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The Property Council of Australia has called on the government to better explain proposals to reduce property depreciation allowances used by property investors to reduce their tax bills.
A discussion paper prepared by the Treasury’s Business Tax Working Group (BTWG) recommends a minor reduction in the corporate tax rate paid for by eliminating or scaling back interest deductions under thin capitalisation rules and amortisation deductions.
A thinly capitalised entity is one whose assets are funded by a high level of debt and relatively little equity – as would be the case with the portfolios of many property investors.
The Australian Taxation Office (ATO) currently allows property investors to claim a tax deduction for depreciation of their investments- the general wear and tear that occurs over time.
Peter Verwer, chief executive of the Property Council, says the government discussion paper “is short on hard evidence and analysis.”
“The Business Tax Working Group proposal for changes to thin capitalisation needs to be backed up immediately with a proper briefing to industry, as the paper raises more questions than it answers,” he says.
“While the Property Council believes there is value in exploring options for modernising Australia’s business tax framework, it cannot support any changes that force taxpayers to breach existing contracts and covenants or renegotiate financial arrangements.”
The Property Council previously opposed the doubling of the withholding tax from 7.5% to 15% charged on foreign investors who invest into management investment schemes
Verwer says Australia’s capacity to invest in new capital stock has already been weakened by changes to withholding tax rates.
As a result he says it is critical there are no “competitiveness externalities” arising from a trade-off between “rational tax incentives and a lower headline rate of corporate tax”.
Verwer also wants the Treasury’s modelling of the proposed tax changes to be made available to third parties for independent review.
“In addition, far more work needs to be done on proposed changes to depreciation allowances,” Mr Verwer says.
“Building structures wear out in generating income. It is critical that capital allowance deductions directly reflect the economic life of assets.”
“The BTWG discussion paper offers no persuasive arguments that depreciation changes in the UK and NZ have improved the economic competitiveness of those countries.”
“The Property Council is keen to discuss practical options with the Business Tax Working Group.”
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Property Council seeks more details on proposals to scale-back tax depreciation allowances

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Michelle Hutchison, spokesperson for mortgage comparison website RateCity.com.au, warns consumers to be wary of "questionable" mortgage offers:
<a target="_blank" href="https://twitter.com/#!/search/%20%E2%80%8F%40shellRateCity"><img src="/images/stories/2012/08/michelletweet.jpg"></a>
 
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RateCity.com.au’s Michelle Hutchison delivers home loan warning: Tweet of the Day

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The number of NAB mortgages with off-set accounts has almost doubled in the last two years, the bank has revealed as it reported a strong performance from its personal banking division, but an overall disappointing profit result in its third-quarter update.
NAB reported profit in the three months to June 30 of $1.4 billion, unchanged from what it reported for the same period a year ago and below analysts’ expectations of $1.5 billion. NAB currently also has the lowest standard variable mortgage rate of its big four rivals and has pledged to keep it the lowest over 2012.
Money held in an off-set account is deducted from the principal owed, allowing borrowers to reduce their interest payments and the length of their loan repayment period.
Property Observer reported last week that in the 17 months since it kicked off its “break-up” campaign on Valentine’s Day last year, <a href="/news">NAB had steamed ahead </a>of its big four rivals in providing home loans for owner-occupiers based on the APRA figures.
Fairfax Media banking writer Eric Johnston noted that NAB's growth in its mortgage book faster than its rivals had been  “helped by its strategy of discounting loans”, with expansion of its mortgage book is currently running at 1.3 times growth in the broader market. While the overall profit result was disappointing, personal banking, which includes mortgage lending, produced a strong result, “benefiting from good growth in revenue and seasonally lower charges for bad and doubtful debts (B&amp;DDs)".
NAB delivered a stable result for the quarter and made further ground against its strategic agenda to strengthen the Australian franchise, which has been the Group’s unwavering focus since 2009”, National Australia Bank Group chief executive Cameron Clyne said today.
“This quarter’s result is set against a backdrop of ongoing challenges in the global economy with continued uncertainty in the Euro-zone and the United States, volatility in global financial markets, and slowing growth in the big emerging economies. Although subdued business and consumer confidence continue to affect the Australian economy, we remain positive about the outlook," Clyne said.
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Mortgage off-set accounts double at NAB but profits disappoint in third-quarter update

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The receivers and managers of Provident Capital have told debenture holders they are hopeful of restarting the flow of payments in the next few months, but they should not expect a full refund of their investments.
An information session for debenture holders was held by receivers and managers of Provident, PPB Advisory, yesterday in Sydney - telecast to Melbourne, Brisbane, Adelaide and Perth.
It was attended by around 120 mainly small investors in Sydney – many of them pensioners who rely on small interest payments of around $300 per month to supplement their pensions.
They have not received a payment in over two months.
Joint receiver and manager Phil Carter from PPB Advisory told Property Observer loans in the fixed-term interest portfolio have a face value of $108 million while Bendigo Bank also lent $70 million to Provident to fund lending.
Bendigo Bank is the first-ranking creditor and must be repaid its $70 million first before the receivers can start paying money back to debenture holders.
Under current projection, based on the best-case scenario of loans being repaid as they fall due, PBB Advisory would begin to restart payments to debenture holders around Christmas time.
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<a href="/images/stories/2012/08/providentaug141.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/08/providentaug141thumb.jpg"></a>
However, Carter says PPB Advisory will be looking to speed up the process as much as possible to start payments earlier.
PPB Advisory has also delayed taking any fees until such time as debenture holders start receiving payments, while Bendigo Bank has agreed to allowing PPB Advisory to act as "de facto" on itsloan portfolio, thereby avoiding a duplication of receivers' fees.
Carter says when PPB Advisory was appointed on July 3 it found the fixed-term interest account in a “mess”.
The Bendigo Bank portfolio is a lot healthier because Provident loaned under the prudential oversight of the bank, which among other things placed limits on loan sizes (a maximum of $2.5 million).
However, Carter says Provident acted as lender of last resort when it came to using funds from debenture holder funding 42 loans, which have a principal balance outstanding of $108 million.
Of this $108 million, $100 million of loans are in arrears.
“Of the 42 loans funded from the fixed-term interest fund, 19 were already in mortgage in possession when we walked in 3 July,” Carter says.
Seven of the largest loans ($5 million or more) account for nearly 60% of the portfolio, and all are mortgagee-in-possession.
“They are in a variety of states, some are holes in the grounds, some have development applications that have expired,” says Carter.
The biggest loan of $22.4 million is for a Queensland development, for which Provident has been mortgagee-in-possession for four years.
Provident was also mortgagee-in-possession for at least 18 months or more on all the $5 million-plus loans.
Analysis by PPB Advisory suggests properties securing three of the five largest loans in the fixed-term interest porfolio likely to be downgraded further.
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At the information session, PPB Advisory said it would start preparing a monthly dashboard style report on its website to keep individual debenture holders informed of updated information, "including forecast distributions in the next three months, distributions to date, a snapshot of the outstanding portfolio, and other relevant matters".
It expects to hold a further update meeting with debenture holders later this year.
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Provident receivers hopeful of restarting debenture payment by Christmas

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<img src="/images/stories/2012/08/360to380.gif">
The estimated net rent per square metre per year that two tenants will pay for more than 2,000 square metres of office space at the Riverside Quay precinct on Melbourne’s Southbank. The two leases were negotiated by Ben Christie, Colliers International director of office leasing, in Buildings 1 and 2 at Riverside Quay. The whole of level four, Building 2 at Riverside Quay has been leased to global property and project consulting firm WT Partnership Australia. The lessor was Mirvac Asset Management. WT Partnership Australia will occupy 1,360 square metres on a six-year lease. Japara Holdings has signed a six-and-a-half year deal to sub-lease level four (1,026 square metres) in Building 1 at, Riverside Quay. Japara took on the sub-lease opportunity offered by Adecco Australia.
<img src="/images/stories/2012/08/330k.gif">
The net rent per annum that Rip Curl Group parent company RC Waves Pty Ltd is believed to be paying on a new six-year lease over an office and warehouse facility at Keysborough in Melbourne’s south-east in a deal negotiated by Savills Australia. The 134-148 Atlantic Drive property comprises a 3,855-square-metre building including a 479-square-metre office component over two levels, a 100-square-metre mezzanine space, and a 3,276-square-metre warehouse on a 6,750-square-metre site. The deal was brokered by Savills Australia divisional director of industrial Joseph Catanese. The lessor was a private investor.
<img src="/images/stories/2012/08/100kplus.gif">
The estimated gross annual rent that Indian restaurant operator Masala Art will pay to lease new premises in Toowoomba. Masala Art has leased the site of the former Weis Backdoor café in the Clifford Gardens Shopping Centre in a deal negotiated by Ray White Commercial Toowoomba’s Mark Wynhoven and John Smith. Masala Art has subleased the site, taking up the remaining four years of the Weis lease. The shop measures 120 square metres.
<img src="/images/stories/2012/08/110.gif">
The estimated annual rent that church group the Harvest Centre will pay to lease a Burleigh Heads industrial property on the Gold Coast. The property at 1/62 Township Drive has existing approval to be used as a church and was recently vacated by a church group.  The new lease deal was negotiated by Craig George of Colliers International.  The Harvest Centre has taken on a three-year lease with renewal options. It will occupy the 343-square-metre building, which consists of a 280-square-metre fully carpeted warehouse and 63 square metres of mezzanine office. The property is owned by Dawnlite Nominees at Township Drive and is one of two units in the complex and is situated alongside the M1.
<img src="/images/stories/2012/08/295650.gif">
The gross face rent per annum that Precision Mail will pay to lease 5,913 square metres of industrial space at 223-225 Barry Road, Campbellfield, in Melbourne’s outer north. The five-year lease was negotiated by Tim Homes and Marco Sandrin from Colliers International. The property is part of the investment portfolio of 360 Capital Property Group. The office-warehouse property is located just off the Hume Highway within close proximity to the Metropolitan and Western Ring Roads.
<img src="/images/stories/2012/08/75k.gif">
Roughly how much truck repair firm Bronco Truck Repairs will pay to lease an office/warehouse facility at Laverton North in Melbourne’s western industrial precinct in a deal  negotiated by Savills Australia. The property at 41B Little Boundary Rd comprises a 400-square-metre office/warehouse facility on a 2,600-square-metre site. The three-year deal was negotiated by Savills industrial executive Luke Jesson. The property is situated on the corner of Leslie Road, offering immediate access to the Western Ring Road and West Gate Freeway.
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Commercial leasing: Indian restaurant operator Masala Art leasing premises in Toowoomba

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Self-managed super funds and smaller commercial investors punting on a recovery in the Noosa property market could have an opportunity, with a number of shops on the Noosa retail strip listed for sale around the $2 million mark and under in a market that has been dormant for the past two years.
Currently tenanted, the retail properties are offering yields of around 7% and 8% with the potential for capital gains should the market start improving.
The heavily tourism-dependent Sunshine Coast and Gold Coast markets have struggled in the last few years, having not received the flow-on benefits of the mining boom and have been hurt by the high Australian dollar.
However, Paul Butler, director of Ray White Commercial Noosa, says he is seeing an increase in confidence from buyers for properties with good lease covenants.
“Super funds are becoming particularly active as buyers look for stable returns outside of the stock market,” Butler tells Property Observer.
“Retail leasing is gaining some momentum again after a prolonged period of limited activity,” he adds.
Butler says food outlets and coffee shops have been the strong achievers in the current market.
Last month, Colliers International agents Nick Dowling and Brad Moore marketed 27/40 Hastings Street, with 65 square metres of retail space with an additional exclusive-use outdoor area of 51 square metres, currently occupied by fashion store Venetian Laundry. RP Data records show it sold for $1.57 million.
Dowling says that while there are a number of assets on the market in Hastings Street at present, retail sales activity on the strip had been non-existent for at least the past two years.
“Hastings Street is the epicentre of the world renowned Noosa Heads and comprises a mix-use environment primarily made up of three-storey resorts with ground floor retail tenancies,” he says.
Other recent sales on Hastings Street include a mixed-use development at 11 Hastings Street measuring 949 square metres, incorporating La Vida restaurant on the ground floor and guest accommodation and office spaces on the second floor, which sold for $10.8 million in July. Office space from 66 square metres to 167 square metres is available for lease at 11 Hastings Street at $450 per square metre.
Further down Hastings Street at number 18, a medical suite measuring 58 square metres changed hands for $370,000. It las sold for $561,000 in January 2005.
 
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In April last year a 50-square-metre shop at 14 Sunshine Beach Road at Noosa Heads sold for $270,000 on a yield of around 8%.
On the high-end shopping strip of Hastings Street at Noosa Heads shop five in the French Quarter mixed-used precinct at 62 Hastings Street (pictured below) is up for sale by private treaty with an asking price of $1.65 million.
<img src="/images/stories/2012/08/hastingsshop.jpg">
The shop generates rental income of around $115,900 per annum – a yield of around 7%.
It is currently tenanted by retailer Poeta – incorporating the businesses of Gordon Herford master jeweller and the artistic works of Belinda Herford – on a new five-year lease until 2016.
Other retailers in the “The French Quarter” include Quicksilver Surfwear and Tom Offermann Real Estate.
The property is being sold by Tracey Ryan and Paul Forrest from Ray White Commercial Noosa.
A cheaper investment with exposure to Noosa shoppers is three-level strata building on Thomas Street in Noosaville (pictured below), including the premises of take-away joint Burger Bar, which is listed for sale with a price tag of $775,000.
<img src="/images/stories/2012/08/hastingsshop2.jpg">
The two-storey unit is situated within the “The Islander Resort” a low-rise holiday unit complex comprising 51 residential apartments and 15 retail shops with two street frontages to Gympie Terrace and Thomas Street at Noosaville.
According to the investor memorandum, Thomas Street is regarded as one of the prime “eat streets” locations in Noosaville and services the surrounding residential and tourist resorts.
The shop measures 39 square metres, with the property currently bringing in gross income of around $55,000, translating into a yield of around 7%.
Above the shop is a two-level, two-bedroom apartment.
The owner has the opportunity to receive dual incomes form both the residential and commercial aspects of the property.
The shop is up for sale by private treaty and is being sold by David Brinkley, a commercial property consultant  from Ray White Commercial Noosa.
Also in Noosaville, Paul Butler and Paul Forrest from Ray Commercial Noosa are selling a 340-square-metre first-floor medical/ professional suite with lift access on Gibson Road by private treaty (pictured below).
<img src="/images/stories/2012/08/hastingsshop3.jpg">
The property adjoins 24-hour gym Jetts Fitness and has an asking price of $1.16 million.
It is currently tenanted until April 2013 with a five-year renewal option returning rent of $93,500 per annum and representing a net yield of around 8%.
According to the investment report, the strata office is in an area that “has in the past experienced strong capital growth”.
The strata office is opposite the Noosa Village Shopping Centre and within the Gibson Road retail precinct, which is home to Harvey Norman and various homeware and electrical retailers.
Other retail assets for sale nearby include a bar/bistro and three shops on one title include this property on Duke Street, with strong leasing already in place.
<img src="/images/stories/2012/08/noosashop.jpg" width="470">
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Opportunities for smaller investors with Noosa shops and suites from $800,000 to $2 million

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A record 35% of all housing loans written in the last financial year – the 12 months since Treasurer Wayne Swan introduced the ban on mortgage exit fees – were for borrowers refinancing their existing mortgages, rather than buying or building new property, according to ABS housing finance data going back to 1975.
The figures also show that over this period the value of refinanced home loans rose 17% and accounted for all growth in mortgage lending over the 12 months period.
The exit fee ban, which was introduced on July 1 last year and applies to variable interest home loans taken up from this date, has made it easier for borrowers to switch lenders without copping mortgage exit fees in some cases as high as $7,000.
A spokesman for the Swan’s office told The Age's Tim Colebatch, who crunched the data, that the figures indicated there was now increased competition in the banking sector, with people “taking advantage of our ban on mortgage exit fees”.
''This has put more power in the hands of Australian families; they can walk down the street to another lender if their current bank isn't looking after them.''
In contrast to the rise in refinancing, loans to buy established properties fell by almost $1 billion, while loans for new construction were up just $24 million compared with the previous 12-month period.
While APRA figures show that the major banks are still the dominant force in mortgage lending, with 86% of the market over the past year, their market share has contracted, with smaller Australian banks and wholesale lenders increasing their share.
Four years ago the major banks had 75% of the market but dramatically increased their share, with the Commonwealth Bank taking over Bankwest and Westpac buying St George.
July figures compiled by mortgage aggregator AFG, which writes one in 10 home loans in Australia, show that 37% of loans arranged by its brokers were refinanced mortgages, with a sharp rise in loans refinanced through non-major bank lenders from 22.9% to 26.7% of all loans – the highest proportion in seven months.
Over July major banks’ market share of refinanced mortgages arranged by AFG brokers fell from 77.1% to 73.3%
The major banks overall share of total loans arranged by AFG has fallen from 82% to 77.6% over the past 12 months to July.
{module What do you intend to do given the current interest rate fluctuations?}
{module Have you changed lenders in the last six years?}
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Refinancing reaches record level in year since exit fees ban: ABS

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Mortgage broker Loan Market has recorded a six-percentage-point (0r 19%) fall in enquiries from first-home buyers in July compared with June.
This decline may confirm what some market commentators have suggested: that the ending of generous first-home buyer schemes in four states and territories artificially pulled forward demand and could result in a  decline in first-home buyer numbers in the months that follow.
Official ABS figures show that first-home buyers accounted for 18.3% of total owner-occupier housing finance commitments in June, the highest level in five months and up from 17.8% in May.
First-home buyers made up 29% of Loan Market enquiries in July – down from 35% in June, a 19% drop.
The drop in first-home buyer inquiries was replaced by interest from upgraders, with Loan Market recording a 13% increase in mortgage inquiries from those looking to move up the property ladder.
Owner-occupier property purchasers or upgraders in July accounted for 50% of Loan Market’s total enquiries nationwide, compared with 44% in June.
Investors accounted for 8% of enquiries, followed by refinancers on 6% and business loan enquiries on 3%.
Victoria, South Australia and the ACT all ended first-home buyer incentive schemes at the end of June, while NSW first-home-buyers must wait until October 1 for a more generous first-home buyers scheme to kick-in.
NSW first-home buyer activity could pick up again from October 1 – but only in new or off-the-plan purchases, with a <a target="_blank" href="https://www.propertyobserver.com.au/developments/incentives-on-offer-as-waterloo-developers-battle-government-timelines-to-entice-buyers/2012080955910">number of  NSW developers trying to encourage more first-home buyers with incentives of their own.</a>
“It’s no surprise that this drop off in first home buyer activity has coincided with a number of incentive schemes for this segment of the market being wound up by some state and territory governments at the end of the 2011-12 financial year,” says Loan Market spokesperson Paul Smith.
 “But although we have seen a modest drop off in enquiries from first-time buyers, there has been an increase in people looking to upgrade in the current market.
“This is no doubt a reaction to the RBA lowering official interest rates in May and June this year to bring the cash rate down to 3.5%.”
Despite the ending of the state and territory incentives, Smith says the federal government’s $7,000 first-home buyers’ grant, which has been in place for more than a decade, continues to be offered nationwide.
It ends in NSW on October 1, replaced with the first-home owner grant (new home) scheme – only available to first-home buyers purchasing a new home.
Smith says the Queensland government’s decision to reinstate its transfer duty home concession scheme from July 1 also helped attract more upgraders.
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'No surprise' as first-home buyer enquiries down 19% in July: Loan Market

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Auctioneer Damien Cooley had a busy and very successful weekend.
He achieved a 100% clearance rate on 10 auctions on Saturday.
<a href="https://twitter.com/damiencooley" target="_blank"><img src="/images/stories/2012/08/cooleytweets.jpg"></a>
On Sunday, he completed the Sydney City to Surf  in just over an hour
Cooley’s next big challenge will be the <a href="https://www.propertyobserver.com.au/auctions/southern-highlands-burrawang-cafe-reverse-auction-not-the-first-but-still-stirring-up-debate/2012072055673" target="_parent">reverse auction of the historic Burrawang Cafe and Bower Cottage in the Southern Highlands on August 26</a>.
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Tweet of the weekend: Sydney auctioneer Damien Cooley has a run of good fortune

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The decision by the RBA to start reducing interest rates in November last year has added “ballast” to a housing market that was “starting to list quite badly”, according to Westpac senior economist Matthew Hassan.
Writing in Westpac’s August Market Insights report, Hassan points to a number of signs that “after a shaky start, Australia’s housing markets are now showing more convincing signs of stabilising”.
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He says the 125-basis-point cut from the cash rate since November last year has eased the pressure on those servicing existing mortgages, while affordability is near decade-best levels for prospective buyers.
“With rates now on the ‘easy’ side of neutral, the pressure is easing on the mortgage belt – mortgage arrears appear to have peaked and, on the basis of interest rates and incomes at least, should start to track lower from here.
“Housing affordability is also greatly improved with would-be buyers enjoying the most conducive mix of prices, interest rates and incomes since 2003 (excluding the ‘ultra-low’ rate settings in 2009),” says Hassan.
Consumer attitudes are also changing, with Hassan pointing to the results of the Westpac-Melbourne Institute Consumer Sentiment survey “showing consumers starting to warm to real estate again”, setting the scene for a housing market recovery.
“Views on whether now is a good time to buy a dwelling (a sub-index of the Westpac-Melbourne Institute Consumer Sentiment survey) are now at relatively upbeat levels that have led upturns in the past.
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“Fears of house price declines are also subsiding with a notable uptick in the proportion nominating ‘real estate’ as the wisest place for savings, a tentative sign of renewed investor interest," he says.
“Sentiment is an important catalyst for generating a sustained upturn.”
However, Hassan warns of “significant headwinds to a housing recovery in Australia”.
He says the most powerful headwind to a housing recovery is household deleveraging.
“Despite five years of restraint, household debt levels remain near historic highs. Housing upturns usually go hand in hand with rising household leverage.
“This does not preclude a recovery – the rebound in 2009-10 showed housing can still have an up-cycle – but it does mean any recovery that does eventuate will be harder to sustain.
Hassan expects that when the market recovers, "trend price growth" will be below 5% per annum.
He also warns that while sentiment is positive on housing, “sentiment remains much weaker on other aspects crucial to the home buying decision: job loss fears remain very high and consumers’ financial attitudes are still firmly fixed on conservative/defensive risk-averse and debt-averse behaviour”.
“With labour markets and the global financial system likely to remain unsettled in 2012, these factors will continue to deter many potential buyers – both owner-occupiers and investors,” he adds.
As a result, Hassan expects the current housing cycle to show a “much bumpier, more gradual transition from stabilisation to a recovery that is likely to be relatively lacklustre by historical standards”.
But the overall picture is of markets “clearly stabilising” with all price measures recording a moderation in declines with most up slightly for the year to date, says Hassan.
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Other positive indicators, he says are:
<ul>
<li> “Annual price inflation across ‘all dwelling’ measures ranges from –2.7% to –1.1% with annualised six month growth rates of between –1.2% and +1.9%. </li>
</ul>
<ul>
<li>“Auction markets are telling a similar story with clearance rates up about 7 percentage points from their February lows. </li>
</ul>
<ul>
<li>“Housing loan approvals have also moved off recent lows for both owner-occupiers and investors and dwelling approvals have snapped out of what was looking like a disturbing drop-off between August and April.</li>
</ul>
Hassan notes that some of these readings may be being skewed by state government policy changes.
“The NSW, Victoria, Queensland and South Australia state governments all made significant changes to bonus and concession schemes for first home buyers and/or those building new dwellings.
“Several of these were introduced around June/July and would have encouraged buyers and builders to bring forward activity into the first half of the year.
“As such recent finance and dwelling approvals may be overstating strength a little and price measures may also have been impacted (skewed lower during ‘pull forward’ periods with a statistical ‘bounce’ as this effect drops out)."
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RBA cash rate cuts provide “ballast” to "badly listing" housing market: Westpac’s Matthew Hassan

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.

&nbsp;

[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.

[smartcode_project:default project_id=146717 project_image_fid=372222]

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.

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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.”

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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.

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“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.

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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.

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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.

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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.

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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.

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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.

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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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Larry Schlesinger

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