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1976
Under the government’s Foreign Investment Policy (at the time the primary mechanism under which real estate investment was screened), some acquisitions of Australian real estate by foreign interests were examinable. However, acquisitions of residential dwellings for the intended use by expatriate Australians and accepted migrants and transfers of real estate between immediate family members were not examinable.
The Foreign Investment Review Board was established to advise the government on foreign investment proposals.
1978
All acquisitions of real estate by a single foreign interest or associated foreign interests up to a cumulative value of less than $250,000 (since 8 June 1978) did not require approval. Proposals from foreign developers to construct and sell real estate developments (including exclusively to Australians) were subject to a minimum 50% Australian equity participation.
1981
All acquisitions of real estate by a single foreign interest or associated foreign interests up to a cumulative value of less than $350,000 (since 8 June 1978) did not require approval.
1985
All acquisitions of real estate by a single foreign interest or associated foreign interests up to an aggregate value of less than $600,000 (since 8 June 1978) did not require approval. Requirement of 50% Australian equity participation removed for developments that are minor (less than $10 million) or short-term in nature (less than five years to complete).
1987
$600,000 threshold was abolished, with all proposed acquisitions of urban (including residential) real estate by foreign interests requiring approval regardless of size or value.
Advanced-off-the-plan category was introduced with a minimum requirement of four or more dwellings in a development provided that no more 50% of the units in any one project were bought by non-residents and subject to an undertaking by the developer to report all sales six monthly so that compliance with the 50% restriction could be monitored.
1989
Foreign Takeovers Act 1975 renamed Foreign Acquisitions and Takeovers Act 1975. Statutory backing given to the government’s Foreign Investment Policy, with existing restrictions requiring foreign persons to seek approval for the purchase of Australian urban real estate replicated in the Act.
1999
Advanced-off-the-plan certificates: only developers seeking advanced approval to sell up to 50% of a development with ten or more (previously four or more) dwellings to foreign investors could apply for advanced approval.
2008
The requirement for temporary residents to obtain foreign investment approval for real estate purchases was removed.
The 50% rule for the advanced-off-the-plan category was removed and replaced with a new requirement that the developer must market the development domestically and the minimum number of dwellings required in a development was increased to 100.
2010
The requirement that temporary residents need approval for real estate purchases was reinstated.
Source: Foreign investment in residential real estate: Treasury submission to the Inquiry into Foreign Investment in Residential Real Estate
Photo courtesy of Flickr/<a href="https://creativecommons.org/licenses/by-sa/2.0/" target="_blank">Creative Commons</a>.
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How foreign investment policy for Australian residential real estate has changed since the 1970s

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Agent: Lisa Dunne<img src="/images/2014/05/21/RWSPG_Agents%202%20of%2020.jpg" width="150" style="float: right;">
Position: M1 North team leader and sales and leasing consultant​
Company: Ray White Industrial
Office location: Yatala, Queensland
How long have you been in the industry?
Seven years​
What’s happening in the area you specialise in?
​Yatala Enterprise Area​ on the northern Gold Coast
Describe the most interesting property you have sold or leased
​I think it would have to be 24 Octal Street, Yatala. I took to market with Super Butcher as the tenant, then the receivers came in and I got to market again. The staff there knew me so well by the time it settled.  ​
What are the ingredients to being successful in your job?
​Communication, integrity and fun​.
What aspects of your role do you enjoy the most?
​Talking to clients (customer service), but nothing beats getting a result that both the vendor/landlord and buyer/tenant is happy with.​
Where would invest a spare $750,000?
With the ​great interest rates at the moment, it is hard to pass up commercial investment stock with great returns.
Which football team do you support?
​My house is normally full of basketball paraphernalia and not football - We follow the NBA (Chicago Bulls).
What’s your favourite app or techno gadget?
​My IPad and iPhone - can't leave the house without them.​ 
How do you use social media?
​Facebook is what I use the most and I like to keep everyone up to date with all activity in the area.  Whether it is property related or not. ​
Connect with Lisa on <a href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/lisa-dunne/58/b20/710" target="_blank">LinkedIn</a>.
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In profile: Ray White Industrial's M1 North team leader and sales and leasing consultant​, Lisa Dunne

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Whether you're a monarchist or a republican, the Queen's Birthday long weekend is a prime opportunity to get some extra value for your dollar.
Here are six things any investor can do over the next three days to progress their investments - and they're all free.
1) CHECK THE STATISTICS
If you have some suburbs in mind, then head onto our free data tool to check the latest statistics about that area, which uses RP Data to great effect. You can also do a quick search to find out if we've been writing about the area. If you'd like us to cover it in a suburb spotlight (see <a href="?option=com_googlesearch_cse&amp;q=suburb%20spotlight" target="_blank">where we've covered before in our vault here</a>), then email: <a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au </a>and we will see what we can do.
You might also want to go online and hunt down other statistics for the area. <a href="https://www.abs.gov.au/websitedbs/censushome.nsf/home/quickstats?opendocument&amp;navpos=220" target="_blank">Quickstats from the Australian Bureau of Statistics</a> uses Census Data to provide you the latest demographic and area snapshot. <a href="https://www.sqmresearch.com.au/free-statistics.php" target="_blank">SQM Research</a> is also an invaluable source of information about stock on market, asking prices and vacancy rates as well as their new 'implied gross rental yield' statistic.
2) GET SOME QUICK READING DONE
We provide a range of eBooks written by Property Observer journalists. From guides to refinancing, tax strategies, SMSFs and tips for buying off-the-plan, there's a wealth of information you can get your hands on. They come in PDF format.
3) FIGURE OUT WHAT YOUR PROPERTY/IES ARE WORTH
If you have a portfolio of property, then it's worth keeping an eye on how much they may potentially be worth - and therefore how much of a buffer you have. Extra equity can always be re-invested, while those seeing their value decrease should consider how they might act.
Online valuations can be indicative, however we've previously warned that <a href="https://www.propertyobserver.com.au/residential/diy-website-property-valuations-mostly-askew/2012042754446" target="_blank">they are often askew</a>, and you'll want to hop onto listings websites (such as realestate.com.au and realestateVIEW) to undertake some of your own comparison research. Be sure to check to find out what properties have sold for in your area and ensure they are comparable before leaping to conclusions.
If you have some extra time, you could always line up an appraisal with a real estate agent for some further insight.
4) CHECK IN WITH YOUR TENANTS
Speak to your property manager and just double check how your tenants are going. Ensure you know when the lease comes to an end, and whether there have been an queries or complaints from the tenants. Ask your property manager, if you are not in contact with your tenants, to ask them if there's anything they need fixing or that would make them more comfortable. Some tenants, for instance, are happy to pay more weekly if you provide them with air conditioning or something similar that would make their lives more enjoyable.
Ensure that all repairs have been undertaken and that your property manager has undertaken regular inspections as required.
5) PUT INTO PLACE A SAVINGS PLAN
If you haven't already got a budget and a savings plan, then you'll want to take action quickly. <a href="https://www.propertyobserver.com.au/finance/savings-tips-for-2014-get-your-new-home-faster/2014010967128?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news" target="_blank">We've put together a guide to savin</a><a href="https://www.propertyobserver.com.au/finance/savings-tips-for-2014-get-your-new-home-faster/2014010967128?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news" target="_blank">g</a> that you can glean some useful tips from. 
6) ATTEND SOME OPEN HOMES IN YOUR TARGET AREA 
Start having a look at what type of stock is on the market and get an understanding of buyer interest at the different properties. You'll want to keep detailed records so you can start tracking how quickly different types of property sell. We recommend reading these <a href="https://www.propertyobserver.com.au/residential/nine-areas-to-check-at-open-for-inspections-karin-derkley/2012031553709" target="_blank">nine areas to check when you're at an open house</a>, and the breakdown of each room. You'll quickly get an understanding for the different properties around and which streets are more popular.
Remember to keep your ears open for what other attendees say about the property.
Here are some other tips on how to spend your long weekend: 
<a href="/expert-insights/building/10-tips-to-beautify-your-garden-this-weekend">10 tips to beautify your garden this weekend</a>
<a href="/expert-insights/buying/six-weekend-things-to-consider-about-investment-advice">Six weekend things to consider about investment advice</a>
This is a republished article.
 
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Six investor activities for the long weekend

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The Simon family sold their vast Point Piper harbourfront trophy home mid-week for just shy of $30 million, some eight years after the initial listing.
<a href="/expert-insights/buying/simon-family-point-piper-sale-swings-pendulum-back-to-the-harbourfront">It once had $60 million price hopes</a>, reduced to $42 million by 2011, and then $38 million by mid-2013 (the home is pictured below).
<img src="/images/2014/06/03/point%20piper_0001_2.jpg.jpg" alt="Simon family Point Piper sale swings pendulum back to the harbourfront">
There are still plenty of other prestige Point Piper offerings that languish unwanted by buyers at current pricing, and many others not officially listed publicly on websites. 
It is possible the sale of 130 Wolseley Road will now encourage a sensible price revision among the remaining ambitious vendors. 
Our property contrarians Jonathan Chancellor and Margie Blok commented late last year that the bullish sale of Altona in April 2013 actually prompted another<a href="/news/the-altona-aftermath-buyers-baulking-at-the-ambitious-asking-prices-sydneys-top-20-house-sales-in-2013-he-said-she-said"> </a>sales impasse becoming embedded given all <a href="/news/the-altona-aftermath-buyers-baulking-at-the-ambitious-asking-prices-sydneys-top-20-house-sales-in-2013-he-said-she-said">vendors decided their own home was worth more in the aftermath of the $52 million trophy home</a>.
They now look at the stalest listings and select their own preference.
1) In mid 2012 the Point Piper home of Ron Medich and his wife, Odetta, was listed officially for sale, but it was actually being shown to prospective buyers since 2011. 
The harbourfront property had previously been quietly listed for sale, never publicly marketed in print or internet. 
<img src="/images/stories/november29medich/medich_0005_krm_r_4_05.jpg.jpg">
It was listed through Bill Malouf at LJ Hooker Double Bay, in conjunction with Ken Jacobs at Christies Great Estates with revised $40 million price expectations down from February 2011's reported $55 million hopes. 
The Australian architectural studio <a href="https://www.propertyobserver.com.au/residential/tasmanian-tigers-keep-watch-over-the-point-piper-harbourfront-mansion-of-the-much-accused-ron-medich/2011112852588" target="_blank" style="line-height: 1.3em;">Katon Redgen Mathieson completed the Point Piper project in 2009</a> for Medich, who made a fortune with his brother developing industrial sites in Sydney’s west, and Ron's  estranged wife, Odetta. The David Katon-designed house replaced the house bought from the restaurateur Wolfie Pizem in 2003 for $15.1 million.
2) <a href="https://www.propertyobserver.com.au/new-south-wales/point-pipers-most-prized-leslie-wilkinson-home-listed-for-about-%2430-million/2012030153649" target="_blank" style="line-height: 1.3em;">One of Professor Leslie Wilkinson's most prized Point Piper houses </a>remains listed for sale by the retired shirt maker-cum-property developer Charles Scarf and his wife, Maria (pictured below). 
<img src="/images/stories/leswilkinson.jpg">
The 1959 Wentworth Street property was the second-last of Wilkinson’s house designs. It was listed in March 2012. It last traded when bought from the then low-profile expatriate businessman Richard Wiesener for $8.25 million – which was 1992's highest sale. 
<img src="/images/stories/leswilkinson4.jpg">
The neighbouring property had been bought for $6.5 million for its tennis court in 1989, and it took the estate to 2,717 square metres. The original house reportedly cost $350,000 in the 1970s.
3) In late 2012 the Edwardian-era harbourfront house of John Piven-Large was listed. It had last traded when it was a duplex. The now restored <a href="/news/john-piven-large-seeks-to-push-through-point-piper-prestige-property-sales-paralysis-title-tattle">four-bedroom house</a> (pictured below) and one-bedroom self-contained apartment with a 30 metre private tidal beach has been through a <a href="https://www.realestate.com.au/property-house-nsw-point+piper-115954615" target="_blank">change in marketing agents</a> to Jason Boon at Richardson &amp; Wrench Elizabeth Bay and Ben Collier at McGrath by the low-key liquor industry entrepreneur who owns the Centennial Vineyard at Bowral.
 <img src="/images/2014/06/06/point%20piper%20june%206%20one.jpg" alt="">
4) The house on the slither of land from the subdivided Paradis sur Mer estate is back for sale. 
The 260-square-metre parcel of land - the second smallest vacant block among Sydney Harbour's 2,400 waterfront sites - is about eight metres wide and about 34 metres deep.
It was last sold by the speculative property developers Gerald and Monica Symonds for $1.44 million in 1994 and bought by the neighbours who owned the hi-tech Bang &amp; Olufsen house, anxious that no further building take place on the site.
They built the narrow house that is <a href="https://www.realestate.com.au/property-house-nsw-point+piper-116163487" target="_blank" style="line-height: 1.3em;">currently up for sale through Sotheby's International agent James McCowan</a> (pictured below). It's listed with $15 million hopes. It was initially listed in 2010 with $13 million plus hopes by the Taechaubol family.
<img src="/images/2014/06/06/point-piper-june-6-two.jpg" alt="">
5) Not officially marketed at the moment, but on and off over the years, there's possibly a chance to snare the home of the headhunter Julia Ross, <a href="https://www.propertyobserver.com.au/residential/artists-patricia-piccinini-and-peter-hennessey-get-sweet-deal-selling-in-fitzroy-title-tattle/2011112552545" target="_blank">Villa del Mare</a> (pictured below).
<img src="/images/stories/villadelmare.jpg">
 
The Wolseley Road offering was firstly discreetly put on the market in 2011. The trophy residence had $40 million-plus hopes through Ken Jacobs of Christie's Great Estates and LJ Hooker Double Bay's Bill Malouf. 
<img src="/images/stories/villadelmare2.jpg">
The limestone palazzo sits on a 1,508-square-metre block. The house was built in the late 1990s by the developer Nati Stoliar. It’s almost certain to sell to Chinese buyers on any relisting, so as sun doesn't need the marketing to the locals.
<img src="/images/2014/03/28/jc-silhouette-7.jpg" alt="" style="float: right;">
HE SAID: 
Forget Wolseley Road, Wolseley Crescent and Wunulla Road. I adore the hillside Professor Leslie Wilkinson-designed Mediterranean home with its tennis court on Wewtworth Street. Yes it is inland, but so very private. 
Indeed actor Adrian Brody celebrated the 2014 New Year's Eve celebrations in absolute privacy at the house when he was in Sydney filming Backtrack, a psychological thriller. 
The house and garden are charming and calming. No banana chairs here!
<img src="/images/2014/03/28/mb-silhouette-6.jpg" style="float: left;">SHE SAID:
For me, the Wunulla Road home of low-key liquor industry entrepreneur John Piven-Large is a ‘lay down misère’ given its magnificent waterfront position at the cul-de-sac end of this prestigious street.
While Jonathan fancies swanning around at the non-waterfront Scarf residence (I can see him hosting tennis parties and serving Pimms on the lawn), I’d prefer to be down the hill and propped up on a banana chair by the harbour.  
Built in 1913, the Piven-Large house is in good company, being two doors north of Altona, the suburb’s best-known trophy residence which sold for $52 million last year. 
Also two doors away is Routala, the waterfront home of hedge fund director Gordon Fell and his wife, Pip, which sold in 2007 for $28.7 million setting a record price at that time. The Fell's are still there despite cheeky reports suggesting it was for sale last June.
Other near neighbours include Herewai, a landmark Spanish Mission stucco building, one of the Rydge family’s vast compound of properties on this exclusive tip of Point Piper. 
In 1960, when Herewai was a duplex, Sir Norman Rydge, bought one apartment from a grazier, Anthony Hordern the younger, for £30,250. Eight years later, he purchased the other apartment for $105,000. Since, his youngest son, Alan, has added an assortment of other properties to the family’s Wunulla Road holding. 
The Edwardian-era harbourfront house of John Piven-Large was also duplex when it last traded. 
Piven-Large engaged the celebrated architect Espie Dods to restore the building to a four-bedroom house with a self-contained one-bedroom apartment. 
Standing on 961 square metre block with a 28.7 metre width to the water and a tidal sandy beach, it is one of only four Wunulla Road homes with unobstructed views of the Harbour Bridge and Opera House. 
 
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Point Piper prestige: He Said/She Said looks at what's still on offer

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GUEST OBSERVATION
Reports of the Westfield Group’s attempts to push through a <a href="https://www.theage.com.au/business/unisuper-attacks-lowy-on-westfield-split-plans-20140601-39cm8" target="_blank">$15 billion restructure</a> - complete with a <a href="/expert-insights/investing/deferred-not-defeated-the-lowys-retreat-on-westfield-restructure-proposal">boisterous showdown last Thursday</a> - have mostly concentrated around the effect of the deal on its investors, led mainly by major shareholder, Uni Super.
But the controversial demerger also puts on show the ability of large property landlords like Westfield to legally employ aggressive tax planning to significantly minimise tax, at a time when the federal government has announced that a budget “crisis” requires significant expenditure cuts and the raising of taxes.
As we wrote prior to last week’s vote, our report, commissioned by union United Voice suggests the Westfield Group effectively paid just 8% tax in the seven years to 2013, and its property arm, Westfield Retail Trust (WRT), no tax at all.
This is due to extensive use by the both the Westfield Group and Westfield Retail Trust of trust structures known as <a href="https://www.investors.asn.au/education/property/real-estate-investment-trusts-reits/" target="_blank">Real Estate Investment Trusts</a> (REITs), which it has combined with <a href="https://www.moneysmart.gov.au/investing/complex-investments/stapled-securities" target="_blank">stapled securities</a>.
REITs allow investors, known as unit holders, to hold unit interests in global property portfolios, with attractive yields and tax considerations (as I’ll discuss further down). In Australia, Westfield Group and Westfield Retail Trust are the largest in what is called A-REITS. Other large A-REITs in the publicly listed real estate sector include <a href="https://www.epra.com/media/EPRA_Global_REIT_Survey_2013_-_Australia_1378975784682.pdf" target="_blank">Stockland, Goodman and GPT Group</a>.
According to the European Public Real Estate Association’s Global REIT survey 2013:
"One of the key tax benefits arising for the investor from a trust structure is that distributions from the trust retain their tax attributes (‘flow through’ entity), making an investment via a fixed trust generally comparable in most respects to a direct interest in the real estate. Unit trusts stapled to company structures are common in Australia."
In comparison to all other firms in the real estate management and development sub-industry, known as A-REITs, the Westfield Group consistently rates in the mid-range of tax aggressiveness.
However, the effective tax rates of its sub-industry as a whole are well below the statutory tax rate, as well as the estimated average effective tax rate of 22% for all ASX200 companies over the past decade. This, together with the widespread use of trust structures, suggests that this industry is fairly tax aggressive.
While the Westfield Group is not more tax aggressive than other companies in the real estate development and management industry, its comparative size creates a much larger impact than most of the other entities.
The magnitude of the estimated tax avoidance by Westfield Group amounts to over A$380 million dollars and the Westfield Retail Trust to $171 million dollars in the years from 2006 to 2013, based on their calculated effective tax rates and their reported earnings.
Peter Strong, Executive director of the Council of Small Business of Australia (COSBOA), when discussing the upcoming federal budget and areas where tax collections could improve, said that:
"The area they’ve got to really focus on is the very large businesses that use offshore tax havens, like Westfield. They don’t pay the tax they should pay … if you want to send the right message to the business community in Australia it needs to be that we are going to make sure everyone pays tax, in particular the big businesses."
Despite this there have been no recent reviews by the federal government of the low effective tax rates of companies in the real estate management and development industry, or any other industry for that matter.
An additional issue relates to the disclosure of tax payment information. Finding evidence of tax aggressiveness by corporations is difficult due to the confidentiality of tax documents and assessments, and the minimal disclosure of tax related information in the financial statements.
It is almost impossible to obtain tax payment information of trusts and foundations. This is of most concern with respect to REITs, many of which are large publicly listed entities (such as WRT) that pay no tax at the corporate level.
The use of trusts in the corporate structure of Westfield allows the tax burden to be passed through to the beneficiaries, or unit holders, of the trusts. This advantages unit holders who are able to reduce their tax at an individual level.
Unfortunately, the individual unit holders do not have to disclose the tax paid on the REITs distributions, and therefore, it cannot be established how much tax is actually paid on the profits of Australian REITs.
Furthermore, in Australia companies do not have to report where profits are generated or where tax is paid by tax or geographical jurisdiction. Unlike US firms, Australian firms are not required to split their taxes between local, federal and foreign tax expense.
Further analysis is needed at the firm level into the use of tax planning schemes to determine whether some firms are avoiding taxes. This research supports the drive to include the reporting of income and taxes, including taxes paid, in geographic and jurisdictional segments.
This issue is high on the agenda for the upcoming G20 meetings in Brisbane in November this year. If companies are mandated to disclose detailed information on where profits are made and taxes paid by jurisdiction, the tax avoidance will become more obvious and may thus damage corporate reputations.
The hope is that the greater potential risk to corporate reputations will somewhat deter companies from highly aggressive tax avoidance.
Roman Lanis is senior lecturer, accounting at University of Technology, Sydney.
Ross McClure is a PhD candidate and casual academic at University of Technology, Sydney.
 
This research was commissioned by United Voice.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
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Westfield’s stoush should shine light on tax paid by property trusts

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Agent: Terry Hassan<img src="/images/2014/05/19/hassan-profile.jpg" alt="" style="float: right;">
Position: Associate director, sales and leasing
Company: Knight Frank
Office location: South West Sydney
How long have you been in the industry? 
I have been in the real estate industry for over 10 years.  I firstly began my career in Western Sydney where I was a residential agent for a number of years before moving to BB Retail Capital (BBRC) and specialised in retail leasing. For the past six years, I have worked in commercial, retail and industrial
What’s happening in the area you specialise in?
The south-west is arguably Sydney’s fastest growing region with a growing number of new developments in the pipeline, coupled with land rezoning and the recent announcement of the Badgerys Creek Airport, the region is thriving with residential and industrial development.
Describe the most interesting property you have sold
I believe every property is interesting and has its own merit, although one that stands out would most likely be a deal that was negotiated over a term of 12 months. This included a number of issues in rezoning, council objections and even a court battle so all in all, I learnt a great deal and this was a very interesting transaction.
What are the ingredients to being successful in your job?
I believe success is not about how much money you make but what impression you leave on your client. Without a doubt, attitude would have to be the most important ingredient to being successful in your job as an agent. Even if the world is falling apart around you, remember to stay positive.
What aspects of your role do you enjoy the most?
I thrive on being in an auction environment; there is nothing better than being amongst a fast paced, exciting auction.
Where would you invest a spare $750,000?
At the moment I would say industrial as demand will only continue to increase and its capital growth is higher than residential.
Which football team do you support?
"The family club" - Canterbury Bulldogs.
What’s your favourite app or techno gadget?
Most people might find this fairly boring, although I would need to say my mortgage calculator. It calculates stamp duty and loan repayments within seconds and is super easy to use.
How do you use social media?
I’m a huge fan of <a href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/terry-hassan-sales-and-leasing/44/4a/436" target="_blank">LinkedIn</a>. By actively using it over the years, it has helped lift my personal profile in the property sector and also meet and network with property professionals Australia wide.
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In profile: Knight Frank's associate director, sales and leasing, Terry Hassan

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RBA governor Glenn Stevens' June statement:
At its meeting today, the Board decided to leave the cash rate unchanged at 2.5 per cent.
Growth in the global economy is continuing at a moderate pace, helped by firmer conditions in the advanced countries. China's growth appears to have slowed a little in early 2014 but remains generally in line with policymakers' objectives. Commodity prices in historical terms remain high, but some of those important to Australia have continued to decline of late.
Financial conditions overall remain very accommodative. Long-term interest rates have fallen further and risk spreads remain low. Emerging market economies are once again receiving capital inflows. Volatility in many financial prices is currently unusually low. Markets appear to be attaching a very low probability to any rise in global interest rates over the period ahead.
In Australia, the economy grew at a below-trend pace in 2013 overall, but growth looks to have been somewhat firmer around the turn of the year. This has resulted partly from very strong increases in resource exports as new capacity has come on stream, but smaller increases in such exports are likely in coming quarters. Moderate growth has been occurring in consumer demand and a strong expansion in housing construction is now under way. At the same time, resources sector investment spending is set to decline significantly. Signs of improvement in investment intentions in some other sectors are emerging, but these plans remain tentative, as firms wait for more evidence of improved conditions before committing to significant expansion. Public spending is scheduled to be subdued.
There has been some improvement in indicators for the labour market in recent months, but it will probably be some time yet before unemployment declines consistently. Recent data confirm that growth in wages has declined noticeably. If these and other domestic costs remain contained, inflation should remain consistent with the target over the next one to two years, even with lower levels of the exchange rate.
Monetary policy remains accommodative. Interest rates are very low and for some borrowers have edged lower over recent months. Savers continue to look for higher returns in response to low rates on safe instruments. Credit growth has picked up a little. Dwelling prices have increased significantly over the past year, though there have been some signs of a moderation in the pace of increase recently. The earlier decline in the exchange rate is assisting in achieving balanced growth in the economy, but less so than previously as a result of the higher levels over the past few months. The exchange rate remains high by historical standards, particularly given the further decline in commodity prices.
Looking ahead, continued accommodative monetary policy should provide support to demand, and help growth to strengthen over time. Inflation is expected to be consistent with the 2–3 per cent target over the next two years.
In the Board's judgement, monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target. On present indications, the most prudent course is likely to be a period of stability in interest rates.
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Moderation in pace of house prices lately, despite significant yearly growth: Glenn Stevens' June statement

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Rental yields are understandably an important focus for many investors who need to consider their hip pocket. 
However, for units and houses around Australia – which capital cities offer the best returns?
Here are the capital cities from greatest to smallest for gross rental yields, from RP Data’s May 2014 collected statistics.
HOUSES
<ul>
<li>
5.8% - Darwin </li>
<li>
5.2% - Hobart</li>
<li>
4.6% - Brisbane </li>
<li>
4.3% - Canberra </li>
<li>
4.3% - Adelaide </li>
<li>
4.2% - Perth </li>
<li>
3.8% - Sydney </li>
<li>
3.4% - Melbourne </li>
<li>
3.9% - Combined capitals </li>
</ul>
Source: RP Data, May 2014 
Turn the page for the gross rental yields achievable for units.
<hr class="system-pagebreak">
UNITS
<ul>
<li>
5.8% - Darwin </li>
<li>
5.4% - Brisbane </li>
<li>
5.2% - Hobart </li>
<li>
5.0% - Canberra </li>
<li>
4.9% - Adelaide </li>
<li>
4.8% - Perth </li>
<li>
4.7% - Sydney </li>
<li>
4.4% - Melbourne </li>
<li>
4.7% - Combined capitals </li>
</ul>
(Source: RP Data, May 2014)
</body></html>

Which capital cities offer the best rental yields?

<html><body>
Agent name: Sam Brewer<img src="/images/2014/05/19/brewer-profile.jpg" alt="" style="float: right;">
Position: National director - head of metropolitan sales and investments 
Company: JLL
Office location: NSW
How long have you been in the industry?
I have been in the property industry since 2002. I began my career at Chesterton International as an industrial sales and leasing agent, and moved on to CBRE running their South Sydney Industrial team for two years.
I then spent several years in development before joining JLL in early 2010, initially running the Mascot business as head of office, South Sydney. As of 2014, I now run the NSW metropolitan sales and investments business.
What’s happening in the area you specialise in?
It’s no secret that residential development sites are absolutely booming in Sydney at the moment.
Both local and offshore (largely Asian) developers in particular are seeking large-scale development sites between 100 and 1,000 apartments. This has resulted in price growth of over 20% since late 2013 for such sites. We’re also seeing demand levels similar to those not seen since 2007 for suburban investment stock such as service stations and freestanding office buildings.
Describe the most interesting property you have sold.
There is a lot of growth in South Sydney, with prices moving quickly. In November last year I advised a client on a residential development site in Zetland that their site should sell for around $30 million in an open market environment. During the campaign we received over 100 enquiries and 10 offers, with an eventual sale price of $47.5 million – showing that when marketed properly in a rising market, anything is possible.
What are the ingredients to being successful in your job? 
Having strong integrity is key to being successful in this role – you’ve only got one reputation. Your best clients are often your colleagues, so maintaining internal relationships is also really important.
What aspects of your role do you enjoy the most?
I love the varied characters we deal with in metropolitan sales. Many of the private investors and developers we deal with started their careers with very little and have built extreme wealth. There’s a lot to learn from them. 
Where would you invest a spare $750,000?  
If I was taking a conservative view of the market, I would probably invest in an art deco apartment in the eastern suburbs of Sydney. If I was taking an aggressive view of the market, I’d use it to put towards a residential development site within 20 kilometres of the Sydney CBD.
Which football team do you support?
I support the Brumbies.
What’s your favourite app or techno gadget?
My Android smartphone.
You can connect with Sam on <a href="https://www.propertyobserver.com.au/https://www.linkedin.com/pub/sam-brewer/37/246/594" target="_blank">LinkedIn</a>.
</body></html>

In profile: JLL's national director - head of metropolitan sales and investments, Sam Brewer

<html><body>
Here are the grants currently accessible by first time buyers, as per information available from the respective Office of State Revenues and Treasuries.
Please note that eligibility factors may influence the amounts available in each state. You can check out the <a href="/expert-insights/buying/the-national-guide-to-first-home-buyer-grants">national guide to first home buyer grants</a> to see a more detailed rundown of what's available across Australia for first home buyers.
$10,000
<ul>
<li>Victoria</li>
</ul>
For new properties a grant of $10,000 is available.
There is no grant for buying established properties.
<ul>
<li>Western Australia</li>
</ul>
A grant is available for first time buyers of $10,000 for those purchasing or building a new home. 
Those looking to buy established may be able to net a $3,000 grant.
 
$12,500
<ul>
<li>Australian Capital Territory</li>
</ul>
First home buyers in the ACT purchasing a "new" or "substantially renovated" property can net themselves $12,500. 
There is no grant for buying established properties.
 
$15,000
<ul>
<li>South Australia</li>
</ul>
For those buying a new home, since 1 January 2014 $15,000 is achievable.
For those purchasing established homes, currently $5,000 is attainable - dropping to $0 from 1 July.
<ul>
<li>New South Wales</li>
</ul>
First home buyers in New South Wales can currently net a $15,000 grant - however this will be reduced to $10,000 as of 1 January 2016.
This grant is only available to those who buy a new home or build their home.
<ul>
<li>Queensland</li>
</ul>
W hen purchasing new, Queensland first time buyers can receive $15,000. 
There is no grant for buying established properties.
 
$26,000
<ul>
<li>Northern Territory</li>
</ul>
From 13 May 2014 to 31 December 2014, a new home is applicable for a $26,000 grant.
An established property in an urban area will be provided $12,000 and elsewhere $25,000. 
 
$30,000
<ul>
<li>Tasmania</li>
</ul>
Currently, established and new properties can receive a $7,000 benefit for first time buyers.
For new properties, the First Home Builder Boost has increased since 7 November 2013 from $8,000 to $23,000, and applies until 31 December 2014. Those eligible for this would also be eligible for the $7,000 FHOG, bringing their total payment to $30,000.
</body></html>

Which state has the highest first home owner grant?

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.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

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.

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