home buyers made their move last year. The Office of State Revenue reports that the median purchase price on established dwellings for first home buyers across the state is currently $438,000. That’s up by $28,000 on the same time last year and by $43,000 on 2012.   Of course the median is only the middle price which means that half of all first home buyers are purchasing under $438,000 and there is plenty of stock under $400,000, including house and land packages.
The percentage of first home buyers as a proportion of the overall housing market has been above average for some time and last year was at times almost 30% of the whole market.
There is little evidence that first home buyers in WA are being frustrated by competition from investors, as they are weak in the current market due to soft rents. While home affordability itself has rarely been better and this is reflected in the significant numbers of FHOG applicants and swift turnover with homes under $450,000.
David Airey is president of the <a rel="nofollow" target="_blank" href="https://reiwa.com.au/home/default.aspx">Real Estate Institute of Western Australia.</a>
<a rel="nofollow" target="_blank" href="https://reiwa.com.au/home/default.aspx"></a>This article was originally published on <a target="_blank" rel="nofollow" href="https://reiwa.com.au/Faq/Pages/Feature.aspx">reiwa.com</a>.
     
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WA is booming for first home buyers, unlike the east coast

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This article is a response to Terry Ryder's piece '<a href="/expert-insights/caution-inhaling-real-estate-agents-words-may-be-dangerous-to-your-financial-health-terry-ryder">Caution - inhaling real estate agent's words may be dangerous to your financial health'</a>.
There is no conspiracy in REIWA market commentary. We pride ourselves in ‘telling it like it is’, contrary to the cynical perception that many members of the public often have towards agents.
The fact is the Western Australian property market is very cyclical (usually counter-cyclical to the east coast), and very closely linked to the fortunes of the mining and resources sector. That has taken a dive, with as many as 25,000 jobs having gone in the last year.
After solid market growth through 2005 – 2007, market correction and the global financial crisis in 2008, followed by full market recovery in 2009, the WA housing market has bumped along for the last five years with modest growth and patchy sub-markets. First home buyers have been very active.
However, we are now facing a year in which our population growth rate is slowing, consumer sentiment is weak, job losses continue, people are moving house less often and a significant number of new dwellings are coming to market or planned for next year.
There are some 24,000 homes under construction, of which 8,300 are multi-residential. While this level of output is not so unusual, it has not previously occurred at a time when population growth was slowing. There is increasing concern about how this oversupply will impact across all markets as it comes to fruition.
Listings for both sales and rentals have spiked and continue to climb. Days on market have stretched out to 63 and the number of vendors discounting has increased to 57% with the average discount climbing to almost 6%.
The message we are hearing loudly and clearly from our agents and property managers is that many sellers and owners have unrealistic expectations and seem to have a mind-set that views that market as unchanged from a few years ago. This is wrong.
REIWA believes it has an obligation to advise the public about changing market conditions if sellers and owners want to achieve the best asking price or rental return and in a realistic time frame.
This is not to suggest that people shouldn’t buy or invest in the Perth market; far from it. But engaging in the market requires good research, good timing, realistic expectations and a long-term outlook. And it must be said that some sub-markets and regional centres are doing much better than Perth overall.  
Current indicators point to a weaker market in 2015 across our metropolitan area for the reasons outlined above. Growth will be negligible. Sellers and landlords will find it a more challenging year and we don’t resile from speaking this truth.
It will be interesting to revisit this topic in the December quarter, and I invite Mr Terry Ryder to return to this column about REIWA and Perth later in the year. I am confident our commentary will be proved accurate and prescient. 
David Airey is president of <a href="https://reiwa.com.au/" target="_blank">REIWA</a>.
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There is no conspiracy in REIWA market commentary: David Airey

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If you’re familiar with the Perth property market, you’d be aware that the ‘spring selling season’ is considered the most active selling period of the year. 
However this isn’t entirely accurate.
While it’s true there is generally a surge of activity during spring, there is a misconception that September is the start of the boom period, when in fact data suggests sales don’t pick up until October.
Closer analysis of the spring selling season indicates that September is actually the Achilles heel of the notional spring selling period.
There has only been one occasion since 1994 – September 2008 – that we actually saw a lift, every other September in the past 20 years has actually seen sales fall.
Having one less selling day than July, August and October is one theory behind why there is traditionally a drop in September, another is the long weekend that tends to fall during the month, and a case could also be made that with September being the last month for many sporting codes, weekends are taken up with finals instead of home inspections.
The impact these factors have on overall activity cannot be officially measured, but it’s reasonable to suggest they influence activity.
When we really look at it, the spring selling season is confined to just October and November as we then experience a fall away in activity in December as we approach the festive season.
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Perth's spring selling myth

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In July, economists Ryan Fox and Peter Tulip delivered a paper for The Reserve Bank which looked at the broad question: is Australian housing overvalued?
It found that Perth residents who bought a property during the 2005-2007 boom would have to hold it for three decades before the investment worked out cheaper than renting for the same period.
The RBA research also revealed that the surge in prices over the past decade had made renting more economically sound than buying.
Value equation
Although the researchers found long-term that prices were generally “fair value”, they also looked at whether people were better off buying or renting and discovered that the boom of seven years ago had significantly changed the equation.
They took into account all the costs of buying and running a house, including interest rates and depreciation, and the expected increase in value home owners hoped to get on their property.
Between 1955 and 2014, owning a home was less expensive than renting within about eight years. But over the past decade when prices in Perth more than doubled, those who bought have gone backwards relative to those who decided to rent.
Research data
“If real appreciation over the previous 10 years is used as a guide, buying is less expensive than renting only with extremely long expected tenure – in excess of 30 years,” the researchers found.
“Consistent with conventional wisdom, households expecting to move again in a few years time are better off renting, unless they believe they can sell the property for an unusually large capital gain.”
House prices in Perth have climbed 120% since early 2004 and rents have climbed 81%.
Capital gains since the start of this year have slowed a little, with preliminary REIWA data showing the metropolitan median price in Perth down by one per cent in the June quarter and up by a modest 3.8%t on the same time last year.
Advantage
The main benefit with buying is the long-term capital growth that comes from owning a quality asset which is tax free, given the absence of capital gains tax on the family home.
Home ownership is also a huge advantage in retirement when most people have diminished earning capacity and survive on low and fixed incomes, such as the pension.
Australian research shows that pensioners who don’t own their home can spend up to 60% on their income on rent, pushing them into housing poverty.
So while only very long-term home ownership is the more affordable strategy, it provides the best outcome for people in their latter years.
Personal benefits
Another benefit of buying over renting was the ability to paint, decorate and renovate as you like, as well as shaping the garden.
There are some personal and psychological benefits to buying that go beyond money.
It’s also a lifestyle improvement for many people and can provide a sense of security that isn’t always possible in the rental system.
In spite of the recent report from the RBA, I don’t know many people who would strongly agree with the findings.
I think most tenants aspire to home ownership and I can’t see that changing much for the time-being.
While it’s true that long-term renting is far more common through Europe and the US, I think social, cultural and economic conditions are different enough in Australia to still nurture the strong desire for home ownership among those who can secure a mortgage.
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The benefits of home ownership extend far beyond capital growth

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About one out of every four households in Western Australia is a rental property, representing approximately 200,000 dwellings.
The proportion of renters has been reasonably steady at around 28% of all households for over a decade, although there is a change occurring in the mix of private and public housing tenants with the proportion of private sector tenants growing.
Most rental properties are located in the inner suburbs. For example, over 75% of all metropolitan rental properties are located within a 15 kilometre radius of the CBD.
Suburbs with the highest concentration include <a href="/news">East Perth</a>, <a href="/news">Karawara</a>, <a href="/news">West Perth</a>, <a href="/news">Northbridge</a>, <a href="/news">Highgate</a>, <a href="/news">Bentley</a>, <a href="/news">Glendalough</a> and <a href="/news">Victoria Park</a>. Rental properties can account for up to 70% of all dwellings in these areas.
Surprisingly, most tenants live in houses and not flats or units. Census result continue to show that up to 60% of tenants live in traditional houses, although it’s true that around half of all strata dwellings exist as rental properties.
In WA the most common age group for renters is between 20 and 34. Typically, these are people in transition to home ownership. Not surprisingly then, the most common home ownership and buying age group is around 34 to 44.
Most tenants prefer a short lease, with the more common lease being six months. Tenants clearly like the flexibility of a short lease, however more than half of all such leases are renewed for a further six months when the initial lease expires.
The median rent for accommodation in Perth is now $450 per week if you include units, apartments, villas and houses in the equation. Houses alone are generally higher with a median of around $460 per week.
Darwin remains the most expensive capital with houses renting for around $650 per week, while Canberra and Sydney are similar to Perth at around $450. Adelaide is the cheapest at $330 per week.
The average rent for three bedroom homes across all eight capitals is around $405 per week. Seen in this context, Perth is about 15% above the overall Australian rental average for a house.
However, rents in Perth have been slowly coming down since 2013 with the median weekly rent dropping $25 from $475 around this time last year.
This is due to a slow-down in population growth but also from large numbers of renters having taken advantage of very low interest rates to buy a home of their own, enabling them to leave the rental system.
This in turn freed up more properties for rent and is a key reason why Perth’s current vacancy rate is now a third higher than average, sitting at 4% or 5,600 properties.
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A look at Perth’s rental market

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Rents in metropolitan Perth dropped further in recent months, down by $10 per week this year following a $10 drop towards the end of last year. The median rent is now $450 per week across city suburbs.
REIWA data shows this typically breaks down to around $460 per week for a house and $440 for a unit or apartment.
Our data also shows the vacancy rate across Perth remains high at around 4%, due largely to the economic and population slow down. It has also been boosted by many tenants having left the rental system to buy a home of their own.
The long term equilibrium for vacancy rate across Perth is 3%, so the current rate is around one third higher than it might ideally be.
Our figures show there are around 5,000 metropolitan rental properties on the market which is 56% more than the same time last year.
As the number of rental properties swell and overall rents come down, the number of people breaking their lease to find a different property has jumped significantly.
The changed conditions mean that some people are breaking leases to move into a more affordable dwelling, a larger premises or maybe a home in a much better location to suit their needs.
These outcomes are understandable and REIWA property managers are experiencing a significant increase in the number of enquiries from both tenants and property owners asking about the costs involved in breaking a lease.
Tenants need to understand that a lease is essentially a contract between two parties and leaving the premises before the agreed termination date is a breach of that contract.
Under the Residential Tenancies Act, the property owner is entitled to be ‘no worse off’ as a result of any breach by the tenant. As such, they can claim from the tenant any costs, such as rent until the premises are re-let or the original period expires, the charges for advertising for a new tenant and any unused portion of the letting fee.
These claims could add up to several thousand dollars billed against the outgoing tenant, particularly if the premises they vacate takes a while to secure a new tenant. This can be devastating to someone who has broken their lease, started renting a new property and is now effectively paying rent on two places, one of which is empty.
It’s very important therefore, that if a tenant is thinking of breaking their lease for whatever reason, that they talk to the property manager about the potential costs so they can make a considered decision about timing and budget.
This article was originally published on <a href="https://reiwa.com.au/Faq/Pages/Feature.aspx" target="_parent">reiwa.com</a>.
Image courtesy of <a href="https://www.seniorliving.org/" rel="nofollow" data-rapid_p="22">SeniorLiving.Org</a>/<a href="https://creativecommons.org/licenses/by-sa/2.0/" target="_blank">Creative Commons</a>.
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Don’t break your bank by breaking your lease

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In 2007, as the WA's extraordinary property boom reached its peak, then Treasurer Eric Ripper lifted the stamp duty threshold for first home buyers to $500,000.
As the median house price jumped, housing affordability became more difficult and the entry costs to first home buyers in particular became a real impediment. Chief among those costs was several thousand dollars in stamp duty, given that first time buyers were then typically purchasing dwellings at around $300,000.
That policy move by the Carpenter government to effectively abolish stamp duty for the majority of first home buyers has proved over intervening years to be a tremendous success. They have flourished in WA, helped along by low interest rates, the first home buyers grant, plenty of jobs and a robust state economy. In recent years first time buyers often reached more than 30% of the overall market, dwarfing the experience on the east coast.
First home buyer activity in particular has been very strong but is now trending downwards at a worrying rate. Changing policy settings at this time would be very unhelpful and a false economy.
Governments tend to underestimate the importance of first home buyers to the property market and economy in general. Not only do first home buyers take stock out of the market, they facilitate the property seller to trade-up, generating additional revenue from stamp duty as well as other business activity.
The new-home building markets also benefit as economic activity is increased through growth in supply chain business. WA ought not make the same mistake as NSW, which axed the first home buyer duty concession, or Victoria where first home buyer grants were greatly reduced. The clear evidence from these states is that first home buyer activity subsequently collapsed and has not recovered.
While REIWA understands the need for government to fund services and supply infrastructure, my concern is for the overall health and sustainability of the WA housing market at a precarious time. Current REIWA data supported by Landgate figures indicates a market downturn is likely for the second half of 2014.
Evidence from the March quarter shows a drop in sales numbers of around 6% compared to the same quarter in 2013. Listings for sale have risen to the highest level since December 2012 and rental listings are at a seven year high, with the vacancy rate now over 4% for the first time since 2010. Investors are scarce and first home buyers are dropping away. It’s time to recognise that stamp duty on property as a means to raise revenue is clumsy, inefficient and outdated.
Typical stamp duty on a median priced home in Perth is now $20,000. Bracket creep alone has pushed this up by $4,280 over the last five years.
REIWA calls on the government to have a serious look at broadening the land tax base to all property owners with the view to abolishing stamp duty altogether.
The benefit to government is steady, predictable revenue income based on land ownership, rather than unpredictable and volatile revenue income based on sales activity. The benefit to property owners is the simplicity of a modest, annual land tax as opposed to ‘bill shock’, when hit with a huge stamp duty tax in the tens of thousands when they transact.
In some cases stamp duty is so prohibitive to potential buyers that they stay put, jamming the market and not allowing established homes to flow into the first home buyer pool. A broad-based land tax was proposed by the Henry Tax Review and has merit. It has since been adopted by the ACT, which will phase it in over 20 years so it does not disrupt the market and will effectively be revenue neutral.
It’s time for a mature discussion around this proposal with the aim of creating a long-term plan for a better system of property taxes. One that’s not at the mercy of an anxious treasurer every financial year.
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Land tax for all should replace stamp duty for some

Buyers considering a residence at boutique Gordon townhouse development <a href="https://www.apartments.com.au/new-townhouses/lume-gordon-43-47-dumaresq-street-gordon-nsw-2072">Lume</a>&nbsp;now have another reason to bring forward their decision.

For a limited time, purchasers of a residence at Lume will receive a BMW iX3 50 electric SUV, valued at more than $120,000, as part of their purchase. The offer is designed to add value for buyers while complementing the lifestyle envisioned for the architecturally designed Upper North Shore development.

Scott Timmins, Development Manager at <a href="https://www.apartments.com.au/developers/winim">WINIM</a>, said the partnership was created to provide buyers with a compelling reason to act.

"In today's market, buyers need a compelling reason to act now, and the BMW partnership was designed to create that catalyst. We wanted to add genuine value for our future purchasers. Choosing the all-electric BMW iX3 50 also reflects the values behind LUME, forward-thinking design, innovation and a more sustainable way of living. It's a premium incentive that complements the lifestyle our buyers aspire to and rewards those who commit early."

[smartcode_project:default project_id=7354 project_image_fid=374893]

Delivered by WINIM in partnership with Burtonwood Investment Partners, Lume comprises 14 architecturally designed two, three and four-bedroom townhomes created for families seeking the space of a freestanding house with the ease of modern, low-maintenance living.

The three-storey residences, designed by award-winning architecture practice <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, have been tailored for families and multi-generational living, featuring private internal lifts, flexible lower-level spaces, generous open-plan living and entertaining areas, media rooms, and landscaped outdoor spaces with custom outdoor kitchens.&nbsp;

Inside, engineered oak flooring, bespoke dining joinery with integrated wine fridges and backlit bars, sculptural porcelain bathrooms, Parisi freestanding baths and Astra Walker tapware create interiors that balance functionality with refined finishes.

Each townhome has been designed to combine generous internal spaces with sustainability initiatives such as EV charging infrastructure, while <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>'s landscaped communal areas, centred around a restored creek line and native planting, encourage residents to connect with nature and spend more time outdoors.

[smartcode_project:default project_id=7354 project_image_fid=269527]

Rothelowman's Gary Tsui said the architecture was conceived to respond carefully to its Upper North Shore setting.

"Our vision was to create elegant, uplifting homes that draw on and positively contribute to the local character through meticulously considered design and an interaction with the surroundings."

The communal landscape has been designed as more than an open space between homes. Arcadia's Ben Newell and Kate Phillips said the adjoining reserve provided an opportunity to create a distinctive natural retreat for residents.

"Just as waterways carve their way through Ku-ring-gai's landscape, a raised boardwalk weaves through the reserve, connecting the homes to this tranquil oasis."

[smartcode_project:default project_id=7354 project_image_fid=374892]

Located just 300 metres from <a href="https://www.apartments.com.au/developments/gordon-nsw-2072">Gordon</a> Village and Gordon railway station, Lume offers convenient access to Sydney's CBD while placing residents close to some of the North Shore's leading schools, including Ravenswood, Pymble Ladies' College and Knox Grammar. Lane Cove National Park, Gordon Golf Club and a range of cafés and restaurants further reinforce the family-focused lifestyle on offer, with the BMW iX3 50 complementing everything from local trips around Gordon to weekend drives and city commutes.

Construction is underway with completion expected in mid-2027.

[smartcode_project_cta:default project_id=7354]

Joel Robinson

Boutique Gordon townhomes now come with a BMW iX3 50

Two apartments have sold for more than $10 million at EADE Byron Bay, setting some of the highest apartment prices ever achieved in the coastal town and underlining the growing appetite for luxury beachfront apartments in Australia's most popular coastal locations.

The $210 million project by Vitale Property Group has now secured more than $70 million in sales, led by residences that changed hands for $12.75 million and $11.75 million.

The record-breaking transactions reinforce the shift occurring in Byron Bay's premium property market, where affluent downsizers and lifestyle buyers are increasingly opting for high-end apartments over large beachfront homes.

<a href="https://www.apartments.com.au/new-apartments/eade-byron-bay-29-shirley-street-byron-bay-nsw-2481">EADE Byron Bay</a> occupies a rare 6,000 sqm absolute beachfront site on the corner of Shirley and Milton Streets overlooking Main Beach and The Wreck surf break, just 350 metres from Byron Bay's town centre.

The 25-residence development is the first beachfront apartment project approved in Byron Bay in more than a decade and is currently under construction, with completion expected in May 2027.

[smartcode_project:default project_id=145590 project_image_fid=359521]

The project has attracted a mix of local Byron Shire residents downsizing from larger homes, alongside interstate buyers from Sydney, Melbourne and Brisbane seeking a permanent coastal lifestyle without compromising on space.

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a> and with interiors by <a href="https://www.apartments.com.au/interior-designers/alexander-co">Alexander &amp; Co</a>, EADE comprises&nbsp;10 garden apartments ranging from 284 sqm to 622 sqm, nine with private pools, five full-floor apartments and 10 rooftop residences with private plunge pools, expansive outdoor entertaining areas and uninterrupted ocean views.

[smartcode_project:default project_id=145590 project_image_fid=359527]

<a href="https://www.apartments.com.au/developers/vitale-property-group">Vitale Property Group</a> Managing Partner Chris Vitale said the project's combination of scale, location and limited future supply was driving buyer demand.

"There isn't another beachfront holding in Byron Bay of this size and position that could be developed again," Vitale said.

"Buyers are responding to the scarcity and the irreplaceability of a site of this calibre and to floorplans they can't find elsewhere in the market.

"We are seeing buyers place significant value on quality, space, design, resort-style amenities and the rarity of the location. The sales achieved to date demonstrate that discerning purchasers recognise the long-term significance of what is being created at EADE Byron Bay.

"Many are coming from larger homes in the Byron region, or from Sydney, Melbourne and Brisbane, and are after the space, security and convenience, without the upkeep of a house."

&nbsp;

[smartcode_project:default project_id=145590 project_image_fid=359523]

The Byron Bay project follows Vitale Property Group's delivery of the Mondrian Hotel and Private Residences at Burleigh Heads, with EADE continuing the developer's focus on luxury coastal developments.

Residents will have access to a resort-style swimming pool, gymnasium, sauna, cold plunge pool, concierge services and dedicated workspaces, while the project is targeting an 8-Star Green Star rating.

EADE Byron Bay is being exclusively marketed by Projx Australia in conjunction with WHITEFOX Projects.

WHITEFOX National Projects Director Phillip Rand said demand had been driven predominantly by owner-occupiers.

"We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location," Rand says.

"The sales achieved to date demonstrate that purchasers at this level recognise the long-term significance of what is being created at EADE Byron Bay."

Residences at EADE Byron Bay are currently priced between $4.75 million and $15.95 million.

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[smartcode_project_cta:default project_id=145590]

Vitale breaks Byron Bay records with EADE sales flurry 

When buying an apartment, most people compare the big-ticket items first. Floorplans. Kitchens. Balcony size. Natural light. The view.

But there's one everyday consideration that often doesn't come up until after moving in: how parcels are delivered.

As online shopping has become part of everyday life, parcel deliveries have shifted from an occasional event to a regular occurrence. Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally.

For apartment residents, that can present a challenge.

If nobody is home to accept a delivery, parcels may be redirected to a nearby Post Office, left in a building lobby or common area, or require building management to step in. In higher-density buildings, where dozens or even hundreds of residents may receive deliveries each day, parcel management has become an increasingly important part of everyday living.

That can create a range of frustrations. A missed delivery often means making time to collect a parcel elsewhere, while packages left unattended in foyers or mail areas can create clutter and increase the risk of theft. What seems like a minor inconvenience can quickly become a recurring issue for residents who shop online regularly.

It's one of those details that rarely features in a display suite but can have a noticeable impact once residents move in.

As a result, buyers are beginning to look beyond traditional apartment features and consider how a building supports day-to-day convenience, including whether there are secure options for receiving deliveries.

Australia Post's Parcel Lockers provide one solution.

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Rather than having a parcel delivered directly to an apartment, eligible deliveries can be sent to a nominated Parcel Locker. Once the parcel arrives, residents receive a notification through the AusPost app or SMS and can collect it using a QR code or one-time PIN at a time that suits them.

The Parcel Locker network now includes more than 1,500 locations nationwide, with installations at Post Offices, shopping centres, transport hubs and an increasing number of residential developments. By providing a secure collection point, Parcel Lockers help reduce missed deliveries and avoid parcels being left unattended in common areas.

For developers, parcel infrastructure is becoming another way to improve the resident experience. Rather than relying on concierge staff or leaving parcels in communal spaces, secure collection points help streamline deliveries while preserving the presentation and functionality of shared areas.

For buyers, it's a reminder that the best apartment features aren't always the most obvious.

A generous floorplan or quality finishes might help narrow the shortlist, but the conveniences that simplify everyday life, whether that's EV charging, secure bike storage or reliable parcel delivery, often become the features residents appreciate most once they're living there.

The apartment feature many buyers don't think about, until their first missed delivery

<a href="https://www.apartments.com.au/developers/hg-developments">HG Developments</a> is doubling down on Maud Street in Newstead, filing plans for a new apartment tower just a few doors down from its under-construction Aire Newstead development.

Recently submitted to Brisbane City Council, the proposal is for an 18-storey building designed by bureau^proberts, which has drawn heavily on Brisbane's subtropical design principles while referencing the suburb's industrial heritage.

A total of 64 apartments are planned for the amalgamated 1,518 sqm site at <a href="https://www.apartments.com.au/new-apartments/17-21-maud-street-newstead-qld-4006">17–21 Maud Street</a>, a short walk from the Brisbane River and Newstead Riverwalk.

<img alt="First look: HG Developments plans 18-storey subtropical apartment tower for Newstead" data-entity-type="file" data-entity-uuid="a400c7fd-bd15-48f8-a63b-10ede92efe00" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Maud%20st%20bldg.png?VersionId=.0vPmjpbC7CNP7kqGWa6L7rGIwsNExaw" />

"The building is defined by a series of vaulted motifs that reinterpret the arches, colonnades and layered facades evident throughout Newstead's historic built fabric," the Urban Design Report states.

"Combined with recessed glazing and generous balconies, these elements create a layered building envelope that provides shade, weather protection and opportunities for natural ventilation whilst establishing a distinctive architectural identity."

The proposal comprises 64 two, three and four-bedroom apartments across 18 residential levels, positioning it alongside a growing number of taller residential projects transforming Newstead's northern precinct. The tower incorporates extensive subtropical landscaping, with cascading planter boxes, deep planting at street level and a landscaped rooftop recreation area.

<img alt="First look: HG Developments plans 18-storey subtropical apartment tower for Newstead" data-entity-type="file" data-entity-uuid="1d8140f4-8b98-45cd-b1b8-1efe8c8e266b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Maud%20st%20podium.png?VersionId=VAZtbCoD44YCJ57N99fQCAKeSJx7ldZs" />

Bureau Proberts has prioritised passive environmental design throughout the project, with generous balconies, recessed glazing and operable façades helping reduce solar heat gain while maximising natural ventilation. River views become available from the upper levels, while the building has been orientated to capture prevailing breezes from both the Brisbane River and the west.

The architects say landscape is intended to be integral to the building rather than an applied element.

"Vertical greenery, cascading planter boxes and elevated gardens are woven throughout the architecture, softening the built form and strengthening the connection between residents and the subtropical environment."

"Through the integration of landscape, high-quality materials and passive design principles, the development delivers a refined residential address that celebrates Newstead's heritage character while contributing positively to Brisbane's evolving subtropical identity."

Newstead has remained one of Brisbane's most active apartment markets in recent years, with a number of developers continuing to back the inner-city suburb.

HG Developments is currently delivering the 40-apartment Aire Newstead at 25 Maud Street. Fortis recently launched the 65-apartment <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> on Kyabra Street, while builder-developer BPG and Don O'Rorke's Consolidated Properties are both expected to launch their respective Newstead projects before the end of the year.

HG Developments doubles down in Newstead with second Maud Street apartment development

Walk past a new apartment development promoting its sustainability credentials and it's easy to picture rooftop gardens, mature trees, landscaped courtyards and residents surrounded by nature.

But in many cases, that's not actually what those sustainability ratings guarantee.

Australia's leading environmental rating tools have played a significant role in improving the energy efficiency and environmental performance of buildings. Yet despite their focus on reducing emissions, many don't require developers to include trees, biodiversity or meaningful green space.

In other words, a building can achieve one of the country's highest sustainability ratings while containing little more than concrete, glass and hard landscaping.

That disconnect has led to the emergence of a new movement across Australia's property industry: nature-based cities.

The concept goes beyond designing buildings that consume less energy. Instead, it encourages developers to treat nature as essential infrastructure, integrating biodiversity, tree canopy, living landscapes and green spaces into projects from the earliest stages of planning.

Research has consistently linked access to nature with better physical and mental health, cooler neighbourhoods, improved biodiversity, stronger climate resilience and more connected communities. As Australia's cities continue to become denser, advocates say those outcomes should be considered just as important as energy efficiency.

Nature Based Cities (NBC) was established in 2022 to help accelerate that shift.

Founded by Hamton Executive Chairman Paul Hameister OAM, the not-for-profit was created after research highlighted a significant gap in Australia's sustainability framework. While existing environmental rating tools rewarded energy performance and emissions reductions, they placed little emphasis on the inclusion of living landscapes.

"We've always wanted to do more, and we know other developers who want to do more, but the ESD rating tools just aren't there," Hameister says.

"In Australia, you can have a five-green-star rated building that's concrete and glass with not a blade of grass.

"The focus is on reducing emissions, which is laudable, but there hasn't been enough attention paid to protecting and re-establishing nature. We need both for the health of the environment and for communities."

Since its launch, NBC has developed independent design guidelines and accreditation frameworks that encourage developers to prioritise ecology, biodiversity, tree canopy, walkability and living landscapes alongside traditional sustainability measures. The organisation first focused on medium and high-density residential developments before recently expanding into precinct-scale communities and masterplanned neighbourhoods.

Jan Talacko, founder of sustainability consultancy Ark Resources and a member of the Nature Based Cities Advisory Council, says the initiative addresses an area that has largely been overlooked by the property industry.

"Throughout my 25 years of working collaboratively with all stakeholders in the property sector, I've always favoured a pragmatic approach to sustainable design which encourages initiatives that not only meet environmental expectations but also improve amenity," Talacko says.

"Whilst we are making steady progress in relation to energy and carbon emissions from buildings, there has been much less emphasis on encouraging biodiversity and tackling the urban heat island effect.

"The Nature Based Cities initiative responds to a gap in the suite of tools currently used by the property development sector, which don't provide sufficient incentive, or recognition, for the integration of landscaping and greenery."

For apartment buyers, the shift is also changing the questions worth asking.

Rather than assuming a sustainable building will naturally include abundant green space, buyers are increasingly being encouraged to look beyond environmental ratings and ask what nature is actually being delivered. How much tree canopy will the development create? Has biodiversity been considered? Are landscaped spaces designed for people as well as appearance?

As Australia's cities continue to grow upwards and outwards, the next generation of sustainability may not simply be measured by lower emissions, but by how successfully developments bring nature back into everyday urban life.

David Airey

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