It was a stellar 2021 for the Gold Coast apartment developer, S&amp;S Projects.

They sold out Awaken, their Rainbow Bay project of just nine apartments, with a top sale of $8.15 million secured for the penthouse, which was bought by a US couple.

Their nearby project, Esprit, is over 80 per cent sold, and there are plans already on the desk of the Gold Coast City Council for their next project, a rare mixed-use apartment and hotel development in Palm Beach.

Urban recently caught up with S&amp;S Projects director Paul Geddoun to discuss the Gold Coast apartment market.

JC: How did you view the performance of the off the plan market in 2021, and what are the strongest positive and negative factors that will influence outcomes in 2022 and 2023?

PG: 2021 saw an insatiable appetite for off the plan projects in premium locations.&nbsp;

Although the less premium project markets has been strong, the price growth has not been at the same level as premium projects. Sales volumes at record pricing in premium projects is unlike anything we have seen previously.&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=172129]

We expect the market to remain strong in 2022 and 2023 however the growth will not be at the same level as there was a little bit of catch up along with more limited stock which has driven these markets at these levels where there is no more projects available and increased competition which will slow the growth.&nbsp;

The negatives are that there has been a shortage in materials and labour due to border restrictions along with globally driven stimulus which has put excess funding into the market with international infrastructure upgrades for job creation to stem any recession fears as a result of Covid which has forced up the cost of construction which may cause some project issues. 
&nbsp; 
JC: What trend (short term or long term) has prompted your greatest enthusiasm for the apartment market, and what is the issue of most concern to you and or your clients?

PG: In general, real estate has seen great growth which has provided many with increased equity which has driven decisions for holiday homes and downsizing into apartments. The greatest concern in the near future is interest rates and people being overextended.

[smartcode_project:default project_id=102921 project_image_fid=172173]

JC: Has urbanisation stalled amid the rush to the regions and what will it look like over the decade ahead?&nbsp;

PG: I think urbanisation is strong with price growth and competition allowing developers to create better built form outcomes and develop sites in areas where the feasibilities once didn&rsquo;t allow it.&nbsp;

I think the future looks strong for many new areas that have been the recipients of this higher-grade development creating better urban areas.

[smartcode_project:default project_id=102921 project_image_fid=172175]

JC: How important do you view the push for sustainability practices in the apartment market, and what initiative has seized your interest or focus?&nbsp;

PG: There is a strong focus on sustainability, and this is being most represented in the fixtures and fittings being installed which are more efficient and it is also common practice to place as much solar on the roof of project to assist in the ongoing sustainability and costs of the operating buildings.

It was a stellar 2021 for the Gold Coast apartment developer, S&S Projects

jchancellor-FAypfDUnLy

"2021 saw an insatiable appetite for off the plan projects in premium locations." Five Minutes with Paul Geduon from S&S Projects

Queensland&#39;s Rainbow Bay has seen a holiday apartment resale when $3.8 million was paid in ARVIA, the Marine Parade complex of 17 apartments.

The three bedroom, three bathroom Coolongatta apartment with two car spaces was sold just before its December scheduled auction by Harcourts Coastal agent Katrina Walsh.

It occupies a half floor with 265 sqm space.

It was among the first apartments to be sold off the plan in 2016 at $1.65 million.

The latest sale equals the block&#39;s prior highest sale for higher whole floor spaces.&nbsp;

The complex has an 8 Star energy rating after its design by Ellivo for Aspect Property Group headed by Allan Larkin.

The company has been building apartments since 1989.

Its salt water pool is surrounded by luxuriant coastal native plantings at the address of 47 Eden Avenue, aka as 158 Marine Parade.

Coolangatta&rsquo;s Rainbow Bay latest development is for a 12-level tower on the bay&rsquo;s high ground, close to the Greenmount Resort.

It is being proposed by local developers Chapter Two in partnership with Kingbella Group.

The partners have secured a 1924 sqm site amalgamation at 44-50 Eden Avenue with plans for a 12-storey development comprising 86 apartments.

There is also a forthcoming proposal by Rob Steer&rsquo;s Steer Developments to undertake a $50 million redevelopment of the Ashmore Steak and Seafood restaurant site.

Brisbane architect Joe Adsett is planning a 13-floor tower, Rockpool, next to the Greenmount resort.

[smartcode_project:default project_id=94018 project_image_fid=169982]

Urban reported the quick sell-out of Adsett&#39;s Rockpool by Rainbow Bay came without any need for marketing.&nbsp;

Paul Gedoun, the Brisbane developer with nearby towers Flow and Awaken, is marketing Esprit, that saw some $70 million in sales in its first weekend on the market.

[smartcode_project:default project_id=102921 project_image_fid=172129]

Urban reported last September that around three quarters of the initial buyers in the S&amp;S Projects were local owner-occupiers, with around 30 per cent coming from Sydney and Melbourne.

Melbourne developer BeckDev&#39;s Palais Coolangatta is proposed as the redevelopment of the <a href="/news/qld/beckdev-set-for-palais-coolangatta-apartment-development">old Jazzland Dance Palais on a 2,355 sqm McLean Street site</a>.

It will see 175 one, two and three-bedroom apartments built, as well as resident facilities and a street-level plaza with retail space.

The latest sale equals the Arvia block's prior highest sale for higher whole floor spaces

Arvia, Coolongatta apartment resale highlights southern Gold Coast market strength

A penthouse apartment in the Hamilton Island complex, Pavillions, has sold for $8.5 million, the highest known sale price of a holiday home apartment over summer.

Selling for the first time in 17 years, the 580 sqm penthouse, is on the doorstep of Hamilton Island Marina, in the exclusive gated complex at 10/1 Airport Drive.

It comes with two wings, located off the central entertaining hub of the kitchen, living and dining area.

To the right is a master suite, complete with his and hers vanities and a freestanding stone bath in the ensuite. The left wing has a further three bedrooms, each with ensuites.

There are two living areas, one that opens to the swimming pool and takes in the views, another currently operating as a games room. There&rsquo;s also a home office and a wine cellar-style storage room.

Hamilton Island Real Estate agent Lynn Milsom secured the sale of the fully furnished apartment, which came with a marina berth for a 25 metre vessel.

Milsom also secured the recent $3,950,000 sale of a villa at 8/23 Front Street.

The yacht club villa 8 is came with four bedrooms and four bathrooms.

Hamilton Island is located just off the Queensland coast in the heart of the Great Barrier Reef.

Hamilton Island secures summer's priciest holiday apartment sale

The Queensland government has announced a property tax that will hit investors from interstate.

Treasurer Cameron Dick announced the new tax when presenting the state’s mid-year budget update last week.

The Queensland government land tax calculation will include the value of an investor’s real estate assets outside of Queensland to determine a land tax bill on their local investments.

Queensland Treasurer Cameron Dick claims the tax closes a "loophole" as an interstate investor can currently enjoy the tax-free threshold for land holdings worth up to $600,000 in Queensland.

The treasurer says the change won't affect Queenslanders but rather "southern state speculators who are flipping properties at a furious rate".

"We think it's fair enough that families in Logan, Ipswich, in regional Queensland, that are being squeezed by southern state speculators, we think they should they should be given a fair go," Mr Dick said.

The proposal would see a national land tax value calculated for real estate assets in every state and territory, to determine the land tax bill for the Queensland proportion of the portfolio.

There is no separate land tax rate for seniors or pensioners.

An investor with property/s with meeting the $600,000 land value threehold in Queensland and then had a $400,000 land value stemming from New South Wales would pay $2700 per year.

The Queensland Government  will determine the taxable value of each parcel of land separately and then combine the value of all the land to determine the total taxable value.

If individual investors own $1 million of land in Queensland, owners currently pay tax at a rate of 0.45 per cent.

Land tax is a state tax, calculated on the freehold land owned in Queensland at midnight on 30 June each year. Queensland land values are assessed annually as at 1 October, with notices issued by 31 March in the following year. An objection must be lodged within 60 days of the date of issue of the Queensland valuation notice.

The new Queensland land tax will apply to full and part ownership of property in Queensland and in another Australian state or territory.

As each state has operated their tax regime separately, Investors have often spread their portfolio across states to mimimise their state-based tax.

“This treatment of property investors as an endless money pit is outrageous – the government is raking in a huge stamp duty windfall, then relying on private investors to provide the lion’s share of housing supply, and now they’re slapping investors yet again with new taxes,” the Real Estate Institute of Queensland CEO Antonia Mercorella said.

Queensland Property Council’s executive director, Jen Williams, said it was "a new way of taxing landholders in Queensland.”

“Our huge concern is that people are going to sell their Queensland investment property, they are not going to pick Queensland as a place to invest in the future, because there is more tax involved if you choose to do so,” she told Radio 4BC.

Queensland's exemptions from land tax include land used as a principal place of residence - occupy the land and no other land continuously as your home for the 6-month period and land used for primary rural production.

The timing of commencement of this reform will be subject to the passage of appropriate legislative amendments.

A national land tax value calculated on the real estate investment in every state will determine the land tax bill for the Queensland portfolio

Interstate investors to be hit by new Queensland property tax

The Minister for Planning and Public Spaces Rob Stokes has set strict benchmarks for the assessment of rezonings and development applications by local councils and the state government.

A new planning order accompanied discussion paper have been released to seek reforms:

·           Consistent timelines for planning decisions across the planning system;

·           Powers for the Minister for Planning and Public Spaces to intervene where councils are not upholding their responsibilities;

·           Proposed improvements to the rezoning process to support prompt decision-making, more informed community consultation, and risk-based approaches to assessments, timeframes and fees; and

·           A new planning guarantee requires councils to make timely decisions or face having to refund planning application fees.

“Planning delays increase housing costs and prevent new housing supply from being delivered in a timely manner," Mr Stokes said.

"Our new planning guarantee will give the housing industry confidence that assessment timelines will be achieved.

“Last year we cleared 336 rezoning proposals through the system, paving the way for nearly 34,000 jobs and more than 40,000 homes. 

"These draft reforms will go a step further by reducing timelines by up to a year for standard applications.”

In the interim, a new guideline has also come into effect to better explain the rezoning process and introduce new practices to immediately improve the system, including earlier engagement and categorising proposals based on their complexity.

The Property Council of Australia has weclomed the "critical changes" to planning proposals and rezoning processes.

Property Council’s NSW Executive Director Luke Achterstraat said the changes would address some of the issues and problems which should alleviate pressure on housing affordability and development.
 
“With only 1 of 35 local councils in greater Sydney on track to meet their housing targets, it is clear that greater accountability and timeframes for approvals need to be set,” Mr Achterstraat said.
 
“These changes introduced have included timeframes for assessment of planning proposals which will help planning proposals that have sat in the planning system for unacceptably long periods of time, awaiting assessment.
 
“When a proposed development requires an adjustment to a planning control, the proponent must lodge a planning proposal. The process of obtaining approval can be lengthy, costly, uncertain and onerous, for even minor amendments.
 
“One application was sitting in system for nine years. This uncertainty deters investment and development, and adds additional holdings costs to development, which then drives up the cost of housing and property.”
 
Mr Achterstraat said planning proposal process over the years had become increasingly complex, lengthy and difficult for developers to navigate, with no consistency or certainty in outcomes.
 
“In particular the removal of hostile councils from the assessment and approval of rezonings which have been recognised by the Department of Planning as having merit,” he said.
 
“Previously, if a council refused a rezoning, the proponent could ask for a review by the relevant planning panel and if recognised as having importance, it was given back to the council to finalise, even though the council had previously indicated it did not support the planning proposal.
 
“Fixing our planning system will not happen overnight but the recognition of these supply issues is a very positive step – the Secretary’s focus on delivery, collaboration and trouble-shooting are excellent principles to take into 2022.”
 
For more information and to give feedback on rezoning reforms, visit https://www.planning.nsw.gov.au/rezoning-review.
 

Last year NSW processed 336 rezoning proposals, paving the way for nearly 34,000 jobs and more than 40,000 homes 

Faster benchmarks for assessment of rezonings and development applications in NSW

Confidence in Australia’s property sector has hit its highest point since March 2018, according to the ANZ/Property Council latest survey. 
 
The Confidence Index rose 12 points nationally in the December quarter, off the back of substantial confidence boosts in the ACT (33 point increase), Victoria (25 point increase) and NSW (9 point increase) as the lockdowns ended. 

Residential sentiment rose modestly and remains well above its long run average, Felicity Emmett, the ANZ senior economist noted.

Tighter macroprudential restrictions is likely to be a factor in 2022 with 17% of the survey respondents expecting finance to be more difficult to access over the next year, the survey noted.

The survey highlighted continued lower expectations of house price gains, although 67% in the sector expect prices to rise over the next year, albeit down from 87% in the March quarter.

"This is not surprising given affordability constraints, a strong rise in new listings, macroprudential tightening and higher mortgage rates," she noted.

Construction expectations lifted, with the largest increases in NSW and Victoria where shutdowns have pushed some activity out into 2022.
 
Property Council of Australia Chief Executive Ken Morrison said the results painted a positive picture for a strong economic rebound for Australia next year. 
 
“The sentiment in this survey is clear: The property industry – which employs more Australians than any other sector – is set and ready for recovery,” Mr Morrison said. 
 
“These results show the industry is clearly optimistic about the state of the economy and commercial and residential property markets in the year ahead, having emerged from the challenges COVID-impacted last two years,” he said. 
 
“It’s very clear that our members’ forward work expectations have lifted, and as a result they’re also expecting to hire more people to deliver that work,” he said.  
 
The survey, undertaken in November, before the emergence of Omicron, showed future work expectations lifted in every State and Territory bar WA.

“Despite the Reserve Bank of Australia’s (RBA) indications of static interest rates, our members expect they will rise over the next 12 months, and in turn, expectations for continued house price growth have eased,” he added.  
 
Heading into a federal election in 2022, the survey also signalled the sector’s critical issues requiring Federal Government attention.  
 
“Our industry’s key leaders are clearly saying housing supply and affordability is their number one issue, followed closely by emissions, environment and energy. Planned population growth is also of concern, given the industry clearly expects to be requiring more skilled workers,” Mr Morrison said. 
 

The survey, undertaken in November, before the emergence of Omicron, showed future construction work expectations lifted in every State and Territory bar WA.

Property sector confidence at highest level since 2018: ANZ/Property Council survey 

Since 1924, Frasers Property Australia has created stronger, smarter, happier neighbourhoods. It has developed residential land, housing, and apartments and delivered over 140,000 homes.

It seeks to work sustainably to ensure the places we create leave a positive environmental legacy and enhance the way people live life together.&nbsp;

Frasers Property in Australia has certified over 5.6 million square metres of Green Star space across our communities, and their commitment to reduce carbon has been approved by the global Science-Based Targets initiative.&nbsp;

Urban recently caught up with&nbsp;Cameron Leggatt, Executive General Manager, Development at Frasers Property Australia, to discuss the o​ff the plan apartment market.

JC: How have you viewed the performance of the of​f the plan market in 2021, and what are the strongest positive and negative factors that will influence outcomes in 2022 and 2023?

CL: In new communities, while the market for land and townhomes has dominated growth, off th​e plan apartments have also performed with considerable strength in 2021. The pandemic has legitimised working from home and this has meant select regional and coastal locations have led the way.

[smartcode_project:default project_id=29969 project_image_fid=159035]

In particular, apartment markets such as the Gold Coast and Sunshine Coast have performed well, while for Frasers Property Australia, the Shell Cove community on the NSW South Coast that we are creating with Shellharbour City Council has enjoyed strong conditions.

Obviously the CBD and near-city markets in Sydney and Melbourne have experienced greater challenges, with the lack of migration and students being felt most sharply. Nevertheless, sales are still occurring and both owner-occupiers and investors are active.

In Sydney, we&rsquo;ve experienced strong sales at Midtown MacPark in Macquarie Park and at Ed.Square in south-west Sydney, while in Melbourne the final stage of our Carlton project and the final two stages of Burwood Brickworks have been met with a strong response from buyers.

[smartcode_project:default project_id=29969 project_image_fid=159036]

Looking ahead, much will hinge on the continuance of the low interest rate environment and the return of migration as a demand factor, including the return of international students. Affordability will remain a concern and with the coming election, the market awaits firm policy options in this area.

As long as rates remain low, as the Reserve Bank has suggested they most likely will through 2022 and 2023, demand will be supported. More recently there has been speculation that the Reserve Bank&rsquo;s hand may be forced earlier, but to date they have indicated they intend to maintain the course unless macro conditions shift significantly.

The increased gap in values between houses and apartments, exacerbated through the 2021 boom, makes apartment living more attractive to owner-occupiers, including first home buyers and families. This is being complemented by the return of investors to ensure demand for quality projects remains diverse, which is especially advantageous for apartments in areas of low supply.

[smartcode_project:default project_id=5995]

Should values moderate this could impact investor appetites, with areas subject to increased supply potentially most impacted.

Most important is the need for communities offering apartments to also offer complementary lifestyle amenities, to create a point of difference and a unique value proposition. Connected communities which provide a high level of amenity with a masterplan emphasising positive urban design outcomes can be expected to continue to achieve strong sales in the years ahead.&rdquo;

JC: What trend (short term or long term) has prompted your greatest enthusiasm for the apartment market, and what is the issue of most concern to you and or your buyers?

CL: Apartment buyers are increasingly attracted to high amenity communities which offer choice, quality, lifestyle and sustainable outcomes. Sites and opportunities in which we can apply a community development and place-making focus to create belonging are those we&rsquo;re most attracted to.

[smartcode_project:default project_id=5995 project_image_fid=78736]

Of course, the potential for ongoing disruption resulting from COVID-19 remains a concern for the industry, as it does for all industries.&nbsp;The impacts of border closures in reducing investor demand, shutdowns impacting schedules, and supply chain blockages that increase price and ultimately put pressure on the commercial viability of future stages and projects, are all potential concerns as we embark on the long-term recovery.&rdquo;

JC: Has urbanisation stalled amid the rush to the regions and what will it look like over the decade ahead?

CL:&nbsp;Closed borders aside, population growth is still a reality and as this growth continues over the coming decade, so will further urbanisation.&nbsp;

The evolution of flexible working is here to stay and provides people with greater housing choice further from capital cities but the innate desire for people to live in vibrant urban environments, with easy access to amenity in locations with strong lifestyle attributes and access to good infrastructure, still remains.&nbsp;

This will continue to drive urbanisation and regentrification. We may see urbanisation become more competitive, with certain areas and projects needing to elevate their desirability as a housing destination, which would be a positive outcome supporting better mixed-use outcomes.&rdquo;

JC: How important do you view the push for sustainability practices in the apartment market, and what initiative has seized your interest or focus?

CL:&nbsp;Through fostering resilient communities, carbon-reducing initiatives, responsibly sourcing services and materials, providing clean energy, using green finance and being accountable to ourselves and our customers using independent tools and ratings, we contribute to a better, cleaner future.

We have established a roadmap to target net zero by 2028 and this will require a coordinated series of measures and initiatives, with our apartment projects to play a pivotal role.

All our buildings are Green Star certified and we have a range of recent projects to draw learnings from. For instance, we recently completed the first certified Passive House by a volume developer at Life, Point Cook in Melbourne. At Minnippi Quarter in Brisbane, we devised a formula to calculate embodied carbon to offer customers an offset option in another industry-first initiative, called Build Neutral.

[smartcode_project:default project_id=27139 project_image_fid=77326]

Real Utilities, Frasers Property Australia&rsquo;s licensed energy retailing business, provides Climate Active-certified carbon neutral energy to residential, commercial, and retail customers, while in Melbourne we&rsquo;ve created the world&rsquo;s most sustainable shopping centre, the Living Building Challenge&reg; Petal-certified Burwood Brickworks.

Customers expect better sustainability outcomes in an environmental and social sense, and this aligns with our holistic view of sustainability and our commitment to maintain our global leadership in this space.

Frasers seeks to work sustainably to ensure the places we create leave a positive environmental legacy and enhance the way people live life together. 



"Apartment buyers increasingly attracted to high amenity communities": Five minutes with Frasers Property Australia's Cameron Leggatt

Central Element's Pienza Neutral Bay Village project on Sydney’s Lower North Shore has project financing from MaxCap Group.

MaxCap will provide a $109m construction facility to Central Element.

MaxCap also recently announced support for Central Element’s Chatswood project which is due to begin construction later this year.

“Pienza targets the luxury down-sizer market where we have seen continued sales momentum over the past year and projects like this are the perfect means for MaxCap to continue with our renewed push in NSW,” said David Oudshoorn, MaxCap’s NSW state director.

[smartcode_project:default project_id=29544 project_image_fid=188796]

“There is really nothing else like it in the area, right in the heart of Neutral Bay Village.”&nbsp;

Pienza will be a contemporary six-storey building, designed by leading architect SJB with 39 residences sharing a rooftop garden and infinity pool.

There are also two levels of commercial space and basement parking for both residents and the public.

Marketing commenced in November 2021, with the project being sold by CBRE, with construction expected to commence in the first quarter of this year.

[smartcode_project:default project_id=29544 project_image_fid=188793]

Central Element is a privately-owned developer led by directors Wayne Chivas and Shane Smollen with Nathan Chivas as managing director.&nbsp;

Neutral Bay will see settlements this year in Fiducia's 10 top-end residences, the Harriette.

It was designed by PBD Architects with interiors by Alexander &amp; Co and landscaping by Wyer &amp; Co.

[smartcode_project:default project_id=29544 project_image_fid=188791]

There's anticipated $38m gross revenue.

The project has been built by Australex Constructions at 7-9 Harriette Street.

The apartments were listed through McGrath Projects agents Colin Griffin and Murray Wood.

The final release of four had pricing from $3,190,000.

Marketing commenced last November, with the project being sold by CBRE. 

Central Element's Pienza Neutral Bay secures MaxCap funding

The Jinding development company has spent $130 million for two land parcels in the Melbourne’s outer north.

The sites will support around 650 plus homes.

The latest acquisition is headlined by a 29-hectare site at 1240 Mickleham Road in Greenvale.

It was marketed as offering the last opportunity to deliver a significant land estate in Greenvale by RPM Real Estate with the potential to deliver 400 residential lots in addition to a 3.5ha government school and a 1.2ha community centre.

Directly adjoining Peet’s Aspect at Aitken community, 1240 Mickleham Road includes the heritage-listed Dunhelen homestead and barn built in 1860.

The acquistions also included a 28-hectare parcel at 65 Bodycoats Road in Wollert offered through Core Projects' Land Team who marketed it as supporting 250 housing lots.

"At 28.17 hectares the site is expected to yield 250+ residential lots, with an additional 11.92 hectares allocated for a future government school," listing agent Kane Malcomson advised.

The site presents as ready-for-market with immediate development potential.

Nearby estates include Jinding's The Patch to its north, along with Dahua's Wollert Rise.

AVID and Bauenort are located to its east, and Evolve's Arramount to its south and west. 

The site has direct access to Hume Freeway and Epping Road, and just a short drive to Epping Railway Station.

The two acquistions take the sites acquired by Jinding this year to six.

The developer launched in Australia in 2016 is headed by Jinding Australia CEO Luke Guthrie.

It controls a land bank of more than 4700 lots with an end value of about $1.8 billion.

Melbourne developer Jinding has spent $130 million on two land parcels in the city’s outer north

Jinding spends $130 million on 650 plus outer Melbourne housing estate lots

Some 4651 unused guarantee credits from the First Home Guarantee Scheme are set to be reissued, rolled over from last financial year and added to the pool of 10,000 available spots this year.

Prime Minister Scott Morrison and Housing Minister Michael Sukkar announced the reissue of credits last week after prospective new home buyers caught up in COVID-19 disruption did not make their intended affordable property purchase in the 2020/21 financial year.

The scheme is designed to help new buyers own a house or apartment sooner, with a deposit of as little as 5 per cent for first-time owners or 2 per cent for single-parent families.

Around 40,000 homes have been bought under the guarantee initiative since its 2019 introduction.

First home buyers in NSW have secured 10,958 homes followed by Queensland with 10,202 first home buyers signing up and 9306 in Victoria.

Queensland topped the states for new homes taken up so far under the scheme in 2020/21, with 696 purchases. 

NSW had 442 , ahead of Victoria with 332 and Western Australia at 220.

South Australia had 110 homes taken up, ahead of double-digit figures in the ACT, Tasmania and the Northern Territory.

The recent release of the annual Trends & Insiders Report for 2020-2021 on the Home Guarantee Scheme noted one in five first home-loan deposit places went to essential workers, including 35 per cent who were nurses.

More than half went to women, and 58 per cent of all buyers were aged under 30.

A recent review of the operation of the National Housing Finance and Investment Corporation Act found the home loan guarantee scheme had brought forward existing demand.

Under the rules, the federal government guarantees the additional 15 per cent needed to make up a typical home purchase deposit and avoid the cost of loan mortgage insurance.

“We want more first home buyers to get into the place of their dreams,” Mr Morrison said.

“The pandemic and lockdowns have interrupted the plans of many home buyers this year, so this is about ensuring we give thousands more families the opportunity they need."

The scheme was first announced in the May 2019 election.

It applies to single people earning up to $125,000, couples earning below $200,000, for both new and existing properties.

Properties are capped at $800,000 in Sydney, $700,000 in Melbourne and $600,000 in Brisbane.

There is also a program that supports first home buyers who want to build or buy a new home with higher caps - $950,000 in Sydney and $850,000 in Melbourne.

The government has more recently introduced support for single parents to be able to buy a home with a deposit as small as 2 per cent.



The scheme is designed to help new buyers own a house or apartment sooner, with a deposit of as little as 5 per cent for first-time owners or 2 per cent for single-parent families

4600 unused First Home Buyer guarantee credits to be reissued

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

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

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

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

Jonathan Chancellor

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News