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The Queensland government has officially renamed its $15,000 first-home owner construction grant (FHOCG) the 'great start grant' without noting the irony.
Just 126 first-home buyers have taken advantage of the <a href="https://www.propertyobserver.com.au/queensland/the-%2415000-queensland-first-home-owner-construction-grant-what-first-home-buyers-need-to-know/2012091156510" target="_blank">FHOCG </a>since it was launched on September 12 last year, replacing the $7,000 first home-buyer grant that was available to first-time buyers of both new and existing homes.
Last week Terry Ryder launched a scathing attack on the <a href="/news">Queensland government’s first-home buyer incentives</a> calling them a “new definition of insanity”.
“The government’s solution is to keep the scheme unchanged but to rebrand it.
“I’m an optimist by nature but I despair of politicians ever understanding real estate or implementing measures that genuinely help the industry.
“The Queensland flop continues a long history of failure by government grant schemes for housing. Despite the low success rate, governments continue to offer small sums of money to first-time buyers and wonder why it never works," Ryder wrote.
The <a href="https://greatstartgrant.osr.qld.gov.au/index.php" target="_blank">great start grant </a>is available for first-home buyers buying or building a new home valued under $750,000.
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lschlesinger-FZcF9M3vE6

Queensland $15,000 first-home buyer construction grant gets new name after less than “great start”

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The regional housing market is at its most affordable in almost a decade, according to the latest HIA-CBA Housing Affordability Index.
Overall housing affordability improved by 5.5% over the 2012 December quarter representing an 18.4% advance on the same period of 2011.
Affordability improved in all capital city and state regional housing markets with the biggest regional improvement occurring in NSW, where the affordability multiple improved from 1.43 to 1.31.
The HIA defines the affordability multiple as “the number of full time average incomes required to reach the qualifying income to service a loan on a median priced home”.
Tasmania is the most affordable regional market with a multiple of 1.13 with Hobart also the most affordable capital city market with a multiple of 1.20.
Click to enlarge
<a href="/images/stories/2013/03/hiamarch22.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/03/hiamarch22thumb.gif"></a>
Sydney remains the least affordable capital city housing market with an affordability multiple of 1.75.
Victoria is the least affordable regional housing market with a multiple of 1.55.
Overall, the index improved from 65.3 to 68.9 with the national affordability multiple improving from 1.53 to 1.45.
A year ago it was 1.72.
“This is the eighth consecutive quarter of increase in the index, bringing it close to levels not seen since the depths of the GFC during 2009,” says HIA senior economist, Shane Garrett.
“For regional areas, affordability is at levels last seen during the early 2000’s decade. Affordability is on the increase in every part of the country.
“This has been driven by the weakness of price developments as well as the two cash rate reductions effected by the RBA in the final quarter. Continued growth in earnings has also served to make housing more affordable”.
“It is worth noting that affordability would be even more favourable to householders had recent RBA rate cuts been passed on fully be lenders.”
Despite the continued improvement in housing affordability first-home buyer numbers remain at <a target="_blank" href="/news">near record eight year lows</a> with Garrett noting that “transactions activity on the ground is very sluggish”.
“This underlines the need for stronger interventions from the RBA in terms of interest rates and from the government with regard to the heavy taxation of home purchase,” he says.
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Regional housing affordability at its best since early 2000s: HIA

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First-home buyers continue to stay on the sidelines of the housing market with economists noting the flow-on effect this is having for the wider housing market recovery. In addition the <a href="/news">different incentives on offer in state and territory housing markets</a> and with different expiry dates, is distorting the picture, pulling forward demand in some cases, but with a vaccum likely to follow when incentives are withdrawn.
ABS housing finance figures show that first-home buyer activity retreated further in March with this segment accounting for 14.2% of total owner-occupied housing finance compared with 14.4% in February.
First-home buyer numbers, as a proportion of the total dwellings financed, are at their lowest level since May 2004 – a nine-year-low..
A year ago they made up 18.1% of the market with the first-home buyer market peaking at 31.4% in May 2009, with first-home buyers spurred on by the $7,000 first-home owner boost (FHOB) for existing homes and $14,000 bonus for new homes, which ran from October 2008 to December 2009 (halved in the final two months).
<img src="/images/stories/2013/05/fhbmay14twothumb.gif" width="470" height="328" alt="fhbmay14twothumb">
This decline in first-home buyers is against a backdrop of a stronger-then-expected rise in home lending, which lifted 5.2% in March led by strong gains in NSW and Victoria.
Westpac economist Matthew Hassan highlights a point made by other economists like <a href="/news">AMP Capital’s Shane Oliver</a> that the current housing market recovery has been weak by comparison to previous easing cycles
He told the Australian Financial Review it had taken “a very long time to generate any movement in the sector", but that prior to yesterday’s housing finance bounce, the recovery had been “sub-par”.
Hassan pointed to the lack of activity in the first-home buyer market as a key issue for a sustained recovery, as they typically purchase the homes of those looking to upgrade and move up the property ladder.
“Ultimately you need a new entrant to drive ongoing growth on the buyer side,” he said.
A similar point was made by Commonwealth Bank economist Michael Workman who called first-home buyers “still the missing link to the overall housing activity story”.
“Higher levels of first home buyers in the market are needed to make a solid impact on total housing activity,” he said.
ANZ property market analysts David Cannington and Paul Braddick said that “looking through the distortions from state and territory government first-home buyer policy changes in recent months” the March data indicates “the combined impact of improved housing affordability and low rental vacancy rates (putting upward pressure on rents) is supporting moderate growth in first-home buyer finance, albeit from low levels”.
"First-home buyer activity increased in March (on a trend basis), however its share of the total value of housing finance commitments (excluding refinancing) decreased to 10.9% - the lowest first-home owner share since April 2004," said Cannington and Braddick.
"Growth in the number of first home-buyer commitments in March was lowest in Tasmania, followed by the Northern Territory (-21.3% m/m and -17.5% m/m respectively).
"The withdrawal of the First Home Buyer Grant on established homes in NSW and Queensland and the unwinding of Northern Territory first-home buyer concessions have weighed on first- home buyer lending in these states.
"However, moderate growth in first home-buyer finance in many states in recent months indicates the combined impact of improved housing affordability and low rental vacancy rates (putting upward pressure on rents) issupporting first home buyer activity," the said.
ANZ prepared the following sets of graphs to show how the first-home buyer segment is tracking in each of the state and territory markets, with the five biggest markets – NSW, Victoria, Queensland, Western Australia and South Australia – showing mild improvements, but declining trends in the three smallest states.
Click to enlarge
<a href="/images/stories/2013/05/fhbmay14one.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/05/fhbmay14onethumb.gif"></a>
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Lack of first-home buyer recovery halting stronger housing market rebound: Matthew Hassan

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The decision by the WA state government to increase the first-home owners grant to $10,000 for those who purchase a new home (with only $3,000 for existing homes) from September 15 brings it into line with the other state and territory governments as part of plans to boost the take-up of new homes as the population expands.
From September 1, the ACT government will replace the $7,000 first-home owner grant  with a $12,500 grant for new homes only.
For first-home buyers, these are the grant handouts available in their state and territory markets currently as well as what’s about to change in the coming months:
<div>
<div>
(Click on the state names for links to the relevant state revenue office pages).
<a href="https://www.osr.nsw.gov.au/benefits/first_home/" rel="nofollow" target="_blank">NSW</a>
The NSW state government offers a $15,000 grant for first-home owners who purchase or build a new home valued at up to $650,000 up until January 2016.
<a href="https://www.sro.vic.gov.au/sro/sronav.nsf/alltitle/First%20Home%20Owners?open" rel="nofollow" target="_blank">Victoria</a>
The Victorian government offers a $10,000 grant to build or purchase a new home under $750,000.
<a href="https://www.osr.qld.gov.au/first-home-owner-grant/index.shtml" rel="nofollow" target="_blank">Queensland</a>
The Queensland government offers a $15,000 great start grant for first-home buyers buying or building a new home valued under $750,000.
<a href="https://www.finance.wa.gov.au/cms/content.aspx?id=344" rel="nofollow" target="_blank">Western Australia</a>
The WA government currently offers the $7,000 first-home owner grant for both existing homes and new homes. A cap limits the total value of properties (i.e. total value of home and land) to $750,000 or less, or if the home is located north of the 26th parallel to $1,000,000 or less. From September 15 the firrst-home owners grant will increase to $10,000 for those who purchase a new home with only $3,000 for those who purchase an existing home.
<a href="https://www.revenuesa.sa.gov.au/fhog/index" rel="nofollow" target="_blank">South Australia</a>
The South Australian government offers a FHOG of $15,000 for new homes. For first home buyers buying an existing home there is a First Home Owner Grant (FHOG) of $5,000, which expires on June 30 2014.
<a href="https://www.revenue.act.gov.au/home_buyer_assistance" rel="nofollow" target="_blank">ACT</a>
The ACT government offers a $7,000 grant to first home buyers buying both existing and new homes capped at the total value of home and land of $750,000 or less. This expires on August 31. From September 1 first-home buyers in the ACT will receive $12,500 if they buy or build a new home or buy one that has been substantially renovated.
<a href="https://www.sro.tas.gov.au/fhog" rel="nofollow" target="_blank">Tasmania</a>
The Tasmanian government currently offers a one-off FHOG payment of up to $7,000. The grant is not means tested and there is no cap on the value an eligible home.
There is also a First Home Builder Boost (FHBB), a payment, in addition to the FHOG, of up to $8 000. It is available for eligible applicants, purchasing a newly built home or who are owner-builders between 1 January 2013 and 30 June 2014 and who meet the required time frames for commencement and completion of the house.
Both these grants will end on June 30, 2014.
From July 1 2014, Tasmanian first-home buyers who build or buy a new home (including off-the-plan) will be entitled to a $7,000 FHOG.
<a href="https://www.treasury.nt.gov.au/TaxesRoyaltiesAndGrants/HomeOwnerIncentives/Pages/default%20220213.aspx" rel="nofollow" target="_blank">Northern Territory</a>
The Northern Territory offers a first-home owner grant for both new and established homes that remains ongoing.
FHOG is not means tested however, from 1 January 2010 eligibility ceases to apply if the consideration for, or the value of the home is more than the transaction eligibility threshold (see table below). This includes the unencumbered value of the land on which a home is to be built. The amount of the transaction eligibility threshold is determined based on the commencement date of the eligible transaction.
The commencement date of an eligible transaction is:
for a contract to purchase or construct a home, the date when the contract is made; or
for an owner builder, the date the laying of the foundations commenced.
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="318">
Commencement date of eligible transaction?
</td>
<td valign="top">
Transaction eligibility threshold?
</td>
</tr>
<tr>
<td valign="top" width="318">
On or after 4 December 2012?
</td>
<td valign="top">
$600 000?
</td>
</tr>
<tr>
<td valign="top" width="318">
From 1 January 2010 - 3 December 2012?
</td>
<td valign="top">
$750 000?
</td>
</tr>
<tr>
<td valign="top" width="318">
Prior to 1 January 2010?
</td>
<td valign="top">
No threshold applied?
</td>
</tr>
</tbody></table>
The amount of the grant increased on 4 December 2012 in relation to eligible transactions that commenced on or after that date. From that date, the amount of the grant also varies depending on the type of transaction and location of the property.
If the commencement date of the eligible transaction is on or after 4 December 2012, the amount of the grant is the lesser of the consideration actually paid for the eligible transaction, or:
a) $12 000 if the home is an established home in the urban area;
b) otherwise - $25 000
If the commencement date of the eligible transaction is before 4 December 2012, the amount of the grant is the lesser of the following:
a) the amount of consideration actually paid for the eligible transaction;
b) $7000
An established home is one that has been previously sold or occupied, and is lawfully fit for occupation.
An urban area means all land located wholly within the boundaries of:
<ul>
<li>the Darwin, Palmerston or Litchfield municipalities;</li>
<li>Wagait Shire;</li>
<li>the Darwin Waterfront Precinct;</li>
<li>the “prescribed area” for the Darwin Rates Act.</li>
<li>any other area prescribed by regulation.</li>
</ul>
Carrots photo courtesy of Rahims/flickr.
<ul></ul>
</div>
</div>
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The new house and apartment buyers' guide - state-by-state first-home owner grant availability

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Economist and property bear Steve Keen says housing grants are a “poisoned chalice” that inflate house prices leaving first-home buyers worse off, not better off.
<a target="_blank" href="https://www.propertyobserver.com.au/trends/housing-grants-a-help-to-sell-not-a-help-to-buy-steve-keen/2013070362962?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=realitytv">Speaking from Paris</a>, Keen said government housing schemes “drag people into the market who otherwise would not be able to get in" in an interview on the Keiser Report, a program on Russian English language news channel RT.
“What it does is increase the supply of buyers," said Keen.
“It’s a 'help to sell' not a 'help to buy' because those who are flogging their properties suddenly get a whole bunch of people with money in their pockets."
His comments were made in the wake of UK chancellor George Osborne’s heavily criticised ‘Help to Buy’ scheme, which provides state mortgage subsidies.
Keen said he agreed with the likes of the IMF and outgoing governor of the Bank of England, Mervyn King that Osborne's scheme is a bad idea.
Keen referred to the Australian experience of the government introducing first-home owner grants in an effort to bring more people into the housing market, which created housing bubbles each time such schemes were introduced, made housing more unaffordable and made buyers “worse off not better off”.
“When the Australian government doubled and trebled the scheme (through the first-home owner boost which ran from October 2008 to December 2009) house prices went up 8% and 12% per annum.
“[That is] 12% more unaffordable. If you can’t control it becomes a poisoned chalice."
Keen said governments sponsoring asset price bubbles to make themselves look like good economic managers was a “perennial theme” in Australia dating right back to when Bob Hawke came to power.
“One of the first schemes he introduced in the 1980s was a first home owners grant of a few thousand dollars, which started a little mini-bubble in housing
“After the 1987 stock market crash they did it again with a much larger amount of money that also started a huge bubble.
Prices rose 20% and 30% and then they fell 20% and 30% on the other side of it.
“In 2000 it was brought back and then doubled by John Howard in 2001. Eeach time they did it, it pumped up house prices even more.
“Housing grants have become part of furniture in Australia," he added.
By comparison, before the government began introducing these schemes, Keen says average house price increases were "one half of one percent" compared to consumer price increase over a year.
After the first scheme was introduced by Hawke, the average was 4% growth per year he said.
Keen also returned to his most controversial 2008 prediction about house prices falling 40%.
“House prices were falling when I made my call that they would fall 40% over 10 to 15 years.
“That’s when the government doubled and trebled the first-home owners scheme, which I renamed the first-home owners 'vendors' scheme.
“That restarted the bubble and they kept it going until mid-2010 when house prices started to fall again.”
“House prices fall much more slowly than the stock market. They don’t have the total crash.
“The biggest crash was in the US where house price did fall about 40% over four years.
“What I had in mind for Australia was the Japanese case of a slow bleed, where prices have fallen 70% over 20 years.”
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Housing grants a “poisoned chalice” that create bubbles and leave buyers worse off: Steve Keen

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Opportunities are increasing for vendors to advertise and sell properties themselves online, bypassing the use of estate agents and potentially avoiding thousands of dollars in commission.
Earlier this month a new player entered the DIY space – Intouch Real Estate founded by former Wizard Home Loans’ Paul Ryan – which immediately sparked an expected outcry from real estate agents on industry website Real Estate Business.
Ryan says selling your home yourself is a challenge vendors need to be up for.
Some of the issues DIY sellers must deal with, Ryan says, include ensuring photos, floor plans and description are true and correct, that vendors don’t misrepresent the property or mislead potential buyers, the negotiation process, attracting enough interest in the property and being at the open for inspections.
“Some people don’t like the concept of meeting people attending inspections, answering questions or hearing negative comments about their property,” he says.
But he maintains the sale process is far more transparent.
“The vendor can accept the offer they wish to accept and not be coerced into waiting until the campaign finishes or the auction date and potentially lose a buyer,” he says.
“You obtain genuine feedback, not clouded by real estate agent talk,” Ryan says.
And if the DIY campaign does not prove successful, Ryan says the vendor still has the option of transferring the sale to an agent.
Lorri Baxter, operations manager from Commission Free Real Estate (crfe.com.au), which offers to assist DIY sellers, says most vendors who go it alone have no idea of how to present their property, have an over-inflated opinion of the worth of their property and don't know how to finalise a sale if they find a buyer.
CRFE's service includes a professional advertising script, helping with negotiation and getting DIY listings on websites like realestate.com.au.
"In years gone by, many people have felt they needed to list with a local real estate agent to obtain a successful sale. Let me tell you, those days are long gone! It has become increasingly popular to sell your own home, as this is the only way to avoid paying excessive agent fees," she says.
Among Australia’s most dominant online real estate listings providers – realestate.com.au, domain.com.au and realestateview.com.au – only Domain.com.au provides what it calls a “self-service” offering, and most estate agents, not surprisingly, are firmly against the idea.
Robert Larocca, policy and public affairs manager at the Real Estate Institute of Victoria (which runs realestateview.com.au), says the trend of DIY selling has become more obvious because of the internet but warns that it has always “represented a false economy and still does – regardless of the apparent ease of the internet.
“In the first place, it simply may not be cheaper; many of the websites are simply conduits for a range of service providers seeking to sell a range of services that are often included in the professional fees charged by estate agents.
“Secondly, by not utilising the professional services of agents, consumers can be left exposed. They are less likely to get the best sale price and face the likelihood of having to spend countless hours doing the work normally done by their estate agent. “It may seem cheaper, but will it really be cheaper when you take into account the cost of your time and a lower sale price?”
Despite the large number of online DIY sites (see our list below) DIY listings make up a tiny proportion of the overall market.
As an example, for the post code of 2000 (Sydney CBD), realestate.com.au has over 750 listings while Domain.com.au has nearly 950.
Buymyplace.com.au – which claims to be the no.1 DIY listings website - lists just six properties for sale in the same postcode.
The results are similar for other postcodes Property Observer tried such as 3000 and 2011.
Vendors who do wish to explore the DIY route have a number of online ventures that offer services tailored at this market.
Services range from simply providing a template to completing an online listing to providing a collection of services such as featured listings on sites like realestate.com.au, organising professional photographs, preparing property reports, providing open-for-inspection signs and providing a legal partner for conveyancing.
Most charge a base fee, which rises as more services and features are added to a basic agreement.
Aside from the challenge of marketing, promoting and dealing with buyers, there are also legal obligations and potential hurdles, which can land DIY sellers in trouble.
Vendors must engage a solicitor or conveyance to ensure the necessary legal documents are in place and to also hold the deposit in trust.
Other challenges include estimating a fair price, vetting potential buyers and determining a settlement period.
Despite these challenges, there are numerous well-known advocates for DIY sales
Hotspotting.com.au’s Terry Ryder published a book Real Estate Without Agents, while consumer advocate Neil Jenman also backs the practice as a way to avoid commission costs and the risk of dealing with an unscrupulous agent.
Property Observer has scoured the internet to come up with a comprehensive list of online DIY offerings:
<a href="https://www.intouchrealestate.com.au/" target="_blank">www.intouchrealestate.com.au</a> 
Cost: starts from $995
Services: Access to LiveOffer system which allows vendors to monitor offers on their property online and in real time, yard signs, in-house online listings, listing with realestate.com.au, domain.com.au, promotional flyers. A more expensive vendor-assisted offering is also available for $1,995.
<a href="https://www.buymyplace.com.au/" target="_blank">www.buymyplace.com.au</a>
Cost: starts from $270 to $599
Services: Listing on bymyplace.com.au, for sale sign, six photographs. Auctioneering services, property reports, sales contracts and price negotiation services can be purchased for an extra charge.
<a href="https://selfservice.domain.com.au/">selfservice.domain.com.au</a> 
Cost:  $250 - $499
Services: The ability to build your own listing online and then publish it on domain.com.au. Prices vary dependent on suburb location.
<a href="https://www.forsalebyowner.com.au/">www.forsalebyowner.com.au</a> 
Cost: starts from $699 
Services: Listing on forsalebyowner.com.au, realestate.com.au plus other smaller listings websites, for sale board, property report, printable brochure and ability to manage your own account.
<a href="https://www.noagentproperty.com.au/">www.noagentproperty.com.au</a>
Cost: $295 
Services: Listing on noagentproperty.com.au, 12 photos, unlimited description and time, listing on the Trading Post online.
<a href="https://cfre.com.au/">www.cfre.com.au</a> 
Cost: $699 for “value plus” package (also offers $299 “sell it quick” package)
Services: This is a vendor-assisted offering. It includes a six month listing on realestate.com.au and Domain.com.au, for sale sign and sold sticker, property brochure, solicitor/conveyancer advice form, how to negotiate kit.
<a href="https://www.propertynow.com.au/" target="_blank">www.propertynow.com.au</a>
Cost: $390 listing fee + $90 recurring monthly fee 
Services: Online listing on propertynow.com.au, plus option to buy for sale sign for $75
<a href="https://www.forsaleforlease.com.au" target="_blank">www.forsaleforlease.com.au</a>
Cost: $399 + $99 per month or $795 until sold 
Services: Listings on all major websites, ability to change ad yourself. Extras cost for for sale signs, photographs, a listing on domain.com.au, floorplans etc.
<a href="https://www.owner.com.au/" target="_blank">www.owner.com.au</a>
Cost: $0 - $110 
Services: Standard listing on site with one photograph. For $110 you get unlimited photographs and a pair of for sale signs. Listings are free to renew.
<a href="https://www.diyrealty.com.au/" target="_blank">www.diyrealty.com.au</a>
Cost: $169  
Services:  This covers standard listing on site. ptional services. Optional services that can purchased at an extra cost include additional signage, feature listings and the option of listing on other real estate sites.
<a href="https://www.smartvendor.com.au" target="_blank">www.smartvendor.com.au</a>
Cost: $0 -$2,299
Services: The free offer includes an online ad, five photographs. The top package includes a Google advertising campaign, a listing on domain.com.au, personalised for sale sign and 300 personalised flyers.
 
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Selling the house by owner gets new website advocate assisting the DIY challenge 

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Greater financial incentives are being offered to first-home buyers in Victoria following the raising of the stamp duty discount for homes priced under $600,000 from 20% to 30%.
The higher discount kicked in on January 1, 2013, and applies to both existing homes and new homes, delivering first-home buyers additional savings starting from $600 to a maximum of just over $3,000 on a house price at $600,000.
First-home buyers can work out their stamp duty savings using this table provided the <a href="https://www.sro.vic.gov.au/sro/sronav.nsf/LinkView/C88211C9E07486F0CA2578B70001025018E490D796850F8ECA2575C1008187C7" target="_blank">Victorian government’s State Revenue Office.</a>
Maximum stamp duty savings are now over $9,000. Combined with the existing first-home owners' grant of $7,000 there is nearly $16,000 in savings for those first-home buyers who are willing to venture into the property market in 2013.
The stamp duty discount will rise to 40% on January 1, 2014, and to 50% on September 1, 2014.
To qualify for the stamp duty discount, first-home buyers must also qualify for the $7,000 first-home owners’ grant.
All added up it means Victorian first-home buyers purchasing an existing home receive the highest amount of financial support from their state government.
South Australia, NSW and Queensland all offer higher total incentives and savings, but these are restricted to buying or building a new home.
This is what the other states are offering first-home buyers in 2013:
NSW
A first-home buyer who purchases a $550,000 new home will get $35,240 in assistance.
This includes a $15,000 grant for first-home owners who purchase or build a new home valued at up to $650,000. The grant is available until December 31, 2013, reducing to $10,000 from January 1, 2014.
Non-first-home buyers who buy a new home are eligible for $5,000 whether the new home is off the plan or newly built with a value up to $650,000, The $5,000 grant is also available to buyers of vacant land that is intended to be the site of a new home valued up to $450,000.
First-home owners are also eligible for a maximum stamp duty saving of $20,240 for homes up to a value of $550,000, with duty concessions for new homes valued between $550,000 and $650,000. The transfer duty exemption cap on vacant land is $350,000, with duty concessions for vacant land valued between $350,000 and $450,000.
Queensland
A $15,000 first-home owner construction grant (FHOCG) is available. The FHOCG applies to new property bought or built at a value under $750,000.
First-home buyers also pay no duty on purchases up to $500,000, with a phasing-out rebate applicable for values up to $600,000.
For non-first-home buyers, the Queensland government offers a concessional stamp duty rate of 1% up to a value of $350,000, with stamp duty charged at normal rates for the remaining value of the home purchase. The buyer must occupy the home for a period of 12 months – an applicant may lose the concession if he sells or leases part or all of the home before moving in or within a year of moving in.
 
<hr class="system-pagebreak">
 
South Australia
South Australian first-home buyers have the chance to secure $23,500 from the state government, provided they build a new home.
The $23,500 handout comprises a doubled first-home owner grant of $15,000 for contracts entered into on or after October 15 and up to a value of $575,000, plus a further $8,500 housing construction grant (HCG). The housing construction grant replaces the $8,000 first-home bonus grant.
The HCG is available to all builders of new homes for properties valued up to $400,000, phasing out for properties valued up to $450,000 where contracts are entered into between October 15, 2012, and June 30, 2013, inclusive.
Concessions could rise to $39,830 if first-tome buyers buy an apartment off the plan in the Adelaide CBD under $400,000, where a stamp duty concession of $16,330 applies.
This part of a new stamp duty concession scheme available on the transfer of a new CBD apartment or a "substantially refurbished apartment" for a contract entered into from May 31, 2012, to June 30, 2014, capped at stamp duty payable on a $500,000 apartment of $21,330.
An example where a $39,830 saving would be available to a first-home buyer is <a target="_blank" href="https://www.realestate.com.au/project-aria+on+gouger-sa-adelaide-600000551">Aria on Gouger Street </a>being developed by Brock Urban Projects, where two-bedroom apartments are priced from $335,750.
Up until June 30 2014, South Australian first-home buyers of established homes are entitled to a $5,000 grant. From July 1, 2014, no first-home owner grant is available to purchasers of established homes.
 
WA
A $7,000 first-home owner grant remains in place for a newly constructed or established home. It does not apply to vacant land purchased to build a new home. The total value of the home must not exceed $750,000 if the property is located south of the 26th parallel of South Latitude, or $1 million if located north of the 26th parallel of South Latitude. First-home buyers eligible for the $7,000 grant pay no stamp duty on homes valued up to $500,000 and up to $300,000 for vacant land.
ACT
A $7,000 first-home owner grant remains in place for both existing and new homes where the price of the property or construction of the home does not exceed $750,000.
Tasmania
A $7,000 first-home owner grant remains in place for both existing and new homes, with no cap on the value.
Tasmanian first-home buyers buying or  building a new home (including off-the-plan) are eligible for an additional $8,000 under the First Home Builder Boost Scheme, which applies from January 1 2013 to June 30 2014 if the qualify for the first-home owner grant.
Northern Territory
A $7,000 first-home owner grant remains in place for both existing and new homes where the price of the property or construction of the home does not exceed $750,000.
The NT government also offers first-home owners stamp duty concession of up to $26,730 (the duty owed on the first $540,000 value of a property).
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Victorian government offers bigger carrot to first-home buyers: Government housing incentives in 2013

<html><body>
Queensland-based bank Suncorp financed 6.1% of all first-home buyer loans arranged by AFG mortgage brokers over December, according to new AFG figures.
It was the top-ranked lender outside the major banks with nearly 40% of all first-home buyer home loans processed in December either financed by the Commonwealth Bank or its subsidiary Bankwest, the latest AFG’s quarterly Competition Index shows.
Second on the non-major bank list was AFG’s own mortgage products, which accounted for 5% of all first-home buyer loans, up from 1.9% at the start of the year.
The other non-major bank lenders to appeal to first-home buyers were WA government-owned lender KeyStart with 4.9% of the market, recording the “most dynamic performance among non-major lenders” growing market share from just 0.1% in January.
ING Direct (2.1%) and South Australian government lender Homestart (1.1%) were the only other non-major bank lenders to pick up more than 1% of the first-home buyer market.
According to the index, the CBA accounted for 29.6% and Bankwest for 9.3% of all first home loans in December with the major banks taking 77.5% of the first-home buyer mortgage market.
The Commonwealth Bank’s success with first-home buyers has helped it pick up overall mortgage market share, which has risen from 17.4% in January to 20.7%
Despite accounting for nearly one in 10 first-home buyer home loans in December, Bankwest’s share of the total mortgage market has fallen from 7% to 4.2% over the past 12 months.
AFG bills itself as Australia’s largest mortgage broker, with its brokers writing one in 10 home loans in Australia.
NON MAJOR LENDER MARKET SHARE FIRST HOME BUYERS DECEMBER

Suncorp 6.1%

AFG 5.0%

ING 2.1%

Citibank 0.7% -

Macquarie 0.2%

Circle 0.2%

AMP 0.4% -

ME Bank 0.8%

Liberty 0.4%

Pepper 0.1%

Homestart 1.1%

Wide Bay 0.8%

Adelaide 0.1%

Heritage 0.3%

Rock 0.1%

Keystart 4.9%

Other 0.3%

All Non 22.5%

 
<div> </div>
<div align="left"></div>
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Suncorp ranks as top non-major bank first-home buyer lender as Commonwealth Bank grabs lion’s share of market: AFG

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Four Melbourne businesses running seminars on investing in real estate through self-managed super funds are being investigated by ASIC over the potentially misleading nature of flyers, advertisements and online ads promoting these seminars.
The four businesses operating in the 'sand belt' region of the city - a law firm, a mortgage broker, a real estate agency and a firm of chartered accountants – are named in a leaked letter sent by ASIC commissioner Peter Kell to Liberal MP Peter Fletcher.
The letter was obtained by the Australian Financial Review.
Their last known seminar was held in late 2011.
It follows a review of property sales by the special SMSF taskforce established last year by ASIC chairman Greg Tanzer to examine “high-risk SMSF issues” with its first major project, being “looking at the quality of advice provided to investors”.
ASIC has yet to form an opinion as to whether the material being promoted by these four companies was unlawful.
It comes as part of an ASIC drive to improve the quality of advice provided to SMSF trustees as the sector continues to expand as does the appeal of property as an income-generating asset to hold in these funds.
A spokesperson for ASIC would not comment on the companies named in the letter, but told Property Observer it was “cracking down on the sector, including advertising”. He said ASIC had released guidance for how investing in property through SMSFs should be advertised and expected promoters to adhere to these guidelines.
“We don’t want SMSF investors to become the targets of unscrupulous spruikers," he said.
The guidance on advertising is contained in <a href="https://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg234-published-15-November-2012.pdf/%24file/rg234-published-15-November-2012.pdf" target="_blank">Regulatory Guide 234</a> - Advertising financial products and services (including credit): Good practice guidance.
“Advertisements for financial products and credit products should give a balanced message about the returns, features, benefits and risks associated with the product. Benefits should not be given undue prominence compared with risks,” reads the guide.
ASIC established its special SMSF taskforce in September last year.
In a speech made earlier this month ASIC commissioner Peter Kell said it had been established due to several concerning developments including “an increase in geared investment strategies and increasingly aggressive advertising for SMSFs”.
ASIC does not regulate direct property investment, except where the investment is made through an SMSF.
“In the last year we have seen a rise in SMSF advertising. Unfortunately, we’ve seen more blatant examples of misleading or deceptive advertisements. Particular problem areas we have seen include misleading or deceptive statements about SMSF fees, returns and risks,” said Kell in his speech.
Following this speech, Kell later warned that ASIC “did not want to see SMSFs become the vehicle of choice for property spruikers.
“Where we see examples of unlicensed SMSF advice, or misleading marketing, we will be taking regulatory action," he said.
In its report on the sector released earlier this month, ASIC said it had seen “blatant examples of misleading or deceptive advertising and have taken regulatory action to stop these advertisements”.
“Particular problem areas we have seen include misleading or deceptive statements about SMSF fees; SMSF returns; and SMSF risks.
Misleading advertising of property investment through self-managed super funds can result in ASIC seeking civil penalties of up to $340,000 for an individual or $1.7 million for a body corporate, investors being compensated and orders seeking correct disclosure.
ASIC’s particular areas of focus over the next 12 months are:
<ul>
<li>enforcement—looking at unlicensed financial advice, misleading or deceptive advertising in relation to SMSFs, and continuing to actively pursue enforcement matters in the SMSF sector; </li>
<li>policy implementation—working with accountants following the Government’s announcement to remove the accountants’ exemption, consulting on SMSF issues (e.g. SMSF disclosure requirements and the costs of establishing an SMSF) and registering SMSF auditors; and </li>
<li>education and disclosure—continuing our financial literacy work, updating our MoneySmart website to provide Australian consumers with useful and reliable information about all types of superannuation, including SMSFs, and examining investor attitudes to SMSFs. </li>
</ul>
In March, the Australian Taxation Office revealed it expects more than 1,000 applications a week to be lodged for SMSFs in May and June this year.
<ul></ul>
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Melbourne sandbelt SMSF property spruikers face ASIC probe over seminar advertising

<html><body>
The possibility of a taking an un-interrupted walk at lunch time in the Melbourne CBD is rare these days.
If you manage to avoid the charity muggers with their cheesy grins and clipboards, you’re more than likely to run into someone trying to hand you a flyer for a free seminar promising to make you rich through SMSF property investment.
The latest gang spruiking their free property investment seminar is Ray White SouthBank.
A short walk down Flinders Lane  and back along Collins Street and I passed at least half a dozen people dressed in Ray White branded outfits handing out fliers suggesting that I learn about property investment while enjoying a free lunch at the Rendezvous Grand Hotel on May 2.
The flyer promises a “beginner’s guide to profitable property investing” include a free “crash course” in “how to pay off a mortgage in a fraction of the time, or structure your investment by using your super fund”.
In previous months it was the Park Trent Property Group spruiking their property investment seminars with similar flyers handed out on just about every street corner.
Another round of free Park Trent webinars is taking place this week across the country promising a 90 minute conference including among other things “how to “borrow within your self managed super fund for property investment”.
This type of promotion comes as growing numbers of people look to set up a self-managed super fund to be able to invest in property – the ATO expects up to 1,000 applications a week this month and next - but with many not knowing how to do so or the risks involved.
This week, the Australian Financial Review’s superannuation writer Sally Patten highlighted some of the findings of the Centre for Retirement Research (CRR) at Boston College’s report on the $5 trillion retirement savings industry, including the issue of low levels of financial literacy when it comes to super.
“Workers will need some level of financial literacy to understand and manage their retirement accounts and the level currently appears to be quite low,” says the report which can be downloaded for free on the <a href="https://crr.bc.edu/" target="_blank">CRR website.</a>
No doubt such seminars will look to cash in on this lack of knowledge, but equally, a strong desire to get onto the property market and make the returns so often highlighted in property investment magazines – though not always alongside the tragic stories of investments gone wrong.
The Ray White Southbank flyer certainly plays on this fear on missing out.
It’s first four sentences read:
“Have you ever…
THOUGHT about property investing…but where to start?
WONDERED how others have managed to get so far ahead?
WISHED you could begin accumulating property for your own financial future?
It comes as ASIC looks to clamp down on the misleading advertisement of property investment, particurlarly promotions via flyers and online ads that do not include information about the risks involved in investing or the fees or costs associated with setting up an SMSF.
Yesterday Property Observer wrote of an <a target="_blank" href="/news">ASIC special taskforce investigation </a>into the advertising of seminars in Melbourne’s sand belt suburbs prepared by a real estate agency in partnership with an accounting firm, mortgage broker and law firm.
ASIC’s chief concern is that advertising of property investment through self-managed super funds should provide a "balanced message about the returns, features, benefits and risks associated with the product" and that it protects the vulnerable from unscrupulous spruikers.
Neither the Ray White Southbank flyer, nor the Park Trent seminar I attended last year spoke of the risk of property investment.
The Ray White Southbank seminar is due to take place at the Rendezvous Grand Hotel on Flinders Street on May 2.
Coincidentally, this is the same hotel where I attended the free Park Trent seminar last year with around 50 other people, with complimentary lunch provided.
The Park Trent seminar focused on the low-risk nature of investing in property, beginning with a slide with the heading “safe as houses” and the familiar story that if you’re not investing in property now you may not have enough income to sustain you in retirement.
No mention was made of the risk of investing in property or fees involved.
Attendees were asked to tick a box on a form if they wished to receive further information and possible one on one meetings with Park Trent advisors.
The closest Park Trent came to disclosing the risks of property investment was this comment made at the end of the presentation.
“You won’t see me on A Current Affair," said the seminar presenter.
"We don’t appeal to the greedy and gullible.”
</body></html>

SMSF property spruikers competing with charity muggers on Melbourne street corners

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

Joel Robinson

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

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

WM Residences fills gap in Mordialloc townhouse market

&nbsp;

Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more international and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

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St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

Larry Schlesinger

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