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GUEST OBSERVATION
For most people, buying their first home is daunting. But if Australians want to ensure home ownership isn’t out of reach for low- and middle-income earners and get better value out of taxpayer-funded housing support, it’s time to do more than simply hand out <a href="https://www.smh.com.au/business/billions-in-handouts-but-nothing-gained-20110315-1bvvs">costly first home owner grants</a>.
Evidence from overseas and interstate shows that a good place to start would be with making more options available to those on reasonable income but stuck renting.
Yet New South Wales – Australia’s most populous state, with <a href="https://www.mywealth.commbank.com.au/property/how-does-sydney-property-stack-up-globally--hottopic201410">the most expensive capital city</a> - has done less than many other states and territories to develop cost-effective options for aspiring home owners.
As NSW heads to an election at the end of this month, its next state government has a chance to catch up and make it easier to get a foothold in its notoriously costly housing market.
Rethinking how we own our homes
Australians tend to think of three different ways of being in the housing market: private ownership of a home, renting from a private landlord, or renting public housing from the government.
But there are other models of stable housing, variously called “intermediate housing tenure”, “shared equity”, and “shared equity home ownership”. Basically, the resident owns their home through partnership with either the government or one of Australia’s hundreds of registered community housing providers.
Depending on the arrangement, the resident can either gradually buy out the housing partner (the government or community housing provider), or else they can cash in their portion to move into market-rate ownership.
There are well-established examples in <a href="https://www.cchpr.landecon.cam.ac.uk/Projects/Start-Year/2011/Understanding-second-hand-market-shared-ownership-properties">the United Kingdom</a> and <a href="https://www.nhi.org/pdf/SharedEquityHome.pdf">the United States</a>, as well as in Australia.
Interstate examples of shared ownership schemes
Western Australia’s government-run scheme was applauded in <a href="https://www.ahuri.edu.au/publications/projects/syn91">a recent report</a> and won its department a 2014 Premier’s Awards for Excellence in Public Sector Management. Under that scheme, the householder buys with up to 30% of the value held by the government, and borrows the remaining 70% through the government-run KeyStart loan scheme. The buyer needs only a 2% or $2,000 deposit and there are no account keeping fees.
Like the WA scheme, the Northern Territory’s HomeNorth scheme enabled residents to buy with the government holding up to 30 per cent of the value. South Australia’s <a href="https://www.sa.gov.au/topics/housing-property-and-land/buying-and-selling/affordable-houses-to-buy/shared-value-affordable-home">Shared Value Affordable Homes</a> program allows low- to moderate-income buyers to buy their home with the government providing a 20% discount. When they sell, the equity gain is shared with the government according to an agreed formula.
The Australian Capital Territory’s <a href="https://www.revenue.act.gov.au/home-buyer-assistance/land-rent-scheme">Land Rent scheme</a> allows low- to moderate-income buyers to pay rent for their land based on its unimproved value, and take out a mortgage for the home’s construction cost.
Yet apart from the ACT, there is a notable absence of schemes on Australia’s heavily populated east coast.
There are some models <a href="https://www.communityhousing.org.au/S8_Shared_Home_Ownership">under investigation</a>, and community groups such as <a href="https://www.sydneyalliance.org.au/shared_equity_faqs">the Sydney Alliance</a> that are advocating for shared equity. But much more could be done with government support.
In NSW alone, there are already nearly 400 <a href="https://www.housing.nsw.gov.au/Community+Housing+Division/Community+Housing+Providers/">not-for-profit community housing providers</a> providing affordable rental homes. Many of these are interested in offering ownership options to their tenants, as well as to people stuck in private rentals who could afford a moderate loan. However, under current First Home Owners Grant legislation, such buyers would be ineligible for funding.
Costly grants versus stable solutions
When we talk about first home buyer assistance, we assume that government grants are the best option. Yet that’s not what the evidence shows.
As prominent <a href="https://www.theaustralian.com.au/business/property/firsthome-grants-keep-young-off-property-ladder/story-fniz9vg9-1226806291907">economist Saul Eslake</a> highlighted last year, government grant schemes for first home home buyers have cost taxpayers more than A$22.5 billion since 1964, with poor results: "It’s hard to think of any government policy that has been pursued for so long, in the face of such incontrovertible evidence that it doesn’t work, than the policy of giving cash to first home buyers… Cash grants and other forms of assistance to first time home buyers have served simply to exacerbate the already substantial imbalance between the underlying demand for housing and the supply of it."
Many <a href="https://www.businessspectator.com.au/article/2013/1/21/national-affairs/built-backs-first-home-buyers">other economists</a> and <a href="https://www.smh.com.au/business/property/calls-for-first-home-owner-grant-to-be-scrapped-20110909-1k1yl">property analysts</a> share Eslake’s view.
If we’re looking for more bang for our housing buck, shared equity homeownership schemes could be a better solution.
<a href="https://www.burlingtonassociates.com/files/3513/4463/1435/1-Lands_in_Trust_Homes_That_Last.pdf">One study</a> in the US found that one scheme used just one-fifth of the tax dollars that would have been spent if the buyers had been given a one-off grant (similar to Australia’s <a href="https://www.firsthome.gov.au/">First Home Owner Grant</a>).
Studies to date show that <a href="https://www.nhi.org/pdf/SharedEquityHome.pdf">US shared ownership schemes</a> can also have a social upside, with much <a href="https://www.lincolninst.edu/pubs/1936_Stable-Home-Ownership-in-a-Turbulent-Economy">lower foreclosure rates</a> than in the broader market in what has been a turbulent time for many US home owners since the global financial crisis.
How to help more people buy their first home
If the next NSW government really wants to help more people in the state own a home for the first time, there are two options they could consider.
Assuming scrapping the First Home Owner Grant is too politically difficult, the government could instead amend the legislation to make the grants available for people buying into shared ownership schemes with community housing providers.
If the government wanted to be more ambitious, it could make some of the grant budget available as competitive funding for not-for-profit community housing providers to develop shared ownership housing.
When designed well, shared ownership can provide viable, stable housing options for low- to moderate-income earners – many of whom might never get to become first home buyers without a helping hand at the start.
<img src="https://counter.theconversation.edu.au/content/38155/count.gif" alt="The Conversation" width="1" height="1">Louise Crabtree is senior research fellow at University of Western Sydney.
This article was originally published on <a href="https://theconversation.com">The Conversation</a>.
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NSW is dragging its feet on help for aspiring first home owners

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The number of new listings and old listings is in decline, seemingly the further the residential property market gets into its long-term upwards cycle. 
The decline is most noticeable in Sydney, Adelaide and Hobart, while the CoreLogic RP Data review shows Darwin is running against the national trend. 
Click charts to open in new window: 
<a href="/images/2015/03/02/core-mar-2-five.jpg" target="_blank"><img src="/images/2015/03/02/core-mar-2-five.jpg" alt=""></a>
<a href="/images/2015/03/02/core-mar-2-six.jpg" target="_blank"><img src="/images/2015/03/02/core-mar-2-six.jpg" alt="" style="line-height: 1.3em;"></a>
 
<a href="/images/2015/03/02/core-mar-2-three.jpg" target="_blank"><img src="/images/2015/03/02/core-mar-2-three.jpg" alt=""></a>
<a href="/images/2015/03/02/core-mar-2-four.jpg" target="_blank"><img src="/images/2015/03/02/core-mar-2-four.jpg" alt=""></a>
Source: CoreLogic RP Data
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New residential listings in decline: CoreLogic RP Data

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At its meeting today, the Board decided to leave the cash rate unchanged at 2.25 per cent.
Growth in the global economy continued at a moderate pace in 2014. A similar performance is expected by most observers in 2015, with the US economy continuing to strengthen, even as China's growth slows a little from last year's outcome.
Commodity prices have declined over the past year, in some cases sharply. The price of oil in particular has fallen significantly. These trends appear to reflect a combination of lower growth in demand and, more importantly, significant increases in supply. The much lower levels of energy prices will act to strengthen global output and temporarily to lower CPI inflation rates.
Financial conditions are very accommodative globally, with long-term borrowing rates for several major sovereigns at all-time lows over recent months. Some risk spreads have widened a little but overall financing costs for creditworthy borrowers remain remarkably low.
In Australia the available information suggests that growth is continuing at a below-trend pace, with domestic demand growth overall quite weak. As a result, the unemployment rate has gradually moved higher over the past year. The economy is likely to be operating with a degree of spare capacity for some time yet. With growth in labour costs subdued, it appears likely that inflation will remain consistent with the target over the next one to two years, even with a lower exchange rate.
Credit is recording moderate growth overall, with stronger growth in lending to investors in housing assets. Dwelling prices continue to rise strongly in Sydney, though trends have been more varied in a number of other cities over recent months. The Bank is working with other regulators to assess and contain risks that may arise from the housing market. In other asset markets, prices for equities and commercial property have risen, in part as a result of declining long-term interest rates.
The Australian dollar has declined noticeably against a rising US dollar, though less so against a basket of currencies. It remains above most estimates of its fundamental value, particularly given the significant declines in key commodity prices. A lower exchange rate is likely to be needed to achieve balanced growth in the economy.
At today's meeting the Board judged that, having eased monetary policy at the previous meeting, it was appropriate to hold interest rates steady for the time being. Further easing of policy may be appropriate over the period ahead, in order to foster sustainable growth in demand and inflation consistent with the target. The Board will further assess the case for such action at forthcoming meetings.
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Strong growth in property investor lending: RBA governor Glenn Stevens' March 2015 statement

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GUEST OBSERVATION
The New South Wales government has <a href="https://www.smh.com.au/nsw/powerhouse-museum-site-in-ultimo-to-be-sold-to-developers-20150226-13pn5o" target="_blank">announced</a> plans to sell off the Ultimo site of the Powerhouse Museum, part of the <a href="https://maas.museum/" target="_blank">Museum of Applied Arts and Sciences</a>, and use the money to fund a new museum in western Sydney. The last part is positive – the rest would be a mistake.
It is commendable that the government is proposing major cultural institutions in western Sydney, particularly in centres like Parramatta. As David Borger, Western Sydney director of the Sydney Business Chamber, has <a href="https://www.smh.com.au/comment/underinvestment-in-the-arts-is-holding-western-sydney-back-20150225-13ojss">argued</a> persuasively in The Sydney Morning Herald, there has been chronic underinvestment in the city’s populous west.
But to sell the Ultimo Powerhouse is wrong-headed – a mishmash of wedge politics and bad policy. Governments should understand that cities take decades and centuries to evolve, and that such rash decisions are at the expense of future generations.
A city of mistakes
As <a href="https://www.smh.com.au/nsw/powerhouse-museum-site-in-ultimo-to-be-sold-to-developers-20150226-13pn5o">reported</a>, the Ultimo site would go to developers for an optimistic A$200 million or so, most likely for apartments. However, the Powerhouse’s rare grandeur makes it manifestly unsuited to such a conversion. It’s ideal for its current purpose – as a major museum or other cultural institution.
To gut such a public asset would perpetuate recent blatant mistakes such as Darling Harbour and <a href="https://www.barangaroo.com/">Barangaroo</a>. In such characteristic parts of the city we need a balance of public and private. Yet increasingly government is missing in action, wantonly trading prized public places and forgoing the role civic elements play in intelligent city making.
Look at the smash-up at Darling Harbour. Why fashion a dumb, disposable city, where speculation is prioritised and where a slew of major public facilities are treated as discount commodities? As the best contemporary urban projects demonstrate, building a vibrant city balances economic decisions with thought-through cultural, social and environmental priorities.
For Sydney, Barangaroo represents the nadir. On 22 hectares of public land stretching along 1.2 kilometres of our city’s most available waterfront, the favoured developers have been gifted seemingly unfettered rights to build as they please. James Packer’s proposed <a href="https://www.smh.com.au/nsw/james-packers-barangaroo-casino-approval-one-of-the-fastest-in-history-chief-regulator-says-20140811-102qzt">tower</a>, stuffed with a hotel, casino and units, poses as the pinnacle of greed.
It should not have been like that. In our international competition-winning <a href="https://www.hillthalis.com.au/?id=39">design</a> for the Barangaroo site in 2006, we proposed that the entire foreshore be inalienable public parkland, linked to the city by a network of generous public streets and new public transport. But this plan was soon sold out by dubious ministers and their inept agencies, bent on promoting development interests at the public’s expense.
Get the balance right
People are attracted to places that mix public and private spaces and activities, a theme explored in our book <a href="https://www.hillthalis.com.au/index.php?id=114">Public Sydney</a>. Instead of the sterile concept of a CBD (central business district), the city centre is really our social heart, all the better for being a magnet for events and demonstrations, the centre of politics and religion, our most historic place and the epicentre of public transport. There’s plentiful research that supports culture’s role in making cities attractive places to be.
Too many government advisers dishearteningly lack public imagination – the ability to conceive and articulate engaging ideas to make a better life for all. Instead, a stymied agenda is held captive by cartels of self-interest that so dominate many aspects of life in Australia, be it the media, banks, airlines, supermarkets or infrastructure.
On urban issues, the real estate industry’s spivs and spruikers declaim that development drives all. But why let their spin profit at our expense? People make the city and it belongs to us – people involved in all modes of exchange, in living, walking, creating and visiting public places. Developers reap their benefits from places already teeming with life and enriched by public transport, institutions, spaces and natural beauty – that is, underpinned by public investment.
 
The Powerhouse Museum, part of the Museum of Applied Arts and Sciences, belongs to a culture and science precinct in Ultimo.
Some suggest that the Museum’s Ultimo location is inconvenient. While Harris Street remains dominated by traffic, access is improving with the construction of the <a href="https://www.shfa.nsw.gov.au/sydney-Our_places_and_projects-Our_projects-The_Goods_Line.htm">Goods Line</a> pedestrian corridor and the extension of the nearby light rail line through the inner west.
There should be a great synergy of important institutions along Harris Street with the Powerhouse, the ABC, the University of Technology Sydney and the TAFE coming together to form a science, design, media and education precinct. Fantastic connections wait to be made between those institutions. Removing the museum would delete a crucial part of that grouping.
Couldn’t the museum be in both Parramatta and Ultimo? The Museum of Applied Arts and Sciences <a href="https://maas.museum/about/">collection</a> has well over 500,000 objects, with only a fraction on display. Surely there’s enough material for an expanded Powerhouse with two genuine bases, each with its particular focus. After all, many such major institutions around the world occupy multiple sites in inventive ways.
Sell, sell, sell – why this obsession?
The major political parties seem wedded to an ideologically driven obsession to privatise public spaces – including the Powerhouse Museum site in Ultimo, other harbour-front sites, <a href="/news">Bridge Street’s</a> magnificent array of sandstone heritage buildings, public housing at <a href="https://www.smh.com.au/nsw/no-fancy-extensions-city-of-sydney-tells-new-millers-point-buyers-20141026-11a00v">Miller’s Point</a>. Such sales are peddled on the thinnest of short-term economic analyses, discounting the broader values of such assets over longer time frames.
Public assets are hard won and once sold, or leased, near-impossible to reclaim. Surely the well-documented unpopularity of asset sales is because the public intuitively understands that you don’t willingly flog your assets at bargain prices – rather, you patiently save for them. That attitude should prevail for unique treasures like the Ultimo Powerhouse.
Some in government seem to think that beautiful buildings on prime public land seem to be somehow wasted on us citizens, we who are the actual owners. But why vest the privileged parts of our city as playthings of the affluent, exclusive enclaves of high-priced consumption? We should instead proclaim our rights to the equitable, sustainable, democratic mix of the open city.
Philip Thalis is architecture faculty industry advisory group member at University of Newcastle.
This article was originally published on <a href="https://theconversation.com">The Conversation</a>.
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Sydney risks becoming a dumb, disposable city for the rich

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GUEST OBSERVATION
Sydney is a city grinding to a halt, with the worst traffic congestion anywhere in Australia.
Our new analysis reveals that over the decade to 2012, the proportion of full-time employees in Sydney who commute for more than 10 hours a week rose from 22% to 29%. Those workers are spending almost three full weeks a year just to get to and from work.
That is one of the new findings in our book, <a href="https://www.propertyobserver.com.au/https://www.mup.com.au/items/154135">City Limits: why Australia’s cities are broken and how we can fix them</a>, published today. It also shows that residents of large areas of outer Sydney have little choice about long commutes - and congested roads and crowded trains and buses are only symptoms of a much deeper problem facing Australia’s most populated city.
Broken cities
While some people are able to commute to their local area, a lack of local jobs means many have to travel further afield. In some suburbs, only <a href="https://grattan.edu.au/wp-content/uploads/2014/04/188_productive_cities.pdf">14% of the jobs</a> available in Sydney can be accessed in a 45-minute car trip. The situation is even worse if you’re reliant on public transport: many outer suburbs of Sydney offer access to <a href="https://grattan.edu.au/wp-content/uploads/2014/04/188_productive_cities.pdf">fewer than one in 10</a> of the city’s jobs within an hour on public transport.
<a href="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/73371/area14mp/image-20150301-16172-11rezwo.JPG"><img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/73371/width668/image-20150301-16172-11rezwo.JPG" alt=""></a>
There is a visible different in labour force participation in Sydney, depending on where you live. Grattan Institute, Who lives where: Sydney Productive Cities: Supplementary Maps, May 2013, <a class="license" href="https://creativecommons.org/licenses/by/4.0/">CC BY</a>
Commuting can be stressful and unpleasant. Long drives caused by limited access to jobs and transport <a href="https://transportreform.org/file.php?fileID=143">add thousands of dollars a year</a> to household bills, and makes those households especially vulnerable to <a href="/news">petrol price rises</a>.
Poor access to jobs especially restricts the choices available to women. Because women still do most of the work looking after children or frail older people in Australian households, they are more likely than men to be constrained in how long they can commute for.
These pressures are opening up a big divide between women in the inner suburbs and those on the fringe.
Our research has shown that men and women in the eastern suburbs and inner west participate in the workforce at relatively similar levels. But in parts of Sydney’s outer west and south-west, women’s workforce participation falls to <a href="https://grattan.edu.au/wp-content/uploads/2014/04/189_who_lives_where_sydney.pdf">more than 20% below that of men</a>.
<a href="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/73370/area14mp/image-20150301-16182-1vmviyf.JPG"><img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/73370/width668/image-20150301-16182-1vmviyf.JPG" alt=""></a>
 The gap between how many men are in paid work versus women in much greater in some parts of Sydney, especially in the west. Grattan Institute, Who lives where: Sydney Productive Cities: Supplementary Maps, May 2013, <a class="license" href="https://creativecommons.org/licenses/by/4.0/">CC BY</a>
Taking the heat out of Sydney’s housing market
Along with traffic, housing is a hot topic of conversation almost anywhere you go in Sydney.
High prices mean many younger people are locked out of home ownership that their parents took for granted.
One in four Australian households now rent their home, and many face punishing rents and some of the <a href="https://grattan.edu.au/wp-content/uploads/2014/03/800_Renovating_Housing.pdf">worst security of tenure in the developed world</a>.
<a href="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/73374/area14mp/image-20150301-16188-x3qrul.JPG"><img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/73374/width668/image-20150301-16188-x3qrul.JPG" alt=""></a>
Australian renters typically have fewer rights and less security of tenure than in comparable nations. Grattan Institute, <a class="license" href="https://creativecommons.org/licenses/by/4.0/">CC BY</a>
For years, even decades, politicians have surrendered responsibility for addressing the rising pressures on city life. Yet they have a vital role to play. Most importantly, the state government can make it easier to build new homes in all parts of Sydney, especially established areas that have good access to jobs.
Making it much easier to build new homes would help improve access to jobs, and give people more meaningful choices about where they live and the kind of home they live in. Less convoluted planning and zoning rules and decision-making processes are essential.
But it’s also vital to have transparent standards for appropriate development, so that residents and communities know what is planned for their community and can have their say about it.
Politicians need to ensure their commitments have effective implementation mechanisms and are followed through.
Over the years, state governments from both sides of the political divide have made and broken too many promises to tackle housing affordability.
Similarly, Sydneysiders have lost count of how many promises to tackle traffic congestion, improve access to public transport or build new transport infrastructure have then not been delivered. Failing to deliver on commitments is a guaranteed way to let Sydney’s problems get worse.
Thinking beyond our own backyards
One reason that promises have fallen by the wayside is because delivering them has required trade-offs between different members of the community. Such trade-offs are inevitable anywhere there is a finite amount of land, and finite amounts of money to spend on transport.
One such trade-off is between local residents of inner and middle suburbs close to employment centres, who may prefer fewer new homes being added in their area, versus residents further out who face longer commutes, along with more traffic on the roads that everyone uses.
Trade-offs are required because the city can’t simply build its way out of this problem. Improving public transport and roads can make a big difference to many people’s lives. But there are limits to what the transport system can do, and new roads and train lines are very expensive.
There’s no perfect way to balance the kinds of difficult trade-offs involved in improving Sydney’s complex traffic, housing and other urban planning challenges.
But it is possible to do better. As overseas experience in cities such as Seattle, Vancouver and Portland shows, genuinely involving residents in making the trade-offs facing cities is essential to making improvements endure, and see <a href="https://grattan.edu.au/wp-content/uploads/2014/04/052_cities_who_decides.pdf">promises get delivered</a>.
State and local governments have a critical role in involving all residents in shaping their city’s future. So it’s incumbent on whoever wins this state election to involve the community more in making the hard decisions that are inevitable in tackling the challenges Sydney faces.
But Sydney’s problems are not just for politicians to solve.
Often people know that the status quo isn’t working, but resist the kinds of change in their local area that could turn things around. Sometimes that’s because residents feel it is being imposed on them, without having a say, and the only response is to resist, or pretend it can be avoided.
Yet resisting all change, such as opposing new apartment blocks in well-established suburbs blocks (regardless of their quality), risks backfiring on residents in the long-term. People are now seeing their own children and grandchildren forced to live far from where they grow up – and in a city as congested as Sydney, that means seeing family less often.
* City Limits: why Australia’s cities are broken and how we can fix them is <a href="https://www.propertyobserver.com.au/https://www.mup.com.au/items/154135" target="_blank">published today</a> by Melbourne University Press. <a href="https://grattan.edu.au/events/city-limits-book-launch-melbourne-and-sydney-events/" target="_blank">Register here</a> to attend a free launch event in Sydney on Thursday March 5.
Paul Donegan is a fellow at Grattan Institute.
Jane-Frances Kelly is program director, cities at Grattan Institute.
This article was originally published on <a href="https://theconversation.com">The Conversation</a>.
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Sydney’s stuck in traffic, putting the brakes on women and the west

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CoreLogic RP Data have released the results from their home value index up to the end of February.
Despite prices continuing to rise in Sydney, <a href="/expert-insights/buying/sydney-rental-yields-head-lower-to-3-6-corelogic-rp-data">rental yields fell to 3.6%</a>.
Here are the full rental yield results for Australia's eight capital cities, according to CoreLogic RP Data:
HOUSES
<ul>
<li>Darwin - 5.9%</li>
<li>Hobart - 5.3%</li>
<li>Brisbane - 4.5%</li>
<li>Canberra - 4.2%</li>
<li>Adelaide - 4.2%</li>
<li>Perth - 4.1%</li>
<li>Sydney - 3.5%</li>
<li>Melbourne - 3.2%</li>
</ul>
UNITS
<ul>
<li>Darwin - 5.8%</li>
<li>Hobart - 5.3%</li>
<li>Brisbane - 5.5%</li>
<li>Canberra - 4.9%</li>
<li>Adelaide - 4.8%</li>
<li>Perth - 4.7%</li>
<li>Sydney - 4.4%</li>
<li>Melbourne - 4.2%</li>
</ul>
Source: Core Logic RP Data Home Value Index
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Rental yields across the capital cities: CoreLogic RP Data

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For those unaccustomed to bidding at auction, buyer's agent Patrick Bright has some advice ahead of this weekend's Sydney Super Saturday.
Firstly, know your budget – and keep it. You also need to prepare for what may happen if you do secure your property.
“Prior to auction, buyers need to ensure the contract has been reviewed by a solicitor, that a pest and building inspection or strata search has been completed and finance pre-approval is in place because if the hammer falls on your bid, then it’s an unconditional sale to you,” said Bright.
“Any variations to the contract of sale must be formally agreed between the vendor’s and buyer’s solicitors before auction day.
Here are seven auction tips from Patrick Bright:
<ol>
<li>
SET YOUR LIMIT ON AN ODD NUMBER When buyers set their limit, they usually choose a round number eg. $600,000, $850,000 or $1.6 million. So if two people happen to have the same limit, which is more likely to happen on a round number, then the first one to get there can buy the property for that price. That’s why it makes sense to set your limit on an odd number. 
</li>
<li>
STICK TO YOUR LIMIT "The most important auction tactic (actually it’s more like a rule) is: set your limit before the auction and NEVER go over it. This is the only tactic that applies in all situations. If you blow your limit, your dream home can become your nightmare liability as you struggle to make mortgage repayments that are more than you’ve budgeted for." 
</li>
<li>
GET THERE EARLY "You should aim to arrive at least 30 minutes before the start of the auction so that you can do a final walk through, register to bid and calm your nerves as best as one can." 
</li>
<li>
CONTROL YOUR EMOTIONS "You need to control your emotions at auction because emotions will cost you money. The number one auction mistake that you will pay for ‘with interest’ is getting carried away and paying too much for the property. That’s a mistake you will end up regretting for a long, long time." 
</li>
<li>
NEVER BID AGAINST YOURSELF "If you’re the highest bidder and everyone else has stopped bidding, never increase your bid, no matter how much pressure the auctioneer or selling agent puts you under. Some people don’t even need to be asked to bid against themselves. Surprisingly this happens all too often when the highest bidder loses track of their bids. They’re so nervous, caught up in the excitement of the bidding process or confused that they raise their own bid. It sounds ridiculous however it must be easy to do as I see it happen quite a lot." 
</li>
<li>
IS IT ON THE MARKET? "The auctioneer is under no obligation to tell you whether the property is on the market or not, however you have the right to ask. Every property has a reserve and the selling agent and auctioneer know what it is. I like to wait till the property has reached the reserve before I bid as there is not a lot of point bidding until you know you’re playing for keeps. Until a property is called on the market the probability that you’re bidding against a dummy bidder is quite high." 
</li>
<li>
GET SOMEONE TO BID ON YOUR BEHALF "Bidding at auctions is not for everyone. If you really want the best shot at owning the property then you need someone bidding for you who is experienced, confident and knows the tricks and games selling agents and auctioneers play. "If you’re at all nervous it’s a good idea to get a trusted friend or family member to bid at auction for you, especially if you’re worried about going over your limit. Tell them your maximum bid and instruct them not to go above it under any circumstance. You will always be better off hiring an ex auctioneer or experienced buyer’s agent to bid for you though." Source: Patrick Bright’s The Insider’s Guide to Saving Thousands at Auction
</li>
</ol>
Patrick Bright is a Sydney-based buyer’s agent who has purchased more than $500 million worth of real estate for clients and is the best-selling author of four Real Estate books in his ‘Insider’s Guide’ series. The 3rd edition of his best-selling book “The Insider’s Guide to Buying Real Estate” reveals the latest trends on how to search for and negotiate the best possible deal for purchasing property. For more information on Patrick Bright or EPS Property Search visit www.epspropertysearch.com.au.
 
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How to win at auction this Super Saturday: Patrick Bright

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GUEST OBSERVATION
The first comprehensive review of Australia’s competition laws and policies in more than 20 years is underway and has encouraged the retail sector to consider extended opening hours. Late last year we saw Western Australia’s first 24 hour store open in the small south-west town of Eaton, causing landlords, tenants and consumers to question if this will be a catalyst for change to come. 
Trading hours are treated differently across the country, with varying restrictions applied to different zones such as metropolitan and tourist areas. To continue with Western Australia as the example, retail trade exemptions in the Shire of Dardanup allow stores to trade 24 hours, seven days a week, unlike the neighbouring city of Bunbury where hours remain restricted.
Extended opening hours during the Christmas period are a common sight, however we need to question if this type of trading a realistic throughout the year and consider how these potential changes could impact both landlords and tenants.
What could it mean for landlords?
There are a number of factors worth considering when looking at extending opening hours.
Firstly, landlords will need to familiarise themselves with the legislation relevant to their state and zone and know what they can and cannot enforce. Tenants cannot be forced to trade for longer hours against their will unless the lease states so.
If landlords decide to enforce longer opening hours, it’ll need to be written into new leases and expressed in person with tenants.
Consider whether extended opening hours will create more foot traffic and be welcomed by the existing tenants’ customer base.
There might be a select number of stores for whom it’s worthwhile staying open into the night.
In this case, landlords may need to design a new layout of the centre to enable sectioning off of particular areas. 
What could this mean for tenants?
Tenants should consider if customer base would support extended opening hours to determine if it would have a positive impact on their bottom line. 
Department stores and supermarkets which run power 24/7 (lighting and refrigeration etc.) will not see a drastic increase in overhead costs compared to a store whose primary focus is perishable goods such as a bakery; usage of their machinery and skilled staff would double to ensure products are sold fresh. 
Don’t be fooled into assuming longer trading hours will increase the stores profitability. While it may be more convenient for some customers to shop outside of normal opening hours, it doesn’t necessarily mean they will spend more. In fact, it may mean there is a redistribution of this income among a greater number of retailers all trading later trying to catch it.
Be aware that in the medium to long term (after extended trading hours have been introduced) landlords may ask tenants to move within the centre to accommodate sectioning off for stores remaining open for longer.
When considering extended opening hours, balance the costs associated with longer hours (overheads and staffing) vs. consumer demand to help influence your decision. Perhaps consider extending the hours one day a week to gauge consumer demand. 
Gerry Gerrard is general manager of property at <a href="https://www.bakersdelight.com.au" target="_blank">Bakers Delight</a>. 
Bakers Delight has more than 700 bakeries, employing more than 15,000 people and serving 2 million regular customers per week throughout Australia, New Zealand, and Canada.
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How extended opening hours will affect retail property landlords and tenants: Gerry Gerrard

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GUEST OBSERVATION
Land tax is a tax levied on the owners of land as at midnight of the relevant date of each year depending on the state in which the property is located (refer below for dates for respective states).
Land tax may apply to land regardless of whether income is earned from the land depending on the state jurisdiction applicable. Each state is responsible for the calculation and collection of land tax and it is only applied to land held in a respective state.  (The tax is not applied to cumulative holdings of land across Australia.)
Assessment Dates     
<ul>
<li>   NSW – 31 December</li>
<li>   VIC - 31 December</li>
<li>   QLD – 30 June</li>
<li>   SA - 30 June    </li>
<li>   WA - 30 June</li>
<li>   TAS - 30 June</li>
<li>   ACT - 30 June</li>
</ul>
Note: NT does not apply land tax
Land Tax Registration
It is a requirement for individuals and entities to register their interests in land with the respective State Revenue Office (OSR).  
In some states this a requirement regardless of whether the individual or entity is below any land tax threshold. For example, many self-managed superannuation (SMSF) trustees have acquired investment property during the past few years (this includes SMSFs that have acquired their own business premises).  
The acquisition of one investment property would often result in the land value of this investment being below the respective land tax threshold. Regardless the SMSF trustee may be required to register the entity’s interest in the property with the appropriate OSR. The same principle applies for all individuals and entities. 
It is not essential to derive income from a property to have it subject to land tax. A holiday home used exclusively by the family may be subject to land tax and be subject to registration.
Land Tax Thresholds and initial rate for values above threshold
<ul>
<li>  NSW: $432,000  -  $100 + 1.6% per $ (scaled)</li>
<li>  VIC: $250,000    -  $275 + 0.2% per $ (scaled)</li>
<li>  QLD: $599,999   -  $500 + 1% per $ (scaled)*</li>
<li>  SA:  $316,000    -  0.5% per $ (scaled)</li>
<li>  WA: $300,00      -  0.11% per $ (scaled)</li>
<li>  TAS: $24,99       -  $50 + 0.55% per $ (scaled)                           </li>
<li>  ACT: $1             -  0.41% per $ (scaled)</li>
</ul>
Refer to the respective state Office of State Revenue (OSR) for further information (website details set out at the end of this article).
* (individuals only)
Other state specific exceptions:
<ul>
<li>  NSW - Special trusts – zero land tax threshold</li>
<li>  NSW - Fixed property trust – individual land tax threshold</li>
<li>  VIC - Special trusts - $25,000 land tax threshold and separate scaled rates</li>
<li>  QLD - $349,999 threshold for trusts, companies and SMSFs.</li>
</ul>
NSW &amp; Victoria apply different rates and thresholds for trusts.
In NSW, trusts (with the exception of fixed property trusts (FPT) and SMSFs) do not receive a land tax threshold and are described as “special trusts”. These include: discretionary, hybrid, unit and Property Investor trusts. Land tax is applied at a rate of 1.6% from the first dollar up to the premium land tax threshold and then at 2% thereafter.
A FPT enables the unit holder(s) to utilise their individual land tax threshold in determining the land tax applicable. In some instances it is possible to have a “special trust” altered to a FPT to obtain the benefit of the land tax threshold in future years.
In Victoria, if you own land as trustee of a trust you are required to pay land tax at the surcharge rate (subject to various exclusions) if the aggregate Victorian land holdings of the trust is valued at or over $25,000. The surcharge rate is 0.375 per cent above the general land tax rate for land holdings valued between $25,000 and $1.8 million. The surcharge rate tapers away for trusts with aggregate land holdings valued between $1.8 million and $3 million and for land holdings valued at or over $3 million, the surcharge rate is the same as the general land tax rate.  Victoria does not differentiate between the type of trust other than SMSFs.
Queensland has a separate land tax threshold for non-individuals (i.e. SMSFs, trusts and companies). Land tax is assessable for land values in excess of $349,999 at $1,450 + 1.7% per dollar (scaled).
OSR Land Tax audits
Some states are undertaking land assessment audit activities.  With the enhancement of computerisation of land records State Revenue Offices are able to cross match land holdings and ownership changes.  We have experienced a considerable increase in NSW OSR audits in recent times.  Interest penalties may be applied to prior year assessments if land tax payment has not been made.
We encourage all clients to check their land holding values and the appropriate jurisdictions website to check whether they should be registered for land tax.
State Office website addresses:
<ul>
<li>NSW:  <a href="https://www.osr.nsw.gov.au/" target="_blank" title="OSR - NSW">https://www.osr.nsw.gov.au</a>
</li>
<li>VIC:    <a href="https://www.sro.vic.gov.au/" target="_blank" title="OSR - VIC">https://www.sro.vic.gov.au</a>
</li>
<li>QLD:   <a href="https://www.osr.qld.gov.au/" target="_blank" title="OSR - QLD">https://www.osr.qld.gov.au</a>
</li>
<li>SA:     <a href="https://www.revenuesa.sa.gov.au/" target="_blank" title="OSR - SA">https://www.revenuesa.sa.gov.au</a>
</li>
<li>WA:    <a href="https://www.finance.wa.gov.au/" target="_blank" title="OSR - WA">https://www.finance.wa.gov.au</a>
</li>
<li>TAS:   <a href="https://www.sro.tas.gov.au/" target="_blank" title="OSR - TAS">https://www.sro.tas.gov.au/</a>
</li>
<li>ACT:   <a href="https://www.revenue.act.gov.au/" target="_blank" title="OSR - ACT">https://www.revenue.act.gov.au</a>
</li>
</ul>
Clive Nelson is a senior partner at <a href="https://www.chan-naylor.com.au/parramatta/" target="_blank">Chan &amp; Naylor Parramatta</a>.
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What you need to know about the approaching land tax deadlines: Clive Nelson

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GUEST OBSERVATION
With property prices surging and no sign of a slowdown, investors have flooded the market looking for a piece of the action.
Whether you’re renovating or simply buying to let, there are a few simple rules could save you a lot of cash and heartache on the way to your investment dream.
<ol>
<li>
Don’t overpay Make sure that you pay what the property is worth the land and what’s on it. Use suburb data tools to work out the market price and the outlook for a long-term investment return. What have other houses in the street sold for lately, what is the agent’s opinion of a sale price down the track or post-renovation. Don’t assume you’ll make money, make your estimate based on the property losing 5% of value. 
</li>
<li>
Do a structural check Ask a building inspector or qualified builder to check the property for any water damage, termites, the condition of the roof and guttering and whether there’s any asbestos lurking – that requires specialist and costly removal. A complete survey of the land may also be worthwhile, especially if you’re changing the layout/building on the land. 
</li>
<li>
Renovation rules If you’re planning to renovate, do up a budget of all the costs you’ll incur, including contracted services, materials, council approvals, cost of delays, etc. Lining up all these costs, will it add solid value to the property and cover your purchase costs? Also, renovate in a way that is consistent with the area and appeals to a mid-market buyer rather than overspending on top-end fittings that will be lost on potential buyers. 
</li>
<li>
Beware of Bargains If something is cheap, there’s usually a good reason for it. If it’s located next to a bus depot or huge power lines, it’s going to impact your re-sale value or banks may not lend to you in the first place. But, you also need to look out for the things you can’t see like sewage pipes running underneath the property or how the property is “zoned”. If the property is zoned as anything but residential, you’ll struggle to renovate and could be up for a battle with the local council. 
</li>
<li>
Make sure you’re insured If you’re planning to rent out your investment property, make sure you get landlord insurance. It will protect you from lost rental income in case of needing to do major repairs on the property which forces the tenants to vacate.
</li>
</ol>
Steve Jovcevski is a property investment and home loan negotiator at <a href="https://mozo.com.au/" target="_blank">Mozo.com.au</a>. 
 
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Buying to invest? Five tips to take on board before you bid: Steve Jovcevski

The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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[smartcode_project_cta:default project_id=112661]

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