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According to the <a href="https://www.ato.gov.au/About-ATO/Research-and-statistics/In-detail/Taxation-statistics/Taxation-statistics-2017-18/?anchor=Individuals#Table8">Australian Taxation Office</a> (ATO), figures released for the 2017-18 tax year showed 71% of property investors in Australia own just one property while .09% (or 20,756 Australians) own six properties or more properties. 

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Why is it that 1.5 million people are financially savvy enough to appreciate that investing in property is a great way to build wealth, but a fraction of those people purchase additional properties to build a meaningful portfolio? 

When you are working to build a financially sound portfolio, there are four main pitfalls that you need to look out for. 

These include:

<ul>
<li>Falling in love with a property</li>
	<li>Trading property </li>
	<li>Negative gearing</li>
	<li>Cross securitisation </li>
</ul>
Falling in love with a property 

When most people consider buying an <a href="/expert-insights/buying/resetting-your-finances-during-covid-19-a-financial-coachs-guide">investment property</a>, they view the property and make a decision based on whether they love the property and personally would like to live in it or not. 

This is the scenario that sales agents want to see. Ideally they will be looking for two or three prospective buyers to fall in love with the same property and push up the price. 

Emotion is why auctions work so well – people get carried away and keep on bidding even when the price surpasses their budget.  

Falling in love with a property means you will almost certainly pay more than you should, and then you will struggle to let go when the time is right to sell – both can be costly. 

Keep in mind that the investment properties you buy should make you money for the long term. It’s all about the numbers and how it will help you reach your future goals.

Trading property 

Trading property can be a legitimate way to make money but it’s not always the best way to build wealth. 

Even if you sell your recently renovated property for a handsome profit, it’s not that different from the money you earn working your day job. 

In a job you need to pay tax before you ever see a cent of your wages. If you trade property, then the government is going to take its slice by way of capital gains tax before you see a cent. 

On top of that, you’ll have agent’s fees, legal fees, and possibly bank fees too. This means that your <a href="/guides/buying-right-investment-wise">profit is constantly</a> being eaten away by other interested parties keen to take their slice. 

As long as a property is positively geared or cash flow neutral I’d strongly suggest you hang on to it. Not only will you benefit from the capital growth over time but the property will start working for you by creating residual income through rent. 

Real wealth comes from the accumulation of assets, not trading assets.

Negative gearing

The idea of negative gearing is that you buy a property and then rent it out. However, if property values are rising, often it means that your rental income wouldn’t cover your mortgage payments, strata fees and other running costs. 

The result of this is that each month you would need to eat into your savings or divert funds from your day job so you can cover the shortfall. 

The story told by the banks and accountants was that as long as you are able to meet those additional cash flow needs for a few years, the rent would rise to meet those costs and you would be fine. 

Basically, your tenant would be paying off your mortgage and you would keep the appreciating asset and any additional income from the rent. This would mean you don’t pay any tax because your property is losing money.

Forget about the tax you might save – if the property is costing you money and eating into your income or salary then it’s keeping you in a job. It is not helping to liberate you from it.

If building wealth is creating constant stress then perhaps the price is too high and you need a better strategy. 

I would suggest doing thorough research and only buy properties that are cash flow neutral or positive. This way, the property pays for itself without any additional cash injection from you.  

Cross securitisation

Once you start building your property portfolio the biggest mistake you can make is cross securitisation – in other words, borrowing money from the same bank for all your properties. 

If one bank owns all your debt, they control you and that’s never a good position to be in. They can dictate how much borrowing is available to you and can also increase the interest rate if they want to. To tempt you in, they may offer an insignificant reduction (such as 0.2%) below the normal interest rate. 

Don’t bite the bait. Stay protected and maintain some control and flexibility!

The key is not to have all your properties with one lender so that if any of them change their lending rules you can more easily move to another lender that you already have a <a href="/guides/how-to-secure-a-mortgage-free-lifestyle-sooner">relationship with to refinance</a> quickly. 

The other benefit is that you will create a track record with a number of financial institutions which will make it easier to get finance from a new lender in the future.

There is little doubt that buying property can build wealth but it is just like any other investment vehicle – you really have to do your research.
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Nick Dante

Avoid these 4 pitfalls in property investment

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Many investors are wondering whether now is a good time to invest in an off-the-plan property, given we’re in the middle of a recession. While the current economic conditions can be daunting, they can also offer the savvy investor opportunities. 

Here’s what investors should consider about investing in an off-the-plan property in today’s climate. 

Interest rates are at record lows 

During the recession in the early 1990s, interest rates reached a staggering 17.5%. Compare that to today when interest rates are at a record low 0.25% and you can see that not all recessions are alike. 

Low interest rates make investing in property much more affordable, which is a great opportunity for investors. 

Take the example of a family with a household income of $150,000 per year and $80,000 saved for a property. They could purchase a <a href="/guides/how-to-invest-in-property-in-2020-the-ultimate-guide">$550,000 investment property</a>. With an interest only rate of 3% and a 4.5% rental yield, this property is likely to cost around $40 per week before tax. 

However, when we consider the potential tax benefits and the total deductions, the after-tax cash flow of this property is likely to be positive, at almost $88 per week. To put this into perspective, two years ago when interest rates were around 4.5% for investment properties, that same property would have cost you $8 per week after tax. 

Given the cash rate is so low and will take a while to rise significantly, investors can have confidence that holding an investment property will remain affordable for some time. 

Property prices are unlikely to fall substantially

The current recession has been met with a record level of government spending to keep people employed and stimulate the economy. So far the government stimulus has managed to prevent those who are unemployed from being forced to sell their homes which could lead to an oversupply and steep price falls. 

In many markets across Australia, a lack of supply combined with low interest rates, has led to plenty of sales activity. As a result, we’re yet to see significant drops. According to CoreLogic, in June property prices nationally only fell by 0.7%. <a href="/new-apartments">Property prices actually grew</a> slightly in Darwin, Canberra and Hobart in the same period.

As government stimulus is gradually lifted we may see more supply hit the market and therefore dips in prices in the short to medium term which will give investors an opportunity for a discount. However, we’re not likely to see prices plunge. Low supply and low interest rates are likely to prevent steep falls. Investors may be able to secure a discount while retaining confidence that their investment will hold its value, especially over the long-term. 

There are many areas of undersupply

Many areas across the country still have an undersupply of properties. In some cases this has been further exacerbated by would-be sellers postponing their plans to sell due to the current conditions. 

An undersupply can have a big impact on how that market performs. A good example is the <a href="/new-apartments/zetland-nsw-2017">Zetland apartment market</a> compared to the Maroubra apartment market in Sydney. Over the last few years, Zetland has dealt with far higher levels of new property supply. This has significantly impacted the performance of that market by diluting potential growth. In contrast, the Maroubra apartment market has seen lower levels of supply brought to market resulting in the suburb outperforming Sydney’s average during the growth cycle and remaining stable throughout weakened market conditions.

But it’s important to remember not every market is experiencing an undersupply. The unique conditions caused by the pandemic have led to oversupply in some areas. Any areas that typically attract students, foreign investors or tourists may need to be avoided as they are likely to be experiencing an increase in supply, higher vacancy rates and decreases in rental prices. 

Investors should look to those areas with an undersupply, low vacancies and high demand from local purchasers. 

Owner occupier grade stock will continue to perform well

When selecting an off-the-plan investment, it’s important to be very selective and do your research. It’s best to look for developments targeted at owner occupiers. These will tend to be higher quality with better finishes, larger floor plans, and will be more attractive to tenants and any future purchasers. They are also less likely to be located in areas with an oversupply. 

Avoid developments solely geared towards investors. You don’t want to invest in an area where it is difficult to secure a tenant or where rental yields have been seriously impacted. 

Now is a good time to secure favourable terms

In the current environment, buyers are in a strong position to negotiate favourable terms in an off-the-plan contract. Work with the developer or your buyers agent to see if you can negotiate flexible terms which will reduce any risk to you such as the ability to exit your investment without penalty if your job situation changes in the future, a reduced deposit (for example 5% instead of 10%) or a 12-24 month rental guarantee. So long as these terms aren’t accompanied by an inflated selling price, the investor can really benefit.
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Is it wise to buy an off-the-plan investment property during a recession?

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Buying a home and securing a mortgage is a significant life milestone that will not just happen overnight. Banks need to see that you can be disciplined in your approach to saving money by demonstrating this through your lifestyle behaviours and habits.

To help get you on the right track, I have outlined four tips to prepare you for buying your first property. Every dollar you save will reduce the amount you need to borrow from a bank, with a deposit of 20% or more negating the need for lenders mortgage insurance.

Cull unnecessary expenses to reduce spending 

Reducing your outgoing funds is the first step to build the foundation for entering the property market. Consider cancelling subscriptions – such as streaming platforms and unused gym memberships – and try to negotiate cheaper rates on any recurring payments. For example, you could reduce your mobile plan, internet package or stop paying for entertainment subscriptions such as Spotify, Netflix or Stan. Often, first home buyers end up doing this after they already have a <a href="/guides/2019/06/17/urbans-first-home-buyer-guide">mortgage and are struggling to make repayments</a> – so why not get a head start by culling the expense early and boosting your savings account further? Pay off your debts and close lines of credit

When considering how much a bank will lend, they assess how much debt you currently have. Not only is the amount of debt currently owed investigated, but ‘available credit’ is also looked at. This means the limits on your credit cards and what you could hypothetically spend is taken into account. Aim to pay off (and close) all sources of debt to put yourself in favour with the banks. If you don’t like the idea of parting with your credit card, many mortgage agreements include one anyway so you may have it reinstated in the near future. Organise your bank accounts 

The money that you save by reducing your spending is best streamlined into a savings account. Consider setting up a separate <a href="/guides/how-to-secure-a-mortgage-free-lifestyle-sooner">high-interest savings</a> account through your bank of choice (or whichever has the best rates at the time). Ideally, this will be an account that is harder to access (such as a Term Deposit) to reduce the temptation of dipping into your hard-earned cash. Use the Money.com.au compound interest calculator to see how much interest you can earn on your deposit over the course of your savings term.

Save the same amount that equates to your potential mortgage repayments 

If you know how much you are aiming to borrow for your mortgage, demonstrate that you can meet your monthly repayments by saving the same amount now, if you live at home. By using an online principle and interest home loan calculator, you can see how much your regular repayment would be. To prove that you can afford to take out a home loan, try putting the amount into your savings account for 6-months. However, if you are already paying rent, demonstrate that you can pay your potential<a href="/guides/precautions-you-should-take-before-you-sign-up-for-a-fixed-rate-home-loan"> loan repayments</a> by saving the difference in amount. For instance, if your monthly loan repayments are expected to be $1500 and you currently pay $1000 a month in rent, set aside the $500 difference in your savings. Not only will your savings account grow, but it will give lenders the confidence to approve your loan knowing you can afford the repayments.
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4 simple steps to follow before you put down your deposit for your first home

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OPINION:

Australia is in prime position for a speedy economic recovery, as we’re still seen globally as a safe place to live and invest. The Government has thrown us a life raft, buoyed by a <a href="/expert-insights/buying/home-building-grant-to-benefit-affordable-areas-and-first-timers">$259 billion dollar economic support</a> package; some may say, we truly are the lucky country, prepped to float out of this crisis with the wind in our sails.

The above, however, is not enough to turn a U-shape turnaround into a V-shape recovery; good management is required too and unfortunately, this is currently lacking. Let’s take the analogy that Australia is like a cafe. Domestic business is the equivalent of friends and families dining to help you out, but longterm, this is not viable for any cafe.

What we really rely heavily on is the business of the rest of the world to survive and to thrive; international tourism, migration, education, investment. But for international business, we’re charging a 12.5% premium on market value and expecting the world to dine at our cafe. On top of that, we’re picking a fight with our biggest patron, China.

This sort of management doesn’t come without consequences and without a thriving business, money stops coming in and jobs will be lost. This is an analogy that many small businesses can relate to and currently, this is what is happening to the Australian property industry due to mismanagement of the Government.

With our strongest investment sectors likely to see a more drawn out recovery as a result of restrictions on international travel, the property investment and development sector is waiting in the wings, primed to get Australia back on its feet. The only issue is, it’s fraught with headwinds. So, what does the Government need to do?

Replace stamp duty with land tax alternatives

Remove exuberant fees that discourage buyers, such as stamp duty, and replace this with land tax alternatives. Stamp duty is an inefficient tax that reduces the liquidity of property, whereas a land tax makes much more sense as it is an ownership tax that helps fund the state from people who own land in the state.

This reformed land tax would apply to new transactions and continue for all future transactions, ultimately phasing out stamp duty altogether. It should also be collected over a long period of time, given property is a long-term asset. Existing land tax rates have not been adjusted for years, while the value of land has increased substantially.

Additionally, a focus on taxing land value makes higher-density properties such as apartments more affordable to own. This encourages greater purchaser demand for this type of product, which in turn, will result in greater density development around hubs, putting less burden on infrastructure development and budgets; which means taxpayer money can be distributed more efficiently. This also encourages further investment in<a href="/expert-insights/buying/how-to-research-an-off-the-plan-property-thoroughly-and-effectively"> off-the-plan medium and high-density development</a> as ongoing land taxes will remain low. Greater demand in this will drive development activity, meaning more jobs. 

GST rebates to encourage buyers

Strong purchaser demand goes hand in hand with developments being able to reach necessary sales hurdles in order to secure finance to either commence or complete projects, but without this demand, many projects will be put on hold or cancelled.

So, how do you ensure this demand remains? Lower and more affordable prices, opening a wider pool of buyers. Rather than pocketing the GST collected from developers, the Government could instead use this to incentivise buyers via a rebate system. Yes, they forfeit the GST but theoretically speaking, they wouldn’t receive this GST if there is no buyer demand and therefore no supply. The rebate system would allow more projects to get off the ground and in turn, achieve economic stimulus.

Open up the HomeBuilders initiative  

Some may think the recently announced <a href="/news/everything-you-need-to-know-about-australias-25-000-homebuilder-grant-how-much-off-the-plan-homebuyers-could-save">HomeBuilder Package</a> is the government’s way of encouraging buyers but the reality is, the eligibility criteria is very narrow; the maximum $750,000 value of end property is lower than the median house price in Victoria. This is encouraging those on lower incomes to undertake builds and renovations and consequently, accumulate more debt when instead, the Government should be casting a wider net by encouraging the wealthy to spend; if something goes wrong, they’re more likely to have a contingency plan as they can afford it.

Encourage foreign investment

All Government imposed property taxes on foreign investors are simply a means of raising money, yet it’s dressed up as helping affordability because that’s what the Australian public wants to hear. If we go back to the analogy of the cafe, foreign property investors are being charged an absolute premium. The foreign investor is characterised as a common threat to citizens alike when in reality, they are important and significant contributors to the market. Without their contribution, it’s renters that are needing to make up the shortfall.  

Increased taxes will discourage foreign buyers, meaning there is less supply for developers and ultimately, fewer taxes collected. Economics 101 will teach us the relationship between supply and demand determines price so naturally, the price will go up with higher demand (<a href="/news/new-housing-development-aims-to-cater-to-significant-population-growth-anticipated-for-geelong">increased population</a>) and less supply, bringing us full circle to our affordability issues.

And lastly, if the feud with China continues, it will be hugely detrimental to our five most important sectors - property, education, tourism, mining and agriculture. In each of these sectors, China is our biggest customer; we need them, but they don’t necessarily need us and this is a fine line we are treading.
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The Australian property sector could be the catalyst for economic recovery, so why is it facing so many headwinds?

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As a first-time property investor, there may be a number of reasons why you want to renovate your investment property. Maybe it was previously your home and you want to give it a facelift before opening it to tenants, or you purchased a ‘fix-it-up’ property to turn into an investment. 

No matter the reason, renovating an <a href="/guides/how-to-invest-in-property-in-2020-the-ultimate-guide">investment property</a> is substantially different to renovating your own home, as the priorities aren’t the same. There are some key things to consider before completing a renovation to <a href="/guides/how-to-ensure-financial-return-on-your-property-investment-in-15-simple-steps">ensure the best return. </a>

Here are four key considerations to consider for investment property renovation projects:

Install assets that boost cash flow sooner 

Depreciation is the natural wear and tear of a building and its fixtures and fittings over time. Plant and equipment is one category of depreciation. The plant and equipment assets of a property are easily removable, such as carpets and lighting, and are generally depreciated over their individual effective lives. 

Each asset’s effective life determines how much you can claim back each year. This is a key consideration as some assets will let you claim more sooner. 

For example, window blinds have an effective life of ten years, and when using the diminishing value method of depreciation, a rate of 20%. However, curtains hold an effective life of six years and depreciate at a higher <a href="https://www.bmtqs.com.au/bmt-insider/choosing-depreciation-methods-diminishing-value-vs-prime-cost/">diminishing value rate</a> of 33.33%. This means that you would claim back more sooner from curtains than blinds. 

Renovate key areas first

It’s no secret that renovated properties attract an abundance of tenants. When you’re only able to renovate part of the property, focus on the areas that will win tenants over. 

For example, a kitchen or bathroom are key rooms tenants look at when searching for a rental. It may be more worthwhile to invest in improving one of these rooms instead of a study or hallway. If you’re looking at a smaller scale, replacing old carpet throughout the property or painting the interior makes a big difference to a property’s perception. 

Scrapping

When you remove items during a renovation, such as flooring or bathroom fixtures, they can still boost your cash flow. A balancing process called scrapping allows you to claim any undeducted value of removed items as a total tax deduction. This deduction is in addition to the first-year depreciation deduction on the new assets. 

Yes, that means you can get money from things that you were going to throw away. Sounds too good to be true, right? 

To make sure you can claim scrapping you must have a tax depreciation schedule completed before and after the renovation. If these steps are missed, you will miss out. 

It’s also important to note that if you live in the investment property while completing the renovation you can’t claim depreciation on the newly installed assets. This is because they will be classed as ‘previously used’, making them ineligible. 

Low maintenance and high durability 

Another factor to consider when choosing assets is how durable they are and the <a href="/guides/2019/06/24/own-rental-property-here-are-14-things-to-check-to-avoid-major-problems-in-future">level of maintenance they require</a>. 

It’s always preferable to have low-maintenance assets installed when renovating an investment property. A renovation is a costly exercise, so you also want to make sure anything you install is durable.
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What you need to know before renovating an investment property

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When applying for a home loan to purchase a property, two boxes that need to be ticked. 

1. Can you prove that you can afford the loan required using the lender’s servicing calculation?

2. Do you have enough savings to <a href="/guides/how-much-can-i-borrow-for-a-new-home">contribute to the loan?</a>

Both of these requirements must be met, and if they are then there’s a good chance you’ll have your loan approved. But what is the required savings amount?

Ideally the greater deposit you have and the less you need to borrow, the higher your chances of securing your dream home. However, the more accessible funds you have available, the less risky the loan is from a lender’s perspective. 

What to do if you have a deposit of less than 20% 

Having a smaller deposit amount is still sufficient, however, it can come at the cost of a higher interest rate (depending on the lender) and the additional fee of Lenders Mortgage Insurance (LMI). Banks will still be willing to lend you the funds, but will need to have their loan insured.

The cost of this insurance premium is passed onto the borrower, despite the insurance being for the bank’s protection in the first place. The insurance covers the bank against default on the loan by the borrower. This premium is a one-off payment, paid at settlement, and typically added to your overall loan. For example, <a href="/guides/is-property-still-a-good-investment-find-out-why">a property valued </a>at $700,000 where the buyer borrowed a base loan amount of $595,000 (85%) could see the insurance premium reach anywhere between $6,500 to $11,000 depending on the lender. If you have less contribution and need to borrow a greater amount, this premium will increase.   

What’s the minimum deposit required?

As a general rule, most lenders will cap the loan at <a href="/guides/20-things-you-should-look-out-for-before-you-buy-property">95% of the purchase price</a> (if buying as an owner occupier), however this rate will need to include LMI, so again in the above example, you would realistically, need factor in 14% of the purchase price, so that you can be confident that any Stamp Duty fees are covered as well.

Sometimes Stamp Duty concessions are available or buyers may be eligible for Government grants, incentives and exemptions. So it really pays to look a little deeper into the numbers to figure out what’s available to you, the total amount you’re required to pay and your ability to fund mortgage repayments once you secure your dream home.
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 How much are you required to save for a house?

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OPINION:

If you are in property, the impacts have been felt along asset class lines with industrial performing reasonably, residential benefitting from subsidies and office feeling the beginning of a pinch. Retail and hospitality have been hard hit and will likely continue to feel the effects for quite a while. There are now also geographic chasms occurring with the Victorian economy going back into lockdown. 

The economy has been propped up by government transfers not seen since World War 2 (in real terms). While transfers provide temporary relief and it can be argued just delay the inevitable pain, structural reforms to industries can make permanent changes to productivity and benefit the economy in getting out of the trap it is in. 

REFORMS

On that note what we have just been through should be used as a learning experience and a catalyst for reform. The reforms will be far more important than cash handouts in the medium term. It needs to be said that in New South Wales the operational reforms that have been implemented by the Department of <a href="/news/definitions-around-affordable-housing-in-victoria-come-into-force">Planning Industry and Environment</a> have been very successful.  The fast track program has been implemented very well and seems to have provided the Department with a focus that they haven't had for decades. Jobs and investment have delivered a very effective means in helping risk averse organisations with an organising principle to help them better manage risk. While the fast track program appears no different from the gateway approvals process it has worked well in an operational sense and should become a permanent fixture of the Department’s toolkit.

Also changes foreshadowed by the Premier at a recent CEDA luncheon and then further explained by the Planning Minister offer further shards of hope. One of the changes mentioned was the right of appeal in the Land and Environment Court to decisions made by Planning Panels (and Councils) on planning proposals. While long overdue such a reform is critical in getting the industry back on its feet.  Certain Councils really haven't been acting with the same amount of urgency as other levels of government during the past six months and seem to be struggling with the changes. This change may bring a shot of reality into the picture. It will be up to the NSW Parliament to make the call on this when they vote on the changes.

WORKING FROM HOME

During the past six months, <a href="/news/clarke-hopkins-clarkes-jordan-curran-explains-how-covid-19-could-influence-the-design-of-mixed-use-communities">working from home</a> has become the standard feature of many people’s employment. It was ironic that I was sitting at home watching a presentation on line from the Greater Sydney Commission where they said that they were going to continue with the policy of sterilising employment land from any other uses. I almost fell off my chair. Here I am in employment at a residential premises on residentially zoned land (and I have been for six months). Surely, they have seen that Optus and many other corporates have said that working from home will be permanent. Major law firms are <a href="/expert-insights/buying/bounce-back-dip-boom-bust-what-s-next">seeing 15% of their employees</a> back in the office and it is unlikely they will be back to full use in a long time. If there ever was a case to jettison a last year’s policy fashion now is probably the time. Rather than rely on edicts from above, the local planners need to bring to bear some of the skills they learnt at University. There are strong cases for mixed development in some employment zones (not all but some) and sterilising land by decree will simply lead to an oversupply of employment land and/or a less efficient city as employment patterns change. Rather than sterilising the land a case should have to be made by local planners as to why the land should be employment only.  

KEY LESSON

The lesson from lockdown is simple. Flexibility is the key in responding to events that could never have been expected. When you find something that works stick to it until it no longer works. No-one really knows how events are going to unfold and to respond appropriately will take a great deal of effort.
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Planning, policy + property: Lessons we’ve learnt from Australia’s COVID-19 lockdown 

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When the time comes to sell, property owners are often caught off-guard by the expenses that are associated with selling property.

"While the bulk of the cost associated with property transactions are for the buyer's account, the seller will incur at last some costs," explains Giel Viljoen, Principal at Leapfrog Stellenbosch.

Make sure to take the following into account and budget accordingly.

Bond cancellation costs

If you have a bond on the property you're selling, there is likely to be a cost for cancelling the bond. The cost varies from bank to bank but prepare to pay in excess of $4000. 

<a href="/guides/how-to-buy-a-house-in-2021-a-guide-for-first-time-home-buyers">The seller</a> needs to give the bank written notice 90 days in advance before consolidating the bond in full as a result of sale, or risk incurring a notice period penalty. Failing to provide notice in good time will result in bond notice period penalty interest, which is a significant but avoidable expense.

In some cases the transfer process may also incur costs for the seller, but that only really happens if the sale of the property is finalised before the bank is notified, which then results in penalty interest.

"If you need to settle other fees with the money available in your bond to do so before issuing the bank with notice of bond cancellation.” Giel Viljoen, Principal at Leapfrog Stellenbosch

Compliance costs

Compliance certificates (which includes electrical, gas, plumbing, beetle and electric fences) are the seller's responsibility and must all be in order before a property can be transferred. Also note that the cost of the certificate does not include the costs of anything that needs to be fixed or repaired, based on the findings of the inspection.

Agent commission

The agent's commission is the seller's responsibility to pay and is usually calculated as a percentage of the purchase price of the property. 

"We often hear complaints about this 'cost' but bear in mind that the agent renders a professional service and the commission is compensation for their work in ensuring the transaction offers the best deal to both the buyer and the seller." 

Giel Viljoen, Principal at Leapfrog Stellenbosch

Rates, taxes and levies

As part of the process of <a href="/news/opinion-the-best-time-in-the-near-future-to-buy-property">selling a property </a>the conveyancing attorneys will require a clearance certificate from the local authorities stating that all rates and taxes are fully paid. In some cases, the seller will be required to make future-dated payments of between two and six months in advance. The amount will be an approximation based on past accounts, and can be rather a large sum for the seller so it is useful to plan and budget accordingly when you decide to put your property on the market. If, however, the property is registered to the buyer in a shorter time frame the council will refund the seller.

Similarly, if the place being sold is in an estate or a sectional title property, the homeowners' association could require the seller to pay the levies a few months in advance to ensure all costs are covered while the property transfer is in process.

Miscellaneous costs

A cost that does not apply in all cases but that certainly needs to be planned for if it does is Capital Gains Tax (CGT), which is the tax payable on the disposal of an <a href="/guides/is-property-still-a-good-investment-find-out-why">asset (your property)</a> where the proceeds exceed the base cost. CGT is the responsibility of the seller and forms part of income tax.

Lastly, don't forget to take the cost of moving your things from one property to another into account. Moving costs tend to be more flexible as it depends on factors, including how far you're going, but should still be planned for.
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Selling your property? Be sure to take these 5 costs into account

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<h2>OPINION:</h2>

Navigating the planning system in New South Wales can often seem like a tedious problem. At a local level, development applications are governed by a seemingly endless list of statutes, frameworks, guidelines, and advisory notes. Adding onto this burden the issue of heritage and suddenly, the odds of doing any form of adaptation or alteration to a building can, on the surface, seem like an insurmountable challenge. 

Yet lying underneath this mountain of legislation is a <a href="/news/upcycling-australia-why-demolish-when-you-can-re-polish">wealth of untapped opportunities around heritage adaptation</a> which offers flexibility and a chance to develop projects which would otherwise not be possible. By bringing in both planning and heritage expertise in-house as architects, we can engage in a close exploration of how architecture can work coherently and concurrently with the plethora of planning legislation, using heritage buildings as a gateway to provide new opportunities which deliver positive outcomes for development and the local community. 

These opportunities recognise that the idea of heritage preservation is not an end in itself and in fact, as the historian David Lowenthal reminds us, “‘preserve’ also carries with it the meaning of ‘pre-serve’. It is an act that preceded some aim to be served through it. Preservation is not action or epilogue; it is only prologue.” When we begin to look at heritage buildings from this perspective of pre-serve prologue, what we find is a wide array of opportunities for adaptive reuse, and the chance to give new life to old structures in the very heart of our city.

Planning for adaptation

The potential for heritage items to lead new lives is embodied in the provisions under <a href="https://www.legislation.nsw.gov.au/#/view/EPI/2006/155a/part5/cl5.10">Clause 5.10(10)</a> of the Local Environmental Plan (LEP) which states that,“...The consent authority may grant consent to develop for any purpose of a building that is a heritage item…even though development for that purpose would otherwise not be allowed…” 

The threshold test for activating this incentive is to ensure that the conservation is “facilitated by the granting of consent” meaning that whilst an opportunity is offered to repurpose a heritage building, it is also balanced with the responsibility for any potential development to also adequately manage the item. This clause, therefore, gives credence to the principle of adaptive reuse by enabling potential alternative functions to be explored and implemented whilst also ensuring that a historic building is maintained and enhanced. 

Alternatively, some councils in our inner-city also have specialised provisions for the conversion of historic structures into new, more applicable uses in an attempt to preserve the historic character of an area whilst also accepting the need for change. Marrickville LEP’s <a href="https://www.legislation.nsw.gov.au/#/view/EPI/2011/645/part6/cl6.9">Clause 6.9</a> (Soon to be the Inner West LEP) for the Conversion of Industrial or Warehouse Buildings is one such example. As the old industrial suburbs of Alexandria, Marrickville and Waterloo have become progressively redefined as key inner-city housing precincts, departing industries have left behind a legacy of sturdy, warehouses and factories. The expansive floor plates and tall ceilings of these buildings provide an equally unique opportunity for conversion into a range of housing typologies, including mezzanine and loft-style developments. Conversions such as these provide a bridge between the historical and the functional – retaining the old industrial character of an area, whilst meeting the new residential needs of Sydney in the 21st Century. 

Order in the court

In exploring additional opportunities for adaptive reuse, we can also turn to how the Land and Environment Court has interpreted the issue. In the pivotal case <a href="https://www.caselaw.nsw.gov.au/decision/549f83703004262463abc5a1">Hesse v Parramatta</a>, which became one of the key planning principles of NSW, a four-part test was established to determine the public interest benefit of adaptive reuse, where a proponent would have to advocate for one or more of the following attributes:

<ul>
<li>The building is of historical or heritage value</li>
	<li>The building is attractive and fits into its urban design context</li>
	<li>The building is much loved by the community</li>
	<li>The new use serves the public interest better than the existing use</li>
</ul>
Whilst the case demonstrated that adaptive reuse is not automatically in the public interest, these four guiding principles are extremely useful because it allows designers to engage more directly and critically with a local context to deliver, ultimately, a better outcome for the proponent of a project, the final users as well as the local community – a triple-win scenario. 

A world beyond heritage 

Beyond the world of heritage architecture, the potential for adaptation also exists in structures littered across our city more generally. The zone adjacency provisions contained in <a href="https://www.legislation.nsw.gov.au/#/view/EPI/2006/155a/part5/cl5.3">Clause 5.3</a> of the LEP once again offers flexibility to sites which lie adjacent to more intensive development zones. Caught between the interface between high and low density or commercial and residential zoning, lies dormant possibilities to reuse structures.

Old factories, old commercial buildings can often be converted without substantial demolition, providing substantially denser projects in areas where this may no longer be allowed. Similarly, recent development approvals in Glebe and Balmain have shown that old, pre-existing structures, whether origin<a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2020-07-23_at_3.46.46_pm.png" rel="gallery-all" title="On-site construction image, current development – removal of interior fabric and reinforcement of the top floor for construction of the new penthouse level. "><img alt="" class="image-article-full-width-580px" height="383" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-07-23_at_3.46.46_pm.png?itok=8MiYTTJs" title="On-site construction image, current development – removal of interior fabric and reinforcement of the top floor for construction of the new penthouse level. " width="580"></a> On-site construction image, current development – removal of interior fabric and reinforcement of the top floor for construction of the new penthouse level. ally a boarding house, a warehouse, or offices, can be converted with substantially little structural change, but far higher floor space and height than current planning constraints.

These developments make clever use of existing building envelopes, providing a sound argument in their <a href="https://www.legislation.nsw.gov.au/#/view/EPI/2006/155a/part4/cl4.6">Clause 4.6 Variation</a> that amenity in the neighbourhood remains unchanged, whilst modernising tired, old structures to supply much needed, high quality, sustainable housing to meet the needs of our growing city

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2020-07-23_at_3.50.41_pm.png" rel="gallery-all" title="On-site construction image, current development – removal of interior fabric and reinforcement of the top floor for construction of the new penthouse level. "><img alt="" class="image-article-full-width-580px" height="392" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-07-23_at_3.50.41_pm.png?itok=FcmHlFZs" title="On-site construction image, current development – removal of interior fabric and reinforcement of the top floor for construction of the new penthouse level. " width="580"></a>

<figcaption>On-site construction image, current development – removal of interior fabric and reinforcement of the top floor for construction of the new penthouse level.</figcaption></figure>The future lies in our past

So often our planning system is thought of as an adversarial system, a tangled web woven to confuse and to prevent any change or progress from taking place. But when we begin to look closer, more carefully and more critically, we can actually find the individual paths of untapped potential of warehouse conversions, heritage incentives and pre-existing site benefits. This enables us not only to use heritage buildings in a useful way, but also in a meaningful one, preserving what is best for our past, whilst also looking ahead to the endless possibilities for our future.

<figure><figcaption> </figcaption></figure>
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The untapped opportunities of adaptive reuse

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<h2>OPINION:</h2>

They say that in times of great distress, humans have two distinct responses to a perceived harmful event: fight or flight. Right now, we are seeing collectives, organised groups and societies across the world-over, exhibit their response to arguably the greatest disjuncture most of us have witnessed in a single lifetime, and will likely ever endure, in their lifetime – the <a href="/expert-insights/buying/opinion-is-the-impact-of-covid-19-a-repeat-of-sars-for-the-property-market">COVID-19 pandemic</a>.

There’s nothing like a crisis to focus the mind on a good outcome and reality is that we should always be striving to be more effective and more productive in the interest of the welfare of our people – that’s a truism. It is like seeing a 4m tiger shark in the water whilst you are surfing at <a href="/developments/bondi-beach-nsw-2026">Bondi</a>. There is no more effective and powerful action than the one you’ll take next in that circumstance.

We’ve recently seen evidence of this in the urban planning and built environment sector, with Premier Berejiklian offering up her finest “fight” response, announcing her intentions to reform the antiquated and woefully anachronistic planning system, in order to cut onerous red-tape and 'turbo-charge our economic recovery'.

As anyone in the industry will attest, the current planning system is long overdue for major reform. Every day, I hear stories of how it takes three years to get a carport approved - it’s simply a system that isn’t built for a current, modern-day purpose.

The NSW <a href="/expert-insights/buying/news-that-da-assessment-times-have-halved-are-grossly-exaggerated">planning system</a> in its current form is starting from an incredibly low and ineffective base - it is the slowest in every single category of assessment according to the most recent report of the NSW Productivity Commissioner. The system has also largely ignored the legitimate role of rezoning proposals to enable flexibility and accommodate changes in economic circumstances for too long. The Premier has even admitted that it takes a ludicrous 579 days and thousands of pages of expert consultant reports, to progress any rezoning of land.

Everyone agrees that meaningful reform of the system is long-overdue, and we have all heard a lot of talk around fast-tracking before. Most of it, though well-meaning, however, has actually only ever achieved added complexity. And for that reason alone, it should not have taken a pandemic for the Government to act. But in any case, it’s good to see our legislators and policy-makers putting up a fight, at precisely the right moment.

There is no greater challenge than a world-wide pandemic to test the psyche of governments and billions of intelligent people world-wide. In the end, it is always about the human: we are the problem and we are also the solution. While we are yet to see just how effective these latest reforms will be, at least we are now having renewed vigour and purpose. Perhaps even with a planning system that stimulates the economy and properly serves the people.
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Hope for planning reforms to get NSW back on track

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

Joel Robinson

First look at MAYD's North Kirra mixed-use precinct

<main data-perf-region="main">
Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>

Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Nicholas Failla

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