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Perth’s housing market experienced a rebound of activity at the end of last year with sales turnover during the December quarter moving back to the long-term average for the metropolitan area.  The strong sales activity through the December quarter had not slowed and that enthusiastic ‘buyer momentum’ had carried into the New Year.
Sales normally calm down over the Christmas holiday period but that didn’t happen last year. The real-time reporting from our members currently indicates that January will also be a bumper month for turnover.
Earlier analysis by the Real Estate Institute of Western Australia showed the median house price lifting by 4% on the previous quarter, suggesting 2013 would end up with growth of at least 7% across the year.
However, real-time sale data from REIWA agents indicate that the quarterly growth was closer to 6% and pushing Perth’s median house price towards $545,000 through 9% annual growth.
This has largely been driven by two key factors. The number of first home buyers has dropped 12% since the June quarter with a  notable fall in sales under $400,000, while at the same time there was an increase in sales over $600,000. Together, this compositional change in sales acted to pull the median price upwards towards the end of the year.
I think the fall in turnover with sales under $400,000 has largely been a reaction to both low levels of housing stock and also affordability pressure on some first home buyers.
The number of houses and vacant lots on the market is below average by about 3,000 properties and this is increasing demand on the available stock.
First home buyers
 
Strong first home buyer activity had been a significant market driver over the past 18 months, although applications for established homes dropped away by 12% in the December quarter.
Data from the Office of State Revenue show there were approximately 5,330 first home buyers in the December quarter paying a median purchase price across the state of around $433,000.
However, countering the drop in demand for established homes was a 9% lift in applications for new buildings following the state government’s increase in grants for first home buyer construction.
Entry-level activity had prompted an increase in trade-up sales as relinquishing owners sold to first time buyers.
The City of Fremantle dominated house price growth for the quarter with the western part of the City of <a href="/news">Stirling</a> also doing well.
Across the whole year price growth was strongest in the City of <a href="/news">Belmont</a>, while the cities of <a href="/news">Fremantle</a>, <a href="/news">Gosnells</a>, the western suburbs and the northern end of <a href="/news">Joondalup</a> were close behind with growth exceeding the metropolitan average of 7%.
Units
The sales of multi-residential properties, such as apartments and villas, dropped a little during the quarter but I feel this was probably a reflection of slowing first home buyers and weak investor interest.
Even so, multi-residential dwelling stock enjoyed good growth of almost 5% for the quarter.
Stock and selling days
At the end of the year there were 8,700 properties on the Perth market, virtually unchanged from the September quarter as sales were quickly replaced with new listings.
It was a similar story with blocks of land, with the metropolitan area finishing the year with 1,115 lots on the market, much as it was in the previous quarter.
Days on market have stabilised around 50 days, well down on the 70-plus days at this time last year but it’s the rental market which is really experiencing a slowdown in activity.
Rental system
REIWA data that during the December quarter the metropolitan vacancy rate grew further to around 3.2% as more than 700 additional rentals came onto the market. That’s up 135% since late 2012 with more than 4,800 rental properties currently available for lease through REIWA member agents
In response to the competition the Perth median rent came down by $10 to $460 per week and representing a drop of $15 per week since the middle of last year.
It seems that the downturn of jobs in the mining sector, as well as many former tenants having now become first home owners, has caused the rental system to relax a little.
Regions
In the regions results were patchy depending on local economic conditions.
The Mandurah-Murray area finished up having a good year with sales turnover but price growth was modest. Rents also lifted by $10 to a median of $380 per week.
Turnover in <a href="/news">Bunbury</a> was up by almost 20% across the year despite a dip in sales for the December quarter, however, prices didn’t move much from September.
In Kalgoorlie-Boulder sales activity has been trending downwards for two years resulting in volatility in the median price.
Geraldton-Greenough also had a weak year with its median price sliding on stagnant turnover. The mid-west city reporting 500 sales for the year, the same number as 2012.
In the Pilbara, the downturn in the mining sector is very apparent in the housing system.
<a href="/news">Karratha</a> sales actually picked up despite annual turnover being at its lowest point in 23 years. With the median house price having dropped across 2013, the improved affordability attracted buyers in the December quarter.
Nearby <a href="/news">Port Hedland</a> is also feeling the effects of the downturn with annual turnover being down by a significant 60%, although rents remain very high at around $1,300 per week.
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>
<a href="https://reiwa.com.au/home/default.aspx" target="_blank" rel="nofollow"></a>This article was originally published on <a href="https://reiwa.com.au/Faq/Pages/Feature.aspx" target="_blank" rel="nofollow">reiwa.com</a>.
 
 
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Perth sales activity rebounds, but rental rates slacken

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Current data from the Real Estate Institute of Western Australia (REIWA) show that sales turnover lifted during both October and November pushing Perth’s median house price to a new record.
The data show sales had returned to normal levels and indicate that for the three months to November Perth’s median house price climbed to around $530,000 – $535,000, up from the previous peak of $525,000 on the June quarter.
The main reason for the big rise in sales was that Perth was coming out of a big slump in turnover in the September quarter and had returned to more normal conditions.
The quarterly median for the three months to November was up by almost 4% and due mainly to the composition of sales during this period after strong first home buyer activity pulled the median house price down to $510,000 in the September quarter.
While first home buyer activity is still very evident, there was a solid increase in sales within a 10 kilometre radius of the CBD and a softening of activity in outer areas, particularly along the coastal sub-regions north and south of the city.
This shift in sales composition towards more expensive properties selling pulled the median upwards.
The data also show that in some of the coastal sub regions, such as parts of Wanneroo, Joondalup and in Rockingham there was a weakening in sales activity that had emerged through the month of November.
While this retraction is sales is only modest at around 2-3% on the previous month, it is accompanied by a drop in listings also in these areas which suggests that the fall in sales activity has nothing to do with oversupply.
It is more likely that first home activity in areas away from the coastal strip has been the focus of buyers in more recent times.
The number of properties on the market continues to recover from below average levels over the last year to now reach its highest point for the year. REIWA data currently showing 8,656 dwellings and 1,199 land lots for sale.
The rental market continued to turn in favour of tenants, with the number of available rentals growing and median rents coming down once again.
The median rent in the metropolitan area has dropped by just over 2% over the last three months to $460 across the board. This now breaks down to typical rents for houses coming in at around $470 per week and for units and apartments at around $450 per week.
Current REIWA data show rental listings lifted by 2% last week alone, to 4,419 properties on the market while the vacancy remains above average at around 3.2%.
 
<hr>
 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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 Perth median reaches a new high, while rents fall 

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The Real Estate Institute of Western Australia released its property results from the September quarter last week and there were three clear trends to be found among the data.
The most noticeable trends are the drop in sales turnover, strong but declining first home buyer activity and the narrowing of most sales into a particular price range.
Sales drop
The REIWA analysis show the number of metropolitan sales dropped away by around 6% in the quarter with 10 of its 13 weeks being below average for turnover this year.
In fact the more affordable north-east and south-east corridors in metropolitan Perth were the only sub-regions to show an increase in activity.
The sales of units and apartments remained steady across the board, but house sales dropped away.
First home buyers
First home buyers were very active at the more affordable end of the market and in combination with softening activity at the upper end, Perth’s median house price came down from $525,000 in June to $505,000, but is expected to lift to $510,000 once all settlements are in.
There was evidence to suggest that the first home buyer activity is seeing some multiple bidding on more affordable homes and resulting in many sale prices that are above the asking price.
The Office of State Revenue reported that the median purchase price for first home buyers across WA for both August and September was $435,000, up from $400,000 on the same time last year.
Units, stock levels and price range
Units, apartments and villas saw a very modest drop in median price across the state, dipping by $4,000 in both the city and the country to $421,000 and $306,000 respectively, but the broader theme from the quarter was the narrowing of the overall buying range.
The distribution of house sales in Perth by price range reveals the compressed nature of the market. Some 75% of turnover occurred within the band of $350,000 to $800,000 and which compares to 71% of turnover in the same bracket this time last year.
The stock of listings for Perth dropped by 1% to 8,700 properties but this was well down by 16% on last year. The tight supply is also reflected in the average number of selling days dipping by just one day to 48.
Bounce in October
Since the September quarter REIWA’s member data is showing a 9% lift in sales activity in October with an increased share in the central part of the Perth market.
The 15% increase in more expensive near-city sales has subsequently pushed the median price up by 1.9% to $520,000 for the three months to October. There has also been a 7% lift in listings during the month.
Rents
In the metropolitan rental system the vacancy rate tightened a little to 3.1%, but this was above average and as a result and the median rent had come off by $5 to around $470 per week across the board in the September quarter.
This change is more strongly reflected in units and apartments which have dropped $10 to a median of $450 per week.
Since the September quarter we have seen a further dip in properties available for lease but more notably a further drop in the median rent to $465 per week.
The regions
In the regions the two main themes emerged from the data; that sales turnover is holding up through the south-west, including Mandurah, Bunbury and Busselton, and that rents in the Pilbara continue to fall.
Broadly, the median house price across the state showed no change over the last three months and is steady at $375,000.
In good news for the Mandurah region the number of sales dropped by around 10% and the median price looks to have cooled by about $5,000 to $390,000, but this is still a good result for the region with turnover sitting comfortably at its 15 year average.
And in positive news for Bunbury, sales turnover reflected stability with the number of listings trending down 15% in the quarter while the median price looks to have lifted 1% to around $380,000. This is its best result since December 2009.
Kalgoorlie-Boulder saw very flat turnover ticking along at 35% below its 15 year average and with the median price dropping by at least 2% to around $338,000.
More notable in the goldfields is the rapidly cooling rental market. The number of available leases jumped 19% in the quarter and 170% over the year while the median rent dropped 5% in the quarter to $390 per week.
In the Midwest, Geraldton-Greenough saw a healthy boost of at least 30% in sales, however its median price is unchanged at $379,000.
Pilbara downturn
In the Pilbara, Karratha remained very subdued in the quarter with little movement in sales or price. Its median is sitting at $679,000 and listings increased by 22%.
Rents there continued to slide, down by 8% on June to $1,100 per week and well down by 19% on the year.
Sales in Port Hedland also dropped significantly in the quarter but late sales data may adjust this. The median looks to have fallen by around 9% on REIWA figures, which would put it at about $818,000.
As with Karratha, the more interesting development in Hedland is with rents. These plummeted by 10% in the quarter to $1,300 per week, down by 35% same time last year.
These are still huge amounts to pay for weekly rent, but there are clear signs the mining sector is winding back with jobs and this impacts directly on the housing market in mining towns.

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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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Perth sales drop but first home buyers active at affordable end

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Initial analysis by the Real Estate Institute of Western Australia for the September quarter indicates that the declining trend in Perth’s median house price as reported over the past two months has continued.
Median price
Real-time sales data by REIWA members is showing a 2.8% fall in the metropolitan median with Perth now showing a median of around $508,000 for September, down from the revised June quarter median of $522,500.
The data is not surprising given strong first home buyer activity at the more affordable end of the market pulling down the median. However, with first home buyer activity starting to slow I expect the decline to turn around in the December quarter.
Sales turnover
We reported 2001 sales in the month of September and even though that figure is up by 13% on the same time last year, it’s a drop of 4% in sales since August.
The south-east part of metropolitan Perth is the only area with significant sales movement where more affordable homes in Gosnells and Armadale are attractive to buyers. Turnover jumped by 8 and 12% respectively.
We also saw a modest lift in turnover in the western suburbs, northern Joondalup and the north eastern part of Wanneroo, however, this was based on small sales volumes.
Areas with weaker sales turnover included the northwest area of Wanneroo (down 21%), Bassendean and Bayswater (down 19%), and the cities of Swan and Canning, both down 9%.
Listings
There were 8,693 properties listed in September, down by 6% on August and down 16% on last year.
Of the properties for sale 7,527 were dwellings and showed a drop of 5% on August, while 1,166 were blocks of land, down by 6% on August.
Rental market
REIWA data also show that the rental system is cooling with median rents dropping by around 1% as the metropolitan vacancy rate rests at a normal 3.1% of available properties.
We now have around 3,843 rental listings in the market place which is down by about 6% over the last three months but still well above the same time last year at 81%.
Within this context the median rent has dropped back to $470 per week, or around $475 for a house – down by $5 on the June quarter and $450 for a flat, unit, apartment or villa – down by $10. REIWA data is now highlighting the expected fall in rents anticipated in several sub-markets.
As REIWA has previously predicted, the rise in the vacancy rate is now seeing a softening in rents in a number of areas.
Rents coming down
Median rents have come down by $10 per week in Bayswater and Bassendean, $15 in Fremantle, $22 in Melville, $30 in the City of Perth, $25 in South Perth and Victoria Park, $20 in Vincent, $25 in the western suburbs, $23 in Mundaring, $20 in north-west Wanneroo, $10 through northeast and southern Wanneroo, $10 in Cockburn and also $10 in Rockingham.
Vacancy rates
Around 65% of vacant rental properties are broadly within a 10km radius of the CBD and that this central sub-region witnessed a decrease in listings during the September quarter.
However, some sub-markets such as Bassendean-Bayswater, Belmont and South Perth-Victoria Park saw increases in listings of between 5 and 16% for the quarter.
In the eastern part of the City of Stirling, places like Joondanna, Yokine and Tuart Hill saw an increase in listings of around 5%.
 
<hr>
 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> 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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Prices down, rents down; Perth's trend of decline continues: David Airey

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Two of the more common questions REIWA agents get asked in relation to the buying and selling process are: what happens when there are multiple offers on a property and what is the 48 hour clause?

Let’s look at these separately.

First, when a seller finds themselves in the envious position of having more than one offer on their property for sale, there is no right or wrong procedure in terms of how they might respond to that.

There is no law around this and it’s up to the seller in consultation with their agent as to how to move forward.

In this context it is important to remember that it is always a seller’s right to assume that any offer received from a buyer is their best offer.

If the seller has several offers to consider then they will probably ask the agent to inform the potential buyers that there are multiple offers and that the buyers subsequently have until a specified time to reconsider and then present their best offer.

Alternatively, the seller might decide only to negotiate with one of the offers. That may not necessarily be the highest price as the decision by the seller might also be based upon the least complicated offer. For example, a higher offer that relies on the sale of another property may not interest a buyer who is keen to sell quickly.

The ‘48 hour clause’, now more properly known as the ‘two business day condition’ is a separate issue that buyers might come across.

This clause is normally inserted when the buyer wants to make an offer that is conditional upon the sale of the buyer’s existing property, but the seller wants to continue marketing their property in the hope of receiving an unconditional offer on better terms.

This clause gives the seller the right to continue advertising their property and to negotiate with a possible second buyer.

The second offer might be for a lesser amount but may provide greater certainty for the seller.

If the seller receives an alternative offer that they wish to accept, then they must serve a notice upon the first buyer.

From receipt of that notice the initial buyer then has two business days to secure an alternative source of finance or obtain a contract for the sale of their existing property.

If the first buyer does not waive the condition of selling their own home by the termination of two business days then the contract comes to an end and they get their deposit back.

The seller is then able to enter into the other contract with the alternative buyer.

REIWA provides a standard ‘two business day’ clause for its members to use, however, buyers and sellers are strongly encouraged to fully understand its terms and conditions before agreeing to it.

 

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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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How do I deal with multiple offers and what is the 48 hour clause? David Airey

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If you are renting a residential property the landowner will require the tenants on the lease to pay a security bond which is usually the equivalent of four weeks’ rent.
The purpose behind the bond is to provide the land owner with the means to cover any losses that might be caused by the tenants, including damage to the premises or a failure to pay the rent.
The bond must be paid by the tenant to the property manager or landlord, who in turn is required to promptly lodge it with the bond administrator, which is a specific government-managed trust account. There are severe penalties for landlords or agencies which fail to comply with this.
When your tenancy comes to an end or is terminated, then the owner or their property manager will inspect the property to ensure it has been left in the same state and condition it was at the commencement of the lease.
Naturally, they must take reasonable wear and tear into consideration.
Sometimes there might be a disagreement between the departing tenant and the owner in terms of what exactly constitutes ‘fair wear and tear’, and where this happens may result in a disagreement as to how the bond money is disbursed.
If, after a final bond inspection it is revealed, for example, that the tenant has damaged a bench top or failed to properly clean the carpets, then the tenant may be given the opportunity to address this but the owner is under no obligation to grant further access to the property.
Alternatively, the tenant may acknowledge those issues and simply leave them to the owner to address and is happy to have the costs of making those things made good deducted from their bond.
Occasionally however, agreement cannot be reached over the manner in which the bond is disbursed and this results in a dispute.
In these situations the property condition report (PCR), which had its contents agreed to by both the owner and the tenant at the start of the lease, is relied upon to determine whether any damage was caused during the tenancy.
It’s possible that some damage may have occurred prior to the tenancy, but if this is not correctly noted in the PCR, then it’s impossible for the tenant to disprove responsibility.
In the end, the Magistrate’s Court will decide on the allocation of bond monies where there is unresolved dispute.
To avoid this situation, it’s always best for tenants to ensure the PCR is accurate at the commencement of their lease and return the property to the owner in the best possible condition at the end of the tenancy. This should ensure a full refund of the bond.

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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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How to get your bond money back: David Airey

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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.

<hr>
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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Current investor activity in Perth’s residential sector is relatively weak. Despite interest rates being very low and rental yields being around 5%, investors still find the entry costs to Perth property significant.
Particularly against the backdrop of a relaxed vacancy rate and its potential to <a href="https://www.propertyobserver.com.au/news/perth-landlords-lower-rents-to-dissuade-potential-buyers/2013090264735?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news&amp;utm_source=Property+Observer+List&amp;utm_campaign=ae09f508a4-June_21_1_29_2013&amp;utm_medium=email&amp;utm_term=0_a523fbfccb-ae09f508a4-" target="_blank">soften median rents in coming months</a>.
Investor activity in the market is important because around 80% of rental accommodation is provided by the private sector. Governments simply cannot provide rental accommodation for everyone who needs it, so incentives to investors flows through to more choice in accommodation for tenants.
Most investors purchase multi-residential stock such as flats, units, apartments and villas. Partly because these are more affordable than houses but also because, depending on location, they tend to be easier to rent and more sought after by tenants.
Around half of all multi-residential property is owned by investors.
Property investors can spend a lot of time researching a suitable purchase but this is only half the skill of successful real estate investment. The other important factor is keeping the property in good condition.
Understandably, there is a tendency to minimise ongoing expenditure and to maximize returns, but experienced investors know that spending money to keep a property in good condition results in better performance, including more conscientious tenants, above average rents and fewer vacancies.
Ultimately, a well maintained property is likely to attract a better resale price.
Unless you have plenty of spare time and are familiar with the legal processes involved in renting property, it pays to ensure your investment is looked after properly by appointing a licensed property manager. Around 60% of investment properties are professionally managed in WA.
Such properties are more likely to require less long term maintenance than those handled privately, simply because property managers conduct regular inspections and advise owners of any upkeep.
A good property manager will also advise owners of any up-coming major work identified during an inspection.
Having appointed a property manager you should conduct a thorough inspection of the property to determine any repair work.
If a rental property is in top condition when leased, it is much more likely that a tenant will keep it that way. It is important that owners set a high standard for the condition of their property at the start of the lease in order to maintain that standard from the tenants.
This is particularly relevant for investors who may have purchased older, possibly run-down properties.
For owners, it pays to spend money on quality locks, security screens, a fresh coat of paint, air-conditioning, floor coverings, window treatments, tap fittings, contemporary tiling and repairs to cupboards.
Better presented properties will attract more appreciative tenants and a better rental return.
 
<hr>
 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 property maintenance attracts better tenants and creates greater rental return: David Airey

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Around most of Western Australia the property market is stable with modest price growth, good turnover and low levels of listings.
Interest rates are low and most rental markets are turning in favour of tenants. Of course there are regional exceptions and all this can be a bit confusing to buyers and investors who might be trying to decide where and when is a good time and place to purchase?
In this situation you might like to turn to a buyer’s agent.
Just as you would expect a selling agent to represent your interests when selling, a buyer’s agent will act with the same level of professionalism in helping the buyer achieve their goals.
There are several characteristics that you should look for when selecting a buyers’ agent but the three key areas include communication, expertise and negotiation skills.
First up, a good buyers’ agent should be an excellent communicator. They should take the time to fully understand your needs and budget when selecting an investment or your next home and prepare a brief relative to these requirements.
This means that the buyers’ agent has a good working knowledge of your expectations and should be able to deliver. Conversely, if your expectations are unrealistic, a good buyers’ agent should be able to explain this effectively and politely to set you on the right path.
They should also possess the expertise and knowledge required to conduct specific research that may affect the purchase of the property and any other relevant items that are important to you the buyer. For example, development potential, re-zoning and major planning projects in the property’s locality that may impact on value over time.
If schools are important they should know which schools are available to your needs.
Demonstrated negotiation ability is extremely important. The buyers’ agent should be able to negotiate the deal on your behalf with the seller, including the contract and settlement terms, as well as ensuring you are paying a fair price for the purchase.
Buyers’ agents, as with any professional, will charge a fee for their service which may be fixed or a percentage of the purchase price of the property. In either case you should ensure this is discussed and agreed at the start of the process.
Remember, sales agents can offer great value and information when purchasing a property but of course they are engaged by the seller and are legally obliged to work in the sellers’ best interest.
Whereas a buyer’s agent is working for you, the buyer, and can save you lots of time while helping you get you the kind of property you really want. It’s a particularly handy service for busy people.
 
<hr>
 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" target="_blank" rel="nofollow">reiwa.com</a>.
 
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Buyer's agents are particularly beneficial for busy people: David Airey

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I welcome the decision by the state government to maintain the stamp duty exemption for first-home buyers but I am disappointed by changes to the First-Home Owners Grant (FHOG).
Maintaining the stamp duty exemption for first-home buyers is a huge saving to many people, but slanting the FHOG towards new construction and away from established dwellings will not produce the outcome the government is expecting.
The Treasurer adjusted the FHOG from $7,000 to $3,000 for the 70% of people who purchase an existing dwelling. New-builds will receive a boost of $3,000 to a grant of $10,000.
In defending the policy shift Premier Barnett said it would help stimulate construction and provide more homes.
That argument is not supported by any evidence from over east where other states have already gone down a similar path.
Building a new home is a lifestyle decision that around 30% of first-home buyers are attracted to. It is not a decision based on cost.
The policy shift in the application of FHOG is unlikely to have any impact on boosting construction.
More importantly, the building industry doesn’t need any stimulus and is currently flat-out meeting existing demand.
Data from the Office of State Revenue show that for the June quarter, first-home buyer applications for new-builds jumped by 36% on the March quarter.
Grant applications from first-home buyers increased from 1,522 in the March quarter to 2,075 in late July, reaching their highest level since September 2009.
However, the 12.5% increase in land tax for other owners is a kick in the shins for property investors who supply two thirds of rental stock in WA. It will suck an extra $73 million out of their pockets as a punishment for being an investor.
The budget’s projected land tax revenue in 2013-14 is $657 million and is projected to raise an extra $338 million over the forward estimates.
These owners already pay rates to local government for the provision of services yet get nothing from the state directly and subsidise government services which benefit the entire community.
It’s a great concern that the government remains so dependent on property taxes to run the state despite the enormous revenue earnings from resources.
 
<hr>
 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 style="color: #006699;" title="REIWA - Real Estate Institute Western Australia" href="https://www.reiwa.com/">reiwa.com</a>.
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WA government's changes to the FHOG unlikely to provide any boost to construction: David Airey

<a href="https://www.apartments.com.au/developers/sunland-group">Sunland Group</a> has officially lodged plans for its first Gold Coast apartment project since the departure of the Abedian family from the company three years ago, unveiling a new high-rise proposal for a prominent Broadbeach corner site on Old Burleigh Road.

The application was submitted by an entity directed by Tom Jamieson, stepson of longtime Sunland leader Soheil Abedian, and Riaz Rezvanipour, brother-in-law of Sahba Abedian, Soheil’s son.

Sunland acquired the 1,283 sqm site on the corner of Old Burleigh Road and Armrick Avenue for $9.5 million late last year and is now seeking approval for a <a href="https://www.apartments.com.au/new-apartments/99-101-old-burleigh-road-broadbeach-qld-4218">42-storey tower with 81 apartments</a>.

<img alt="First look: Sunland Group returns to Broadbeach with new Old Burleigh Road tower plans" data-entity-type="file" data-entity-uuid="fea2946d-90ee-4cfc-babe-2a8ad5db2cb6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers.png?VersionId=BV0fihJw31nDIQ8ozY_h3GbS8mxDyhnm" />

Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, the proposed tower at 99-101 Old Burleigh Road would deliver a predominantly larger-format apartment mix aimed at the owner-occupier market. Plans include 17 two-bedroom apartments, 55 three-bedroom apartments, and nine four-bedroom residences across 35 residential levels.

The development also incorporates three basement levels, four podium parking levels, two levels of communal recreation facilities, and rooftop plant and equipment. A total of 189 car spaces are proposed, significantly exceeding the 90 spaces required under the planning scheme.

The architecture adopts a sculpted, curvilinear form, with deep wraparound balconies and integrated landscaping intended to soften the tower’s vertical expression. The planning report states the building’s “slender footprint/form provides a complimentary yet varied built form within the local streetscape” and contributes to “a varied, yet ordered skyline.”

Contreras Earl noted in its Architectural Statement that from the early stages, the project addressed a fundamental challenge: how to accommodate the required residential yield while avoiding the conventional model of a tower sitting on a rigid, fully resolved parking podium.

“The most direct response would have been to consolidate parking into a singular, flat podium and extrude a repetitive tower above,” the statement said. “While efficient, this approach would result in a consolidated built form with limited engagement with the surrounding landscape and public realm.”

Instead, the conventional podium model was “deliberately rejected”. The architects described the base of the building as “a landscaped architectural condition where structure, planting and circulation are integrated”.

“Rather than presenting a continuous built mass, the base of the building is articulated through a series of concrete planter elements that organise the podium into a fragmented system,” the statement said. “This approach reduces the perceived bulk of the lower levels while establishing a more permeable interface with the streetscape and adjacent open space.”

<img alt="Sunland" data-entity-type="file" data-entity-uuid="923fad8d-c960-4527-8fbe-975cf1ddf88d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%2010.32.03%E2%80%AFAM.png?VersionId=pngwb0hYOIUpq9vDw6F2EsOiVuHF3DiX" />

&nbsp;

The site sits within the High Density Residential Zone and inside the City of Gold Coast’s unrestricted “HX” building height area, where the planning framework anticipates intensified residential development tied to the expanding light rail corridor. The planning report notes the area is undergoing “transition toward more intense development forms” given its proximity to Broadbeach, Surfers Paradise, and high-frequency public transport infrastructure.

Positioned directly opposite Broadbeach Park and within walking distance of Florida Gardens light rail station, the development would sit among a rapidly evolving stretch of Old Burleigh Road that has become one of the Gold Coast’s most active apartment development corridors.

The application joins a growing pipeline of luxury residential projects reshaping Broadbeach, including nearby developments by 5Point Projects, Polycell, and Graya.

The planning report argues the project contributes toward the Gold Coast’s long-term housing targets under the South East Queensland Regional Plan, which forecasts the need for more than 100,000 additional high-rise dwellings across the city by 2046.

<section data-scroll-anchor="false" data-testid="conversation-turn-4" data-turn="assistant" data-turn-id="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-1" data-turn-id-container="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-1" dir="auto">
The Abedian family departed Sunland Group in late 2023, ending a four-decade association with the company, and subsequently established the private development firm Abedian &amp; Co. The group is currently delivering <a href="https://www.apartments.com.au/new-apartments/greenmount-residences-cnr-hill-street-and-marine-parade-coolangatta-qld-4225">Greenmount Residences</a> at Rainbow Bay and recently launched <a href="https://www.apartments.com.au/new-apartments/18-mary-avenue-14-18-mary-avenue-broadbeach-qld-4218">18 Mary Avenue</a> in Broadbeach.
</section>

Joel Robinson

First look: Sunland Group returns to Broadbeach new apartment market with new Old Burleigh Road tower plans

The Minns Labor Government has established the new Bays West Delivery Authority to lead the development&nbsp;of the Bays West Precinct and Blackwattle Bay Precinct.&nbsp;

The Authority is charged with creating Sydney’s newest precinct, a thriving, connected, sustainable hub with White Bay Power Station as its cultural heart. Its vision is to build on the area’s natural, cultural and industrial history to shape a vibrant new neighbourhood.

The precinct will deliver up to 8,500 well-located homes, including a minimum of 10 per cent affordable and essential worker homes. Combine new housing with public open space, opening public access to the waterfront for the first time in more than 100 years, while retaining important deep-water facilities to support Sydney’s working harbour.

Located just minutes from the Sydney CBD and connected to a world-class metro, ferry, walking and cycling links, the Bays West precinct will rebalance housing growth towards well-serviced inner-city locations and help tackle the state’s housing crisis.

The Bays West Delivery Authority,&nbsp;an agency of the Department of Planning, Housing and Infrastructure, will report to the NSW Minister for Lands and Property who already has oversight of major precinct renewal projects including at Blackwattle Bay and Barangaroo.

As part of the broader Bays West transformation, the Minns Government recently announced that a proposal from Lendlease to redevelop part of the Bays West Precinct has progressed to Stage 2 of the NSW Government’s unsolicited proposals process.

<img alt="Sydney" data-entity-type="file" data-entity-uuid="2ed71eb9-d8e8-4fa7-b9d1-de4531dcf2f3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%209.42.31%E2%80%AFAM.png?VersionId=IDryFIbped9SNDg72LEN_EecvhUsOPvp" />

The Minns Labor Government has also confirmed the Bays West precinct will have a new suburb name. This will be the first major suburb built in close proximity to Sydney’s CBD in decades and will encompass the area currently being referred to as Bays West, including Glebe Island and the White Bay Power Station. Served by a new Metro station just five minutes from the CBD, it will become one of the most populous suburbs in the Inner West and one of Sydney’s premier cultural destinations.

An early works program is taking shape, which&nbsp;includes the first stages of an international design competition.&nbsp;

The aim of the Bays West&nbsp;International&nbsp;Design Competition is to&nbsp;ensure design excellence is embedded in the project from the start. The competition will deliver an&nbsp;urban framework that defines the character, ambition and long-term identity of&nbsp;this&nbsp;former industrial precinct as it transitions to a vibrant, inclusive and sustainable residential&nbsp;neighbourhood.

The competition will be led by the Bays West Delivery Authority in partnership with Government Architect NSW.&nbsp;

It will launch with an invitation for a global Expressions of Interest, before moving to an invitation-only stage that will be assessed by a panel that&nbsp;will provide advice to Cabinet who will select a winner.

Premier of NSW, Chris Minns said the establishment of the new Authority is the first step in transforming the Bays West precinct into a vibrant, livable suburb minutes from the Sydney CBD and two stops from Hunter St Station on the Metro West line.

“The Authority will deliver well-located homes close to the heart of the city and integrate the new precinct with Blackwattle Bay and the new Sydney Fish Market.

“This is a generational opportunity to build a new suburb on the city’s edge and open the harbour foreshore to the public for the first time in a century.”&nbsp;

Minister for Lands and Property Steve Kamper said the new Bays West Delivery Authority established by the Minns Government will turbocharge the development of Sydney’s newest suburb.

“The Authority is working at a record pace to deliver an international design competition, planning pathways and a financial model so that this development benefits Sydney with well-designed homes in a central location, close to public transport, jobs, entertainment and essential services.

“If we want Sydney to stay liveable and affordable, we need to be bold about using underutilised government-owned land to deliver homes for the future while making sure essential working harbour functions can be accommodated.”

Bays West Delivery Authority established to "turbocharge" Sydney’s newest suburb

Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

David Airey

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