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Harry Triguboff’s Meriton Group has warned that the end of full stamp duty concessions on Saturday for off-the-plan purchases will create a sales vacuum
The Meriton Group, the biggest builder of new apartments in Sydney, has also expressed a lesser concern that first-home buyers will be put off buying off-the-plan apartments until the first-home owners grant doubles to $15,000 (for new home purchases only) on October 1.
James Sialepis, national director of sales at Meriton, says first-home buyers make up only a small percentage of its off-the-plan sales.
Instead, he is more concerned about the elimination of the full stamp duty concessions for investors, which he says “will have a far greater impact on development activity”.
From July 1 investors and non-first home buyers will receive a $5,000 handout from the NSW government for off-the-plan purchase priced under $650,000 as opposed to up to $22,490 under the previous full stamp duty concession for off-the-plan purchases valued up to $600,000.
“It will take time for investors to adjust to paying full stamp duty again, which could have ramifications for those developers, unlike Meriton, who require pre-sales in order to finance construction,” says Sialepis.
But, he says, being dependant on first-home buyers to secure pre-sales would seem naive, especially considering the financial hurdles placed on them by the banks.
CBRE managing director David Milton expects a return to a more “normal” sales environment.
David Milton says about 30% of the record 360 sales in Sydney projects being marketed by CBRE over June were for apartments priced above $600,000 - meaning buyers were not eligible for stamp duty concessions.
He says a major shortage of property in Sydney is driving sales and adds that there has been too much of a focus on first-home buyers, which accounted for around 10% of off-the-plan CBRE sales in June.
He expects more normality to return to the market now, saying before the focus was on “what you can get for under $600,000”.
“Buyers will now be more objective about their purchasing decisions more focused on buying what they want. There are a lot of owner-occupier buying two-bed apartments.
“There’s an enormous shortage of stock in Sydney that is driving the market.
“People are buying off the plan because they like apartment living,” Milton says.
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lschlesinger-FZcF9M3vE6

End of NSW stamp duty concessions will create a short-term sales vacuum: Meriton

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Off-the-plan buyers have rushed to exchange contracts at Crown’s V apartment tower in Parramatta over the weekend and take advantage of up to $22,490 in stamp duty concessions.
The home builders’ bonus, which offered full stamp duty concessions for buyers of property up to $600,000, ended on June 30. From July 1, non-first-home buyers and investors received a $5,000 grant for buying off the plan up to $650,000.
Haig Conolly says 21 apartments were sold over the weekend in the $300 million V project, which will be the tallest residential tower in Parramatta when completed in 2014.
Crown had lawyers on site on Saturday so that buyers could exchange contracts before the expiry of the full stamp duty concession.
Conolly says it ended up being a late night.
CBRE managing director David Milton predicted 50 off-the-plan sales over its various projects ahead of the weekend and told Property Observer it managed just under that figure.
Milton says there have been about 360 sales during the month of June, making it the strongest June on record. Not all were under the $600,000 threshold, indicating off-the-plan demand should remain strong.
<img src="/images/stories/2012/05/harbourmill1.jpg">
Milton says the two strongest-selling projects were the Harbour Mill project (pictured above and below) in Pyrmont and the last stage of at Macquarie Central Apartments in Macquarie Park.
<img src="/images/stories/2012/05/harbourmill10.jpg">
Brand-new apartments in Harbour Mill, which incorporates Pyrmont's historic Edwin Davey &amp; Sons Flour Mill, start from $475,000 with a car space. The project has been designed by Grimshaw Architects.
Milton says 130 out of the 141 apartments released in the last stage of Macquarie Central have been sold, with prices starting from the mid $500,000s for a one bedder plus study to $650,000 to $700,000 for two-bedroom apartments.
<img src="/images/stories/2012/06/v1.jpg">
<a href="https://www.propertyobserver.com.au/developments/stamp-duty-handout-expiry-helps-sell-out-first-stage-of-v-development-in-parramatta/2012061855159" target="_blank">V (pictured above and below) will feature 466 luxury apartments</a>, a resort-style hotel with pool, gym and conference facilities, as well as office and retail space and is due for completion in 2014.
<img src="/images/stories/2012/06/v2.jpg">
The project features 50 studios (from 40 square metres) priced from $350,000; 70 one-bed-plus-study apartments (from 50 square metres) from $399,000; 260 two-bedroom apartments, which include two studies, (from 80 square metres) from $500,000; and 50 three-bedroom units (from 100 square metres) from $600,000.
<img src="/images/stories/2012/06/v3.jpg">
The $300 million “vertical village” was officially launched on June 18 with a display suite opening.
The doubling of the first-home owners’ grant to $15,000 for new home purchases kicks in on October 1, with the current $7,000 bonus ending for those buying established dwellings.
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June 30 buyers took advantage of stamp duty concessions, boosting NSW off-the-plan sales for Crown V

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Borrowers can forget about an RBA cash rate cut on Tuesday, according to the latest Bloomberg survey of 28 economists.
All 28 expect the RBA to leave the cash rate on hold at its July 2 meeting at 3.5%.
A decided majority – 19 out of 28 – expect the RBA to reduce the cash rate at its August 7 meeting – including economists at all four of the major banks.
One economist – Stephen Koukoulas from policy group Market Economics and former advisor to the Gillard government – is forecasting a 50 basis point rate cut in August to bring the cash rate down to 3.5%.
The verdict on where the cash rate will be at the end of the year is quite mixed, but the majority (15 economists) expect just one rate cut in the second half of the year bringing the cash rate down to 3.25%.
Six are forecasting a 3% cash rate and three a 2.75% cash rate by year-end.
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August awaits as economists unanimous on no RBA cash rate cut at July meeting: Bloomberg survey

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The May 2 cash rate cut of 50 basis points has failed to stimulate demand for mortgages, with just 0.3% growth in housing credit issued by lenders over the month, according to RBA seasonally adjusted figures.
Annualised growth has now fallen to 5.1% setting a new record low for RBA records dating back to August 1977.
The last time monthly mortgage growth slumped to 0.3% was in June last year. Monthly mortgage growth has not been above 1% since June 2007, when it rose 1.3% over the month.
The May 0.3% figure follows growth of just 0.4% in February, March and April and 0.5% in January.
Owner-occupier lending rose 0.3% over May, and loans for investment housing rose 0.4%.
Savanth Sebastian, economist at CommSec, says the housing sector has been a "key area of weakness over the past year"
"And the latest data on housing credit suggest that the sector is not turning around all that quickly.
"Granted there does seem to be a pickup in enquiry levels as more potential homebuyers are enticed by the attractive lower interest rates on offer, but it will take time for activity levels to pick up," he says.
Also commenting on the figures, John Peters senior economist at the Commonwealth Bank says consumer sentiment surveys reveal "deep household pessimism regarding Australia’s economic outlook, employment prospects, and consumer’s future financial situations".
"Combined with softening house prices and wilting local equities, consumers are currently unwilling to take on additional debt, and are in fact paying down debt at a great rate of knots," he says.
The total value of owner-occupier mortgages increased from $838.2 billion to $840.8 billion.
The total value of loans for investment purposes increased from $401.8 billion to $403.8 billion.
Business lending increased by 0.8% over May, after growing by 0.7% over April, to be up 3.3% for the year to May.
Personal lending increased by 0.1% over May, after decreasing by 0.3% over April, to be down 1.6% for the year to May.</body></html>

Mortgage lending growth slumps to new record low in May despite 50-basis-point cash rate cut: RBA

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Australia remains a highly transparent real estate market and thus appealing to offshore investors, but has fallen two spots in Jones Lang LaSalle's biennial 2012 Global Real Estate Transparency Index, with the US and UK ranking higher.
Australia ranked third out of 97 countries and is the top Asia-Pacific country, ahead of New Zealand (fifth) and Hong Kong (11th).
Australia has a 2012 transparency ranking of 1.36, with a perfect score being 1 and 5 indicating “total real estate opacity”
Other countries to rank in the “highly transparent” category in 2012 are Netherlands, New Zealand, Canada, France, Finland, Sweden and Switzerland.
In the 2010 survey Australia ranked number one (1.22) followed by Canada, the UK and New Zealand (tied with Sweden) with the US ranking sixth.
The World’s Most Transparent Countries, 2012
<img src="/images/stories/2012/06/trans1.png">
According to Jones Lang LaSalle, rising levels of transparency are associated with an increase in foreign direct investment, with the index used by investors as a risk management tool "offering comparative information across multiple geographies".
The 2012 survey ranks countries on 83 different factors.
“The results show no deterioration in Australia’s transparency performance since the survey was last conducted two years ago. Our market is highly transparent and stable,” says Australasian head of research at Jones Lang LaSalle David Rees. 
“Changes to the methodology in the questionnaire this year has resulted in a shuffling of the ranking for the top three countries, but the gap in the scores amongst the top three remains paper thin.
“The survey has been extended and refined this year by adding in further questions.  It is worth noting that the Australian score actually remained unchanged between 2010 and 2012 based on a direct comparison between the questions asked in 2010 compared to 2012,” Rees says. 
In 2012 environmental sustainability emerged as an important transparency factor, with Australia ranking second behind the UK on this measure. The UK implemented the world’s first green building rating system.
The report notes that Australia “has been the test bed for new environmental laws, regulations and incentives”. 
The World’s Most Transparent Countries, 2010
<div align="center">
<table width="180" title="Click to view global data" cellpadding="0" cellspacing="0" border="0">
<thead><tr>
<td>
2010 Rank
</td>
<td>
Market
</td>
<td>
2010 Score
</td>
</tr></thead>
<tbody>
<tr>
<td valign="top">
1
</td>
<td valign="top">
Australia
</td>
<td valign="top">
1.22
</td>
</tr>
<tr>
<td valign="top">
2
</td>
<td valign="top">
Canada
</td>
<td valign="top">
1.23
</td>
</tr>
<tr>
<td valign="top">
3
</td>
<td valign="top">
United Kingdom
</td>
<td valign="top">
1.24
</td>
</tr>
<tr>
<td valign="top">
4
</td>
<td valign="top">
New Zealand
</td>
<td valign="top">
1.25
</td>
</tr>
<tr>
<td valign="top">
4
</td>
<td valign="top">
Sweden
</td>
<td valign="top">
1.25
</td>
</tr>
<tr>
<td valign="top">
6
</td>
<td valign="top">
United States
</td>
<td valign="top">
1.25
</td>
</tr>
<tr>
<td valign="top">
7
</td>
<td valign="top">
Ireland
</td>
<td valign="top">
1.27
</td>
</tr>
<tr>
<td valign="top">
8
</td>
<td valign="top">
France
</td>
<td valign="top">
1.28
</td>
</tr>
<tr>
<td valign="top">
9
</td>
<td valign="top">
Netherlands
</td>
<td valign="top">
1.38
</td>
</tr>
<tr>
<td valign="top">
10
</td>
<td valign="top">
Germany
</td>
<td valign="top">
1.38
</td>
</tr>
<tr>
<td valign="top">
11
</td>
<td valign="top">
Belgium
</td>
<td valign="top">
1.46
</td>
</tr>
<tr>
<td valign="top">
12
</td>
<td valign="top">
Denmark
</td>
<td valign="top">
1.50
</td>
</tr>
</tbody>
</table>
</div>
 
The latest survey finds that as real estate markets recover there has been a renewed impetus to being more transparent, with nearly 90% of markets having registered advances in real estate transparency during the past two years.
Transparency advances have been driven by improving quality of data on market fundamentals and performance measurement, combined with better governance of listed property vehicles.
Notably, the 2012 index highlights continued transparency deficiencies in many African, Middle Eastern and Latin American markets. Nations scoring the lowest on transparency, the so-called opaque markets, include Venezuela, Mongolia, Tunisia, Ghana, Iraq, Pakistan, Algeria, Belarus, Angola, Nigeria and Sudan. Many of these countries were assessed for the first time in this update of the index.
The full list of 2012 rankings can be found <a href="https://www.joneslanglasalle.com/GRETI/en-gb/Pages/Global-Transparency-Index-Rankings.aspx" target="_blank">here</a>.
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Australia ranked third most transparent real estate investment market but loses top ranking to US: Jones Lang LaSalle

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Melbourne auction clearance rates appear to be back in sync with changes in consumer sentiment, having diverged noticeably in the last six months of 2011.
From July to December last year Melbourne clearance rates dipped below 60% despite consumer confidence (as measured by the Westpac-Melbourne Institute) rising as the RBA cut rates in November and December
The divergence can be seen in the graph (below) included in the Real Estate Institute of Victoria’s (REIV) June 2012 property report.
This divergence suggests Melbourne buyers were less confident about the economy than the overall national mood and holding off purchasing at auction.
Since the start of the year, auction clearance rates (and Melbourne buyer sentiment) appear to be back in synch with consumer sentiment, rising modestly in tune with the Westpac-Melbourne index.
The gaps in the graph indicate the Easter selling period when sales spike and detract from the actual trend, explains Robert Larocca, spokesperson for the REIV.
Click to enlarge
<a href="/images/stories/2012/06/reivjune29.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/06/reivjune29thumb.gif"></a>
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Melbourne auction clearance rate back in step with consumer confidence: REIV

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The Australian Tax Office has released updated guides for property investors and real estate employees (estate agents and property managers) to help them complete their end of financial year tax returns.
The 2012 Rental Properties guide explains how to treat rental income and expenses, including how to treat more than 230 residential rental property items.
Among the things it will help landlords determine:
<ul>
<li>which rental income is assessable for tax purposes</li>
<li>which expenses are allowable deductions</li>
<li>which records they need to keep</li>
<li>what they need to know when they sell their rental property</li>
<li>what expenses are not deductable</li>
</ul>
It also includes information about capital gains and goods and services taxes, negative gearing, pay as you go (PAYG) instalments and the effects of the general value shifting regime.
The 2011-12 real estate employees guide (a series of links, not a download) provides a simple summary of ATO tax rulings covering allowances, reimbursements and work-related deductions.
It explains the claims estate agents and property managers can and cannot make by looking at the common expenses they might incur as a real estate employees. It also includes information about some changes to the tax laws that have occurred since the ruling was issued - for example, capital allowances and will real estate employees work out what claims they can make.
<a href="https://www.ato.gov.au/content/00313554.htm">The property investor guide can be downloaded here</a>
<a href="https://www.ato.gov.au/content/00313580.htm">The estate agents guide is accessed here (click on the table of contents link on right hand side of page). </a><a href="https://www.propertyobserver.com.au/https://law.ato.gov.au/atolaw/view.htm?Docid=TXR/TR986/NAT/ATO/00001">The full version of the ATO ruling on real estate industry employees can also be downloaded.</a>
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End of financial year: ATO puts out tax guides for property investors and real estate employees

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The Reserve Bank is “ahead of the curve” on its cash rate setting and is set to leave the rate unchanged at 3.5% at its July meeting on Tuesday, says HSBC Australia chief economist Paul Bloxham.
He says the rate cut in June was insurance taken out against the risk of global conditions worsening further.
“As such, it seems highly unlikely the RBA will cut again next week.
“As it has already accounted for some of the downside risk to global growth, it also suggests there may be fewer rate cuts to come than there might otherwise have been," Bloxham says.
Bloxham expects one more rate cut in the second half of the year due to “global risks” playing out, but thinks a further 80 basis points of cuts being priced by interest rate markets  by the end of the year is overdone.
Bloxham says that the in the days following the June 25 basis point rate cut, “it became apparent that momentum in the local economy was stronger than had generally been expected.
“GDP growth was strong in the first quarter (4.3% year-on-year), as was employment in May (up 39,000 jobs).”
He also highlighted the RBA’s monetary policy statement released two weeks after the June decision, which said it was a “finely balanced” call.
“It is clear to us that the RBA’s last cut was global risk insurance, not a response to local conditions.
“But insurance is not free. By cutting rates further the RBA takes the risk that inflation could pick up more. This risk was clearly weighed against the risk that global conditions worsen further, thereby weakening the local economy.
“In the RBA’s view, it seems that the ‘path of least regret’ was to cut rates in the face of global risks."
Bloxham says the RBA was in the position to cut rates at its June meeting due to inflation being currently low at an underlying rate of 2.2%
He expects inflation will rise in the second half of 2012 – but only marginally – due to the carbon tax .
The carbon tax is forecast to boost headline inflation in the third quarter by around 0.7  percentage points and underlying inflation by around 0.2 percentage points.
"The RBA will look through the impact of the carbon tax on inflation. It is already publishing inflationforecasts that exclude the impact," says Bloxham.
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RBA to leave cash rate on hold next week with one more cut likely this year: HSBC’s Paul Bloxham

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The proportion of mortgage holders a month or more behind in their mortgage repayments rose only marginally in the first quarter of the year, according to ratings agency Fitch, which says falling interest rates prevented a greater rise.
In its latest Dinkum Index for the first quarter of 2012 Fitch records that mortgage delinquencies rose from 1.57% in the December 2011 quarter to 1.6% in the first quarter of 2012 – equating to about $35 million loans turning bad.
Click to enlarge
<a href="/images/stories/2012/06/fitchjune29.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/06/fitchjune29thumb.gif"></a>
The rise was mainly due to the number of loans more than 90 days in arrears, which increased by six basis points.
Fitch usually anticipates a higher rise in mortgage delinquencies in the first quarter of the calendar year due to “a portion of Australian borrowers temporarily affected by Christmas spending”.
“The two cash rates cuts in the fourth quarter of 2011 have indeed outweighed the seasonal Christmas spending in combination with minor increases in bank standard variable rates, as shown by the stable 30-59-day arrears,” says James Zanesi, director of Fitch's structured finance team.
"The decision by the Reserve Bank of Australia to cut cash rates by 25 basis points both in November and December 2011 to 4.25% has given some temporary relief to borrowers, as 30-59-day arrears have been stable overall and have not increased as much as others," he says.
Fitch expects the interest rate cuts on May 2 and June 6 to “impact positively on Australian mortgage performance”, with lower interest rates expected to result in improved affordability for existing borrowers and thus to lower arrears levels.
“Although delinquency rates are increasing and are above the historical Australian average, they remain low relative to other countries and well within the expectations used to derive Fitch's ratings for Australian RMBS transactions,” says Fitch.
It says the only major threat to Australian mortgage performance is declining house prices.
“A drop in housing prices could negatively affect transactions, in terms of recovery rates and time. As house prices drop, eventual sales prices are more likely to be below the mortgage balance, leading to losses and LMI (lenders mortgage insurance) claims. This depends on when the loan was written. Less seasoned mortgages tend to have amortised less and therefore tend to be more sensitive to house price changes,” says the ratings agency.
Zanesi says an increase in the proportion of loans 90 days or more in arrears is usually associated with a stagnating housing market, but in the third quarter Fitch monitored an increase in hardship cases and this may have contributed to the increase.
There was a notable rise in delinquencies among self-employed households.
Fitch's Dinkum Low-Doc Index recorded a growth in 30+ day arrears to 7.08% in the first quarter of 2012 from 6.62% in the December 2011 quarter.
Delinquencies in the low-doc segment tend to be two to 2.5 times those of full-doc loans, but in the 12 months to the end of March 2012 they were four to 4.5 times higher.
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Mortgage delinquencies rise marginally in first quarter, but rate cut forestalled higher increase: Fitch

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Camera-shy investors have registered to bid online for this Saturday’s auction of The Block terraces in South Melbourne.
The online bidding service is provided by inspectbidbuy.com, which specialises in live online property auctions.
Those interested were asked to pre-register beforehand and complete an auction authority form, allowing an agent to place bids on their behalf at the live auction.
<img src="/images/stories/2012/06/inspectbid.png">
Registered bidders have been asked to attend the offices of the four estate agencies to place their bids, and then provide the deposit cheque.
An onsite auction will take place on Saturday June 30 behind the closed doors of the four renovated Dorcas Street terraces. The auctions are by invitation or registration only. 
Prospective buyers have registered at <a href="https://www.inspectbidbuy.com/register-buyer" target="_blank">inspectbidbuy.com's website</a> to bid online.
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Camera-shy investors to bid online for The Block 2012 South Melbourne terraces

The Gold Coast economy has grown by 25 per cent since 2020/21 to surpass $55 billion, but perhaps the more significant story is what sits behind the headline number.

For decades, the Gold Coast has been viewed through the lens of tourism, lifestyle and population growth. The latest State of the City Report suggests that perception is increasingly out of step with reality.

Released by Invest Gold Coast, the report ranks the Gold Coast as Australia's largest non-capital city economy and, perhaps more notably, second nationally behind Sydney for Economic Complexity, a measure that assesses the diversity and sophistication of an economy.

It's a result that places the Gold Coast ahead of Melbourne, Brisbane, Perth and Adelaide, highlighting the extent to which the city's economic base has broadened beyond its traditional industries.

Today, the Gold Coast supports more than 350,000 jobs, is home to over 83,000 businesses and generates $19 billion in annual exports. Manufacturing now accounts for 62 per cent of international export growth, while sectors including health, education, advanced manufacturing, technology and professional services are becoming increasingly important contributors to the local economy.

[smartcode_project:default project_id=150017 project_image_fid=372547]

Gold Coast Mayor Tom Tate said the report confirmed the city's evolution into one of Australia's most significant economies.

"The Gold Coast economy continues to grow at an incredible pace. This is no surprise to those of us who have watched the evolution up close," Mayor Tate said.

"As one of the most entrepreneurial, investment driven and opportunity focused economies in the country our ambition has been realised and possibilities are endless.

"The Gold Coast has built a reputation as the city that says yes. We say yes to investment, yes to opportunity and yes to people who want to build something.

"It's this mindset helping us drive major growth across health, advanced manufacturing, screen production, marine, technology and the knowledge economy."

[smartcode_project:default project_id=149670 project_image_fid=360975]

While population growth has been one of the defining stories of the past decade, the report points to a broader economic transformation taking place.

The city's knowledge economy now contributes $7.9 billion annually and supports around 31,000 jobs, while the health and wellbeing sector contributes $5.2 billion and employs more than 42,000 people. Together, the six priority sectors identified in the report account for almost $24 billion in economic output and more than 145,000 jobs.

One of the strongest examples is the Gold Coast Health and Knowledge Precinct at Southport. The 200-hectare precinct now contains more than $5 billion worth of health, education, research and innovation infrastructure and supports over 16,000 jobs.

The report also highlights the growing role of advanced manufacturing, particularly in aerospace, defence and modular construction.

Gold Coast-based Gilmour Space Technologies recently became the first Australian commercial company to attempt an orbital launch, while companies including Modscape and ModnPods are helping establish the Yatala-Stapylton corridor as one of Australia's fastest-growing advanced manufacturing hubs.

The city's entrepreneurial culture is also translating into business growth.

Since 2019/20, the number of businesses operating on the Gold Coast has increased by 22 per cent, while firms employing more than 200 people have grown by 80 per cent. The report suggests the next challenge is converting more local start-ups and medium-sized businesses into nationally significant companies.

Development activity remains another key indicator of confidence.

There are currently more than $23 billion worth of major projects underway across the Gold Coast, supported by a record 75 active cranes, a figure that now exceeds Brisbane and represents a 150 per cent increase since 2016.

[smartcode_project:default project_id=112024 project_image_fid=343235]

Importantly, the report notes the next phase of investment will need to extend beyond residential development.

While 93 per cent of crane activity is currently tied to housing, Invest Gold Coast argues future investment will increasingly need to focus on cultural, civic, infrastructure and industry-enabling projects that strengthen the city's long-term economic resilience.

Invest Gold Coast Chair Will Hodgman said the city was now benefiting from years of economic diversification.

"What is happening on the Gold Coast is the result of the city's economic base broadening, fuelled by industries with long-term, high-growth potential," Mr Hodgman said.

"This is no longer a secondary Australian economy, the Gold Coast is becoming a globally connected city with deeper capability across health, knowledge and creative industries, advanced manufacturing, technology and exports."

[smartcode_project:default project_id=108274 project_image_fid=365786]

Looking ahead, the Gold Coast's population is projected to exceed one million residents by 2046.

For a city that was once largely defined by tourism and lifestyle, the latest figures suggest the Gold Coast is becoming something more significant, one of Australia's most diverse and economically sophisticated urban economies, and increasingly one that national and international investors can no longer afford to overlook.

Joel Robinson

75 cranes, $23 billion pipeline and a $55 billion economy: Inside the Gold Coast economic boom

Ron Bakir's Homecorp has sold more than 75 per cent of the apartments in its wellness-driven Florence Residences in Surfers Paradise following its first weekend release.

The <a href="https://www.apartments.com.au/new-apartments/florence-residences-24-monte-carlo-avenue-surfers-paradise-qld-4217">26-storey project on Monte Carlo Avenue</a>, which commenced construction earlier this year, has seen a flurry of buyers secure their slice of the Gold Coast's latest wellbeing-focused offering in one of the nation's most competitive property markets.

Since the pandemic, the Gold Coast's population has grown by more than 11 per cent, a rate approximately four times faster than Sydney's, driven largely by lifestyle changes and interstate migration. While buyer activity has moderated in some markets nationally, demand for newly built dwellings on the Gold Coast continues to gain momentum as purchasers increasingly prioritise lifestyle, amenity, wellbeing, liveability and long-term investment potential.

&nbsp;

[smartcode_project:default project_id=150414 project_image_fid=372743]

Homecorp CEO Ron Bakir says buyers today are looking for more than just a home.

"What we are seeing is a shift in how people define value in property," Bakir says.

"What attracts residents to new developments is a desire for more than just a residence. They are looking for a place that complements their lifestyle, supports their wellbeing and reflects the way they want to live into the future.

"Lifestyle, longevity, proactive health, wellbeing, connection and a sense of community are increasingly shaping purchasing decisions, particularly on the Gold Coast, where these factors continue to be a major drawcard."

[smartcode_project:default project_id=150414 project_image_fid=372744]

Bakir says Homecorp is responding to this shift through an approach that places greater emphasis on design, amenity and experience working together to create places that feel considered, connected and enduring in value.

Inspired by Eastern European design, Florence Residences will comprise 120 apartments alongside a private residents-only wellness club featuring a resort-style rooftop pool, hot and cold plunge pools, a spa retreat, contemporary gymnasium, and a spacious yoga and Pilates studio.

The development will also feature a residents-only lounge with private dining facilities and a rooftop bar, premium outdoor entertaining areas, a hotel-style lobby lounge, generous bike parking, and pet-friendly amenities including a heated dog wash.

[smartcode_project:default project_id=150414 project_image_fid=372742]

A limited number of apartments remain available, with an exclusive collection of four-bedroom sub-penthouses set to be released in the coming months.

Florence is one of the latest additions to Homecorp's expanding multi-billion-dollar property portfolio, which also includes plans for a <a href="https://www.apartments.com.au/news/qld/homecorp-lodges-plans-for-260-million-moroccan-bathhouse-inspired-tower-in-budds-beach">$260 million development in Budds Beach</a> tailored to the growing wellness market.

A development application has been lodged for a 27-storey, 156-residence tower at 8–10 Acacia Avenue and 25–27 Oak Avenue, featuring a residents-only Moroccan spa-inspired sanctuary.

Apartments at Florence Residences are priced from $1,249,000, with construction expected to be completed by late 2027.

[smartcode_project_cta:default project_id=150414]

Buyers rush to Homecorp's Florence Residences as Gold Coast wellness trend gains momentum

The NSW Government has expanded its $1 billion Pre-sale Finance Guarantee program, broadening access for affordable housing providers and smaller residential developments as it seeks to accelerate housing delivery across the state.

The Minns Government says the program has already helped bring forward more than 600 homes across Sydney and regional NSW since launching in September 2025, with similar models now adopted in South Australia and Western Australia.

The latest changes, announced by Treasurer Daniel Mookhey and Minister for Planning and Public Spaces Paul Scully, are designed to improve access to finance for projects that have planning approval but are struggling to secure funding.

Among the key changes is an expansion of support for community housing providers. The program will now support up to 100 per cent affordable housing projects valued at up to $30 million when delivered by not-for-profit providers, while support for larger affordable housing developments will increase for projects worth up to $80 million.

The government says the changes will help accelerate the delivery of housing for low-income workers, older people, people living with disability, and those at risk of homelessness, while reducing reliance on direct grants or subsidised loans to bridge funding gaps.

The eligibility criteria for smaller residential developments have also been broadened. The previous $5 million minimum project value threshold has been removed and replaced with a requirement that projects deliver at least four homes.

Support has also increased for projects delivering fewer than 20 homes, with the guarantee now able to cover up to 75 per cent of dwellings in a development, capped at $30 million per project.

The changes are expected to particularly benefit smaller-scale and regional developments, which often face greater challenges meeting pre-sale requirements imposed by lenders.

Treasurer Daniel Mookhey said the scheme demonstrates how government can use its balance sheet to stimulate housing supply without relying solely on taxpayer-funded grants.

"The Pre-sale Finance Guarantee shows how this Government is using its balance sheet to reduce risk and unlock private investment, enabling new homes to move from design to construction faster," Mookhey said.

"This landmark reform allows us to deliver homes for working families at a lower cost to taxpayers, while also maintaining strong financial discipline."

Planning Minister Paul Scully said the program had already proven effective in bringing stalled projects to market.

"The Pre-sale Finance Guarantee has already proven it can unlock stalled projects and accelerate housing delivery by giving lenders the confidence they need to back good developments," Scully said.

"These changes will allow more affordable housing and smaller developments to access support so more homes can be built faster where communities need them most."

Housing Minister Rose Jackson said the expansion would help community housing providers overcome financing barriers that often delay projects.

"We know community housing providers are ready to build more homes, too often they're held back by barriers to finance," Jackson said.

"Expanding the Pre-sale Finance Guarantee helps remove those barriers so more affordable homes can get off the ground sooner."

The announcement was welcomed by the Property Council of Australia, which has long advocated for measures aimed at improving project feasibility and access to finance.

Property Council NSW Executive Director Katie Stevenson described the expansion as a practical intervention that addresses one of the most immediate constraints on housing delivery.

"This is exactly the kind of practical intervention we need right now, focused on getting projects out of the ground, not just approved," Stevenson said.

"It builds on a model the Property Council has worked closely with government to develop following calls for such a scheme ahead of last year's NSW Budget, so it's great to see it being expanded."

Stevenson said the reforms would help unlock projects that are ready to proceed but have been delayed by financing challenges. However, she noted that broader feasibility issues remain a significant barrier to increasing housing supply.

"The biggest challenge in NSW housing today is delivery. Too many projects have planning approval but are simply not financially viable to proceed under current settings," she said.

Speaking at the Property Council's NSW Housing Summit, Housing Minister Rose Jackson acknowledged that feasibility and financing pressures continue to constrain housing delivery, while reaffirming the government's commitment to work with industry on solutions.

Stevenson said the government's recognition of those challenges was encouraging ahead of next week's state budget.

"It's positive to see the government clearly recognising that feasibility pressures are now a binding constraint on supply," she said.

"With the Budget just days away, the focus must be on backing delivery, making sure projects stack up, finance can flow, and more homes can move from approval to construction."

The expanded Pre-sale Finance Guarantee forms part of the NSW Government's broader housing agenda, which also includes planning reforms, the NSW Housing Pattern Book, and a series of rezonings intended to increase housing capacity across the state.

NSW expands Pre-sale Finance Guarantee to unlock more affordable and regional housing

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

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[smartcode_project:default project_id=146717 project_image_fid=372212]

Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

[smartcode_project:default project_id=146717 project_image_fid=372227]

Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

[smartcode_project:default project_id=146717 project_image_fid=372225]

While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

[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.

[smartcode_project_cta:default project_id=146717]

Lowe Living launches Jardin House in Camberwell

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

Larry Schlesinger

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