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The Barnett government has increased land tax by 10% across the board amidst slowing revenue growth.
As the state’s property market softens along with its labour market, the government has turned to land tax to offset the state’s declining revenues. The increase in land taxes is forecast to raise an additional $72 million in 2014-15 and $334 million over the four years to 2017-18. Land tax is expected to bring in a total of $752 million for the state this year, and is estimated to bring $1.01 billion in revenue in 2017-18.
In West Australia, land tax is payable on properties with unimproved land values over $300,000. According to the government, the majority of West Australian property owners will be unaffected by the land tax changes due to a range of exemptions. Approximately 80% of those affected, who hold land with an unimproved value of up to $1 million, will experience a tax increase of up to $70 per year.
After the tax increase, West Australian property owners who are ineligible for exemptions will pay annual land tax ranging from $110 for properties with an unimproved land value of $400,000 to $263,000 for unimproved land value of $15 million. Land tax increased by 12.5% in the 2013 budget.
The 2014 budget saw a big infrastructure spend in Perth's north, with $3 billion to go towards the area. Treasurer Mike Nahan, who said the region was one of Perth's fastest growing areas, committed $641.3 million in public transport and road infrastructure spending to the region.
Over four years, $320 million will be spent on extending the Mitchell Freeway from Burns Beach Road to Hester Avenue. The extension is intended to relieve traffic from Clarkson, Butler and Jindalee, which are cited by the government as growth areas. With residential developments planned for the northern region, a further $32.9 million over the next two years will go towards extending the northern suburbs rail line to Butler. A section of the Reid Highway will be turned into dual carriageways, costing $43 million.
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jrichardson-uRX5hFdKfN

Western Australia’s 2014 budget: 10% land tax hike

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The property market is displaying all the typical signs of a slowdown, according to Propell National Valuers.
Citing increasing unemployment levels and federal budget expectations, national research manager Linda Phillips says that housing demand is likely to drop.
“Forget the past. It is now May and the market faces headwinds in the form of the traditionally slower winter months, the painful federal government budget and rising unemployment”, said Phillips.
“Any impetus from the declining interest rates of last year has now worked through the market. The federal budget is likely to impact badly on consumer confidence and strip demand from the market which may need a further lowering of interest rates to restore spending.”
This is contrary to the expectations of many high profile economists and commentators, many of <a href="/expert-insights/finance/interest-rate-stays-on-hold-did-our-experts-get-it-right">whom predict that interest rates</a> are <a href="/expert-insights/finance/rba-expected-to-keep-rates-on-hold-for-now-hsbc">likely to rise</a> before the end of the year. 
According to Propell, increasing property listings this month will be “trading in the face of negative headlines about what the federal budget might include,” and, after May 13, adjusting to the announced budget.
Propell National Valuers itself notes that it was “first to highlight the risk of the abolition of negative gearing in the budget”, but that it appears now that “the housing market itself will not be the subject of direct attacks in the budget.”
However, the company’s researchers do not rule out the possibility of other housing related adjustments in the federal budget. But the greatest budgetary impact on the housing sector will come from the expected reduction in government spending, tax increases and employment levels, according to Propell. The property research firm expects that tightening measures will increase unemployment through the reduction of the public sector and soften consumption, leading to a decrease in real estate demand. It predicts that some states will see median price reductions through the winter months. 
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Housing boom coming to an end: Propell

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Queensland’s Property Occupations Bill was passed earlier this week, bringing a raft of changes to the state’s real estate industry.
Formerly covered under the Property Agents and Motor Deals Act (2000), the real estate industry now will work under its own set of regulations.
The way real estate is bought and sold in Queensland will change in ways that will to affect both buyers and sellers: here’s what you need to know.
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NO MORE PRICE GUIDES... The most controversial aspect of the bill was the removal of price guides for properties sold through auction. Intended to stamp out the practice of underquoting, the changes will stop agents discussing price guides with potential buyers or property reporters. The proposal was supported by the Real Estate Institute of Queensland but derided elsewhere. Groups including the Real Estate Institute of New South Wales the Real Estate Buyers Agent Association of Australia voiced their opposition to the legislative changes in recent months. It’s unclear what effect the changes will have on Queensland’s real estate market. 
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…WITH SOME CAVEATS According to Attorney General and Minister for Justice Jarrod Bleijie, buyers won’t be complete in the dark when it comes to property values. The bill was amended to allow real estate agents to disclose a price guide to listing websites so buyers can still search for properties within a certain price range. However, listing websites are still unable to publish the price estimates. If a seller consents, agents can also provide “market information about a property”.  “However, the bill allows an agent, with a seller’s written consent, to give any person,which includes, for example, a buyer or a property journalist, with market information about a property through the form of a comparative market analysis. There are also numerous online sources that provide market information about properties," said Bleijie. "This information provides objective, not speculative, data to assist a buyer to work out what a property may be worth to them. This information will also assist property journalists and writers to prepare real estate profiles and editorial pieces without the need for real estate agents or auctioneers to breach provisions preventing disclosure of price guides for auction properties. "Prohibiting agents from giving a price guide indication for auction properties, or properties for sale without a price, also creates a level playing field for the industry.” It’s unclear at this stage what “market information” entails. 
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COMMISSIONS Price guides aren’t the only form of disclosure to go in Queensland. Agents are now able to charge commissions even when they have a beneficial interest in a property, and will no longer have to disclose that commission to buyers. There is no cap on the commissions received, an issue which some believe may have an inflationary impact on prices. Labor MP Desley Scott said that: “It is preposterous to suggest that the commission being paid by the seller to the agent will have no impact on the buyer. It has the potential to make a significant difference in the contract price of a property. Where the contract price is distorted by a highly inflated commission, the buyer has no way of knowing what the real value of the property is. Transparency is paramount.” 
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CHANGES TO LICENSES The new legislation removes the requirement for property developers and their employees to be licensed. Until now, property developers in Queensland were the only in the country who were required to hold a license. Bleijie claims that this move will reduce red tape in the industry, removing barriers to entry to the property developer market and stimulate the economy. As the Property Agents and Motor Dealers Act has now been split, those who auction real estate will carry a different license to those selling other forms of property. The changes mean that anyone who auctions real estate and other asserts will have to hold two licenses. 
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USE OF LAND DISCLOSURE Under the Property Agents and Motor Dealers Act, agents had to notify a buyer if the land they were considering could not be used for residential development. That provision has been removed, meaning that sellers and agents are not required to tell a buyer, pre-contract, that the piece of land they are about to purchase cannot lawfully be developed for residential purposes. That means it's up to buyers who are considering residential development to investigate council requirements themselves before signing their contract.
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</ol>
 
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Five things to know about Queensland’s property reforms

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Northern Perth’s Joondalup region is adjusting to the moderating market of the city.
The northern beaches Joondalup region includes Burns Beach, Edgewater, Joondalup, Connolly, Heathridge, Kinroos, Currambine, Iluka and Ocean Reef. The suburb of Joondalup itself acts as a hub to Perth’s outer northern suburbs.
The push to establish Joondalup as an urban centre extends back to 1970, with the Corridor Plan for Perth. A number of retail and transport infrastructure initiatives have been implemented around the area in the past 40 years to facilitate urban development and direct activity to Joondalup. Joondalup was highlighted in the West Australian state government’s Directions 2031 strategy as one of two primary centres in the Perth metropolitan area, along with Rockingham.
The area’s CBD has a strong retail focus and has seen considerable residential development in recent years, with a relatively high density of townhouses and apartments. With the presence of Edith Cowan University, a healthy retail and entertainment district, established parks and in close proximity to the beach and Lake Joondalup, the area has attracted demand from the middle class lifestyle market.
The greater region of Joondalup had a median house price of $588,750 in March, while units in the area sold for a median price of $415,000. A <a href="https://www.realestate.com.au/property-apartment-wa-joondalup-115477939" target="_blank">two bedroom Joondalup apartment</a> in the block pictured below sold for $408,000 in February.
<img src="/images/2014/05/07/joondalup%20unit.jpg" width="800" height="600">
According to Australian Property Monitors senior economist Andrew Wilson, Joondalup’s appeal to middle income earners has lent the area some resilience against the changes seen in Perth’s market.
“Joondalup is in the middle price range area,” said Wilson.
“There’s a bit of a lifestyle market there. With all the new developments that have been established in that area, we’re seeing middle price bracket, executive type buyers.
“Because of that nature of the market, it tends to be quite resilient. The big picture is that Perth is moderating. The latest data shows that Perth’s market has plateaued.
“We’re seeing quite a significant upward shift in unemployment in Perth, which has moderated lately.”
According to data from the Real Estate Institute of Western Australia, listings in Joondalup and the neighbouring Wanneroo <a href="/news/wa/perth-vacancies-highest-in-years-rentals-on-market-56-up-on-2013">jumped earlier this year</a>, up 28% in the March quarter from December.
Despite Joondalup’s relative strength, its property market must still deal with exposure to Perth’s labour market, said Wilson.
“The Perth labour market has seen some difficulties with absorbing eastern state migration, which saw rents get pushed up quite sharply in some suburbs of Perth. Perth prices rose 10% last year, and with rising unemployment, we’re starting to see some affordability issues.
“And the lifestyle market can certainly be affected by job security and affordability issues. But as the economy does pick up and absorb that unemployment, incomes will grow.”
The slowing mining sector in Western Australia has seen a shift in focus for the region, with the city of Joondalup launching new initiatives to market the region as Perth’s “knowledge capital”. How well the region responds to the state’s shifting economy remains to be seen, but strong infrastructure investment in the area in the past and extending into the future ensures that it will remain a significant urban centre for Perth’s northern corridor.
Photo courtesy of Wikipedia/Creative Commons.
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Suburb spotlight: Joondalup adjusting to moderating market

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The strong run enjoyed by Melbourne’s property market has given the Victorian Coalition a big leg up for the 2014-15 budget.
In the state budget papers released yesterday, the Department of Treasury and Finance stated that land tax and land transfer duty will be key drivers for the 7.2% increase in tax revenue expected for 2014-15.
With the latest land revaluation cycle covering 2012-2014, the increase in Melbourne land values over the last year has provided a push for land tax revenue. Earnings from land tax are expected to increase by 16.9% in 2014-15 to $1.90 billion.
Stamp duty also makes up a significant proportion of overall revenue, with land turnover set to contribute $4.44 billion to the total $18.07 billion of tax revenue. Following last year’s sharp increase in transfer duty, the Department of Treasury and Finance has forecast moderate 6.0% per annum growth in forward estimates, with $5.29 billion in land transfer taxation revenue estimated for 2017-18.
A total of $7.47 billion in property tax revenue has been estimated for this year’s budget, including a <a href="/expert-insights/investing/victoria-s-budget-new-tax-for-1-million-property-projects-to-fund-plan-melbourne-scheme">new tax on planning permits for properties</a> valued over $1 million. 
An increase in transport infrastructure spending has been the main focus in the election year state budget. The Napthine government has earmarked $11 billion for the Melbourne Rail Link which is set to connect South Yarra to the Melbourne Airport via underground stations at Domain and Fisherman’s Bend.
 
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Victoria’s budget: O’Brien’s infrastructure spend boosted by revenue from property

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A new levy on planning permit application fees will fund the Victorian government’s $62.8 million commitment to the Metropolitan Planning Authority (MPA).
The Plan Melbourne strategy was drafted by the Coalition government in October last year. Plan Melbourne’s initiatives include accelerated investment in metropolitan hubs and outer growth areas, strategies to facilitate the supply of affordable housing and transport infrastructure investment.
The Victorian government will provide $51.6 million over four years to the Metropolitan Planning Authority to implement Plan Melbourne, which has not yet been finalised.
An additional $11.2 million will be provided over four years to fund short term actions including the delivery of major urban renewal sites and a local “pocket park” fund. The government has also committed cash for a “20 minute neighbourhood” fund. The <a href="https://blogs.crikey.com.au/theurbanist/2013/12/11/the-20-minute-neighbourhood-does-it-make-sense/" target="_blank">20 minute neighbourhood strategy</a> aims to see retail, job, education and recreation precincts within 20 minutes travel time of every home, with a strong focus on non-car transport.
The spending commitment will be funded by new planning permit application fee tax for projects worth more than $1 million. The levy is forecast to raise an estimated $17.1 million per year. To be introduced on 1 July 2015, it is estimated that the levy will be charged to approximately 6% of all planning permits.
According to Minister for Planning Matthew Guy, the increased levy costs would be offset by the benefits of the new planning system.
“Developers face millions in land holding costs every week across Victoria. A fully funded MPA will reduce overall development costs over time by bringing land to market earlier,” said Guy, who claimed that the funding will help drive job creation and investment opportunities.
“Plan Melbourne supports the Coalition government’s commitment to building a stronger Victorian economy by working with development industry to create more jobs right across the State,” said Guy.
“This funding is an important boost for jobs and productivity, by helping the growth and development of significant employment hubs across the metropolitan area and driving the expansion of the central city.
“It will kick start the major employment clusters at Monash, Latrobe, Sunshine and Fishermans Bend, urban renewal a framework for expanding the central city and a metropolitan-wide open space strategy, to promote growth and investment, further increasing their attraction as great mixed use places for businesses, workers and new residents.
“These job centres are a fundamental principle of Plan Melbourne, our new plan for the city, and they mean more jobs and services in Melbourne’s middle and outer suburbs,” he said.
Planning will also begin for urban renewal areas at Cremorne and Collingwood, and along railway corridors from Huntingdale to Dandenong, Brunswick to Batman, and North Richmond to Victoria Park, according to Guy.
“Unlocking land opportunities across Victoria and expanding our central city and urban renewal areas will not only deliver more jobs, more housing and transport options, it will be a major boost for the State’s productivity and economic growth over the next 50 years,” said Guy.
The Victorian branch of the Property Council of Australia has criticised the Victorian government's new property tax despite supporting the increased infrastructure investment, with deputy executive director Asher Judah claiming that the government has an "unhealthy addiction to property taxation."
"The Property Council will vigorously oppose the introduction of a new $17.1 million tax on apartment buyers to fund the activities of the new Metropolitan Planning Authoirty," said Judah.
"While we welcome the increase in funding for the MPA, a government projecting multi-billion surpluses shouldn’t be introducing new property taxes. This action combined with the 2013 expansion of the Congestion Levy exposes a Government with an unhealthy addiction to property taxation.
"Property owners across Victoria will also be uneasy about the government’s plans for new taxes via asset value capture mechanisms (AVC). AVC already exists in the form of land tax and local council rates. Any move by the government to triple tax property value uplift will face fierce opposition from the industry.
"Over the next four years, tax revenue sourced from property will increase by over $2.3 billion. Increases in Stamp Duty, Land Tax, Fire Services Property Levy and the Car Parking Levy each reflect a growing and unhealthy addiction to property taxation."
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Victoria’s budget: New tax for $1 million property projects to fund Plan Melbourne scheme

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The Reserve Bank has kept the cash rate at a record low of 2.5% for another month. 
Today’s decision marks another month of historic lows for Australia’s interest rates, while many speculate that the Reserve Bank will move to increase rates by the end of the year as price growth stabilises and housing construction expands.
Reserve Bank governer <a href="/expert-insights/finance/strong-expansion-in-housing-construction-expected-rba-governor-glenn-stevens">Glenn Stevens said of today's decision</a>, "financial conditions overall remain very accommodative. Long-term interest rates and most risk spreads remain low. Equity and credit markets are well placed to provide adequate funding."
"In Australia, the economy grew at a below-trend pace in 2013. Recent information suggests moderate growth is occurring in consumer demand and foreshadows a strong expansion in housing construction. Some indicators of business conditions and confidence have improved from a year ago and exports are rising. But at the same time, resources sector investment spending is set to decline significantly and, at this stage, signs of improvement in investment intentions in other sectors are only tentative, as firms wait for more evidence of improved conditions before committing to expansion plans. Public spending is scheduled to be subdued," he said.
Australians can expect interest rate stability in the current inflationary climate.
"Looking ahead, continued accommodative monetary policy should provide support to demand, and help growth to strengthen over time. Inflation is expected to be consistent with the 2–3 per cent target over the next two years," said Stevens.
"In the Board's judgement, monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target. On present indications, the most prudent course is likely to be a period of stability in interest rates." 
Michelle Hutchinson, money expert at comparison website finder.com.au, says that a drop in the cash rate is unlikely in the near future.
"While the <a href="https://finder.com.au">finder.com.au</a> Monthly Reserve Bank Survey found all 12 leading economists and money experts were correct with their prediction of no rate change today, most are expecting to see the cash rate rise by the end of the year or next year,” she said. According to Hutchinson, the current interest rate climate has seen some lenders fail to pass on rate cuts to borrowers.
"With no more rate drops on the cards, we found that lenders have kept on average 0.24 percentage points since rates began to fall in November 2011 by not always passing on the full cuts to their customers,” said Hutchinson.
LJ Hooker deputy chairman L Janusz Hooker predicts that a rate increase by the Reserve Bank could be as far away as December.
“There is still a chronic shortage of housing in areas such as Sydney and with this simple supply and demand imbalance continuing, it’s hard to see how the bottom can drop out of the market,” said Hooker.
Low interest rates have seen housing construction approvals pick up in many markets, while residential sales are strengthening in Hobart and even Adelaide, despite concerns about unemployment.
“Sensible buyers are factoring in future rate increases when doing their calculations but I also think there is an acceptance that the rate of growth the market has been enjoying will slow down,” he said.
According to RP Data national research director Tim Lawless, the latest housing market results showed that capital gains across the nation’s housing markets were slowing to more sustainable levels, which would have provided the RBA with some comfort.
“The April results showed a slowdown in dwelling value appreciation, up just 0.3% over the month, which is likely to be a welcome result after such previously strong conditions,” said Lawless.
“The ongoing low interest rate environment is likely to encourage higher levels of housing market activity which provides a fantastic multiplier for the Australian economy; however we anticipate that natural affordability barriers and low rental yields will continue to dampen the exuberance that has been very much evident in Sydney and Melbourne,” he said.
<img src="/images/2014/05/06/quotes-may-6-on.jpg" alt="">
 Source: Finder.com.au
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RBA leaves interest rates on hold as housing price growth slows

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Over the next 40 years, Australians aged over 65 will make up over 25% of the population, according to the Treasury’s 2010 Intergenerational Report.
With baby boomers set to drive demand for retirement housing, specialist property developer Halcyon has launched two new Queensland developments aimed at the over 50s market.
Halcyon engaged Brisbane based design firm DC8Studio to help tailor Halcyon Glades at Caboolture and Vision by Halcyon at Hope Island to the needs of the retirees.
<img src="/images/2014/05/06/Riccardo%20Rizzali%20DC8Studio.jpg" alt="">
According to DC8Studio director Riccardo Rizzalli (pictured above), Halcyon’s target market are retirees who are looking to maintain an active lifestyle.
 “The people who come to live in Halcyon communities are forward thinking in their approach to retirement living,” he said.
“That is to say, they are very active people, who are looking forward to a happy and healthy life post working.
“There is a term that is used often, that these baby boomers aren't retiring they are ‘retreading’.
“This is really a beginning of a new journey for home owners and this was strongly reflected in our design brief.”
A report released in April by housing company Lifestyle Communities showed that although half of those surveyed were reliant on the sale of their family home to sustain their current lifestyle, there was a lack of suitable stock to facilitate post-retirement downsizing.
Halcyon joint managing director Bevan Geissmann said that maintaining a high quality of life post retirement was an important focus for the company.
“The downsizing process involves freeing up capital for retirees to spend on recreational pursuits or general living expenses,” said Geissmann.
“But today’s baby boomers have high expectations of their retirement lifestyle, so location and design of the home are both vitally important.
“As a developer of over 50s communities our focus weighs heavily on these aspects.
“It’s why we invest a lot of time into researching market trends, finding the right sites, developing masterplans and creating homes that respond to the needs of modern seniors.”
Glades at Caboolture (pictured below) is the company’s most affordable development to date. The 178 home community will include a variety of recreational facilities, including a swimming pool and gymnasium, a cinema, library, bowling green, tennis court and recreation centre. Prices range from $335,000 to $467,500.
<img src="/images/2014/05/06/Halcyon%20Galdes%20street%20scape.jpg" alt="">
At the opposite end of the price spectrum, Vision by Halcyon (pictured below) is being marketed as a luxury development, with 88 homes, a 52 berth marina and a lifestyle and aquatic precinct. Homes at Vision are priced from $559,000 with the most expensive property available at $1.25 million.
<img src="/images/2014/05/06/halcyon-may-6-breakout.jpg" alt="">
More on Halcyon: 
<a href="/expert-insights/building/gold-coasts-60-million-vision-by-halcyon-targeting-over-50-downsizers">Gold Coast's $60 million Vision by Halcyon targeting over-50 downsizers</a>
 
 
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Halcyon launches two new developments for over 50s market

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In the current low interest rate climate, many first home buyers may be confused about the best option for their first home loan.
Choosing your home loan means striking a balance between your varying priorities. Are you after low fees? Or are you more interested in being able to capitalise on interest rate cuts? Maybe you’re happy to pay a bit extra now for protection against future rate hikes.
To help you with the daunting task of choosing your first home loan, Property Observer has four key tips:
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THINK LONG TERM Be prepared for your life circumstances to change over the course of your mortgage. You may be employed full time with a steady income, but there are lots of things that can affect your ability to make repayments further down the line. Babies, break ups and getting the boot at work can all make a serious dent in your financial plans. Think realistically about your life five or 10 years down the track, because you are about to make one of the biggest financial commitments of your life. 
</li>
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FINANCE FIRST Before you’ve found your dream home, work on finding your dream mortgage. Speak to a mortgage broker prior to purchasing a home and look into securing a home loan pre-approval – while it isn’t a total guarantee that you will be able to finance your house, it’s as close as you’ll get. Getting pre-approval can help real estate agents take you seriously and give you an idea of your budgetary constraints. 
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VARIABLE OR FIXED? With interest rates at a record lows, fixed rates have definite benefits. A fixed rate mortgage will lock your interest rate in and protect you from future rates hikes for a set period, usually three years. Fixed rates are also generally at competitive levels at the moment. However, there are many other factors beyond interest rates will determine what the best loan is for you. You may benefit from low monthly fees, a flexible loan arrangement or discounts for bundling your accounts with a single lender. Don't be afraid to shop around. A good mortgage broker will help you decide what is best for you. Once you’ve decided on a loan, it’s wise to revisit your loan with your broker on a yearly basis to see if it’s still the best arrangement for you. 
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<li>
KNOW YOURSELF Choosing the best home loan is all about full disclosure and being honest with yourself about your finances. Many lenders offer loan repayment calculators that will help you determine how much you can afford to pay each month. While frugality generally pays, you may find that you just can't live comfortably without a certain level of extra spending money each month, so leave yourself a little room to move if you can. And remember, your financial decisions will determine what loans you have access to, especially now that your credit history includes more detailed information including when you pay your bills. </li>
</ol>
Shopping for your first home is an exciting time, and it's hard to reserve quite the same amount of enthusiasm for mortgage shopping. But taking the time to choose the right home loan can save you a lot of time and a lot of money down the track.
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First home buyers: four tips for choosing a home loan

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A system error contributed to a series of incorrect investment income payments to NAB Wealth investors between 2006 and 2012.
After paying $1.9 million in compensation to around 43,000 customers in 2012, NAB Wealth has identified that further refunds are required to adequately compensate impacted customers.
NAB Wealth has also appointed PricewaterhouseCoopers to review the matter, at the request of the Australian Securities and Investment Commission (ASIC). The firm will look into the compensation already paid, NAB Wealth’s operating systems and the company’s breach identification and management processes.
The superannuation funds affected by the errors are MLC Superannuation Fund, DPM Retirement Service and Premium Choice Retirement Service. Investor directed portfolio services MLC Navigation Investment Plan, DPM Investment Service and PremiumChoice Investment Service were also affected.
ASIC has told NAB Wealth customers that they do not need to lodge claims for compensation as affected customers have already been or will be identified and offered compensation. 
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Investor alert: NAB Wealth to refund investors after payment errors

The new <a href="https://www.apartments.com.au/new-apartments/yarraville-green-42-stephen-street-yarraville-vic-3013">Yarraville Green</a> development in Melbourne's inner west is showing that landscaping can be just as influential as architecture, with buyers responding strongly to the garden-first approach adopted from the outset by developer Excelon Projects and the project's design team.

Excelon appointed Six Degrees Architects and landscape architects SBLA to work collaboratively on the development, with a brief to create "a sustainable, design-led building with a focus on community."

That approach has resonated with buyers. According to Next Chapter Director Tom Hirini, who is leading the sales campaign, the landscaped communal garden has become one of the project's defining features, alongside its boutique scale and European-inspired cluster housing concept.

Local downsizers, right-sizers and established families already living in Yarraville and surrounding suburbs have accounted for the majority of purchasers.

[smartcode_project:default project_id=144913 project_image_fid=297740]

Yarraville Green will comprise 53 homes, including apartments and townhomes, arranged around the shared central garden to maximise connections to the landscaped open space. Parking has been moved underground, allowing the ground plane to be dedicated to greenery, pedestrian movement and communal spaces.

The landscape extends well beyond passive planting. Productive garden beds, a pergola, communal gathering spaces, garden sheds and a pet wash have all been integrated into the masterplan, creating spaces designed to encourage everyday interaction between residents.

[smartcode_project:default project_id=144913 project_image_fid=297741]

The interiors continue Excelon's focus on craftsmanship, incorporating bespoke elements by Melbourne artisans including leadlight detailing by Adadaz, hand-turned timber hardware by Auburn Woodturning and blown-glass lighting by Ruth Allen.

Sustainability has also been embedded throughout the project, with Yarraville Green targeting an average 7-star NatHERS energy rating through passive design principles, rooftop solar servicing common areas and rainwater harvesting for landscape irrigation.

[smartcode_project:default project_id=144913 project_image_fid=297735]

Construction continues to progress at Yarraville Green, with structural works well underway and framing works approaching completion under builder Balmain &amp; Co. The project remains on track for completion in mid-2027.

Apartments at Yarraville Green are currently priced from $625,000, while townhomes start from $1.4 million.

[smartcode_project_cta:default project_id=144913]

Joel Robinson

Garden-led design drives buyer demand at Yarraville Green

National diversified developer Fortis has officially launched Crest &amp; Walker, its latest Brisbane apartment development, with construction now underway on the 20-storey Newstead project.

Award-winning builder BINAH has commenced construction on the Bureau^Proberts-designed building, which will deliver a limited collection of 65 two and three-bedroom apartments on Kyabra Street.

[smartcode_project:default project_id=145922 project_image_fid=373556]

The project marks Fortis' fourth active residential development in Brisbane, following River House, which is nearing completion, alongside projects in New Farm and Hamilton as the national developer continues to expand its South East Queensland pipeline.

Fortis General Manager – Development Queensland Dan Boman said Crest &amp; Walker reflects the developer's long-term commitment to delivering design-led residential projects in Brisbane's established inner-city suburbs.

"We're proud to be strengthening our presence in Brisbane with Crest &amp; Walker, particularly in such a sought-after lifestyle destination as Newstead," Boman said.

"Every Fortis project is shaped by its context, and we approach each one with the respect and care it deserves.

"Our focus is always on creating places that feel connected to their neighbourhood and elevate the everyday experience for residents. Newstead continues to evolve as one of Brisbane's most sought-after urban communities, and Crest &amp; Walker reflects our ambition to contribute meaningfully to that story."

[smartcode_project:default project_id=145922 project_image_fid=373559]

Positioned between Gasworks Plaza and James Street, <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> has been designed as a boutique residential address offering privacy and generous living spaces within one of Brisbane's most established lifestyle precincts.

The building features a contemporary brick podium softened by integrated landscaping, while the upper levels are characterised by restrained architecture and enduring materiality. Interiors have been designed to maximise natural light, acoustic performance and long-term liveability.

[smartcode_project:default project_id=145922 project_image_fid=373583]

Residences comprise spacious two and three-bedroom floorplans, with two-bedroom apartments priced from $1.55 million and three-bedroom, half-floor residences from $3.95 million.

Residents will have access to a wellness-focused rooftop featuring a swimming pool, sauna, steam room, landscaped dining spaces and outdoor lounge areas overlooking Newstead and the Brisbane CBD.

[smartcode_project:default project_id=145922 project_image_fid=373571]

Sales are being managed by Slaite Projects, with Fortis expecting strong demand from owner-occupiers seeking a high-quality, design-focused apartment in one of Brisbane's most tightly held inner-city suburbs.

Completion of Crest &amp; Walker is slated for late 2028.

[smartcode_project_cta:default project_id=145922]

Fortis expands Brisbane pipeline with launch of Crest & Walker in Newstead

The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.

It has taken the best part of a decade since plans for Chevron One were first unveiled, but the 40-storey tower is now complete, with residents collecting their keys and moving into what has become one of the Gold Coast's most recognisable new landmarks.

Rising 127 metres above Chevron Island, Chevron One stands almost twice as high as any other building on the island. Its scale places it alongside the trio of towers at Jewel, arguably the last truly significant addition to the central Gold Coast skyline when they were completed around six years ago.

While there are several developments underway around a similar height to Chevron One, they are more concentrated within clusters of the highest towers in the city. The fact Chevron One sits within a developing precinct, looking back at the other high-rise developments in Surfers Paradise and Broadbeach, makes it a different proposition altogether. It will certainly become a reference point on the Gold Coast skyline.

[smartcode_project:default project_id=6515 project_image_fid=68833]

Developer Bensons Property Group is behind the 40-storey tower, which has just shy of 230 apartments, along with an exhaustive list of resident amenity spread across what is the largest development site ever assembled on Chevron Island.

The tower has been the talk of the town for years, says Ray White Projects Gold Coast agent Caitlin Rosenboom, who is selling the remaining apartments.

"People have been watching Chevron One go up for years," Rosenboom says, adding that many prospective buyers have been surprised by the scale of the views once they step inside.

"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.

"The views are jaw-dropping. Whether you're looking east over the ocean, across Surfers Paradise, along the river systems or out to the hinterland, every level offers something different but equally impressive."

[smartcode_project:default project_id=6515 project_image_fid=360215]

One of Chevron One's defining advantages is its location on the eastern side of Chevron Island on Stanhill Drive, a position which protects the views forever.

"There's only one row of houses between Chevron One and the water, and the height restrictions along the river means views from Chevron One can never be built out,"&nbsp;Rosenboom says.

While new apartment developments continue to emerge across the Gold Coast, Rosenboom says opportunities to secure a completed apartment with this level of outlook are becoming increasingly rare.

"The size of the site is something that would be incredibly difficult to replicate today," she says.

"That's allowed Chevron One to deliver the sort of amenity, open space and resident facilities that very few projects can offer. There are not many completed apartment buildings on the Gold Coast right now that can compete with the combination of scale, quality and amenity."

[smartcode_project:default project_id=6515 project_image_fid=68839]

There's around 2,000 sqm of amenity solely for the use of residents of Chevron One. Club One features a uniquely shaped swimming pool that mirrors the footprint of the building itself, set within a extensively landscaped gardens. There's also an indoor pool and spa, a fully equipped gym with a Pilates room, a yoga garden, a bookable private dining area and lounge that can host up to 30 people, and a 24-hour concierge service.

As for the buyers, Rosenboom is fielding enquiry from everywhere: Sydneysiders and Melburnians looking at the new and off-the-plan market following the changes in the Federal Budget, as well as those looking to relocate, through to South East Queenslanders seeking either a permanent home or a weekender bolthole.

"The Gold Coast lifestyle continues to resonate with people relocating from the southern states, and when they see the views and the quality of what's been delivered at Chevron One, it becomes very easy for them to understand the appeal," Rosenboom says.

A diverse mix of one, two and three-bedroom apartments remain available, with each offering "something a little different", be it the orientation and views, configuration, or level, to suit a wide variety of buyers.

The remaining apartments are ready to inspect in person, by appointment.

[smartcode_project_cta:default project_id=6515]

A decade in the making: Residents to move into Chevron One as construction wraps up

A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> has taken the opposite approach.

Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.

The philosophy has reached its most ambitious expression at <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.

[smartcode_project:default project_id=150017 project_image_fid=374053]

"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."

[smartcode_project:default project_id=150017 project_image_fid=374052]

The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

[smartcode_project:default project_id=150017 project_image_fid=372547]

The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.

The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.

[smartcode_project:default project_id=150017 project_image_fid=374054]

Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.

Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

It began with <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.

Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.

[smartcode_project:default project_id=146527 project_image_fid=366550]

That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.

Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.

[smartcode_project_cta:default project_id=150017]

Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.

At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.

[smartcode_project:default project_id=426 project_image_fid=359199]

The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.

Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.

In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.

[smartcode_project:default project_id=426 project_image_fid=360299]

The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.

Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.

This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.

[smartcode_project:default project_id=426 project_image_fid=360300]

What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.

The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.

Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.

[smartcode_project_cta:default project_id=426]

Jessie Richardson

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