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Casino tycoon James Packer's $70 million Vaucluse sale easily took line honors last year as the priciest trophy home ever sold in Sydney.
But Villa Igiea, the magnificent European style villa not too far away in the pricey neighbourhood, cruised into second place when sold on New Year's Eve by Dr Wayne Burt, its entreprenurial expat owner during the final business hours of 2015 across international time zones. 
He has worked at Macquarie Bank, Deutsche Bank and Bain Capital, and is best known for founding Austar Communications, the regional pay-television company sold to Liberty Global.  
Its unconfirmed $52.5 million price possibly places it in second spot on Sydney's all time prestige sales list. 
The hillside mansion, inspired by the grandest of villas in Palermo, Sicily, dates back to the 1920s when built for the Grace retailing family.
Investment banker Dr Burt and his Swedish wife Helene lived there for six years with their four young children but are now based between Switzerland and Ibiza.
It has become one of Sydney's leading short term luxury rentals, occupied by Texan billionaire Jim Clark and his wife, Kristy Hinze-Clark as their Sydney to Hobart race-winning bolthole.
Secrecy surrounds the buyer, but it was quickly understood not to be the renters, who knew of the listing as the Clark's have been house hunting.
Unconfirmed reports has it bought by interests associated with  “Jim” Shangjin Lin, managing director of property developer, Aqualand.
The on-off-on sale, signed off without any Foreign Investment Review Board requirement, comes after Packer's $70 million sale in August which helped re-align top end pricing.
Neither Packer's La Mer or Villa Igiea ever hit the open market - and by coincidence La Mer is briefly a summer rental as the former co-owner Erica Packer stays on after the title was transferred into property developer Dr Chua Chak Wing's name mid-December.
The bullish Villa Igiea price was secured by Ken Jacobs at Christie's International and Brad Pillinger at Pillinger Properties, who has had a hand in its sale three times.
"What a remarkable year when all four top sales were hillside, not harbourfront, two in Vaucluse and two in Point Piper" said Jacobs, who also secured the Packer sale. 
Villa Igiea was the long-time home of the late TNT transport tycoon Sir Peter Abeles and then his widow, Lady (Kitty) Abeles.
Its first update came during the McWilliam family’s ownership, then its contemporary refurbishment by Paris designer India Mahdavi which featured in the April 2013 Vogue.
Dr Burt had paid $17.37 million in 2005, then adding an adjoining 800 sqm property with house in 2009 costing $4.9 million, which was anticipated as a tennis court block.
For a time James Packer was interested in buying Villa Igiea but instead bought La Mer for $17 million in 2009, expanding his holding at a cost of $12 million before his rebuild of the 1972 Guilford Bell-designed home.
Sydney's third highest sale in 2015 was Mandalay at Point Piper which fetched $39.8 million.
Set above Hermit Bay, Villa Igiea was built on its 2200 sqm block in the Riviera Liberty style to a design by Neville Hampson, the architect who also designed Boomerang at Elizabeth Bay.
Villa Igiea, which had enough space to host Angelina Jolie, Brad Pitt's wife, and their six children, could command up to $70,000 a week.
Pics courtesy of Vogue magazine
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jchancellor-FAypfDUnLy

Inside the $52 million Villa Igiea, Vaucluse - the 2015 runner up trophy home sale

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GUEST OBSERVER
I was recently reading the latest Residex Best Rent Report, which was released a couple of weeks ago.
There are some notable suburbs in the report showing amazing yields – in fact one suburb in South Australia has a rental yield of over 7% – but the predicted capital growth is not that hot.
That got me thinking… I am often asked what is more important – cash flow or capital growth?
Capital growth versus cash flow has been a hotly contested topic in property investing since the year dot and most people stand firmly in one camp or the other. On the other hand, I have always considered that both are important. After all, if I can achieve both then this allows me to build a portfolio without having large out of pocket expenses each month.
I also believe there is a third way of making even more money.
The Trid3nt Strategy® allows you to make money in three ways; it’s like having a Plan A, B and C.
<ol>
<li>
Buy below market value. In a fast moving market this can be difficult, however the principle is that by doing your research you can identify opportunities and negotiate to create equity from the start.
</li>
<li>
Buy a property with renovation potential. This allows you improve the property so you have the potential to increase the property’s value and rent.
</li>
<li>
Buy in an area with good capital growth potential. As an area grows, you will get equity in your home and your property will be worth more when it comes time to sell.
</li>
</ol>
 
As you can see, with this approach, rental yield alone is not everything. To be clear, you will not make money from a property based on a 5% to 6% rental yield unless you also have capital growth working for you. This is mainly because the cost of holding a property can quickly gobble up your income.
Costs include interest on your loan, council rates, strata fees, utilities, insurance and property management fees, just to name a few. A strong rental yield is important as it will minimise the amount of money you need to contribute out of your own pocket to cover these costs, hence why it is wise to target a high yielding area that also has good growth predictions.
Although there were many suburbs that interested me in the Residex Best Rent Report, there was one suburb that really stood out for me – Wallsend.
Wallsend is located in the western region of Newcastle (NSW), just 11 km from the city centre. The median house value is an affordable $413,500 with a rental yield of 5.04%. The suburb as a whole is also forecast to grow by an average of 6% per year over the next eight years, meaning it could be worth over $700,000 in eight years’ time. With fixed home loan rates below 4.8% at the moment, the median property in this suburb would not cost much to hold, particularly if you are able to make the most of negative gearing.
What really excited me about Wallsend was the Residex Renovators Report. There are over 95 streets in Wallsend that have renovation potential, where you could make over $50,000 by spending just 10% of the property’s value – generating a 20% profit. What’s more, of the 95 streets, 82 streets had the potential to make over $100,000 from a simple cosmetic renovation.
Before jumping into an investment purchase, it’s important to make sure you can easily rent out your property. There’s two parts to this – rental demand and vacancy rates. In the case of Wallsend, over 29% of the suburb’s population are renters and the vacancy rate is a low 2.6%, so both of these metrics check out.
This may not be the first time you’ve heard of Wallsend in recent weeks. If you have been following the news, you may have heard about the ‘big wet’ in NSW, and subsequently that Wallsend has been hit by floods. This brings me to an important point.
Numbers in isolation only tell part of the story. You need to use reports and predictions in combination with other data to conduct a thorough assessment. I believe as a final part of your research it is extremely valuable to actually hit the streets of the given area you are considering. Get a feel for the area, speak to local real estate agents, business owners, councils and residents to find out what is happening with the economy and if there are any plans for development in the area.
Natural disasters may be unavoidable, but knowing that they can happen and understanding the particular areas that are prone to natural disasters – in this instance flooding – should be part of your analysis.
The recent floods in Wallsend should not discourage you. After all, property is a long term investment. This current situation should remind us that there are always other risks to consider when conducting your research. When looking at a specific property it may pay to speak to insurers to make sure you can get appropriate insurance cover at a reasonable cost.
So, going back to the original question – What is more important yield or growth?
As you can see, rental yield is definitely something that should be considered but it is not everything. Capital growth is also important as it will allow you to sell at a profit. Combining this with renovation you also have the ability to push up the rent in the short term and hence reduce your out of pocket expenses, but the numbers alone are sometimes not enough (as recent events have shown).
The fundamentals, though, ring true. If you buy the right property in the right area and add value through renovation and capital growth, there is even the possibility of creating enough equity to buy another property and replicate your success.
Jane Slack-Smith is founder of Your Property Success and Director of Investors Choice Mortgages and can be contacted <a href="https://yourpropertysuccess.com.au/?Cid=Blog-JSS-Jan16" target="_blank">here</a>.
This article first appeared on <a href="https://www.onthehouse.com.au" target="_blank">Onthehouse.com.au</a>.
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Renovation and capital growth: Jane Slack-Smith

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Retail landlords caught in the collapse of electronics retailer Dick Smith have been urged to approach the thriving Jaycar Electronics retail chain.
Jaycar boss, and former Dick Smith marketing director Gary Johnston has launched an ad campaign in The Australian Financial Review, encouraging landlords with leases to Dick Smith to ring for a "confidential no-obligation discussion" about their premises. 
He told the AFR he would be pleased to pick up half a dozen former Dick Smith premises. 
"We're already in negotiations with a number of landlords," he said.
"We're interested in the retail strips and good, free-standing sites, but not the shopping centres.
"The great bulk of our customers are men, who have a deep-seated dislike of shopping centres." 
About a fifth of the Dick Smith stores in Australia and New Zealand are in the malls of the country's two biggest mall landlords, Westfield owner Scentre Group and Vicinity Centres.
Jaycar more than 90 stores in Australia and New Zealand.
"I've been around long enough see the threat of the dotcom business, but I believe we are still a nation of shopkeepers and I still have faith in bricks and mortar retail," Mr Johnston said.
"We have a big website and our customers are tech savvy, but they love to come in and have a browse around."
Mr Johnston said the Jaycar business owned about half its retail premises.
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Jaycar seeks expansion into Dick Smith retail space

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GUEST OBSERVER
While the economic outlook for 2016 is weak, there are still locations across Australia that provide good investment opportunities.
With the latest Onthehouse.com.au data, I have identified the top 10 areas to watch in the year ahead, based on strong growth performance, cyclical growth expectations, upcoming developments and historical growth patterns.
While Sydney has been the clear growth winner in recent years, it is in a downswing of its current growth cycle so it is not on the Top 10 list. However, Regional NSW is set to be the winner in 2016, with four regional NSW cities topping the list.
Queensland also has a strong presence on the list, with a total of four metro and regional centres making the Top 10.
The following table lists the Top 10 cities to watch in 2016. 
<div class="meta"><a href="/images/2016/01/14/Table_1.jpg" target="_blank">Click to enlarge</a></div>
<div class="meta"> </div>
<div class="meta"><img src="/images/2016/01/14/Table_1.jpg" alt=""></div>
 
With cities such as Wollongong and Newcastle being considered as re-homing areas for displaced Syrian refugees, Tasmania continuing to pick-up its tourism market and Queensland boasting some large development projects, there are many emerging areas showing positive economic potential.
Here is my quick breakdown of why each identified area made the list...
City of Gosford, NSW
Suburbs within the City of Gosford enjoy a spill-over of wealth from Sydney in the form of residential investment and from tourism to the lakeside city. Despite enormous growth in 2015, regional NSW tends to lag a little behind Sydney. This is supported by historical growth patterns, therefore growth could continue into 2016.
Lake Macquarie Region, NSW
Lake Macquarie is popular with tourists who are seeking a quick getaway from Sydney, as it is only a two-hour drive from the Sydney CBD. The area contains suburbs with very affordable dwellings, some with strong rental yields. For owner occupiers, the area is popular with retirees and has a growing health care sector to support quality of life.
City of Newcastle, NSW
Newcastle has undergone tremendous development in the last few years. This has partially been the result of people and businesses being priced out of Sydney and seeking more affordable rent in a nearby city. As a result, the Central Coast has transformed over the last few years. Newcastle and Wollongong have also been named as areas to relocate Syrian refugees, which would encourage population growth and increase demand in the economy for a range of services; provided refugees are set up with adequate resources.
City of Shellharbour, NSW
The City of Shellharbour is another regional NSW area that is set to benefit from the Sydney wealth spill-over. Shellharbour is also home to the established City of Wollongong, which has excellent educational and medical facilities, as well as a beautiful coastal setting.
City of Whittlesea, VIC
This is more of a cyclical evaluation; where lower value properties are expected to follow the high end. It's also worth noting that as population growth remains high over the next decade (particularly in Melbourne as approximately one-third of migrants settle in Victoria), anywhere within reasonable distance and commute time to the CBD is likely to see long-term growth. Stockland survey data also suggests that Sydney buyers were registering their interest in Melbourne property, suggesting the appeal of Melbourne will continue in 2016 as residual wealth from Sydney is transferred to the relatively affordable Melbourne market.
Brisbane Metropolitan, QLD
Growth in Brisbane is expected to be partially out of cyclical movements. Historically, Brisbane usually peaks in capital growth after the Sydney and Melbourne markets. As Melbourne is likely coming into peak growth now, Brisbane could see higher value increases in 2016. It is worth noting that this could be mitigated by increases in home loan interest rates and slowed economic growth both globally and in Australia, plus slowed rates of migration to Queensland, which fell by approximately 22 per cent in the year to June 2015.
However, an increase in tourism may drive employment; attracting migration and dwelling demand in the future. According to Tourism Research Australia, Brisbane was the third top holiday destination of overseas visitors, followed by the Gold Coast, with the Sunshine Coast also featuring in the top 10. There are currently also large development programs happening around Brisbane, including a casino at the Queens Wharf site. It is worth making the distinction that this may not be a long-term growth driver, but if you are only looking at movements for the next few years then this area has potential.
City of Logan, QLD
The City of Logan is a growth centre, conveniently located between Brisbane and the Gold Coast. Enormous development projects have been approved in the region, particularly in Beenleigh, where the town's CBD is set to see new residences, commercial offices, a new theatre, medical centre and café precinct. However, the highest growth potential is likely to be in surrounding suburbs where values remain relatively affordable.
Greater Hobart, TAS
Tasmania has presented some surprising growth results in 2015. The Hobart CBD and surrounding suburbs in particular have drawn many tourists. Hobart is regarded for its historic charm, with many heritage buildings preserved. Tasmania also has highly regarded produce, which, combined with trade subsidies provided by the federal government, will help to boost exports from Tasmania. As tourism and hospitality pick up in Tasmania, popular centres like Hobart could see further capital growth from employment, affordability and dwelling demand in 2016.
Gold Coast, QLD
According to Tourism Research Australia, the Gold Coast was the fourth most visited destination by tourists in the year to September 2015. The Gold Coast has also recently outperformed growth in both Brisbane and the Sunshine Coast, suggesting the booming value of this area.
The Gold Coast is also set to host the Commonwealth Games in 2018. Chairman of the Gold Coast 2018 Commonwealth Games Corporation, Nigel Chamier, has claimed that preparations for the games are under budget and ahead of schedule, enabling new sports facilities to be trialled in 2017. The government expects $2 billion worth of contracts across the Gold Coast and in other parts of the south-east corridor, in preparation and execution of the Games.
Finally, major residential developments are occurring in the Gold Coast CBD, including The Ruby Towers development, which is expected to be complete in six years time. Although the city centre has seen recent escalations in value, a spill-over of growth may also be expected in nearby suburbs such as Oxenford, Helensvale and Robina.
Sunshine Coast, QLD
As developers anticipate strong migration and affordability to drive dwelling demand, there has been increased construction activity on the Sunshine Coast. Part of the more general cyclical trend, which may see the south-east of Queensland see steady growth in the area, the Sunshine Coast also achieved steady capital growth over 2015. New developments in the region include a University Hospital set to open in late 2016.
<div class="meta"> </div>
<div class="meta">Eliza Owen is the market analyst for Onthehouse.com.au. She can be contacted <a href="https://www.onthehouse.com.au" target="_blank">here.</a></div>
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Top 10 cities to watch in 2016: Onthehouse.com.au's Eliza Owen

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The clifftop Rovina estate is the season's top Portsea property offering, but just $8 million-plus is the price guidance for the trophy home.
Overlooking Portsea pier and Weeroona Bay, it was built in the early 1960's utilising materials, including columns, from some of Melbourne's most magnificent buildings from the last century.
The five bedroom home has a Mediterranean villa influence interpreted by society architect Geoffrey Sommers, who had his home home on London Bridge Road, near the backbeach.
The eclectic home comes with a separate bluestone cottage at the 3808 Point Nepean Road holding.
The buyer will have the option to purchase the boatshed, situated directly below the house on Fishermans Beach accessed via a private walkway. 
<a href="https://www.realestate.com.au/property-house-vic-portsea-121585322" target="_blank">Gerald Delany and Liz Jensen of Kay &amp; Burton have the property</a> inconjunction with Warwick Anderson and IIze Moran at RT Edgar with offers due February 18.
It last sold in 1983 at $714,000 under mortgagee instructions through RT Edgar having previously traded at $450,000 in late 1977.
Businessman James O'Connor's 1983 sale came after his Mercedes dealership, Kew Star Motors hit some financing issues in the recession. 
The recession also saw O'Connor - known as Jimmy like his hotelier father - lose what had been Melbourne's first $1 million home, which he had bought from Maurice Nathan in 1980 for $1.01 million on St Georges Road.
The 1983 Rovina transfer paperwork, lodged by Madden Butler Elder &amp; Graham, was to Pacrana Pty Ltd, a company associated with Brighton businessman Brian Davis, the octogenarian 1950s founder of the Australian housewares company Décor Corp, whose former wife is Marilyn Darling, nee Skinner.
Rovina, on 1990sqm near The Cutting, had been bought in 1977 by O'Connor with vendor finance from the Watkins family of Toorak, who'd owned it for the prior 16 years. Peggy and Larry Watkins had O'Connor, who was living in Barridene apartment 101, in the early 1970s Toorak block, pay back the loan by 1980. The 1977 marketing advertisement suggested the interest rate was 10 percent. 
At the time Mr Jensen at RT Edgar advertised Rovina as a gracious classical residence built around a magnificent atrium. There was a 50 foot by 20 foot living room. Reference was made to the doric columns and bluestone stairs to beach and mooring. Title Tattle would suggest the columns came from the 1960 Whelan The Wrecker-demolished Colonial Mutual building, on the corner of Collins and Elizabeth streets, since Sommers had some columns at his nearby residence.
Owners through earlier years included sharebroker Alfred Mellor from 1954 to 1957; with Toorak couple, Ken and Kath Guest who also owned the original Laughing Water estate at Eltham, holding it between 1957 and 1961.
Décor, based in Scoresby, manufactures 450 products include kitchenware, food-storage containers, wine coolers, picnicware and gardenware.
The company’s annual sales were once advised as US$77.5 million.
Davis’ first product was a plastic tumbler in a plastic case with Décor’s most successful product being a two-bottle portable wine cooler that allows patrons to take their own drinks to restaurants. The award-winning product is included in the New York Museum of Modern Art’s permanent collection.
Davis’ career began at Coles later to work at his uncle’s toy company as sales manager. He then worked at a California-based plastics company for a year, returning to Australia when in 1958, he formed Décor, which was originally called Brian Davis and Co. Pty. Ltd.
Décor first started exporting in 1960, with about 75 percent of the company’s products manufactured in Australia; the rest are made in China having started manufacturing there in 1980.
<a href="/news/portseas-mandurah-sold-at-9-75-million">Mandurah, the double-storey house designed by Wayne Gillespie on the Portsea cliff top</a>, was last summer's top sale at $9.75 million.
Mandurah was a 1,969 square metre holding with tennis court above Fisherman’s Beach.
At $8.25 million, the FlexiGroup founder and chairman Andrew Abercrombie, who owns 25 per cent of the $900 million lease and retail credit company, and wife, Shadda paid 2015's second highest known Portsea price.
The 2,600 sqm property, opposite Relph Avenue, was bought off market from the Newman family, associated with the former Gunns chairman Chris Newman.
It had last sold at $3.5 million in 2002.  
Portsea’s most expensive mansion sale remains <a href="/expert-insights/investing/palm-beach-v-portsea-jonathan-chancellor-and-margie-blok-offer-30-plus-insights">Ilyuka</a> which former Computershare director Michele O'Halloran sold for $26 million in 2010 to John Higgins, a Victorian house record. The Spanish Mission-style home was built in 1928-29 for oil executive Harry Conforth.
CoreLogic RP Data put <a href="/developments/portsea-vic-3944">the seaside suburb's median house price</a> at a record $1.8 million.
 
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Rovina headlines Portsea's summer of limited 2016 prestige property listings

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GUEST OBSERVER
The resignation of Australia’s first minister for cities and the built environment after just 99 days is a setback for federal leadership in these areas. Yet enough momentum and goodwill have been generated to keep the flag flying. The greatest hope is that an urban consciousness in national public policy will be lodged permanently.
Even before state planning ministers assemble within months to hammer out the ground rules for federal engagement, the mutual understanding will be that the states are Australia’s primary urban governments.
In August 1945, a conference of Commonwealth and state ministers in Canberra confirmed that arrangement. The states rejected a generous proposal for a central planning bureau to provide advice, training and information resources plus cover half the costs of employing technical experts to assist local authorities.
Prime Minister Ben Chifley’s summation sealed the fate of the bold reconstruction initiative hatched by Nugget Coombs: the matter ought to be left to the states.
<h2>How cities became ‘orphans of public policy’</h2>
Regardless, the federal government has retained a periodic interest in cities, with mixed outcomes. Historically, most initiatives have been linked to Labor.
Gough Whitlam’s Department of Urban and Regional Development (DURD, 1972-75) injected valuable locational and equity perspectives into policy. However, a big-spending command, control and co-ordinate mission proved problematic.
Bob Hawke delivered AMCORD and Green Street as best-practice guidelines for residential development. This helped change the culture of the development industry. But the Hawke government’s main legacy, driven by Deputy Prime Minister Brian Howe, was Building Better Cities, centred on strategic housing, environmental and infrastructure projects.
Paul Keating gave us the Urban Design Task Force (1994) and the Australian Urban and Regional Development Review (1995) of federal programs for infrastructure, planning and transport.
By the time of the Rudd-Gillard governments, an actual National Urban Policy emerged to guide public intervention and private investment. Its quartet of themes remain widely accepted: productivity, sustainability, liveability and governance.
The Coalition’s contributions have been more muted.
The enduring love affair was between Robert Menzies and Canberra. The capital received extraordinary largesse to become an exemplar of modernist architecture, design and planning. Most everywhere else was ignored.
Late in his term, William McMahon instituted a National Urban and Regional Development Authority, which lingered as a commission for new cities alongside DURD.
The Fraser government wound down Labor’s perceived excesses but still found a rationale for inquiries into the Commonwealth and the urban environment (1978) and a pioneering study on urban environmental indicators (1983). John Howard offered various charters and best practice initiatives, notably the Development Assessment Forum (1998).
Cities have been called “orphans of public policy”, so the decisive and acclaimed entry of the Turnbull government into the fray is remarkable. Malcolm Turnbull has the credibility, nous and drive to supplant Tony Abbott as the first infrastructure prime minister. In a sense, Abbott ignored cities – except to champion motorways – at his peril.
<h2>Turnbull invigorates urban agenda</h2>
Turnbull’s transformative move has been to declare officially what has been long known: cities are “crucibles” of innovation and enterprise.
Productive cities are smart, innovative, prosperous and great places to live. Less productive cities are accordingly less liveable, sustainable and connected.
While a new cities minister will lay claim to one ear of Turnbull, wife Lucy will command the other. A former lord mayor and “city expert” adviser to the COAG Reform Council, she chairs both the Committee for Sydney and the NSW government’s new Greater Sydney Commission.
The problems of Australian cities are well documented: density (the drawbacks of low joined by the challenges of high), transport (needing greater mass transit connectivity and walkability while reducing dependence on cars), housing (affordability and variety), inequality (divided by income, health and mobility), the spatial mismatch between jobs and homes, fractured metropolitan governance, open space, environment, heritage, design.
Australia’s “broken cities”, to quote the Grattan Institute report City Limits, are "caught between the three tiers of Australian government, hardly registering on the agenda of many politicians".
<h2>What to do next?</h2>
The solutions are wickedly challenging. In December, the then-minister, Jamie Briggs, distilled the state of play in his keynote address to the State of Australian Cities conference. The Commonwealth was not set to take over from the states, create new bureaucracies or become a “planning approver”. Rather, there would be better co-ordination between federal agencies and across all tiers of government.
Briggs flagged collaboration with the private sector, researchers, and the wider community. He spoke of the need to secure “better outcomes” and “measure our performance”. The gaze was on the long run and locking in agreed planning and co-ordination of projects.
Smarter, more flexible and adaptable financial arrangements will come into play. The buzzwords “value uplift” and “value capture” pinpointed the need to extend federal intervention beyond cash handouts. This is code for differential tax increment financing to tap into revenues generated by rising property prices from infrastructure improvements.
Labor’s National Urban Policy framework will need to be revisited. The way forward is through intergovernmental agreements that link specified outcomes to robust and streamlined planning systems. These will need to connect up issues of housing, employment, environment and infrastructure.
This agenda has been taking shape for some time. Bellwethers include:
<ul>
<li>Productivity Commission inquiries into planning, zoning and development assessments (2011) and public infrastructure (2014), and the Harper review of competition policy (2015), all highlighting the need to reform land-use planning;</li>
<li>Tomorrow’s Cities Today (2014) by Consult Australia;</li>
<li>the Australian Sustainable Built Environment Council (ASBEC) report, Investing in Cities (2015), aimed at “maximising the benefits created by the world’s most urbanised nation”; and</li>
<li>COAG’s review of metropolitan planning strategies to ensure matching and orderly infrastructure provision (2011).</li>
</ul>
Several seers lit the ideological torches for the new infrastructural urbanism. Ed Glaeser’s Triumph of the City is a paean to proximity, density and light-handed regulation. In The Rise of the Creative Class, Richard Florida broadcast the competitive advantage of attracting human capital. Enrico Moretti’s The New Geography of Jobs (2012) demonstrated the multiplier effects of urban “brain hubs”.
In the UK, the Cameron government’s City Deals policy highlights an attractive model of bespoke multi-target programs for competing cities. It is aimed squarely at economic growth underpinned by enhanced tax revenue from development.
While the cities component of the new portfolio is crystallising publicly, what of the built environment? In exploring a model that works for the Coalition another exemplar is the UK’s Commission for Architecture and the Built Environment (1999-2011). Although emasculated in a purge of quangos, it was widely respected as an adviser and advocate for quality design and valuation of the public realm.
Run leanly and through a similar mix of design reviews, publications, research forums and an adviser network, an Australian adaptation could assume a timely leadership position. It would be a vehicle for many voices to be heard, not just the property and development sector. Turnbull tacitly recognised the value of this when he announced that his summer reading included Marcus Westbury’s primer for DIY urbanism, Creating Cities.
Quite a few federal activities might be connected under this umbrella. These include State of Australian Cities reporting; the National Australian Built Environment Ratings System (NABERS); various environmental policies including management of national and Commonwealth heritage lists; leased federal airports, which have become development hotspots; the National Capital Authority; the Australian Housing and Urban Research Institute (AHURI) and the Australian Urban Research Infrastructure Network (AURIN).
Given the importance of evidence-driven policy, it is unfortunate that urban-related research is under-supported by the Australian Research Council. It barely registers in its research priorities.
Urban policy is complex because it potentially links up and intrudes into many arenas of government. The cities ministry and the new interdepartmental taskforce sit within the Environment Department overseen by Greg Hunt. As shadow minister for cities, Anthony Albanese has warned of “convoluted administrative arrangements”, with five ministers sharing responsibilities for cities and infrastructure policy.
Former professor of public administration Martin Painter identified the “impossibility of urban policy” because of insoluble administrative problems flowing from taking too comprehensive a position. His advice was “the simpler the better”.
Briggs' successor will likely continue down the same path with a discussion paper, a national forum with the prime minister speaking, and that meeting of planning ministers to talk through approaches and decisions. There are now huge expectations that a new urban age has dawned in Australia.
 
Robert Freestone is professor of planning, Faculty of Built Environment, UNSW Australia and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/robert-freestone-168551" target="_blank">here</a>.
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Hopes of a new age for urban policy survive minister Jamie Briggs' fall

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GUEST OBSERVER
The March quarter 2016 ANZ-Property Council Survey shows that the property sector is expecting much slower growth in housing construction and house prices across most markets in the coming year. 
This highlights the challenge that weaker growth from the housing market will present for the Australian economy in 2016.
However, the survey also revealed a slight increase in property sector confidence, with the sharp decline in housing market confidence being offset by both a solid pipeline of planned work for property businesses in 2016 and an optimistic outlook for commercial property.
Despite weaker housing sales activity in recent months and a sharp decline in house price growth expectations, the ANZ-Property Council Survey showed continued strong demand for Australian housing from foreign investors. In future, this measure may be impacted by tighter foreign investor policy enforcement by the Australian government (effective from 1 December 2015) and the recent volatility in China’s financial markets.
<a href="/images/2016/01/13/Screen%20Shot%202016-01-14%20at%209.19.59%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/01/13/Screen%20Shot%202016-01-14%20at%209.19.59%20AM.png" alt="">
The housing sector, which plays an important role in shaping the Australian economic cycle, will likely be less stimulatory for growth in 2016 than in 2015. The ANZ-PropertyCouncil Survey shows that in the largest, and until recently strongest, state housing market of New South Wales, there has been a tempering of confidence and indications of the forward work schedule have also become more muted. 
Most other states and territories are steadier though, with evidence of a continued improvement in confidence in Victoria and Queensland. This is consistent with our view that there will not be a significant downturn, but a more muted profile for housing construction and prices this year. The exceptions are Western Australia, where planned business activity and confidence continue to deteriorate, and Tasmania, which has shown a significant pick-up from a low base in recent quarters.
Overall, the housing sector’s contribution to growth will ease through softer construction activity and a reduced ‘wealth effect’ on Australian households from weaker price growth. The recent ANZ-Property Council Survey results show that tighter regulation of investor mortgage lending and higher mortgage lending rates have weighed on housing market sentiment. 
This has also become evident in weaker mortgage lending data through the second half of 2015. Today’s survey data suggests that the property industry is bracing for higher interest rates and more prudent credit distribution by lenders. We expect, however, that the Reserve Bank may provide some relief for the economy this year, through interest rate cuts, if other sectors do not pick up to compensate for the slower path of housing.
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Cherelle Murphy is co-head of Australian Economics, ANZ. David Cannington is senior economist. They can be contacted <a href="https://bluenotes.anz.com/authors/our-economists/" target="_blank">here</a>. 
 
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Housing may be the little engine that can't any longer: ANZ Research

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GUEST OBSERVER
In Australia, there is a lingering belief that bankruptcy should not be “too easy”.
The federal government’s plan to reduce the period of bankruptcy from a minimum of three years to one year, announced in December’s Innovation Statement, has been criticised for allowing debtors to avoid the consequences of their misconduct.
But this view misunderstands the role of bankruptcy law in a modern economy and arguably conflates the role of bankruptcy and criminal law. In fact, what is needed in addition to legal changes is a shift in the way Australians think about bankruptcy.
Modern personal bankruptcy law attempts to balance competing public interests of rehabilitating debtors and allowing them a fresh start, with the need to discourage reckless borrowing and spending and abuse of the credit and insolvency system.
But bankruptcy as a crime has had a long history, arising out of an early need to allay the violence and mayhem occurring through Roman debtors not paying their creditors, by imposing some order and authority on the warring parties.
This authority sought to divide up the debtor’s assets among the creditors; but the idea of protection of the unfortunate debtor did not arise until later. The first modern bankruptcy laws developed in the 16th century in England and sought to provide administrative order to commercial debt recovery.
Non-business bankruptcy was treated as a crime, with debtor’s prisons existing until the late 19th century. The growth of middle classes after the industrial revolution and the drive to encourage and broaden entrepreneurial risk taking helped change society’s treatment of all bankrupts (both business and non-business) and the goal of protection and rehabilitation became more important.
At the same time, bankruptcy continues to involve the bankrupt losing most of their property, including the family home, and any cash, shares or other property, including their passport, and anything other than household furniture and a cheap car.
There are requirements to repay creditors through contributions from income, above a certain level; restrictions imposed on obtaining credit and with credit agencies reporting the bankruptcy; and restrictions on being a company director and on retaining licenses to work in certain trades and professions.
A failure of a bankrupt to comply with their obligations can result in the extension of their bankruptcy to five or even eight years. Failure to file a list of their assets and liabilities can result in the bankruptcy continuing indefinitely, at least until the bankrupt complies.
Most of these impacts are expected to remain whether bankruptcy is one year or longer.
Our 21st century laws even connect bankruptcy with serious crime, and treason, and impose criminal sanctions, including imprisonment, for breaches by bankrupts of many of these obligations. And there is still the stigma of bankruptcy, of being labelled as someone who could not manage their finances and left their creditors unpaid, and who otherwise might be seen as morally suspect.
The government doesn’t propose to lessen these rules. Those who suggest that bankruptcy is an easy option are ignoring the range of penalties and limitations that apply to bankrupts. Given the fact that bankruptcy can release a debtor from debts of $20,000, or $20 million, the law - and society - acknowledges that some accountability and consequence be imposed. It is a matter of degree and of balance.
But the government has opted for a fresh approach to unpaid debt in personal insolvency, given it is a more emotive area than the relative anonymity of corporate losses.
Australia is seen internationally as having a rather harsh view of unpaid debt. But punishment and deterrence can only achieve so much when it comes to discouraging reckless borrowing or profligate spending.
A person might well not pursue their innovative business idea if the consequence of it not working were jail, or at a less extreme outcome, a long period of bankruptcy and the loss of most if not all of their property. Creditors also need a predictable, transparent and fair system for collecting their debts.
For that reason, many other countries are refocusing their insolvency laws more on rehabilitation and a constructive approach to business rescue.
The government is trying to shift the balance in favour of risk and innovation, with its potential for promoting economic growth, and to move the language away from retribution and failure, an important aspect of cultural change. But merely reducing the period of bankruptcy won’t be enough.
The public narrative and perception around financial failure and insolvency, both personal and corporate, need to change if we are to embrace an entrepreneurial and innovative business culture.
Changing the law is perhaps the easier part, with initial public support needed, followed by a shift in public perception in order to allow the law to be fully effective.
 
Jason Harris is associate professor in corporate, commercial and insolvency law, University of Technology Sydney and can be contacted <a href="https://theconversation.com/profiles/jason-harris-147254" target="_blank">here</a>.
Michael Murray is visiting fellow, QUT, Queensland University of Technology and can be contacted <a href="https://theconversation.com/profiles/michael-murray-211427" target="_blank">here</a>.
Both are authors for The Conversation.
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Reforming bankruptcy laws is the first step - next, remove the stigma

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GUEST OBSERVER
Dwelling approvals came in weaker than expected in Aug, with a fall in units dragging total approvals down 6.9% vs expectations of a 2% dip.
That said, the decline comes off a higher base with the Jul gain revised up from +4.2% to +7.9%. The net result is that the level of approvals in Aug is only 1% lower than the consensus forecast implied off the old base.
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It's becoming an all too familiar refrain for monthly housing data, but volatility continues to cast major doubts over underlying trends. Some sort of slowdown is underway with approvals passing a clear peak back in Mar. The extent of the slowdown is proving difficult to pinpoint though.
Current trend figures show declines running at a 5–10% annualised pace but only a month or two ago the decline appeared to be running more in the 10-15% range. The monthly volatility is such that this trend pace could easily move again once another month's data is incorporated.
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The detail shows the Aug decline was concentrated in ‘unit’ approvals which were down 11.4% following a 14.6% surge in Jul. Our estimates indicate that, within this segment, 'high rise' approvals have driven all of the Jul-Aug variation with the smaller 'low rise' sub-segment showing a more consistent downtrend throughout.
Private sector houses posted a surprisingly strong 4.9% gain in Aug, a relatively big move for what is usually a more stable segment. Note that private sector houses held flat throughout the most recent surge in approvals (since late 2014) which has entirely driven by units.
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The state breakdown shows the Jul-Aug volatility centred on NSW where unit approvals spiked 98% in Jul, reversing 66% in Aug to be back below their Jun level.
Three month averages smooth the state level volatility somewhat. For 'high-rise' they show continued strength in NSW but signs of a fairly sharp downturn coming through in Vic (we have noted in previous bulletins that this is likely being accentuated by a pull forward in approvals associated with the new Vic state government levy introduced in July).
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For non-high rise, the state figures suggest strengthening approvals in NSW vs a moderation in Vic, flat-lining approvals in Qld and declines in WA.
The value of renovation approvals pulled back sharply in Aug, down 7.9%mth, with the 3mth rolling average growth rate slowing abruptly from 9.3% in Jun to –1.7% in Aug.
The value of non residential building approvals also fell 10% in Aug although that followed a similar-sized gain in Jul and is well within the range of volatility for this segment. Approvals are still on a reasonable rising trend.
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Overall, the Aug detail is a little less downbeat than the surprisingly weak headline number would suggest. The main takeaway though is that a downturn of some sort is underway, the extent of which remains highly uncertain.
Matthew Hassan is senior economist with <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>. 
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Watch for a lift in the 'drop-out' rate between unit approvals and construction: Westpac's Matthew Hassan

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GUEST OBSERVER
Cities are complex systems. One visible artery of the city is traffic – the cluster of moving people and flowing goods – and mobility is critical for a city’s life.
We should be concerned about voices pointing to disrupting forces on mobility, such as a Global Summit on Disrupting Mobility recently hosted by Massachusetts Institute of Technology.
The challenges of mobility in the city are well known; roads at capacity, urban growth, peak oil, air quality and climate change are among the prominent ones.
These challenges are already on the verge of disruption if we simply prioritise roads and cars. Melbourne and Sydney roads are at capacity – or beyond – in commuting hours already. There is just no space to cater for the transport demands of population growth of the predicted 50-100%.
We need change, and we need it urgently. But twisting a complex system somewhere, even with the best intentions, may have unintended consequences elsewhere. An evolution might be a better approach than just allowing technology to disrupt.
<h2>Beyond the driverless car</h2>
Much of the hype on disrupting mobility is caused by the emergence of driverless vehicles. But these alone would not reduce the number of vehicles on the road – quite the contrary.
The core of the problem is private car ownership and its inefficient use. Cars are often empty and stationary, and underutilised even on the road. Disrupting mobility is not just about driverless cars, it is multi-faceted.
Alternative means and systems are required to enable choice and comfortable access. This would mean better integration of various means such as fast mass transport, last mile transport and active forms of transport.
The design and integration of these modes require proper designs, regulations and policies, automation and control for safety, smart use of land and space for urban planning, supporting infrastructure, energy-efficient technologies and connecting IT platforms.
One key to reducing private car ownership is a shared transport economy. Shared vehicles, shared trips and shared parking spaces will improve efficiency.
Added to this is the smart integration of different travel modes. This is being attempted with train and bus connections, including multi-modal ticketing. But it should go far beyond these limited efforts – the current exploration of a single smart card for all forms of mobility is an example of this.
Even after the advent of the driverless car, a critical part of the mix will be mass transit. Last mile transport may become a niche for the driverless car. This could take the form of on-demand shuttle buses in areas surrounding a station, and improved bicycle parking and access.
In the US, Lyft has found that transit access makes up a large number of user requests and has recently entered partnerships with transit companies. At this stage, the transit company trip planner includes a link to the Lyft website so that passengers can plan their entire journey.
<h2>The changing bus</h2>
In areas of low travel demand, demand-responsive services are replacing fixed bus services with low patronage. The route and/or time is not fixed and is determined by passengers’ needs. These provide a more affordable service for operators and, depending on the service, more flexibility for passengers.
The Telebus service, operating in Melbourne’s outer east, allows passengers to be picked up or dropped off from their homes, saving a walk to the bus stop.
Flexible commuter buses are also gaining traction in the US. Bridj, in Boston, uses traffic data and historical information about passengers to determine weekly routes and timetables. For some patrons, the service offers a more convenient and reliable trip than using public transport.
However, other entrants in this area, such as Melbourne’s SuitJet and San Francisco’s Leap bus, did not succeed.
<h2>Cities require connections</h2>
Another area of innovation is on-demand delivery of food and other goods. Australian company Swift is attracting attention in the US for its on-demand services, after starting out as a liquor delivery service. Food delivery services are also popular. These services could replace a car trip, which could involve cruising for a parking space, or a walking trip.
However, a vision of door-to-door vehicular travel will have effects on behaviour. Would anyone walk or cycle? Would these activities become simply exercise modes?
Cities are about people. Such a behavioural change would affect the atmosphere of the city by removing incentives for planning for walkability.
Effective transportation is about connecting people and places. Building a connected and integrated system of transportation modes – incorporating “traditional” and “disruptive” modes – is crucial for mobility and livability for future cities.
Stephan Winter is professor of Spatial Information, University of Melbourne, and can be contacted <a href="https://theconversation.com/profiles/stephan-winter-13767" target="_blank">here</a>.
Nicole Ronald is lecturer in Computer Science and Software Engineering, Swinburne University of Technology and can be contacted <a href="https://theconversation.com/profiles/nicole-ronald-206182" target="_blank">here.</a>
Ronny Kutadinata is Research Fellow, School of Engineering, University of Melbourne and can be contacted <a href="https://theconversation.com/profiles/ronny-kutadinata-206188" target="_blank">here</a>. 
All are authors for The Conversation.
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The challenges disrupting our old ways of getting around Australian cities

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

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[smartcode_project:default project_id=146717 project_image_fid=372212]

Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

[smartcode_project:default project_id=146717 project_image_fid=372227]

Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

[smartcode_project:default project_id=146717 project_image_fid=372225]

While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

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The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

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Joel Robinson

Lowe Living launches Jardin House in Camberwell

As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.

Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.

At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.

[smartcode_project:default project_id=134323 project_image_fid=6395]

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project takes advantage of the site’s natural topography and elevated position above the harbour. Rather than relying on density alone, the architecture focuses on outlook, orientation, and spatial flow, with every apartment occupying a corner position to maximise natural light and cross ventilation.

Rothelowman says the site itself shaped much of the architectural response.

“The site has a long history in terms of its inevitable transformation and when we came in, we took inspiration from the idea of reestablishing a sense of the site’s natural terrain and fall. Our scheme aims to integrate with the terrain and the landscape, using the undulating site to slowly reveal glimpses and views of the harbour. The rotation of the tower off grid means every apartment has a view and is naturally cross ventilated. The building's colour palette is quintessentially Sydney, with bronze and sandstone and a luminescent green colour in the glass, making it very earthy and grounded in its location.”

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Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

[smartcode_project:default project_id=134323 project_image_fid=353235]

A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

[smartcode_project:default project_id=134323 project_image_fid=6390]

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

[smartcode_project_cta:default project_id=134323]

The Walden pairs house-scale living with North Sydney connectivity

The ACT will become the first jurisdiction in Australia to abolish stamp duty for all first home buyers, with no income caps and no property price thresholds from 1 July.

The move, announced as part of the ACT Budget, completes a key election commitment from the Barr Government and removes what Chief Minister Andrew Barr described as one of the biggest barriers to entering the housing market. The reform forms part of the ACT's long-running transition away from transaction taxes and towards a broader-based property tax system.

"This budget marks a major milestone in our long-term tax reform program," Barr said, adding that the government had maintained a sustained focus on removing barriers to home ownership. He said stamp duty had long been one of the largest upfront hurdles facing buyers and that from July, "that barrier is gone" for first home buyers in the Territory.

[smartcode_project:default project_id=139989 project_image_fid=350986]

The changes come alongside a range of measures designed to encourage new housing supply, including support for the delivery of so-called "missing middle" housing such as terraces, townhouses and low-rise multi-unit developments.

The announcement has renewed debate around whether the ACT's approach could provide a blueprint for improving housing affordability nationally.

New research from OurTop10.com.au, conducted by Primara Research, suggests the Territory's decade-long reform agenda has produced outcomes unmatched elsewhere in Australia.

While stamp duty costs have increased by an average 67 per cent nationally over the past decade, the ACT has recorded growth of just 15 per cent, the lowest increase of any jurisdiction.

The Territory has also emerged as one of the strongest performers on housing delivery. Based on population-weighted housing targets, the ACT is sitting less than one per cent behind its target. Victoria is the next closest at seven per cent behind, while the national average sits 25 per cent below target. New South Wales is tracking 39 per cent behind.

The latest reform removes one of the final barriers facing first home buyers in Canberra.

[smartcode_project:default project_id=139989 project_image_fid=359152]

The average Australian home buyer currently pays $61,714 in stamp duty. In the ACT, that figure is $38,399 despite the Territory having the third-highest median house price in the country.

Until now, the ACT's first home buyer concession scheme only applied to purchases up to $1.02 million, around $51,000 below Canberra's median house price of $1.071 million. In practical terms, many first home buyers were unable to access the median-priced home without losing the concession.

From July, those restrictions disappear.

Every first home buyer in the ACT will pay no stamp duty, regardless of income or purchase price.

Canberra remains one of Australia's most expensive housing markets, with dwelling values increasing 82 per cent over the past decade. However, that growth ranks only 11th among Australia's 15 major housing markets, suggesting affordability pressures have been less severe than in many other parts of the country.

Simon Ma, CEO of OurTop10.com.au, said the latest reforms recognise that many first home buyers have simply outgrown thresholds set years ago.

"Many first home buyers aren't just looking for a way onto the ladder, they want a home their family can actually live in," Ma said.

"In a market where the median house price is over a million dollars, a concession scheme that cuts out at $1.02 million was never going to get them there.

"Removing the ceiling entirely means ACT first home buyers can now pursue the home they actually want, rather than limiting themselves to a price point designed for a very different market."

Whether other states follow remains to be seen. But at a time when most jurisdictions are struggling to improve affordability while also increasing housing supply, the ACT has quietly become the national test case for both.

15% stamp duty growth. Just 1% off the national housing target. Zero stamp duty for FHBs. Is the ACT the blueprint for the great Australian dream?

ACT abolishes stamp duty for first home buyers

A rooftop pool and spa overlooking the Brisbane CBD, private dining spaces, expansive landscaped gardens and a residents' lounge are set to crown <a href="https://www.apartments.com.au/new-apartments/callista-on-park-west-end-49-mollison-street-west-end-qld-4101">Callista on Park</a>, the final residential building within Brisbane's West Village precinct.

The rooftop amenity collection has been designed as an extension of the lifestyle already established throughout West Village, providing residents with a series of indoor and outdoor spaces that capitalise on the building's elevated position above West End.

A swimming pool and heated spa form the centrepiece of the rooftop offering, surrounded by landscaped gardens developed through a collaboration between developer Sekisui House and ASPECT Studios. The design incorporates expansive lawn areas surrounded by English garden-inspired planting.

[smartcode_project:default project_id=134800 project_image_fid=370648]

Residents will also have access to two barbecue and outdoor dining areas positioned to take advantage of views across Brisbane's skyline, neighbouring Mollison Park, and the surrounding inner-city landscape.

For larger gatherings, the rooftop includes a private dining room centred around a substantial stone island bench, complete with a full kitchen and a 10-seat dining table set beneath four-metre-high ceilings. The space has been designed to overlook both the rooftop gardens and the Brisbane CBD skyline.

A separate residents' lounge provides an additional indoor retreat connected to the broader rooftop amenity offering, creating another space for residents to work, relax or entertain guests.

[smartcode_project:default project_id=134800 project_image_fid=370647]

The attention to detail extends beyond the rooftop.

Upon arrival, residents will enter through a lobby featuring a bespoke ceiling light installation developed in collaboration between Sekisui House and Alcorn Middleton Architecture. The arrival experience is complemented by private resident mailboxes and carefully considered interior finishes designed to reflect the premium positioning of the building.

[smartcode_project:default project_id=134800 project_image_fid=372541]

The amenity offering forms part of Callista on Park, the final residential release within the decade-long transformation of the former Peters Ice Cream Factory site into West Village, one of Brisbane's most established mixed-use communities.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and being delivered by <a href="https://www.apartments.com.au/builders/hutchinson-builders">Hutchinson Builders</a>, Callista represents the most premium residential offering within the masterplanned precinct.

Construction is now entering its final stages, with scaffolding beginning to come down and completion expected in the first quarter of 2027.

Prices for the three-bedroom plus MPR apartments start from just over $2.6 million.

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Callista will mark the final opportunity to purchase within West Village, where residents have direct access to more than 35 retail, dining, wellness and medical operators including Harris Farm Markets, Woolworths, Function Well and Goodlife Health Clubs, Metro Arts, and a growing collection of restaurants and cafés.

Located just 800 metres from the Brisbane CBD, the precinct also places residents within walking distance of South Bank, West End's dining scene, riverfront parklands and major public transport connections.

For Sekisui House, which has delivered more than two million homes globally, Callista serves as the concluding piece of the West Village masterplan, bringing together the precinct's heritage character, parkland setting and emphasis on walkability in a final collection of larger-format residences.

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Rooftop pool, private dining and skyline gardens to crown West Village's final apartment release, Callista on Park

<a href="https://www.apartments.com.au/developments/wahroonga-nsw-2076">Wahroonga</a>’s enduring appeal has long been tied to its balance of bushland, established amenity, and access to some of Sydney’s most respected education and healthcare institutions.

Along Fox Valley Road, that combination is becoming increasingly sought after by buyers looking to remain connected to the Upper North Shore lifestyle while prioritising walkability, wellbeing, and convenience.

Developer Capital Corporation's initial vision of a 62-hectare site on Fox Valley Road was that they could create their own walkable community, bordered by&nbsp;more than 25 hectares of bushland and adjoining Coups Creek.

<img alt="Wahroonga" data-entity-type="file" data-entity-uuid="b84917a1-0d75-49b9-888c-ddf7ebfd6692" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/NEW2026_Wahroonga_Walkway.gif?VersionId=Gk3_xi5ssYfalmwuQQ5umQakddceC31j" />

<a href="https://www.apartments.com.au/new-apartments/the-residences-at-wahroonga-estate-169-fox-valley-road-wahroonga-nsw-2076">The Residences at Wahroonga Estate</a> draws directly on the area’s natural landscape, with walking trails and green corridors linking into sections of Lane Cove National Park. The surrounding network of bushwalks, cycling tracks, and reserves reinforces the suburb’s long-standing reputation as one of Sydney’s most nature-oriented residential pockets, while still maintaining close ties to village retail and transport infrastructure.

The address places residents within minutes of Wahroonga and Turramurra villages, where cafés, local grocers, boutiques, and everyday services support a highly localised lifestyle. Popular nearby venues including The Fox Café and Breeze Valley Café provide easy options for morning coffee or casual dining, while longstanding retailers such as IGA Wahroonga Fresh and Novella Fine Books continue to anchor the area’s village character.

&nbsp;

<img alt="Wahroonga" data-entity-type="file" data-entity-uuid="c4a950f7-4f05-4370-b360-b106359788e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/2026_Wahroonga_Entry_Gates.gif?VersionId=7n5kh9ymu.azYEYDemJkPgiIAfSw44oj" />

Healthcare access remains one of the defining locational advantages of the estate. Sydney Adventist Hospital, known locally as The San, sits directly adjacent and is one of the largest and most respected private hospitals in New South Wales. The hospital precinct incorporates specialist medical services, radiology, physiotherapy, and outpatient care, contributing to growing buyer demand from downsizers and owner-occupiers seeking long-term convenience and peace of mind.

Research commissioned by Capital Corporation found that health and wellbeing considerations are increasingly influencing downsizing decisions, particularly among buyers wanting to remain within familiar neighbourhoods while accessing medical infrastructure more easily.

Education has also historically underpinned demand across Wahroonga and the broader Upper North Shore. The estate sits close to several of Sydney’s leading private and independent schools, including Knox Grammar, Abbotsleigh, Barker College, Pymble Ladies’ College, Ravenswood School for Girls, and Loreto Normanhurst. Co-educational options including Wahroonga Adventist School and Sydney Adventist School further strengthen the area’s appeal to established families looking for long-term schooling pathways within a tightly held catchment.

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Transport connectivity supports the suburb’s liveability without compromising its quieter residential character. Wahroonga and Turramurra train stations provide direct rail access into the Sydney CBD, while the nearby Pacific Highway and M1 motorway strengthen links across the North Shore and broader metropolitan area. At the same time, the heavily treed streetscape and low-density character continue to distinguish the precinct from more urbanised parts of Sydney.

The Residences at Wahroonga Estate forms the first stage of <a href="https://www.apartments.com.au/developers/capital-corporation">Capital Corporation</a>’s broader masterplanned vision for the precinct, delivered alongside the Seventh-day Adventist Church.

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Designed by <a href="https://www.apartments.com.au/architects/group-gsa">GroupGSA</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/coco-republic-interior-design">Coco Republic</a>, the development integrates landscaped communal spaces including a pet-friendly Green Spine, resident lounge, BBQ pavilion, and direct bushland access, reinforcing the project’s focus on outdoor connection and community-based living.

Now under construction by Gold Star iCIRT-rated builder <a href="https://www.apartments.com.au/builders/dasco-australia">DASCO</a>, The Residences at Wahroonga Estate will deliver a collection of one, two, and three-bedroom apartments priced from $990,000, with completion anticipated in 2027.

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Jonathan Chancellor

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