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New home buyers with smaller deposits often opt for a ‘fixer upper’, a property that needs substantial renovation, to get into the market they are after.
Filled with aspirations of renovating, and hyped up on The Block, it’s not surprising that sometimes the reality of home improvement isn’t at the forefront of every purchaser’s mind.
Here are six things to consider to give yourself a reality check.
Your own skills
First up – have you renovated before, or do you have any renovation experience? If not, are you intending to bring in the experts? It’s time to get honest with yourself about your capabilities.
Some people are more able than others to renovate, it’s just a fact of life. Know your limits, know how much it’s going to cost to bring in some experts, and whether or not you should really be DIY-ing.
In fact, real estate expert Chris Gray’s perspective is to overestimate the costs and time it takes to renovate.
“My tip is to double your expected cost and double the time frame, and then work out if you’re still going to make a profit. Most of the time, it works out more efficient from a time, cost and stress perspective to outsource the renovation to the experts,” explained Gray.
He <a href="/expert-insights/building/when-you-should-turn-your-diy-reno-project-over-to-the-professionals-chris-gray">also suggests being realistic about the DIY</a>. Remember, tradespeople and renovation experts do these tasks for a living. They’re not all as straightforward as you’d imagine and often you get what you pay for.
“I once had a client who wanted me to buy him a property to renovate as a retirement project. When the time came to renovate, my client asked me to outsource big jobs like the kitchen and bathroom, as they’re best done by specialists who would do it in a fraction of the time,” Gray said.
“We then agreed that tiled flooring was best left to an expert and built-in wardrobes left to a different specialist. Five minutes later, the only non-specialist job that he had a hope of completing himself was the painting.”
The ‘unchangeable’ items
If you’re looking to renovate a property, it’s fair enough to overlook garish wallpaper and pink bathrooms. But what you don’t want to overlook are the items you cannot change in the property.
One of these is the neighbourhood. Another may be the busy road to the front, or the overshadowing neighbours to the sides that offer no privacy. Be acutely aware of these limitations and understand that no matter how nicely you update the physical property itself, some of these aspects will ensure a ceiling on potential growth remains.
Floor plan
An aspect to check is the floor plan of the property you’re looking at. This will largely determine whether the shell offers you scope to work with the space as you choose. Ensure you know which walls are load bearing and which can be taken away easily to make a room open plan or to combine two small pokey rooms into one large room.
The floor plan is also worth looking at if you’re only looking at a cosmetic upgrade. If you don’t want to be pulling out walls, ensure the floor plan shows good potential on its own.
Structural integrity
The structural integrity of the property is critical, especially if it is out of your budget to fix up largely hidden items. This could cover plumbing, electrics, termite damage and a whole host of other issues.
These are unlikely to be spends that you will recoup in a re-sale environment, unless you plan carefully and get the property at a discount as a result of the time, effort and cost you need to put in to rectify the issues.
When someone refers to a property with “good bones” this is usually what they are referring to – a property without structural defects and with little that needs to be done to the physical property itself. A building and pest inspection will certainly come in handy at this point.
Local council restrictions
Depending on the extent of renovations, to the point of structural or minor redevelopment, you may want to quickly call the local council. Some councils take longer than others and some are not as open to development.
It is also worth speaking to the neighbours if you intend to do anything major with the home to see if they are likely to fight against your improvements.
You may also want to look online at what has already been approved to check timeframes and what is likely to be allowed on your block.
Are you purchasing for a fair reduction?
Buying a cheaper unrenovated home can be a false economy if renovated properties are available for less than it will cost you to purchase and fix up the lacklustre cheaper option. Ensure you are getting the property for an acceptable discount, otherwise you will face overcapitalising and plenty of wasted time.
Do your back of the envelope sums to work out the cost of your potential renovations.  
What have your experiences with renovating been like?
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Buying a 'fixer upper': Six things to check for

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When property purchasers, especially first home buyers, look to purchase one of the first things they do is head to a listings website and search for homes within their price range.
However, relying on these listed price guides, or the verbal guides you are given from agents, isn’t always going to be the best option for purchasers. In fact, it really does pay to do your own research to determine how much you may be expected to pay.
From Monday, price guides for properties going to auction in <a href="/news/nsw/real-estate-institutes-go-head-to-head-over-queensland-auction-price-guide-debate">Queensland will be outlawed across the state</a>. Across New South Wales and Victoria, the <a href="/expert-insights/investing/victorian-election-real-estate-dramas-underquoting-and-election-stunts">underquoting argument continues unabated</a>.
If you’re voting in the Victorian elections, you may be aware of the current suggested improvements to stamp out underquoting.
The best way to work out what you are likely to pay for a property, and to stop yourself overspending, is to look to the comparables.
Understand the difference between a valuation, an appraisal and your own analysis using comparables. Here are <a href="/expert-insights/valuations-five-must-know-facts">five things to know about valuations</a>.
When looking at comparables, the first thing to remember is that comparable sales are far more useful than comparable listings. This is particularly the case if you believe that underquoting is hefty in your area, or if you’re not given a price guide. Look for recent sales data alike to the property you’re considering and use these as your guide.
Real estate agents’ comparables
When you speak to the agent selling the property, it’s likely that they will be able to provide you with the comparable sales to justify the price they have put onto this home. At first glance, these will most often appear to make sense.
To find out whether the price is too bullish or bearish, you will need to research into recent sales in the area. We’ll cover that in the next section below. However, to quickly ascertain whether that sales price is likely, you want to ensure that you are actually being presented with fair comparables.
Firstly, ensure the sales were recent. If they weren’t in the past few months, and you’re in a busy area, then you want to know why there haven’t been any more recent examples. Don’t be afraid to ask – there may be a good reason for it, particularly if you’re buying something unusual or on a tightly held street.
Then, double check that the main features are the same. Both three bedrooms? Both three bathrooms? Same block size? Both offer a double car garage? If not, then you want to adjust the price expectation for the home you’re looking at accordingly. If an agent has provided a two bedroom home as a comparable to a three bedroom, they may be using it to rightly justify the higher price they’re expecting, but certainly do double check the comparables.
Then check the location. It may even be worth driving past the “comparable” if possible to figure out whether it is actually on par with this home.
Ensuring it’s a true comparable
Not all comparables are as useful as others. Some are similar in size, but in an inferior position, to the property you want to buy. Others may have three bedrooms rather than four. Collecting data allows you to see roughly where your prospective home will fit into the picture.
If the house next door was identical, on an identical block, and sold for $650,000 yesterday, you would likely be correct to expect a similar result for this property. However, if your block was smaller, you'd be right to potentially revise your expectations downwards.
There are comparable sales and then there are non-comparable sales carefully masquerading themselves as equal four bedroom, two bathroom houses in the same suburb.
If you have an intimate knowledge of a suburb and the properties within it, you are more likely to know what properties are truly comparable. However, this also requires being honest with yourself.
Create a list of the features of the property you’re considering. Note building material, block size, era, slope of the land, aspect, views, number of bathrooms and bedrooms (be honest about whether that fourth bedroom is actually an office), renovations that have occurred and the quality of the finishes and other aspects. This gives you a personal starting point to assessing, on paper, what it may be worth and will help turn it into a scientific approach.
To make things simple: If you are looking to buy a renovated house, do not expect it to be the same price as the unrenovated property you watched sell last week.
Also, do not expect the same factors to cause the same change in achievable price across all suburbs. While in some areas the addition of a pool may add a substantial sum to the value of your property, in other areas it is just an expectation that the property comes with one.
<a href="/expert-insights/investing/how-to-determine-a-propertys-true-value-patrick-bright">Buyer’s agent Patrick Bright urges that you should consider 100 properties</a> during the research phase. As with all data, the lower your sample, the less accurate it will be.
“Set aside some time and start inspecting properties in your top three suburbs that match your wish list. A comparative market analysis compares homes that are similar in size, configuration, condition, and location. They have to be in your price range too. Remember, you're looking to compare apples with apples,” he says.
“Sometimes the price difference happens for a number of not so obvious reasons. For example, one side of the road provides greater access to schools, local shops, the bus stop, etc.”
This article continues on the next page. Please click below.
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What to do when there are no direct comparables
When looking for comparable sales, you'll want to narrow down the field to as close to the property as possible. While, ideally, this will mean next door, sometimes it can mean needing to look a few suburbs away for something similar. A different postcode, suburb name or LGA can have a huge effect on property prices and the way buyers view a property.
The difference of a street can also be crucial, depending on noise factor and amenity.
The other issue when it comes to comparables is how recent the sales were. If the sales occurred more than three months ago (or even in a shorter time frame in a faster moving market), you may find that they are not a good gauge of what a property on the market currently will sell for.
When direct comparables are not present, you will then need to broaden your search parameters. Also consider looking at prices of units, townhouses and other stock just to get an idea of how selling activity is performing.
Four things to bear in mind: REBAA
Of course, comparables aren't the only thing that should affect your buying strategy. The Real Estate Buyer’s Agents Association of Australia’s (REBAA) president Jacque Parker advises buyers to review contracts prior to proceeding to unconditional given the changes in Queensland’s property laws that come into force this Monday.
“Buyers can often get so overwhelmed with all the information that smaller details can slip through unnoticed until sometimes it’s too late to rectify,” she said.
“One of these is the front page of the sales contract and, if rushing a purchase or exchanging contracts before your solicitor/conveyancer has had a chance to review this vitally important document, it can very much be a case of ‘Buyer beware the small print’.”
Here’s REBAA’s checklist of what to check before heading to auction.
<ol>
<li>
Inclusions and exclusions Many a vendor has taken the opportunity to not include items that otherwise you may have assumed came with the property. Common items that are sometimes excluded (to the surprise of the purchaser) are curtains, dishwashers, pool equipment and certain light fittings. Also be sure to read for any exclusions and if not happy, renegotiate. 
</li>
<li>
Completion date Check that the date suits you and you are fully aware of the implications here. Most contracts stipulate a number of days after the date of this contract, most commonly 42 days. Alternatively, should dates be vital to you and you want to ensure settlement is on a particular date, with agreement from the vendor, you are permitted to strike out this line and insert a specific date instead. 
</li>
<li>
Vacant possession or subject to existing tenancies? Most properties are sold with vacant possession to you, as purchaser, however be aware that, if there is currently a tenant in place the ‘Subject to existing tenancies’ box may well be checked here. It is important to realize that if you want the place to be empty, and you’ve checked this box, you may well inherit a tenant upon settlement. 
</li>
<li>
Land tax - is it adjustable? On the NSW sales contract for example, if the ‘yes’ box is marked, be aware that you may be up for unwanted land tax costs as you will have to reimburse the vendor for land tax based on proportion of the year you each own the property.
</li>
</ol>
Source: REBAA 
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Seeing through underquoting: Price guides 101

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When you’re purchasing a property you will likely come across the term ‘for sale by owner’. This means that the vendor, the home owner, is selling the property themselves without the assistance of a real estate agent.
Often also referred to as ‘FSBO’ or sale by ‘private seller’, they may be advertised online in the standard listings portals, on <a href="https://www.forsalebyowner.com.au/" target="_blank">specialised private seller websites</a> or even through their own signboards put up on the property. It is entirely legal to sell a property without a real estate agent, but it should be done in the correct way.
Why would someone sell themselves?
There are a number of reasons that a vendor may opt to sell without a real estate agent. Here are a few of them:
<ol>
<li>They may not see the value in the services of a real estate agent. 
</li>
<li>They may have had bad experiences with agents in the past. 
</li>
<li>The seller has the skills and experience to be able to sell effectively themselves. 
</li>
<li>They do not need to pay an agent a commission on the sale.</li>
</ol>
What does it mean for you if you are purchasing from a private seller?
Some real estate agents are understandably vocally opposed to these types of transactions. When the most common way to sell is through a licensed agent, it’s unsurprising that some buyers balk at the idea of not having an expert guiding the sale through.
Similarly, many agencies boast strong industry and local market knowledge, as well as a database of prospective buyers and an understanding of the sales process. At the end of the day, it is the vendor’s right to decide what suits them most.
Just because the vendor has decided not to use the services of the experts available, it doesn’t mean that buyers have to elect to ‘go it alone’. You can still choose to use a buyer’s agent and your stable of professionals (accountant, solicitor, building and pest inspector) can still be useful.
While the vendor is not using an agent, they are still required to use separate accounts and to comply with the law, so be aware when paying your deposit. Have the contract of sale looked over by your own solicitor or conveyancer. Know the laws in your state or territory, and seek legal advice if you need it.
The vendor also doesn’t have to pay the real estate agent’s commission, so it’s often suggested that many buyers will mentally deduct this from what they are willing to pay. While it’s hard to find any solid facts on the matter, it’s worthwhile remembering that the vendor themselves will likely not expect less. T
he average agent’s commission, according to Agent In A Box, is 2.3% across Australia. On a $600,000 sale, that’s $13,800. Agent In A Box also notes that most agencies recommend a certain advertising spend, of which the average is 0.5% of purchase price (another $3,000 on our $600,000 example).
As it’s unusual for sale to proceed without an agent, some buyers will understandably be nervous.
As a buyer, you will likely then have to go through all negotiations directly with the vendor. This may be attractive or even preferable to negotiating with an experienced agent. However, others may feel intimidated by the process. In this case, a buyer’s agent could be hired to assist with the purchase.
Similarly, vendors may not have been advised about the value of their property. While some will be savvy and acutely aware of the price they should expect, not everyone is ‘on the money’ with their expectations. If you realise that their expectations will not be shifted, then you may want to walk away.
Consumer Affairs Victoria notes that for those selling a property themselves, they need to complete a vendor’s statement (Section 32) and a contract of sale, which can be done with a DIY conveyancing kit or with a conveyancer themselves.
Consumer Affairs also recommends vendors have the property valued by a qualified valuer and that private sellers are not able to make false or misleading statements about their property in the sale process (such as in marketing material).  YOU MAY ALSO WANT TO READ
<a href="/news/would-you-sell-your-property-without-a-real-estate-agent">Would you sell your property without a real estate agent?</a> <a href="/expert-insights/investing/the-unglamorous-life-of-a-real-estate-agent">The unglamorous life of a real estate agent: Catherine Cashmore</a>
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What is 'for sale by owner'? Investment terms explained

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If you’re living with your parents, finding it tough to enter the property market, then you’re certainly not alone.
With property prices increasing, it’s becoming more common for multiple generations to live together in one home, according to QM Properties’ sales manager Damien Ross.
While many have heard of the granny flat, for keeping elderly relatives at the family home with their own privacy, it’s not quite as common to build a property from the ground up with a multi-generational family in mind.
“Young people are staying at home longer and often couples are living with their parents so they can save for their first home,” explains Ross.
The idea of living at home to save a larger deposit is compelling for many first timers and it’s likely that this will increasingly be the case should property prices continue to rise.
This trend is now so established that builders are creating homes designed specifically for multi-generational living.
For instance, NuTrend has offered a ‘Dual Living’ design that includes a floor plan splitting into two separate homes with one common fire wall. They even suggest that the outside living areas could be divided with a wall, hedge or fence. With two kitchens, three or four bedrooms, three bathrooms and separate entries, it’s close to, but not quite, a duplex.
“The home is not a duplex, it is still within Residential A zoning so there are no related council fees that come with duplex sites,” said Ross.
“NuTrend have built six of these homes already at our Forest Pines estate on the Sunshine Coast.”
<img src="/images/2014/11/28/front%20facade.jpg" alt="">
It’s expected that this type of home will become more common in areas with median prices out of reach for many buyers. Ross notes that Burderim, with a median price for a three bedroom home sitting at $455,000, is one of these locations with larger land sizes that make this new type of home easier to build.
There are a number of designs for different block shapes, but all are single level and fit easily onto 600 square metres or more.
At <a href="https://www.qm.com.au/sales-centres/" target="_blank">Forest Pines</a> home sites cost upwards of $249,000, spanning from 462 square metres.
For investor buyers the home has separate services connected.
<img src="/images/2014/11/28/_THISONE2.jpg" alt="">
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Is multi-generation living the answer for first home buyers?

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CoreLogic RP Data has released a list of the top 10 rental yield suburbs, for houses, across the country.
Dominated by Western Australia, with six results, Queensland’s Miles and Western Australia’s Newman both achieved the top result at 9.8%.
Queensland had two suburbs make the top 10, while New South Wales and Tasmania achieved one result each.
Here’s CoreLogic RP Data’s top 10.
<ol>
<li>
<a href="/news">Miles</a>, Dalby, Darling Downs, Queensland 9.8% 
</li>
<li>
<a href="/news">Newman</a>, East Pilbara, Pilbara, Western Australia 9.8% 
</li>
<li>
<a href="/news">Kambalda East</a>, Coolgardie, South Eastern, Western Australia 8.9% 
</li>
<li>
<a href="/news">Queenstown</a>, West Coast, Mersey-Lyell, Tasmania 8.5% 
</li>
<li>
<a href="/news">Broken Hill</a>, Unincorporated New South Wales, Far West, New South Wales 8.5% 
</li>
<li>
<a href="/news">South Hedland</a>, Port Hedland, Pilbara, Western Australia 8.4% 
</li>
<li>
<a href="/news">Port Hedland</a>, Port Hedland, Pilbara, Western Australia 8.0% 
</li>
<li>
<a href="/news">Kambalda West</a>, Coolgardie, South Eastern, Western Australia 8.0% 
</li>
<li>
<a href="/news">Baynton</a>, Roebourne, Pilbara, Western Australia 8.0% 
</li>
<li>
<a href="/news">Cloncurry</a>, Cloncurry, North West, Queensland 7.0%</li>
</ol>
Source: CoreLogic RP Data.
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Australia’s top 10 highest yielding house suburbs: CoreLogic

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A Western Australian property manager, Van Dung Nguyen, formerly of Girrawheen, Perth, has been banned from holding a real estate and business agents’ licence, as well as a triennial certificate, for five years. He was also fined $3,000.
Nguyen failed to deposit rental income into a trust account, receiving $13,660 from a tenant for rent, water rates, strata levies and management fees between January 2012 and October 2012, which he then used to pay personal expenses and unrelated business expenses.
He operated Golden Investments Pty Ltd, which is now deregistered. The owner of the Girrawheen properties was left out of pocket.
Nguyen filed for bankruptcy in September 2013 and now lives in Queensland.
The fine was decided at the Western Australian State Administrative Tribunal on 20 November 2014.
Commissioner for Consumer Protection Anne Driscoll said that income from rental properties needed to be kept separate to the operational account.
“The law requires that rent and other payments from tenants must be placed in a separate trust account so that the transactions are transparent and the funds cannot be mixed with the day to day financial operations of the agency,” Driscoll said.
“This allows for easy auditing and gives both the tenant and property owner confidence to know that their funds are being used appropriately.”
She noted that real estate agents who take money from the trust accounts, even on a borrowing basis, to pay operation expenses are breaking the law.
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Perth property manager banned for five years after using rent for personal expenses

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Two states' first home owners grants are coming close to their deadlines.
As of 1 January 2015, first home owners in the Northern Territory and Tasmania are up for some changes.
In the Northern Territory the new year will bring the territory in line with the rest of the country – offering no grant to first home buyers who purchase established properties where currently $12,000 to $25,000 (depending on location) is available.
Meanwhile, in Tasmania, the First Home Builder Boost will drop to $20,000 from next year until 30 June 2015. It will then decrease to $10,000 from 1 July 2015. At the moment, $30,000 is available.
If you're interested in how you apply for these grants, here's a comprehensive explanation.
Here are the grants current accessible by first time buyers, as per information available from the respective Office of State Revenues and Treasuries. Australian Capital Territory
First home buyers in the ACT can receive $12,500.
This is only available for "new" or "substantially renovated" property worth $750,000 or less.
New or substantially renovated properties include:
<ul>
<li>A home that has not been previously occupied or sold as a place of residence; or</li>
<li>A substantially renovated home that, as renovated, has not been previously occupied or sold as a place of residence; or</li>
<li>A property which is subject to an "off the plan" purchase agreement.</li>
</ul>
There is no grant available for purchasing established houses.
As a condition of the FHOG, buyers will need to occupy the property for 12 months upon completion of the dwelling.
To claim the grant, you will need to apply in a one year time period starting from either the settlement or date of issue of the Certificate of Occupancy.
Owner builders can only lodge after the home has been completed.
Payment of the grant is usually then made within 10 days of lodgement.
First home owners who fulfil the requirements for the grant may also have the opportunity to defer their stamp duty.
New South Wales
First home buyers in NSW can receive $15,000. From 1 January 2016 this will be reduced to $10,000.
This is only available for to buy a new home or to build your own new home. The property is required to be worth $750,000 or less.
Properties that are applicable include:
<ul>
<li>A home that has not been previously occupied, including occupation by the builder, a tenant or other occupant;</li>
<li>A home that has not been previously sold as a residence. Where the home is being purchased, it must be the first sale of that home;</li>
<li>A home that has been substantially renovated and a home built to replace demolished premises.</li>
</ul>
There is no grant available for purchasing established houses.
As a condition of the FHOG, buyers will need to occupy the property for a six month continuous period, within 12 months of completion.
Duty exemptions are available when purchasing new properties valued up to $550,000 and concessions exists for those from $550,000 to $750,000.
Those buying vacant land will pay incur no duty on vacant land valued up to $350,000 and concessions exists  for properties valued between $350,000 to $450,000.
To be eligible, you must not have owned and occupied (for more than six months) a home in Australia after 1 July 2000 and you cannot have owned a property before this time.
Those who are in the Defence Force and on the NSW electoral roll may be able to see the length of time they are required to live in the home reduced.
ALSO READ:<a href="/news/everything-you-need-to-know-about-the-nsw-first-home-buyer-15-000-grant-scheme"> Everything you need to know about the NSW first home buyer $15,000 grant scheme</a>
Article continues on next page. Please click below.
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Northern Territory
First home buyers in the Northern Territory can get up to $26,000 towards their first purchase, with established first time buyers not left out of the picture either.
But from 1 January 2015, the First Home Owners Grant will be redirected solely to first home buyers looking to buy or build a new home.
Currently, as of 13 May 2014, there exists a transaction eligibility threshold (in plain English, this essentially means that the property can only be worth up to a certain amount) for established properties of $600,000, while no limit exists for new properties. Prior to this time, both new and established properties were given a limit for grant eligibility.
An established home is one that has been "previously sold or occupied, and is lawfully fit for occupation".
A new home is considered one that has never previously been lived in or sold as a place of residence.
However: "To prevent anomalies, a discretion applies in limited circumstances to declare a home that has been previously sold, but not occupied, to be a new home."
From 13 May 2014 to 31 December 2014, a new home can bring in $26,000. Meanwhile, an established property in an urban area will be provided $12,000, and everywhere else will be given $25,000. The only material difference in grant money compared to 4 December 2012 - 12 May 2014 is an extra $1,000 for new homes (and threshold changes).
An "urban area" means land that sits within the Darwin, Palmerston or Litchfield municipalities. It also covers Wagait Shire, the Darwin Waterfront Precinct, the "prescribed area" for the Darwin Rates Act and other areas potentially proscribed by regulation.
Since December 4, 2012, there has been no stamp duty concession for first timers.
Queensland
Queensland first time buyers can get themselves $15,000 when purchasing a new home. Unfortunately, nothing remains for first time buyers who are purchasing established properties.
Their Great Start Grant, previously being known as the First Home Owner Construction Grant, has been available for those buying new (or substantially renovated properties) since 12 September 2012.
If you previously held any interest in residential properties before 1 July 2000, even if it was an investment property, you're not eligible. Those who have had a property since - but used it solely for investment purposes and did not live in it - may be eligible. You'll need to give them tax return details, tenancy agreements and current electricity and phone accounts.
Grant applications are processed within 10 days of receiving the information.
Those looking to get the grant then must move into the property within one year of completion, and live there for six continuous months.
South Australia
South Australian first time buyers are currently eligible for a FHOG on new homes and established homes - however, since 30 June 2014 the grant hasn't been available for established properties.
The property value must not exceed $575,000.
For those buying a new home, a $15,000 grant has been available since 1 January 2014.
If you previously held any interest in residential property before 1 July 2000, even if it was an investment property, you're not eligible. Those who have had a property since - but used it solely for investment purposes and did not live in it - may be eligible. You'll need to give them tax return details, tenancy agreements and current electricity and phone accounts.
After the property is built, you must then live in the property for six months commencing within 12 months of completion.
Off-the-plan properties may also be eligible for a stamp duty concession for a new apartment or substantially refurbished apartment. A full concession was available for properties from 31 May 2012 to 30 June 2014, capped at the stamp duty payable on a $500,000 apartment (or $21,330). A partial concession now applies, from 1 July 2014 to 30 June 2016.
The concession does, however, apply to specific areas as outlined on the Revenue SA site and associated maps.
Article continues on next page. Please click below.
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Tasmania
Currently, established and new properties can receive a benefit for first time buyers, with up to $30,000 available. As in many other states and territories, this was altered from 1 July 2014, and saw established home buyers lose some benefit.
For new properties, the First Home Builder Boost has increased since 7 November 2013 from $8,000 to $23,000, and applies until 31 December 2014. Those eligible for this would also be eligible for the $7,000 FHOG, bringing their total payment to $30,000.
From 1 January 2015 to 30 June 2015 inclusive, the First Home Builder Boost drops to $20,000. From 1 July 2015 onwards this is to decrease to $10,000.
To be eligible, you must not have owned and occupied (for more than six months) a home in Australia after 1 July 2000, and you cannot have owned a property before this time.
When you get the FHOG, you need to live in the property for a continuous six months within 12 months of the data that the certificate of occupancy is issued.
Victoria
Only new properties get first time buyers a grant in Victoria, as of 1 July 2013. A payment of $10,000 is available.
It is only available for properties that do not exceed $750,000 in value, apartment from properties on primary production land.
You must live in the property for 12 months continuously, within 12 months of settlement.
The reduction in duty is becoming increasingly attractive - initially, 20% was reduced on 1 July 2011, followed by 10% on 1 January 2013, 10% on 1 July 2013 and an upcoming 10% on 1 September 2014.
Western Australia
A $10,000 grant for first time buyers purchasing or building a new home has been available since September 2013. Those looking to buy an established property may be eligible for a $3,000 grant.
A cap to first home owner grants was introduced in early 2010. To be eligible for a grant, your home must cost less than $750,000, though this threshold increases to $1,000,000 if your home is located north of the 26th parallel. You can't receive a grant if you owned a residential property after 1 July 2000 and occupied it at all prior to 1 July 2004, or more than six continuous months after 1 July 2004. You must live in the property you're intending to buy with your grant for a continuous six months within 12 months of completion.
The Home Buyers Assistance Account, which can provide $2,000 in help, is an extra benefit for West Australian first timers. This $2,000 comes from interest paid on real estate agents' trust accounts. Essentially there for 'extra' fees around buying, like solicitor and valuation fees, you can only use it for properties costing $400,000 or less. Your purchase must be a established or partially-built home and you must live in the home for the first 12 months. You must purchase the property through a licensed real estate agent, have the loan financed through a lending institution. To be eligible it must also be your first property purchase in Australia.
First home owners also receive a discounted stamp duty rate. Established homes must not be worth more than $530,000 (as of July - this was previously $600,000) to receive the discount. No duty is payable up to $430,000 value (previously $500,000). Above that threshold, $19.19 per $100 is payable (previously $22.51). For vacant land, no duty is payable up to $300,000, and after this $13.01 per subsequent $100 is payable. For vacant land, you will need to pay this upfront and then retrieve a refund on receipt of the FHOG - once you have completed the build. The land cannot be worth more than $400,000.
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First home owners grants set for 2015 changes: State by state round up

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A significant increase in interest rates may see property prices enter a correction phase, according to Empower Wealth’s Ben Kingsley.
In <a href="https://www.lookatproperty.com.au/episode/3308/look-at-property/Is-there-a-Property-Bubble" target="_blank">a panel discussion on Look at Property</a> this week, Ben Kingsley and observer Catherine Cashmore discussed the current market cycle and when a downturn may be expected.
Both were in agreement that a rise in interest rates may be a signal for an impending correction.
“Right now, because interest rates are so low, affordability looks still great back to 2002, according to CBA data … When interest rates are low, it makes values look higher,” explained Kingsley.
“If interest rates start to actually increase significantly, we’ll probably see a correction of some description in the market place,” he said.
Cashmore looked towards the common cycles in housing markets to draw similar conclusion.
“Housing cycles are long-term affairs, so they typically run around 18 to 20 years and within that period they have a mid-cycle downturn, which usually happens around nine years after the low,” she said, pointing to Christopher Joye’s expectation of a mid-cycle downturn.
“You will probably see that happen as interest rates start to rise and you could see a correction in prices. It won’t effectively be a crash as such, we have longer to go,” she said.
Interest rates are expected to begin increasing next year, with the majority of experts in <a href="/expert-insights/finance/interest-rates-expected-to-rise-for-three-years-here-s-when-the-first-hike-will-be-finder">Finder’s Reserve Bank survey opting for this forecast</a>.
At present, June 2015 is the most common prediction for the first increase.
ANZ is on record <a href="/expert-insights/finance/more-than-one-interest-rate-rise-on-the-cards-for-2015-anz">predicting multiple interest rate increases across 2015</a>.
The Organisation for Economic Cooperation and Development (OECD) have also <a href="/expert-insights/finance/oecd-advises-rba-to-lift-interest-rates-and-cool-house-prices-in-2015">advised the Reserve Bank to lift interest rates </a>from the second quarter of 2015.
The move would prevent housing prices rising to risky levels and then unwinding sharply, say the OECD.
 
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Property price correction will happen if RBA lifts interest rates: Ben Kingsley

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With Victorians heading to the ballot box this Saturday, the Coalition has pledged to bring in new laws to stop underquoting. But the plans have polarised many in the real estate industry.
The legislation would be introduced to Parliament next year if the government is re-elected.
The proposed legislation would move to ensure that the reserve price would be within the advertised range, make it mandatory to advertise houses with a listed price or price range and make it compulsory to include a reserve price when signing a sales authority with an agent.
Under the proposal, a reserve price could be changed up to three days prior to the auction and any change to the reserve price would need to be reflected in advertising for the property.
Agents that failed to adhere to the rules would face fines up to $29,000.
“The Australian dream is to own your own home, but over recent years underquoting has become a routine part of Victoria’s real estate market, leading to bitter disappointments for people searching for their own home,” said the Coalition’s plan.
Labor says that rather than introducing new legislation, existing laws that prohibit underquoting need to be properly enforced.
The Real Estate Institute of Victoria have <a href="/expert-insights/investing/victorian-election-real-estate-dramas-underquoting-and-election-stunts">not been positive about the announcement, calling it an “election stunt”</a>.
The REIV’s Enzo Raimondo said that, given the fine for underquoting is $29,522 at present and one of the initiatives is to impose a $29,000 fine for underquoting, he isn’t sure “what this government is playing”.
"My experience with the Napthine government is they don't do that, they work in blissful isolation of the industry ... and this is just an election stunt because everything regarding underquoting is already in place," Raimondo said.
SQM Research’s Louis Christopher is one who has vocalised his support for the plan.
"This is a positive development but the Victorian Liberal party, and I welcome this election promise. Let's hope they stay committed to this promise and they are not scared off by the protests of the REIV, who are unashamedly against this reform,” said Christopher.
The Victorian Coalition’s proposed crackdown has prompted Christopher to invite other <a href="https://www.change.org/p/the-honourable-matthew-mason-cox-mlc-nsw-government-make-it-compulsory-to-advertise-auction-reserve-prices-to-stamp-out-underquoting-and-dummy-bidding" target="_blank">supporters of ending underquoting in New South Wales to sign an online petition</a>.
In Queensland, laws to ban auction price guides in a bid to stamp out underquoting are set to come into force on 1 December.
Real estate expert <a href="/news/qld/dark-ages-descending-on-queensland-as-auction-price-guide-ban-defies-common-sense-john-mcgrath">John McGrath has called the Queensland price guide bans a move that could take the industry “back 50 years”</a>. However, the Real Estate Institute of Queensland has been in strong support for the changes.
 
 
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Victorian Coalition's planned underquoting crackdown stirs industry debate

Victorian election real estate dramas: Underquoting and "election stunts"

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

Joel Robinson

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

&nbsp;

Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more international and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

Jennifer Duke

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